Showing posts with label Business Ethics. Show all posts
Showing posts with label Business Ethics. Show all posts

Wednesday 8 February 2017

Developing A Culture Of Accountability

One of the toughest balances to achieve within any business is between building a culture that gives people the autonomy to get on with their job while maintaining an environment of accountability.



There is a fine line between managing and micromanaging  and it tends to be quite subjective. Some team members will welcome day to day management and guidance while others might rather be left alone to get on with their job. As such, it is necessary to create systems and processes which allow the management team to maintain awareness of what is going on across the business without people feeling like someone is constantly checking on them.

Everyone in the firm should have annual goals which align with the overall objectives of the firm and are communicated to everyone across the business at the start of the year. Each individual should then be tasked with agreeing what their personal goals should be with their manager. These should cascade down from the overall objectives of the business. Ideally you should aim to agree between five and eight goals for each team member.

Once everyone’s objectives have been set, you and your management team should set up quarterly meetings with each of your staff to discuss progress towards achieving each objective. You should let your team member lead the meeting, explaining the progress they have made towards each goal and what they intend to do in the next quarter in order to keep moving forward. As a manager you should ask open questions such as “What went well? Which areas could be improved upon?” or “Do you need any additional resources in order to achieve your goals?” This will provide the opportunity to assist the individual towards successfully achieving their goals but in a way that doesn’t feel like they are being micro managed.

Finally, each team in your business should have a weekly meeting with an agenda designed to allow everyone to update what happened last week and what is planned for the next week. This provides an opportunity for managers / team leaders to drive objectives forward. In order to encourage accountability, at each weekly meeting, every team member should be required to give a 3-minute update on where they are against their objectives.

In order to make this approach work, the managers in your firm should be accountable for the objectives and their teams should be responsible for delivering them. In order to communicate progress across the business and increase transparency, each manager should produce a quarterly update, which can be shared across the firm. This could take the form of a simple email to all staff. This type of communication also allows the managers to outline what is coming up in the next quarter and solicit help / resources if required.

Tuesday 13 December 2016

Millennials vs Generation Z: What Businesses Need to Know!

Generation Z (Gen Z) is a demographic group born after 1995. The oldest members of Gen Z are turning 21 this year, which means that some have already graduated from University. Gen Z is a much smaller demographic cohort than Gen Y (also known as millennials).


It would be easy to assume that Gen Z are just an exaggerated version of the generation that came before them, spending even more of their lives on social media, doing even more of their shopping online, and demonstrating an ever-greater collaborative nature. But Gen Z grew up in a starkly different historical context than millennials, which has given them a distinct outlook on the world.

Millennials invented Facebook, shopped from their smartphones, and moved from satellite TV to Netflix. Gen Z, meanwhile, doesn't remember life without these basics of 21st century life. Millennials came of age during a time of economic expansion and were shocked to find a diminished, difficult job market after university; whereas Gen Z sees a tough job market as the norm. They are a generation that has been shaped by the recession and are prepared to fight hard to create a stable future for themselves.

Market research has shown that compared to any generation before them, Gen Z is less trusting of brands. They have grown up in an era where information is always available via the internet, social media, etc. They can research products and brands and see other users' reviews of them online.
Gen Z are financially cautious.

They grew up hearing horror stories about how many millennials ended up living at home after university, sitting on a mountain of debt, so they tend to save more and spend less than millennials. In a recent study, 89% said they remain optimistic about their futures, which is higher than any other generation on record.

So what should you be aware of when you are thinking about hiring Gen Z employees? Gen Z wants to do work that makes a difference and has a positive impact on the world. But they’re also more concerned about job security than the generation just before them.

They were at a very impressionable age during the financial crisis. This implies Gen Z would rather develop a career in one place than hop from employer to employer.

Wednesday 26 October 2016

4 Advantages of Being a Sustainable Business!

The “green agenda” has moved to the forefront of the modern business world. Society is experiencing an increasing shift in focus to sustainable business and environmental responsibility.

For businesses, embracing sustainability includes encouraging active preservation of the environment and communities, while also promising attractive cost savings. Many firms have made considerable savings through implementing sustainability programs across their value chains.

1. Reducing Operational Costs

Low-cost initiatives can have a profound impact on reducing energy consumption. Legislation in the form of tax incentives is also encouraging businesses to implement sustainable practices. This includes property tax exemptions, income tax credits or easier access to financing and government grants. To qualify for these programmes, businesses must either install certain equipment, implement pollution control mechanisms or utilise environmentally friendly materials, recycled components etc.

2. Strengthening Brands

With the increasing global concern about the environment, businesses can now leverage their sustainability and related achievements, investments, and skills, to strengthen their value and reputation. Conversely, those businesses that fail to resonate with what consumers and stakeholders deem to be important could see a detrimental impact on their brands.

3. Improving Employee Recruitment and Retention

The next generation of professionals (millennials) are more environmentally aware and focused on sustainability. They are attracted to businesses that are socially responsible, and want to work for companies with a positive impact on the world around them. Therefore, building your firm's brand around sustainability will help you to attract the best new generation recruits.

4. Enhancing Innovation

Building a more sustainable business encourages your people to become more innovative. This focus on innovation encourages the development of new products or services and new ways of doing business.  Nike, who used plastic bottles from landfills in Japan to manufacture soccer jerseys, being a great example.

-PJ 
☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

Thursday 22 September 2016

7 Tips to Manage Difficult Workplace Conversation!

Very often the only thing that is more stressful than having a difficult conversation in the workplace is the anticipation of that conversation.


Whether it’s a performance appraisal or a sales meeting to close a deal, here are a few tips to help you to manage difficult conversations:

1. Be prepared 

Spend some time considering what you want to achieve by having the conversation. Write down the key points you want to raise and list any further points in order of importance. What would your ideal outcome be for each point? If you would like the other person’s input, or if you have a proposal for a solution of your own, write these down next to each point. Picture yourself confidently raising the issues on your list and explaining your ideas for possible solutions.

2. Put yourself in their shoes

How would you receive this information? Anticipating their response will help you to consider carefully how you communicate and your body language.  This will enable you to be more prepared for their response, including the possibility of an emotional response.

3. Time and place 

Choose a time and place when you will both feel comfortable, will not be pushed for time and should avoid being interrupted. If necessary, reassure the person you're talking to that the conversation is confidential.

4. Stay focused on solutions 

It is better to ask “how can we do better next time?” than “why did it go wrong?” We cannot change the past but we can explore and identify the best way to learn from mistakes and move forward.

5. Don't skirt around the issue 

Be polite but stick to the preparation you did in advance of the conversation. Stay in control. If you find your tonality changing, either speeding up and getting louder (getting frustrated) or slowing and getting quieter (losing confidence), adjust your posture. Whether you are sitting or standing, change your physiology to be more relaxed or more assertive and your tone of voice and choice of words will follow suit.

6. Have a time frame in mind before you start talking

If it becomes clear that the conversation is going to take longer, don't be tempted to rush things through or run over time. The last thing you both want is to feel exhausted by the conversation and to make a poor decision. Instead, agree to meet again to continue the conversation at a suitable time.

Contact us if you need business help:
PJ | ☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

Saturday 17 September 2016

How to play office politics ethically and professionally?

Keeping your head down and working hard is important but we all know that in business you have to “play the game” and develop effective personal relationships with the key stakeholders across your firm. As such, networking with internal contacts is as important as networking with external customers and target clients.


The number one word for managing office politics is diplomacy. Keep it professional at all times and find common ground with key stakeholders across the business.

It is important to make sure that you understand what is really going on. Pay attention. What do you see? Who talks to who? Who doesn’t talk to who? What does the gossip say? Notice who gets their way and who doesn’t. Talk in a way that ensures that you avoid being seen to take sides.

You should treat your stakeholders equally, do a good job for everyone and listen and respond to what they need. When you are chatting with someone and they are playing the political game, listen and talk to them about what they can do, how they feel, or what they want to do about it rather than agreeing or taking sides.

Office politics can sometimes create stressful situations and tension but it is important to keep your cool at all times. If you've been maligned, candidly address the issue at the source. Then shake hands and move on. Nothing that happens at the office is worth a heart attack. In the grand scheme of things, will the issue matter in a week or a month’s time? If you keep things in perspective, you will be less prone to turning incidents into catastrophes.

If you are building a team it’s worth screening potential new hires carefully. Ask candidates how they feel about workplace politics and how they might react in difficult situations.

Finally, bear in mind that regardless of the type of business that you work in, you will not like everyone and not everyone will like you. Always be professional and make sure you communicate clearly and consistently with them. Be direct and do what you said you would do.

Check whether you are making these financial and marketing mistakes that costs you hundreds, or EVEN thousands of Pounds. Click to Download the book below!

Contact us if you need help to increase your business profits:

PJ | ☎ 020 89310165 | ☏ 07900537459 | ✉ info@apjaccountancy.com

Thursday 10 March 2016

How to build an Ethical Business?

The new generation of professionals is concerned about corporate social responsibility (CSR) and wants to work for ethical businesses. 

The ethics of any firm are determined by its actions. If bending the rules results in rewards for some people as a result of increased short term revenue, or other perceived benefit, then many in the business will rightly believe that ethics don't matter, performance does. In other words, the end justifies the means. There will almost always be a tension between doing the right thing versus prioritising short term gains.  


Here are some tips to help you to build a more ethical business.

1. Be someone who you would want to discuss business with

If someone has a history of unethical behaviour, you will probably decline the opportunity of doing business with them. Sacrificing ethics usually means that someone (a supplier, for example) is getting a rough deal. Do you want your firm to be associated with this type of behaviour? Is it worth the potential reputational damage?

2. Accountability

Everyone in the business should be accountable for their actions. Management should lead by example and should own their mistakes as well as their successes, earning the respect of staff. Unethical behaviour should not be tolerated.

3. Values

Business leaders must take time to understand their own personal values and those of the team, what the value statements of the firm should be and identify gaps that exist between aspirational goals and current behaviour. To ensure buy-in and commitment from the whole firm, try to include members from various levels across the business to help create a "Code of Conduct" that is aligned with the firm’s ethical vision.

4. Establish Trust

Build an environment of trust with employees in order to create a business culture where employees feel free to discuss ethical dilemmas and issues with management.

5. Communicate 

The management team should ensure that the vision and code of conduct are communicated to everyone within the business. This can be done through policy manuals, training, internal newsletters, team meetings, etc. Efforts must be made to gather feedback from across the business in order to identify employee concerns regarding the ethical environment within the firm. This should be a continuous improvement process to identify concerns and improve the overall ethical direction of the firm.

APJ Accountancy
☎ 020 89310165 ☏ 07900537459  info@apjaccountancy.com