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Personal Vision in Business

A&E Advisory — Thu, 27 Jul 2023 15:43:50 +0000

Personal Vision in Business

A personal vision serves as the most basic, foundational element of a business plan. Without a defined, visible personal vision plan we can very easily feel lost in the deluge of tasks and responsibilities that come with running a business. Often, business owners get caught in the cycle of “working to work” essentially getting directly involved in the day-to-day operations of the business. In doing so, they end up putting in more and more time with no defined end goal or “destination” for themselves or their endeavors. Therefore, it is sometimes necessary to take a step back, reprioritize, and ask the all-important question of “why did I start this business to begin with?”

What is it?

A Personal Vision is the ideal “destination” that you want to reach through your business, especially in regard to lifestyle, income, personal interests and security for your family. It should be as detailed and tangible as possible in order to motivate you through difficult or uncertain times.

Why is it necessary?

Aside from providing motivation, a personal vision provides the necessary clarity to the questions that may arise over the course of operating the business. If we already know where we are going, then figuring out how we get there becomes much easier! Additionally, having a defined vision provides a sense of structure and purpose, as each task that gets completed and each goal that is accomplished serves as yet another step forward toward your ideal lifestyle.

How can I create my own?

Creating a comprehensive, actionable personal vision looks something like this- “In __ years I would like to have ___ lifestyle”. This simple phrase should serve as the basis for your vision, but additional questions and clarifications are necessary when defining exactly what you would like to accomplish in the time frame you set for yourself. These questions are infinite, by nature this is a personal process that looks different for each individual. Some people turn to consultants, while others take a DIY approach. In either case, attaining clarity through writing out a specific, comprehensive, actionable personal vision statement is of the utmost importance when planning for the future of your business and attaining the lifestyle that you deserve.

Summary:

A personal vision serves as the first official building block of a strategic plan for your business. It clarifies and explains the owner’s motivations and ultimate goals while also outlining what that end goal feels like. However, this isn’t the only part of a business plan that needs to be written down and defined. In future posts, we will discuss the other vital aspects of a comprehensive business plan, and how you can get started either building or improving yours!

I hope you found this post to be informative and insightful. If you still have questions or need clarification, don’t hesitate to reach out on any of our social media channels, or contact us directly through our site.

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Common Pitfalls Startups Face

A&E Advisory — Fri, 14 Jul 2023 18:43:49 +0000

Common Pitfalls Startups Face

Turning an idea or lifelong passion into a business is the dream of countless people, especially in this renewed age of entrepreneurial endeavor. Tragically, nearly 90% of startups fail in the first few years of operation, leaving many owners to ask the ultimate question of “why?” In this post we will be going over some of the most common pitfalls that cause startups to fail, and the necessary steps to avoid them.

Lack of Planning:

By far the most commonly cited reason for a startup failing is a simple lack of planning. Prospective business owners go into an endeavor with high hopes and an oversimplified view of what a “day in the life” of the business would look like, which is why they often get blindsided by the harsh and often unpleasant realities of being an entrepreneur. Project tracking, goal setting, reporting systems, and other mundane but vital aspects of day-to-day operations are woefully neglected from the outset, and only tend to get more difficult to resolve the longer they go unattended to. Then, inevitably, they get stuck in a cycle of confusion, over/underreaction, and end up in the same place they started, with only wasted time and frustration to show for their efforts. In order to avoid this, it is of the utmost importance to thoroughly plan out exactly what you expect from your efforts in the business. Having a clear business plan as well as a detailed personal vision plan will help guide you through the uncertain or difficult times of the business, while keeping you organized and motivated throughout the process.

HR:

The success of any business, no matter what industry or specialization, is ultimately reliant on the people within it. Unfortunately, many startups are too vague in their expectations for new hires and often don’t have any kind of training structure for new employees, leading to burnout and high turnover rates. Another reason for the prevalence of this issue is a lack of clear expectations from new hires, as business owners don’t have a clear understanding of what certain positions “should” be doing and have a tendency to tack on extraneous tasks to workers who may not be qualified to do them. An easy way to avoid this is to be as detailed as possible in the job description for positions as well as thoroughly explaining the responsibilities of the job to candidates so they understand exactly what is expected of them.

Poor Management:

This pitfall tends to be the culmination of the previous two, as lack of planning and poor HR structure invariably leads to poor management. If there isn’t a defined structure for the business to begin with, even the most competent managers will have a difficult time staying organized and keeping the team on track. After all, with no structure and no defined goals, there isn’t even a “track” to begin with! By having a clear structure and reporting system, the manager can organize the team much more effectively and ensure that all workers are staying on task and making clear, measurable progress on their respective projects. However, the most important aspect of management is leadership. Even with detailed, robust structures in place management teams can still fail if the wrong people are in the wrong positions. The solution for this is to ensure that those in charge of your team understand how to effectively motivate, assist and lead your team in day-to-day operations and in times of uncertainty. Having a working interview for management positions is ideal as it gives candidates the ability to show off their traits before entering into a contract and allows you to effectively gauge their leadership style, including whether or not they’re the right fit for your company.

Summary:

Starting a business is always fraught with difficulty and unexpected hiccups, but that doesn’t mean it’s impossible! By staying structured, organized, and focused from the beginning you can avoid these pitfalls and stand out from other entrepreneurs right from the get-go. If you’re thinking of starting your own business, or even experiencing these issues yourself, don’t hesitate to reach out to our team of experts. We will be more than happy to guide you through every step of the structuring process and set the foundation for your long-term success.

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Employee Retention – 5 Ways To Retain Your Top Staff In a Changing Employment Landscape…

A&E Advisory — Thu, 22 Jun 2023 16:05:23 +0000

Overhauled Retention Strategies

Even as the employment market continues to stabilize, companies across the US are still tweaking their salary/benefits packages to retain their top talent amid an unprecedented shakeup on account of the pandemic. A more recent development is the widespread adoption of the hybrid working model in many office-centered workplaces, with many employers offering new and current employees the option to work from home part of the week to mitigate feelings of burnout while still maintaining productivity. Many businesses across nearly every industry are also including such benefits as “caregiver leave”, extended paid family leave, and increasing their overall paid time off in order to entice new talent to come aboard and encourage current specialists to stay. So far, the measures seem to be working, as recent hires report higher levels of overall job satisfaction compared to those hired before these measures were implemented.

Leave and Time Off

Over the past few years, companies have moved from giving employees a predetermined number of days off per year (typically two weeks total) to more flexible models, with some businesses offering new hires unlimited PTO to take as needed, particularly after intense projects. This model has proven to be a hit with employees, as companies that have implemented such measures have consistently reported higher overall workplace satisfaction and lower turnover. Additionally, the time off for parental and family leave has been greatly extended, taking inspiration from the European model, where employees get anywhere from 1-3 years of paid parental leave when starting a family. The format is quickly catching on with larger businesses across the US offering similar periods of time off to new parents, which significantly cuts down the stress of such all-encompassing life events by giving time for employees to get acclimated to such a change while having the peace of mind that they have a career to return to. However, many businesses have opted to simply increase the total time off employees can take and offer more flexibility on when that time can be taken. In just about every case, it has increased productivity while mitigating the risk of burnout.

Increased Salaries and Bolstered Benefits

One fail-safe way to keep employees happy is to increase their pay, but as a result of ongoing labor shortages, diminished talent pools and increasing rates of retirement among older specialists, companies must come up with creative compensation packages. In addition to market wide salary increases, businesses are now offering expanded insurance packages to mitigate the rising costs of healthcare for new and existing employees, increasing interest in their positions while retaining existing workers. Others are offering educational incentives as well, either partially or fully funding certification courses, continuing education credits for certain specialties, or even full scholarships for employees looking to attain a master’s degree or PhD. The rewards are twofold, as the workers feel more secure in their position and companies reap the benefits of having highly skilled specialists on their staff who greatly appreciate the investment the company made in their education.

Hybrid Schedules

Remote work is still gaining popularity even as the effects of the pandemic continue to diminish, with workers greatly appreciating the flexibility offered by the option to work from home. While some companies are scrambling to get employees back into the office, others are embracing this change and capitalizing on the opportunities presented by such a work model. Companies that adopt hybrid models of work see positive and often surprising results from the switch, including increased productivity, greater employee satisfaction and much lower turnover when compared to businesses that insist on all tasks being done within the confines of an office. In the modern workplace, employees want to feel empowered and supported by the businesses they work for, with rigid structures often getting in the way of this by being too inflexible and unresponsive to the needs of workers. Experimenting with hybrid schedules can be beneficial for nearly every type of business.

Communication

A crucial aspect of the modern workplace that often goes overlooked is communication. Especially with the rise of remote work and independent task management, it is vital to keep tabs on employees not only to gauge the progress on their assignments, but also to continuously build rapport with them. Workers are far less likely to consider alternative employment if they feel a strong sense of comradery with their co-workers and management. Not only does this improve morale, but it also increases the rate of collaboration between workers and departments, streamlining workflows and accelerating the completion rate of various tasks and projects.

Teamwork

Ultimately, the core of any successful business is the team that works within it. Therefore, promoting effective teamwork should be the main focus of upper management, especially in the modern marketplace. One of the most common reasons employees give for leaving an organization is a “toxic” or unfriendly work environment which degrades productivity, collaboration, and most importantly, the long-term well-being of the workers. Cultivating an environment that emphasizes teamwork is vital to employee well-being, as fostering an air of collaboration is proven to reduce workplace stress, accidents, and increases overall satisfaction.

Summary

Throughout the myriad of changes and trends that are currently ongoing, there is one constant that is seen throughout. That is, employees demanding more from their employers in every industry across the board, from food service to finance we’re seeing young professionals and those returning to the job market trying to get as much as they can from the companies they work for. Employees want to be seen for their efforts, appropriately compensated, and ultimately find that ideal work-life balance for their current situation. Whether its employees starting their career and testing things out, or workers who want to start a family and crave a sense of certainty and stability from their employers, one thing is certain; Those companies that cling to the outdated, inflexible models of work and employee interaction will find it difficult or outright impossible to attract new talent or even retain their current staff, while those who are willing to negotiate and adapt to the realities of the modern job market are sure to reap the benefits in the coming years.

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Tips For Navigating AI and Digitization to Streamline Workflows and Decision-Making…

A&E Advisory — Mon, 08 May 2023 19:11:19 +0000

AI and Digitization

With the rise of remote work and the increased emphasis on data processing/analysis, it is only logical that consulting companies are looking to AI integrated solutions in order to streamline their workflows and enhance their decision-making capabilities. Currently, there is a massive push by larger firms such as EY, Deloitte and the Boston Consulting Group to implement and improve AI technology within the context of business consulting, as the ability of AI to sift through and interpret enormous amounts of data makes it an invaluable resource in the modern-day workplace. Its adaptability and ability to teach itself can make its application potential nearly limitless, especially in data heavy industries like marketing, IT, and manufacturing.

Strengths:

The raw power of AI is matched only by its versatility, as every industry is heavily reliant on data and market analysis in order to conduct day to day operations and strategic planning, making it a necessity for larger consulting firms and a major benefactor for nearly every type of business. In addition to its processing capabilities, as AI becomes more sophisticated it will invariably take over the more tedious and repetitive tasks of day-to-day business operations, saving companies time and money, but most importantly freeing up resources to focus on other, more creative and involved tasks, thus furthering the pace of business development.

Shortcomings:

As mentioned before, AI can process and analyze data at a rate that no human could possibly achieve, even with digital assistance, however, AI is still largely incapable of thinking in creative, unexpected ways. Despite constant development and investment from tech giants to expand these capabilities, no one has successfully taught an artificial intelligence how to strategize, plan, and implement a game plan in the same way a human would. The simple fact of the matter is that computers cannot comprehend the human aspects of business, such as client needs, feelings toward industries/products, consumer perception and long-term business vision & strategy. This will still remain the domain of experienced executives and client facing in-person representatives for the foreseeable future, as they can relate and interact with clients on a level that computers and programs simply cannot.

Summary:

However, artificial intelligence is nowhere near a “cure all” for the consulting industry or businesses as a whole; The human aspect of strategic planning and client relations is not only important, but absolutely essential to the success of any entrepreneurial endeavor. Although artificial intelligence is an astounding technology bound to revolutionize just about every industry it touches, it should be viewed as yet another powerful tool in the arsenal of the consultant or business owner, instead of a panacea to any/all operational woes. Like any technology, it is only as effective as the person using it.

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The Importance of Having a Business Vision

A&E Advisory — Mon, 24 Apr 2023 18:42:48 +0000

The Importance of Having a Business Vision

A business vision is one of the most important, and often one of the most overlooked aspects of creating a comprehensive business strategy. Although most entrepreneurs have some form of vision for their business, they rarely have something written down that they can reference and use as a guideline. Once more we see the ever-present issue of working “in” the business rather than “on” the business, often getting caught in the smaller details and logistics instead of focusing on the bigger picture. It is vital to remember that, as the owner of the business, the majority of your energy should be directed at the growth and long-term success of the enterprise.

What is it?

A Business Vision establishes the overall strategic goals of what you want to accomplish in your business over the next few years. The more specific the time frame, the more structured the vision becomes. The most important aspect when creating this is to be as detailed as possible in terms of goal metrics, time frame, scale and overall growth in order to clearly visualize the end result.

Why it matters:

Having a written-out Business Vision is not only useful for the owner, but vital for the employees of the company as well. It gives everyone a clear understanding of what they should work toward, and provides a unified sense of purpose across the organization; from entry level to executives. Without it, people will perform their daily tasks and duties with little enthusiasm or creativity as they will see it like any other job instead of being part of a team striving to create something extraordinary.

Business Vs. Personal Vision:

At first glance, there seems to be quite a few similarities in the creation of a business and personal vision, however there are a few key distinctions between the two. For starters, the creation of a Personal Vision is much more private and introspective. It is the visualization of an ideal lifestyle within the context of the business owner’s private life which only briefly touches on matters concerning the business. Business Vision takes into consideration the entire organization, from daily tasks to operations and even planning for expansion. A Business Vision needs to be well thought out, as it has to take many more factors into consideration during its formulation. Compared to personal vision, it is more specific to the business itself, and has more specific metrics by which to define success.

Create your own!

A Business Vision should be created with the end goal in mind, especially in relation to metrics such as finances, number of employees/locations etc. The foundation of such a vision should resemble, “In ___ years, I want to have ___ employees, ___ locations and net ____ in profit per year”. Once again, the more specific the goals, the easier it is to structure an action plan to achieve them. You can use SMART goals in the creation of your business vision. SMART stands for Specific, Measurable, Achievable, Relevant and Time-bound. Specific goals clearly define what is expected to be achieved and provide the necessary direction to move forward. Measurable goals allow businesses to track their progress, identify areas of improvement and stay focused on their objectives. Achievable goals are realistic and achievable, given the resources and time available. Relevant goals are important to the success of the business and support the company’s overall mission. Finally, time-bound goals provide a sense of urgency and ensure that tasks are completed within the given timeframe. By setting SMART goals, businesses can focus their efforts and ensure they are achieving the most important objectives. Remember, the purpose of the vision is to create clarity and unity at all levels of your company.

Summary:

In summary, a business vision serves as one of the fundamental building blocks in the creation of a strategic plan for your company. It provides a sense of direction, clarity, and purpose, not just to the business owner, but to every employee within the organization. Ultimately, having a business vision provides a destination for the company to strive towards.

I hope you found this post to be informative and insightful. If you still have questions or need support building your business vision, don’t hesitate to reach out on any of our social media channels, or contact us directly through our site!

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The Benefits of Business Advisories

A&E Advisory — Wed, 15 Mar 2023 19:34:56 +0000

The Benefits of Business Advisories

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Across the United States small businesses are facing unprecedented challenges such as labor shortages, supply chain breakdowns and record market volatility. In such difficult times, many owners are turning to external help, such as consultants in order to gain clarity and direction in their entrepreneurial endeavors. However, this brings up an entirely new set of questions. How do I choose the right firm? What can they do for my business? Are they even necessary? All of which are entirely legitimate, especially considering the investment of time and resources in such a partnership. In this article, I will explain the differences between a consulting firm and an advisory, and what services they provide.

What is an Advisory?

A Business Advisory is a professional firm that provides strategic guidance and specialized consulting services such as business plan development, branding, marketing, and human resource management. Of course, these services can vary quite a bit depending on the specialization of the firm and the needs of the business seeking advisory services from them. In addition to providing guidance, advisories assist with the development and implementation of strategies, plans, and procedures to help businesses achieve their goals both short and long term. Another vital function of advisories is analyzing the current state of the business including finding issues in the day-to-day operations and processes, such as inefficient time management, gaps in talent, underutilization of resources, etc.

Advisory vs Consultant

Although Advisories and Consulting firms seem to be similar at first glance, they are actually quite different! For instance, most consulting firms tend to work on specific projects or problems related to their area of expertise, such as implementing a new IT system. However, once the project is completed, the consulting firm will simply leave the business to assist other clients. Advisories, on the other hand, tend to work on long term, ongoing projects and work with the owners on a much more technical level, such as developing HR policies, employee onboarding procedures, and contributing to the overall long-term success of the business. Businesses tend to partner with advisory firms for years, continually collaborating and building the relationship over time.

Benefits

Risk Reduction

Once an advisory firm gets a chance to perform a top-down analysis of your business, they can clearly outline the opportunities and threats to your current situation and provide the necessary counsel to avoid potential problems and pitfalls going forward.

Increased Profit and Efficiency

Refocusing and reprioritizing after the introduction of an advisory firm allows for processes and systems to be implemented, improved, and streamlined leading to tangible results regarding day-to-day operation of the business. Better employee training, financial restructuring, strategic planning, and ongoing support all lead to greater profitability and more opportunities as time goes on.

Objective Counsel

Although an advisory firm works closely with the executives of a business, they are not “yes men” who will simply go along with the first idea that gets thrown out by the owners. They rely upon their years of industry experience to provide unbiased and direct solutions to whatever issues the business is currently facing. That being said, client feedback is invaluable, and the best consultants take a collaborative approach to developing solutions to problems.

Long Term Partnership

Even after the foundation is laid out and the primary issues have been solved, an advisory firm will continue their partnership with the business they set out to assist for years to come, providing advice, research, meeting with the owners to gauge progress, and even preparing an exit strategy should the owners decide to retire one day.

Summary
Advisory services are becoming more and more popular among small-medium sized businesses as time goes on, and for good reason. Their industry expertise combined with their long-term dedication to their clients provide a sense of confidence and security that is in increasingly short supply these days. Scaling any business is not an easy feat, but with the expertise and guidance of a trusted advisor you are sure to reach new heights!

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