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Management

Work Times Are Changing For The Better

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Leaders in business have always had more leeway with their working hours.  They have never been restrained by the standard business hours most of us are contracted to do every week. You know what I’m referring to, most ‘wage-slaves’ i.e. employees, need to work Monday to Friday between 8am and 6 pm, for 40 hours a week.

Flexi time for workers has crept in, in many industries, over the years, particularly with startups and more forward-thinking organisations keen to get the work-life balance right. Remote working has been popular with these businesses, but any change to the norm has been slow progress particularly with the mainstream majority. Let’s take a quick look at the adoption curve which explains uptake trends.

Adoption Curve

The early and late majority is the big peak in the ‘rate of adoption’ curve aka diffusions of innovation.   This curve presents the way innovation (particularly in technology) is adopted by us – human kind and the curve is an illustration we can view and instantly comprehend.

Work times are changing but arguably it’s yet to become the norm with the ‘majority’, (the peak in the curve). There is some way to go before we see real change the times we work and for it to be part of our employment agreements.

Slow on the uptake

Business owners and their management have not been quick off the mark with remote working or flex time and there’s a perfectly valid reason for their reluctance.

Trust and accountability

A lack of trust and the ability to keep a watchful eye on staff, when they’re not in the office, is the main reason for the slow uptake of more flexible working hours and working away from the office.

Leaders are inherently naturally driven and motivated to put in the hours due to their status within the business, therefore working from their home or holiday is not a constant distraction. Their staff are likely to take more liberty with their new work environment and a lack of personal oversight has deterred many businesses to the leap of faith until now.

Technology

Technology is the game changer and it is empowering businesses, like never before. There are many tools like chat Apps, readily available to assist both staff and management’s trust issues.

Chat App

Staff can be hired in different locations and remote workers can be part of team meetings via conference calls.  Plus there’s the use chat bot software so the power and control is there for the business to watch over their staff.

More Flexibility

The natural progression of work is more flexible work times, as jobs also change.  The earlier risers can get their work done when they’re most productive, in much the same way as the night owls among us can log on and be equally as productive during the dark hours of the day. Rising early though has gotten a lot of attention lately.

Just look at the rising times of some well known Entrepreneurs.  BBC has recently done a story on the unorthodox waking hours of successful business owners, celebrities and famous people and questioned if rising early meant more success.

Apple’s CEO Tim Cook is up at 03.45am and Actor, Entrepreneur, Mark Wahlberg really uses the 24 hours in day to work for him.  Rising at 02.30am and going to bed at 7.30 pm.

No longer does it need to be daylight before we rise and get to work and it’s likely this way of living where we elect when we work during 24 hours of the day, will extend to the rest of us non super stars, as evidence suggests, when productivity goes up so to does the revenue and profit.

So as for the early bird does get the worm idiom, yes it’s real but for everyone and that’s why work times are changing as businesses need to be more competitive.  The desire to make more money will keep pushing the envelope in all areas of business and with the enabler of technology to track and measure us, it won’t be long before there’s no such thing as standard work times.

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Management

3 reasons To Turn Down An IPO And Remain A Private Business

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Floating the company you founded on the stock market is the dream of many entrepreneurs. After all, what’s not to like? You can free yourself from the grind if you want, make lots of capital to reinvest, own shares that could be worth millions in the future, and potentially see your business go on to new heights.

But many great founders have resisted the temptation; entrepreneurs such as Johan H. Andresen founder of the Ferd Group, Andrew Nisbet founder of The Nisbet Trust and Fernando Simões, CEO of family-firm the JSL Group. All doubtless had the opportunity to go public, but for various reasons decided to keep their businesses privately owned.

Here are just three reasons to think twice about floating your business, however tempting it might seem.

You’re at the mercy of your shareholders

It might seem obvious but when you float you effectively lose control of your business and almost every big decision becomes subject to shareholder approval. This is a significant issue and most privately held companies understate the impact. It’s worth being very clear in your mind before you float that shareholders often have a very different view of how the company should develop in order to turn a profit.

Many companies that float have been turning a good profit for years but suddenly they have a whole new set of pressures to deliver short term. Most shareholders, certainly the smaller individual investors, want to see returns quickly, and they have considerable power to veto many strategic decisions that are designed for steady long-term growth.

This can undermine cash flow and reduce overall profits. As a private businesses, this is not such an issue. But when you have a bad year as a PLC everyone will know about it, which can lead to increased media scrutiny, and negative press. This is no small matter. As soon as you float, you become the public figurehead of your business, and many entrepreneurs have found themselves subject to unwanted attention.

You’re also at the mercy of shareholder activists, and if they feel like you’re making the wrong decisions, or even accidentally aligning your company with unethical suppliers, you can find that you’re subject to a takeover bid.

Costs and regulation increases exponentially

Floating is an incredibly expensive undertaking, costing up to something in the region of £300,000, or 25% of the cost of money raised in the IPO. It’s not an inconsiderable sum. Plus the paperwork is huge. One well-quoted executive of a company that listed its shares on the London Stock Exchange reckoned he had processed around 200,000 sheets of paper in the form of documents during the process.

Before you go public you’ll also need to undertake a whole raft of expensive procedures. These include in-depth due diligence reports, analysis of all your supplier contracts, disclosure of your financial forecasts and making public your directors’ pay.

But even if that’s doable, once you’re a public company you become subject to a huge amount of new regulation, which can trip you up at any point down the line. Your reporting functions will need to grow to accommodate statutory financial and governance reporting; every six months as well as ensuring any changes or events are reported on an ad hoc basis.

You are no longer running a private family business

One of the key reasons why firms do not float is that many founders think very long term, and are drawn to the idea of creating a legacy. In fact, the majority of private business owners are happy to keep things in the family.

According to the Institute for Family Business, as it stands today 85% of all the private sector firms in the UK are family owned and operated, and they account for 50% of private-sector employment in the country. In the US, the figures are similar: there are more than 5.5 million family businesses and they employ more than 63% of the workforce.

These numbers speak for themselves. Most business owners are happy with the state of play, they don’t want to float their companies and they don’t want to lose the ability to create a multi-generational business that they can pass down through the family.

So at the same time as you consider the obvious positives surrounding taking your business public, and there are many, don’t forget to factor in what you’ll lose too.

A warm thank you to Sharon Fishburne for this contribution.

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Management

What A CEO Learns from An Executive Coach

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A CEO’s task is flexible. They are often the voice of investors, both internal and foreign, liaising with leadership, the committee of directors, and the audience. They are also accountable for the company’s long-term approach and product principles for staff.

Newly assigned CEOs require proper guidance for them to do their job correctly. A startup CEO coaching course provides the needed assistance for a CEO to develop and form positive decisions.

Values You Can Gain from A Coach

With a startup CEO coaching course, you’ll be able to gain crucial benefits and lessons that will help you become an active CEO for the company. Here are some of the learning you can get after a successful coaching session:

  • Receptivity Is Vital. It is essential in listening to others’ opinions about you. Fellow CEOs and business managers can give you recommendations based on their knowledge. It is critical to accept their feedback in decision-making. Demonstration of excellent hearing abilities and a real interest in others encourages your picture externally. It also increases your knowledge of how a company works every day and leads to stronger company choices.
  • Stay Motivated. A successful CEO must have the capacity to achieve an objective with passion and to instill this same approach in others. To get the full results from your company implies to get the maximum help from your people.A company-driven and engaged co-workers will operate easier and will want to move the company ahead. Determine how you and your team can produce meaningful actions.
  • Show Adaptability With Continuous Changes. Advances in your company or enterprise can cause a drastic effect on your approach, goals, and decision-making. It is a reliable instrument to acknowledge these changes and alter course if needed. A CEO must also stand in a position where they can adjust their performance to the needs of the company. It doesn’t matter whether it’s for an international or a startup company.
  • Have A Clear Vision. A CEO must have a definite path to guide the company. Ambition and optimism are good things, and the head of a company must have faith in those goals. Being capable of inspiring others to purchase into your dream is a significant management instrument.
  • Gain Trust with Honesty. Inspiring confidence and respect is a sign of an efficient CEO and an essential element of being a reliable leader. Investors must have confidence in your capacity and trust to delegate to those with whom you operate. A trustworthy CEO must have the time to concentrate on the broad outline – CEOs who gain trust benefits from the positive working atmosphere they created.

A Coach Helps You Attain Your Goals

Reaching your objectives is the ultimate step towards sufficient coaching involvement. An excellent trainer can assist you in understanding your objectives, aspirations, and what you can do to accomplish them. Your coach isn’t dependent upon you for success, unlike your family or your staff.

They are honest about how you do and provide unbiased opinions. Finally, and most significantly, your coach can educate you about new methods to think and operate as an excellent CEO. At the end of their coaching, you will develop abilities to help you achieve your objectives.

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Management

Things to consider when finding an office space for rent Dallas

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The high demand for office spaces in Dallas, Texas has become very difficult for one to identify a space that is suitable for their organization. If you have a small employee count, you can share your office spaces among various other companies to cut on the costs.

When looking for an office space for rent Dallas, you should always make sure that you consider:

  • The geographical location of the office. The location should be strategic to make sure that your clients, suppliers, and employees can access it easily.
  • The building that you rent your office space from should be designed in such a manner that it is able to attract clients for you, depending on the type of business that you carry out.
  • The price of the rent should be well within your budget, which makes it easy for you to afford the place without running down your business or compromising on quality.
  • The premises should be designed in such a manner that there is a receptionist that will be able to direct your clients, suppliers, and investors to the office space. You don’t want your clients to show up to your office feeling confused about what to do next.
  • The building in which you decide to rent out your office space should be able to provide 24- hour security as this makes sure that you feel secure while running your business.
  • The building should also provide maintenance services that make certain that your office premises are tidy and well kept. Without this, your clients and employees would have to deal with an untidy office and that could lower productivity.
  • You should keep in mind the number of staff that you want your office to accommodate. The space should be sufficient enough to accommodate your entire team.
  • There should be enough parking spaces that will make sure that your visitors are not stranded.

When getting an office space for rent Dallas, there are various methods in which you can pay for it: through hourly rates, daily rates, monthly rates, or even yearly rates. The office spaces are available for rent and lease, depending on your preferences and needs. The Office Finders guarantee that you get the office space you want at the right time and at an affordable cost.

The office spaces are available for companies or individuals who need conference rooms, co-working with another team on a particular project, meeting room, private office, cubicles, training rooms, presentation rooms, personal workspace, temporary space, document review, project space, satellite office, desk space, and board room.

Office Finder makes it easy for you to negotiate the rental agreements and for you to get a suitable office location for your company. All you have to do is approve the spaces that are available and make it easy for you to compare so many office spaces before you settle on one.

Some of the rental office spaces Dallas include:

  • Dallas – CBD office market
  • Dallas – North office market
  • Dallas – LBJ freeway office market
  • Dallas – Uptown office market
  • Dallas – Preston Center office market
  • Dallas – West End office market
  • Dallas – Stemmons freeway office market
  • Dallas – Victory center office market
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