admin – ELM

February 18, 2023by adminMarketing

8 Business Realities To Keep You Winning

We all need someone on the outside looking in to give us a fresh perspective and critical insight. At times, this can be difficult unless you’re part of an accountability group or Mastermind. So how are you getting your reality check? Here’s 8 tips we’ve observed from our clients to get you started:

Time is the only resource in short supply, use it wisely: A brutal truth but one that should be front of mind- take a look at our time management framework on tips about delegating and prioritising to help you manage this valuable commodity
Avoid being overly dependent on a single person: Having a lucrative, well-paying client can be a good foundation but it’s also a risk- consider widening your base of clients, suppliers and other critical resources
Do not persist with products/services which have become obsolete or unfashionable: Cash cows can become Problem Childs but with adequate planning, these risks can be anticipated (take a look the “BCG Matrix” for further insights)
Think ROI, cost/benefit, and business case: Ultimately people, plant/equipment and other resources consume upfront cash to bring them in and ongoing fund to run- so when you make a decision or invest time/effort/money, do you know what the return is, the cost/benefit, and payback period?
Be decisive: making decision and talking action is paramount. Indecisiveness typically results in someone else making the decision for you. This all about understanding what information you need to make the decision, how you’ll find the information, and planning the actions that can minimise the impact should things go wrong or the wrong outcomes are achieved
Be prepared to be tired, discouraged, stressed and anxious: Starting a business is difficult. Sustaining and running a business can be harder still so stamina and persistence is important just as much as being mindful of your time and prioritise
Follow your strengths and interest, mitigate the remainder: Your interests and strengths will sustain your enthusiasm- if you like bookkeeping but hate selling, hire a professional so you can continue doing what you like- Afterall, part of going into business is to do what YOU want to do!
Fact vs reality: Not liking numbers and financial is no excuse for not taking a step back and objectively assess the position of your business- ignorance is not bliss and a regular sense check of your situation will help avoid future stress

Takeaway activity:

We’ve all heard about “Groundhog Day”, so let’s apply this to the above. Start by shortlisting the causes above- think about the last week/month/quarter, what are 1-2 instance where you’re kicking yourself looking back
Jot down the contexts- focus on just the problem first, don’t jump to what you did or the solution just yet
As painful as it is, write down what you did, how you did it, and the outcome achieved
Now bring in the positive- if you were to do it again #GroundhogDay, what would you do differently? What would you start/stop/continue? And what lessons learnt can you now take forward?

Further reading

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February 18, 2023by adminMarketing

Stress Series Part 1: Understanding The Process Of Stress

Is your business overwhelming you? Not sleeping? Does working on certain parts of your business worry you? In this 2-part series we look at the process of stress and the 5 common business causes. Let’s start with the understanding the four elements of stress:

Awareness of a Problem: Stress can’t start until there is an awareness of a problem, particularly when we react to an problem required immediate attention rather than proactively looking forwards at potential risks to give us more time and headspace to work through it
Assessment of the problem: In other words, it is a real or imaged threat. Simply being aware of a problem won’t result in stress. For stress to occur, one needs to believe that the problem will cause harm, danger or difficulties- whether the problem really is harmful does not matter, it’s about perception and whether you think it matters.
Inability to prevent or cope with the harm: If there is a perception that the problem cannot be overcome, then stress will result. This perception is based on our past experience, knowledge, and skills
Dealing with the consequences: If the consequences of the problem are serious and if they are inadequately prevented or coped with, further stress can endure. More so, repeated unresolved problems can lead to a rise in stress levels, which if inadequately controlled, may lead to an overall failure to cope, even with the smallest of problems.

Takeaway activity:

For your personal stress, try the 4 A’s from the Mayo Clinic or seek professional help.
Complete this quick self-assessment to pinpoint your business strengths and the areas you may want to focus on- these gaps could be driving your stress so by understanding them, a plan and strategy to address them can be formulated
To better manage your time, stress and priorities, take a look at time management framework

Further reading

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February 18, 2023by adminMarketing

Are You Failing To Prepare? The Top 4 Reasons For Failure And What To Do About Them

We know two key facts about small businesses- failure rates are high, and having a strong team around you can help mitigate these risks. So where do you and your business stand?

It’s not a pretty sight out there- indications suggest that 20% of businesses fail will fail their 1st year and around 60% within the first three years, but let’s break down the root causes into something more actionable. The University of South Australia’s study of 650 CEOs of medium and small companies distilled into the following 4 areas:

#1 Management and leadership: 34% of failures can be attributed to insufficient leadership and management, poor governance structures, poor management of people, or inexperienced CEOs.

#2 Business strategy: 28% of failures were due to poor planning, wrong strategy, poor implementation/execution, or underestimating the impact of external forces or market trends

#3 Customer and Marketing: 24% of failures related to inadequate market research, marketing, sales, or product/service problems

#4 Finance: Finally, 14% of failure were attributed to poor cashflow and financial management

Takeaway activity

To minimise your exposure, let’s strategically consider the ‘who’ and the ‘how’ of your business planning, execution and management

The Who- clarify who’s doing what across the various functions and processes of your business by workshopping a RACI (here’s an example template if you need). Not only will this highlight gaps in Responsibilities/Accountabilities, but it will become a valuable document for onboarding new staff or restructuring the business
The How- If there’s one thing you can do to better management the business, it’s setting up effecting management huddles. In management-speak, this is called an operating rhythm, the drum beat or cadence that the business works to- take a look at what this might mean for you here
The Outcomes- with the ‘who’ and the ‘how’ in place, remember to communicate this out to the business- what’s changes, why, and how it will impact them moving forwards

Further reading

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February 18, 2023by adminMarketing

Are You Thinking Like A Business Case? 5 Reasons You Should

We know time, effort and money are limited resources- thank you Captain Obvious – but there can be a disconnect between knowing this and the way we exercise these resources. Thinking with a ‘business case’ in mind is a sure way of maximise this- here’s our top 5 reasons why we encourage client to think this way.

Before we dive into this though, let’s explore this disconnect a little further. At Elm, we’ve seen clients:

Spend thousand’s on Advertising without knowing their target market
Impulsively stop trading to wait until a systems or rebranding rollout is completed at risk to their top-line and reputation; or
Introduce new products that either cannibalise their existing range or blurs and confuses the brand message

It’s these types of negative outcomes we’re looking to avoid by thinking with a business case in mind.

Reason 1- Thoroughness: Using a business case to capture and analyse key aspects of a decision allows for issues to be identified early, alternative options to be considered, and a solid business logic to be formulated. This saves money as it prevents ineffective projects being started or additional funds having to be being invested later down the track

Reason 2- Prevent wasted time/effort/money: Businesses can waste valuable resources on projects that don’t help the business achieve it’s objectives- considering the cost/benefits, ROI or breakeven points as part of the business case will help minimise this

Reason 3- Focus on what’s important: You may have “pet” projects or experienced the squeaky-wheel syndrome where the loudest voice gets all the attention. In the overall context of the business however, this may not be what’s truly important to success- a business cases will help cut through this noise and focus effort on what’s important

Reason 4- Defining a target and outcome: This is a two-fold benefit- firstly as mentioned above, having clearly defined benefits and outcomes can prevent investing in decisions that have a less then ideal return. Secondly, it’s all to common to make a decision and manage the change, but fail to follow-up and realise the benefits the decisions was supposed to achieve. Using a business case will help define the benefits upfront AND tracking progress to achieving them

Reason 5- Ensures alignment: In most businesses, budget and people are a scarce commodity. Consequently, it is important that projects are aligned to the strategy or goals so actions and effort are purposeful and lead closer to these targets.

Takeaway activity:

Take out your diary or business plan and consider an imminent strategic decision you need to make- do you have a clear idea on the following (if not, download our business case template here):

The Problem
Why it needs solving
The Options (each should have the cost or effort involved, the benefit, and the risks/issues and how you plan to mitigate them)
The Recommendation and Next Steps/Plan

Further reading

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February 18, 2023by adminMarketing

Action Series- Part 2: The Top 9 Excuses Of Inactive People

Inaction is easy, but is the result in the long-term worth the laziness? Continuing our Action Series, we look at 9 of the most common excuses we hear from our clients:

1) The conditions aren’t right!

Eschenroeder agrees that this is probably true. The Walt Disney Company was born out of a recession. The key argument here? It doesn’t matter. Just get on with it. The conditions will never be perfect, and neither will you or your work.

2) This setback proves it’s not possible or worth it!

Rather than focusing on how something might have failed at first, try shifting attention to what it taught you. Ask yourself whether you are falling into the trap of inaction because it’s the easy choice, rather than the right one.

3) I picked the wrong path!

Inaction because it’s easy or because it’s right? It’s important to know when changing path is truly the right thing for you, rather than a quicker option. Pay your qualms some attention, but make sure they lead to the next action, whatever that may be.

4) I don’t know where to start!

Start at the start. Eschenroeder explains that you don’t need to see your finish line to start running. He uses Coca-Cola and Twitter as examples. Coke began as a pharmaceutical company, and Twitter as the side hustle of two guys trying to launch a podcast gig. Whatever you do, just start somewhere.

5) I’m overwhelmed!

This usually comes from thinking about doing too many things at once. The best way to resolve this? Get going. Once you begin, and you make progress, you will see the light at the end of the tunnel.

6) I’m not making progress!

Progress is not clean and straight forward, so you can’t visualize it in a comfortable, satisfying way. Try using a systematic approach rather than goal setting; you will see more short-term reward and trackable progress. Less friction will propel you forward.

7) I need to know more!

This is rational, but still not always helpful. Action is required to quickly learn the tools you actually need, not those you thought you might. Get started and do your best, you’ll get to know what gaps in your knowledge exist and are worth the investment filling.

8) I am taking action but now I’m drained!

Eschenroeder argues that people using this excuse are often proud busybodies. Their tiredness demonstrates their work ethic and value professionally. If your project matters to you, acting on it may make you feel more alert and productive than ever.

9) I’m not good enough…

Our internal monologues can be our greatest obstacle. Claiming that you are not good enough is not a permanent statement, unless you never act to improve on it. It is entirely within reach to become good enough, it just takes action.

Takeaway activity:

“Feel the fear but do it anyway”- this series is all about action, and as painful as it make be, ‘Just Do It’. Small baby steps will increase your confidence to take bigger steps which ultimately will result in motivation
Use these as a trigger to reflect on deeper underlying problems- try asking yourself the 5 Whys and bake these into your prioritisation and planning activities

Further reading:

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February 18, 2023by adminMarketing

Busy But Unproductive? Here’s 5 Ways To Conquer Busyness

Ever had that experience where your day/week had flown by, you’ve been stressed running from one thing to another but when you go to tick off that to-do list, you find you haven’t accomplished much? We’ve all been there so here are some simple tips for managing busyness that we’ve used with our clients:

Track your activities: planning and reality are 2 different things. Try keeping a logbook of the actual activities you do and the time spent- here’s a handy template and dashboard to help
Schedule time to check updates: Our brains want to keep on top of things, so move away tempting devices which update regularly and cause distraction. Schedule time to check them. If something is that urgent, they will call you.
Do not disturb: agree on a signal with colleagues that means you are available or unavailable for distraction. A subtle sign that you are ‘in the zone’.
Get organized: if you organize your desk so that your stationery or paperwork is always in the same place, your brain will retrieve them without losing focus on the task at hand.
Realistic meeting times: meetings rarely need to be an hour. Manage the time of you and your colleagues better by keeping meetings short, succinct and focused – start booking 15- or 30minute slots and see how much more gets done in that time.

Implementing these tricks will inevitably inspire others to do the same and might just result in a more productive team all round.

Takeaway activity:

Build a habit. Individually or as a team, select one of these tricks to execute, remembering to add it to your strategic plan to make sure it’s documented and tracked
For the next month, be conscious of actioning this priority- if you’re doing it as a team, don’t be afraid to call it out
Do a retrospective to build momentum and the energy for change- after the 28-days, think about the before/after and the time/effort/wins you’ve had.

Further reading

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February 18, 2023by adminMarketing

6 Reasons To Systematise Your Business

Do you find that you must always be around for things to work out? Or that things seem to fall apart whenever you’re not actively involved? This comes down to putting systems and processes in place so let’s take a look at what that means.

Systematising is the process of documenting everything you do in your business – from the way you quote, deliver your services, make your products, through to answering the phone. By documenting these processes, you’ll be able to:

Handle things as you expand: Whether its streamlining the onboarding people or a ramp up in demand, documenting processes and doing them “one way same way” makes them repeatable so you’re better able to cope with a growing business and customer base
Better consistency and predictability: These systems make sure that tasks and actions are completed by following documented processes meaning more a consistent outcome is achieved and more predictable inputs or effort is required
Reduce uncertainties: Implementing the right systems in your business can minimise uncertainties, both at the individual process level and more broadly across the business. In turn, this can minimise the risks of things falling apart when you are not there physically to spearhead activities
Better alignment and control: Systematisation helps you sync your business operations, empowers your employees and helps to get more control over your processes by standardising how they’re done, when, and by whom
Employee engagement: Documenting business processes will help your employees know what to do when you are not around, in turn engaging them more closely in the way the business is run and how their efforts impact it
Best Practice blueprint: By systematising the business, the documented output serve as an outline or blueprint on your business, an indispensable artefact if you’re looking to sell, spin-off, or restructure the business. More fundamentally though, it provides a best-practice baseline which can be continuously improved and streamlined over time

Takeaway activity:

1) Getting started: In our experience, there are three options on where to start-

Option 1, customers- start with documenting processes that makes it easier to win, convert and onboard customers in order to grow revenue
Option 2, pain points- take note of things that go wrong, such as customer complaints, or issues that your team always seem to be asking you about
Option 3, business functions- most business have a sales, marketing, finance and operations function, so start by documenting the key processes in each of these areas

2) Map the current state: It’s important to first document what you’re doing at the moment without jumping the gun to ‘what could be’ (i.e. step 3 below). At a minimum, you’d be looking to document what the steps are, in what order, and who does them- take a look at our process mapping guide for further assistance

3) Improve the process: There are many many many “process improvement” methodologies out there that we’re not going to get in to, but essentially this involves-

Defining the ideal or ‘to-be’ process… What steps could be changed or removed? Could the process be automated?
Understand the gap… What needs to change? Who’s involved? What are the various options and opportunities?
Develop an action plan to change the process… What option/opportunity should be done first? What are the priorities?

Further reading

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February 18, 2023by adminMarketing

Less Procrastinating, More Time Growing: 4 Top Tips

Some of us are serial procrastinators, others get things done way ahead of time. Regardless of which category you fall into, the tendency to put things off until the very last minute can be difficult to shake. So when it comes to working “on the business”, which end of the spectrum are you on?

By breaking the bad habits that lead to procrastination, you’ll end up with a lot more time to focus on building your business. The key to stopping procrastination? Holding yourself accountable in a self-compassionate way and identifying the right steps to inspire action from within- here are a few tips from the team to help find that balance:

Tip #1: Take advantage of the time you already have. This is about maximising your personal productivity and the value you’re giving to your business- take a look at our guide on time management and prioritising work for more insight and ideas

Tip #2: Take the smallest step possible toward completing the task or project. The first step is always the hardest but after taking that step, you’re more likely to continue moving forwards.

Tip #3: Get excited about starting a new task. Flip your thinking by focusing on the positive outcomes that comes from finishing rather then the effort involved. It can be easy to build up momentum where you’re seeing meaningful progress towards an outcome, then fixating on the steps to get there

Tip #4: Schedule a window for ‘procrastination time’. Want a great way to push yourself to be more productive- lock in time during the day as an incentive, or even just as something small to look forward to

Takeaway activity:

Acknowledge- we all procrastinate, so don’t beat yourself up about it. Take it to heart and use it as a trigger for change
Address- use these tips or insights from the further reading below to find a strategy that resonates with you
Change- they say it take 28-days to build a habit, and “less is more”. For the next month, take a small action each day based on your selected strategy- don’t try anything too big and bold as that big step may end up feeling to big, resourcing you back to procrastination

Further reading

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February 18, 2023by adminMarketing

The 6 Elements Of Working “On The Business”

Working “on the business not in the business”, that pesky buzzword we hear so often that we start zoning out. But what do we mean by it? Well here are 6 elements of “on the business” we focus on with our clients:

Goal and objective setting: establishing the outcome you want to achieve in a broad sense (i.e. strategic goals) as well as the strategies and steps to get there (i.e. objectives). This forms the foundation to the business, giving purpose and direction to your team and your efforts
Forecasting: estimating and predicting effort, time, and resources required, particularly in support of the goals/objectives. Not only does this help to minimise risks and stress, and but can also maximise the ability to capitalise on growth
Programming and Scheduling: establishing prioritises, tasks, and timeframes to operationalise and achieve your goals/objectives. This outlines what needs to be done, when they need to be done, how long it should take, and by whom
Budgeting and reporting: The budgeting processes establishes the financial objectives up-front based on the time/resource requirements in the schedule and provides a sense check on the businesses capacity to deliver the intended goals/objectives. Reporting then provides the critical control over both the budget and performance to the schedule
Formulating policies: Policies outline a plan of action that govern the way you react to a problem, whether it be within the business (i.e. people/HR, customer, supplier, financial etc) or external factors (i.e. PEST). These reduce risks and issues by looking forward and anticipating problems that may prevent you from achieving your goals, that may delay the schedule, or could blow out the budget
Developing systems, processes and procedures: Document the approach to performing tasks will ensure they are standardised, repeatable, and consistent. Not only will this help train new staff as they have a pre-existing userguide or handbook, but if tasks are done the same way, every time, by everyone, there is a higher chance that tips/tricks, improvements, and learnings can be capture and used to improve the process and the business

Takeaway activity:

Consider using these element as a rolling 6-month “monthly themes” for your business- if you have a team, these could become a great team building our brainstorming events! Take a look here to download some useful templates and frameworks to help you:

Month 1 Goal setting: for example, brainstorm and prioritise with the team the strategic 6-month goal and the monthly activities to get there
Month 2 Forecast: for example, map out your expected sales volumes and the lead times, resource, people you’ll need to deliver them- do you have significant peak/troughs? how will you manage them?
Month 3 Scheduling: for example, review the priorities the team are working on- are they aligned to the strategic 6-month goal you’ve set?
Month 4 budget and reporting: for example, brainstorm what information you need to run the business as well as the information or KPIs you’ll need to use to track your progress to your strategic 6-month. If required, speak your accountant / marketer / advisor for advice on the typical types of report
Month 5 formulate policies: For example, brainstorm AND document the key internal and external risk to the business and what you’ll do in response- after all, prevention is better than a cure
Month 6 develop systems and processes: for example, get the team to set aside time to jot down the processes they most frequently work on or those that seem to go awry most often so they can start to be simplified or improved
Month 7- Goal setting (rinse and repeat)

Further reading

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September 2, 2022by adminMarketing

Action Series- Part 1: The Truth About Action

Kyle Eschenroeder’s ‘The Overthinker’s Guide for Taking Action’ is packed with thought-starters (and chastisements) on the subject of ‘action’ and why we make excuses for not acting and how to get over ourselves- let’s take a look as some favourite truths that we’ve seen from our clients.

Action is cheaper than planning

Eschenroeder refers to that all too familiar feeling of holding back from starting something until we know exactly what we want to do, for fear of failure. He uses the Wright brothers as an example of where action conquered planning, pointing out that they won the race through incessant innovation, tweaks, tests and constant action.

Learn by doing, not by planning.

Inaction is scarier

Here Kyle argues that you may find motivation in looking at the alternative. If you don’t act now, what will happen?

Action is harder, it involves effort, which is off-putting. But is the long-term result worth the laziness?

Need to prevent laziness and be more productive? Take a look at our guide on time management and prioritising work

Action manifests motivation and courage

Action sparks motivation, not necessarily the other way around. Not promoting just motivation, but action, Eschenroeder says, is the root of all courage. Once we make it out the other side, we know we can survive similar challenges in the future.

Explanations follow action

Some people must attach their action to a narrative – we need a reason to do something. Science has demonstrated that we make up memories all the time. Whatever reason we might have for doing something, we likely came up with after deciding to do it. Our actions are experiments. So, experiment!

Action creates antifragility

More commonly referred to as “what doesn’t kill you makes you stronger”, antifragility refers to the concept that we can grow stronger from experiencing volatility and stressful things. Ultimately, taking action, especially if uncomfortable, best equips us to handle difficult situations in the future.

Takeaway activity:

We all love Post-It notes. That reminder on your PC, the inspirational note on the bathroom mirror, or that really important thing you’re still getting around to after 2 weeks. Take you best (or worst!) truth and make it front of mind… you could also do this digitally with one of these great apps or share it someone to help externalise your intent
Define 2-3 actions or personal tips you’ll do to combat or overcome this ‘truth’
Catch yourself thinking- this is after all a series on actions, so execute those mitigating actions whenever you find yourself sinking back into inaction