The Balance Business Scorecard, also referred to simply as the balance scorecard, started out as a way to measure performance but later evolved into a method by which we could begin implementing strategic planning methods along with full management systems.

What does the scorecard do? It actually gives CEOs, managers, and leaders a tool to use when turning a plan into a real course of action. It’s one thing to have a plan written out on paper, but an entirely different thing to actually implement that plan and see it work. What’s the point of having a vision or mission statement if you aren’t sure what steps need to be taken in order to reach those goals?

The Balance Business Scorecard looks at the following four main business perspectives:

• Learning & Growth – This category focuses on how well you train your employees, foster the appropriate organisational attitudes, and the steps you take to turn your staff into a group of valuable resources.

• Business Processes – This category directly relates to how in tune you are with process improvement and management. As a manager, you should know and understand how well the business is operating and whether or not the product you create meets the quality criteria you expect.

• Customers – This perspective focuses on whether or not your organisation is really making customers happy. Happy customers remain customers for the long haul.

• Finances – Keeping accurate financial records is as important today as ever before. Make sure your financial information is being handled effectively and that it is being treated as the sensitive personal information it really is.

Having all of this information in check will allow you to view your organisation as a whole and implement a plan to actually achieve your goals. The success of your organisation is only as good as your vision. Do you have a plan?

Thanks again,
Sean

Sean McPheat
Managing Director
MTD Management Training

Click below for a:
FREE email course “Improve Your Management Skills”

Last week we began exploring the concept of change management. Change is never a simple process, and those in managerial positions must be ready and able to deal with the questions and concerns that will inevitably be posed by their employees or team members. While these situations can be frustrating, it’s important that you keep a positive outlook at all times. Your employees, after all, will reflect your attitude within their own work.

Here are a few things you can do to help manage the changes your organisation is going through:

• Allow your employees to feel involved. If possible, hold a meeting to explain the changes that need to be made and ask for ideas as to how they feel the new changes might best be implemented. It’s often easier for employees to accept change if they feel as though they’ve had a say in it.

• Make sure you have a detailed plan for training your team members on any new systems or processes. There’s nothing worse than trying to stumble through the first transactions on a new system when no one has showed you what to do. Conduct as much hands-on training as possible.

• Prepare yourself for a few rough days or weeks. The quality of the work produced by your team may decrease, or the number of mistakes may increase, as they get used to the new system. Do not become frustrated and make sure your employees do not get discouraged.

• Be patient as you and your employees transition through the changes your company has implemented. Keep your attitude light, remain respectful, and show your support as everyone tries to understand and implement the new changes. Most important – remain positive at all times!

Change, within any organisation, is tough. Break out your strongest leadership skills and you’ll lead your team through the transition seamlessly!

Thanks again,
Sean

Sean McPheat
Managing Director
MTD Management Training

Click below for a:
FREE email course “Improve Your Management Skills”

Your employees probably think that you, as their manager, already know how to do everything and are only looking to catch their mistakes and reprimand them or make corrections. This is (or at least should be) furthest from the truth. While it is your job to catch their mistakes, it is not your job to make them your employees feel bad about them.

Instead of criticizing, you should be correcting. In correcting their mistakes, you should be taking the opportunity to coach your employees so they can grow. The stronger you make communication skills, the more effective you will be at constructive criticism – or taking a mistake and turning it into a positive learning experience.

There will, of course, be a time when an employee or team member makes a really bad move – one where discipline is appropriate. For the most part, however, you’ll need to keep in mind that we’re all human and that we all make mistakes. Is the problem you’ve encountered something new; something that can be adjusted; something that you can all learn from? If so, take the opportunity to coach your employees.

Put the skills they already think you have to work and share your knowledge. The more you share, the better each team member will become, and the more likely it is you’ll all be able to work as a team further on down the road.

Remember, negative criticism only encourages dissent. Positive criticism and coaching means increased productivity and a happier workforce.

Thanks again,
Sean

Sean McPheat
Managing Director
MTD Management Training

Click below for a:
FREE email course “Improve Your Management Skills”

Today we’re going to continue with our exploration of the various types of management models available by taking a look at the Kolb learning cycle. According to David Kolb, there are four main stages to any learning cycle. When all four stages are met, an individual has the ability to assimilate new information.

When an individual attempting to learn something new touches on all four steps of the cycle he or she will then have the experience necessary to retain information. These cycles include:

• Concrete experience
• Reflective observation
• Abstract conceptualization
• Active experimentation

Most individuals will lean towards a preferred style of learning based on the two learning cycles they were most responsive to. For example, one who learned best from concrete experience and reflective observation may find that his learning style is diverging. The four main learning styles are:

• Diverging
• Assimilating
• Converging
• Accommodating

The Kolb learning cycle can be a bit complicated as you attempt to determine which learning cycles and styles are best for each person. In my opinion, Kolb has a great theory but it’s best put to the test in an environment where there is a dedicated HR staff willing and able to track the personalities of each employee.

Has anyone here had any success using the theories created by David Kolb? Please share in the comments if you have!

Thanks again,
Sean

Sean McPheat
Managing Director
MTD Management Training

Click below for a:
FREE email course “Improve Your Management Skills”

As a successful manager, one of the most important items on your agenda should be time management training for your employees. We talk about time management a lot here, but time management is quite possibly the most important contributing factor when it comes to your success. With that in mind, today I’ll share three tips you can use to help control and manage the time you have each day.

Identify Time Wasters

Do you spend a ridiculous amount of time each day checking your email, surfing the internet, doing personal research, or talking on the phone? You might think that a five minute break to check your email is no big deal, but for most people that 5 minute break turns into a 20-30 minute extravaganza. Before you know it, you’ve lost a ton of time that could have been spent accomplishing more important tasks.

Prioritize Your Tasks

Make a list of things you need to accomplish and then review them to determine which ones are actually essential. I start each day with a list of tasks and then identify which ones are essential versus which ones can wait until the next day if I run out of time. Create a system for yourself and you’ll never find yourself scrambling to figure out what needs to be done next.

Take Advantage of Free Time

Just because your business associate is late for a meeting or your mechanic has an hour wait for a vehicle tune-up doesn’t mean you need to waste time sitting idly. Always carry something to do – check your email on the PDA, read a book you haven’t had time for, or start brainstorming for your next project. Sometimes the universe leaves you with spare time for a reason, so take advantage of it at every opportunity.

Remember, the less time you waste the less time your employees will waste. Setting a positive example will encourage your team members to follow in your footsteps. Do you have a favorite time management tip? If so, share it in the comments. I’d love to hear about the things others do to keep their time in check!

Thanks again,
Sean

Sean McPheat
Managing Director
MTD Management Training

Click below for a:
FREE email course “Improve Your Management Skills”