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7 Best Practices to Take Your Bonus Plan Up a Notch

Jul 10, 2019 by Bill Collier 0 Comments
Did you have a bonus plan in place last year? If so, was it effective? How is this year’s plan working out? If you have a good year and want to share some of the fruits of your labor with your team, great, but to do so without a well-planned and executed bonus plan is a wasted opportunity. So, here’s a list of best bonus and incentive practices to help you get the most bang for your bonus bucks.
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How to Get Started Tracking Your Business Metrics

Jul 28, 2015 by Bill Collier 0 Comments
Though he’s referring to baseball, Jim Evans’ stance on tracking metrics can be applied to professional organizations just as they are to professional baseball organizations. Metric tracking is a fundamental process for companies that practice the Great Game of Business. And although it’s an essential part of playing The Game, it isn’t uncommon for companies to find themselves at a loss for whether or not they’re tracking the right numbers. Sometimes company leaders don’t even know where to start tracking!
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How to Involve Everyone in Running the Business by the Numbers

Aug 19, 2014 by Bill Collier 0 Comments
“The numbers in a business are just stories about people.” - Jack Stack, CEO of SRC Holdings and author of The Great Game of Business What are your company’s numbers, and how do you use them to assign accountabilities to departments and people?
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Why you Should Watch COGS for Profit Improvement

Apr 7, 2014 by Bill Collier 0 Comments
“The difference between something good and something great is attention to detail.” - Charles Swindoll An alien spacecraft lands near a mobile home park (as alien spacecraft are prone to do) and abducts an earthling. As the extraterrestrials examine the human, they’re fascinated that one toe on each foot is much bigger than the other four. Why aren’t we earthlings similarly surprised when we see another person’s foot for the first time? Because it’s the norm. Like water to a fish. Ho-hum.
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Value...Not Price

Nov 7, 2013 by Bill Collier 1 Comment
“Better a diamond with a flaw than a pebble without.” ― Confucius About ten years ago in my past life – as CEO of a medical equipment company which I have since sold – we were exhibiting at a trade show. An attendee walked by,  checking out our booth. As I started to introduce myself, he exclaimed with a scowl, “Our business goes to the lowest priced vendor! Price is everything!” If his goal was to set the tone for our interaction, he succeeded. I’m rarely at a loss for words, but I had never encountered anyone so obviously hell-bent on turning his organization into the home of crazy-low prices. The one positive outcome of my blissfully brief meeting with him was the eventual inspiration for this article.
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Mistakes are Opportunities

Apr 16, 2013 by Bill Collier 2 Comments
Every company makes mistakes. That's one thing all businesses have in common. That said, each mistake is an opportunity - especially if the error affects a customer. Some companies blame anyone or anything but themselves. They may or may not correct it. They may or may not apologize. Some act like they’re doing you a favor if you ask them to correct their own goof-up. A culture of blame exists in these firms. Their mantra is “It’s not my fault."
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Curb Your Enthusiasm

Feb 18, 2013 by Bill Collier 0 Comments
"The trust of the innocent is the liar's most useful tool." - Stephen King We all have people we trust. And they trust us in return. In some cases, that trust has been earned via confidences kept and commitments achieved. In others, it's possible that the mutual trust is there because ... well, just because. Among my friends are two entrepreneurs who have been harmed by being too trusting, and perhaps too eager to offer others the opportunity to benefit from their businesses.
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Your Most Important Document by Bill Collier

Feb 5, 2013 by Bill Collier 0 Comments
In a previous column titled Great Expectations, I urged business owners to have realistic expectations for their employees.  Now let's build on that message:  Define your expectations. In my role as a business coach, most of the issues I hear about are related to employees. And more often than not, a lack of clear expectations is at the root of the problem. We usually let our people know how to do a job. "Open the software. Click the blue icon. Use the menu to find the customer ..."
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Ok, I Made A Profit. Now What?

Dec 10, 2012 by Bill Collier 0 Comments
If you're a business owner, I strongly urge you to budget for a reasonable profit target as a percent of sales, and then make your expenses fit in. The idea is to put profit front and center as a necessary outcome ... to make it happen on purpose, rather than let it happen by accident. Now, let's build on that idea. First, what is a reasonable target for profit before tax? It varies by industry but I suggest that most of us should be able to shoot for 10% of sales, pretax.
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Be a Sleuth. Find the Waste

Aug 16, 2012 by Bill Collier 0 Comments
Be a Sleuth. Find the Waste. Reducing expenses. That has become a business mantra during this prolonged economic malaise. Most small businesses have tightened their belts, scouring every line on the income statement. Switching suppliers or brands. Buying less. Toeing the mark on salaries. Delaying hiring. Reducing headcount. Buying used instead of new. Less travel. Doing more with less.
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Talking About Values is Good Business

Apr 23, 2012 by Bill Collier 0 Comments
What do “values” have to do with business? Everything! This isn’t about “touchy-feely.” I see core values as a hard-nosed business practice, just like reducing costs. It’s simply a way to ensure that everyone on the team knows what is important. As owner, you can – and should – shape your company’s culture. You can let it happen or you can make it happen.
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Transparency and Leadership: Avoid Emily Litella Syndrome

Feb 26, 2012 by Bill Collier 0 Comments
  Emily Litella, in one of her typical on-air rants: “What’s this I hear about computer parking lots? We’re in a recession, people are losing their jobs, and now we have parking lots for computers! It’s an outrageous waste of land and money!”
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About The Great Game of Business

Our approach to running a company was developed to help close one of the biggest gaps in business: the gap between managers and employees. We call our open-book approach The Great Game of Business. What lies at the heart of The Game is a very simple proposition: The best, most efficient, most profitable way to operate a business is to give everybody in the company a voice in saying how the company is run and a stake in the outcome. Let us teach you how to develop a culture of ownership, where employees think, act and feel like owners.