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BETTER BUSINESS
Issue Thirteen, October 2006

 

In this months issue:

Coping with Stress in Business
Business Mentors New Zealand
Hands on Leadership Tips

 

COPING WITH STRESS IN BUSINESS

Increased blood pressure, sleeping trouble, muscular tension, appetite changes, inability to make decisions, irritability, loss of interest, lack of ideas, and anxiety are all by-products from stress. Some stress is good as without a certain level we would most likely never get anything done, however, too much can be very harmful both inside and outside of your business.

 

One of the biggest causes of work-related stress is the feeling that we don't have time to complete all of the jobs that we need to do in order to make a business successful. The answer to this problem is time management - spending your time doing those things you value or those things that help you achieve your goals. Draw up a pie chart which shows how you plan to spend your weekly waking hours ensuring that each segment includes things that will help you to achieve your goals and values. Ensure a balance, include time to rest and spend with family and friends.

 

Also keep a task list and assign a level of urgency/importance to each task. By dealing with the most urgent/important tasks first rather than in the order in which they came in, you can see the stress being reduced as you move onto progressively lower priority items. Work smarter - do not be afraid to delegate tasks (to specialists) as this is an important skill to master if you are to grow a business. Politely turning down requests that will not help your goals or values may, in the long run, reduce stress on everyone. Doing a poor job that helps no-one will only increase stress all round!

 

Life is all about balance - health is more important than money so look after yourself and don’t be afraid to ask for help if you feel things are getting on top of you.

 

BUSINESS MENTORS NEW ZEALAND

With more than 4 out of 5 businesses in New Zealand employing 5 or less people, business owners are often very isolated and lack people to bounce ideas off. Business Mentors New Zealand, operating with over 1,200 mentors and administered by 14 Regional Agencies provides a free, national mentor network to help any New Zealand company which has been in business for at least 12 months and has less than 25 employees.

 

Mentors are coaches, not consultants. They do not take the place of existing professional advisers, but they help to give clients the confidence to plan and manage a venture, meet new challenges, and learn how to obtain the skills necessary for achieving results.

 

If you think you may qualify and would benefit from having a business mentor then check out www.businessmentor.org.nz for further details.

 

HANDS ON LEADERSHIP TIPS

No matter what style of leadership you prefer, as a small to medium enterprise owner it is essential that you adopt a hands-on approach.

  • Be visible.  A successful business can slip when an owner is not there at least part of every day, keeping in touch with how things are going
  • Stay in regular touch with key people including customers, employees and suppliers.  Make sure you are always accessible.
  • Set examples for working hard.  One wholesale bakery owner sometimes sleeps on the couch in his office so he can be there when the early ship comes in at 4am
  • Don't engage in micro-management.  Set objectives and offer guidance, but don't make employees do every little thing your way.  Give employees room to grow and gauge what they do by the results
  • Understand your business down to the last detail by sepnding time doing each job in your buisness and observing customer's reactions. By being very competent in your role you will inspire confidence in others.

 

Upcoming events at HWI....

FREE Seminar: Where to Invest in 2007.  Property or Shares? New Zealand or Overseas?
Wednesday 15th November 2006 at 9am (2 hours), email Mark at maldridge@hwi.co.nz for details or book online.

 

 

Disclaimer: Information contained within this document is of a general nature and does not constitute advice. Readers are cautioned not to act or rely on it without first seeking professional advice.

 
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