BLOG
In business, it is important to note the resources coming in and the resources that are going out and being used – may it be in the form of cash, goods, time, and other things. Keeping up with your day-to-day operations may quite be a handful, but with a few tips, you may just be able to have a more cost-efficient day-to-day operation in your workplace.
We gathered some amazing ideas from entrepreneurs on how they budget their resources, lower their spending, and save money, time, and effort.
What is a scorecard? It’s a tool or report that monitors the status or success of a project. In business, a scorecard allows teams to set their goals and rate their performance vis-à-vis what they have set for themselves. Every organisation may have different scorecards, depending on their targets, focus and key performance indicators.
For entrepreneurs, what are the most essential items in their business scorecard? EO Melbourne members share with us the important things they put in their scorecards.
Dear EO Melbourne,
Work-Life-Changing Your Habits
Hello, EO family. I hope you have survived this financial year and is focusing on thriving. I am using the end of the financial year to re-set my mindset and throw out some of my old habits to achieve my goals. The pandemic has provided me with an opportunity to transform my daily routines. I have cut back my actual working day by about 90 minutes, and I can tell you that I am reaching higher levels of performance and achievement due to being able to focus more, for shorter periods of time. I feel more energised with a shorter workday as I have more time to pursue other activities, such as exercise and family time.
Feedback is necessary for improvement, especially in one’s business. While positive reviews are always welcome, one cannot avoid getting unsavoury comments as it is not all the time that customers and clients have happy experiences with a service or product. When this happens, how do you deal with them?
This is a question that many business owners and managers often ask as having good employees and retaining them are important to running a successful business. There are no easy ways to do it, so we sought the help of some members of EO Melbourne on their experiences and best practices that may also be helpful to other entrepreneurs.
Meirav Ambar, Partner at Trendtrade International, Malcolm Bean, Director at Beanmkrgy Pty Ltd., Rahul Kale, Director at Sunpower Renewables, Aaron Smith, Founder of KX Pilates, and Lauren Staley, Managing Director of Infolio Property Advisors shared some of the things they do on how to keep good employees within their team.
We have always come across this quote by Jordan B. Peterson: “Experience is the best teacher, and the worst experiences teach the best lessons.” Although the hard lessons are those you experience yourself, there are ways to avoid the common pitfalls and save yourself from losing time and money by learning from the experiences of others. It can only be done if you devote enough time listening to and learning from the story and lessons of those who are ahead of you in the entrepreneurial path.
Email is one of the necessary means of communication, especially in business. With a lot of official messages, personal matters, spam and email threads where you are copied, how do you ensure that you don’t waste too much time going through your inbox without missing out on the more important ones? It may not be too much of a deal but there are repercussions when you fail to read an urgent message, while there are also consequences when you spend too much time on your emails than on other pressing issues.
Dear EO Melbourne,
The end of the financial year is nearly upon us, and I can't help but be proud of all of the achievements of our EO Melbourne Chapter members. Every year at this time, I reflect on how the financial year has gone, what accomplishments I have achieved, what worked well and what I could have done better. I have also reflected on our EO Chapter.
By Tui Cordemans
A few months ago, I overheard two entrepreneurs discussing holidays. One of them said to the other, “Didn’t you just have a holiday, you always seem to be on holiday. I can’t remember when I was last on holiday.” The other one responded by saying, “That is why you are more successful than me, mate.”
I couldn't help but intervene. I laughed and asked, 'Isn't having a life where you always feel as if you are on holiday a sign of great success?” They both stared at me and then laughed as if to say 'good point' .... made complete sense to me!
LinkedIn is a social media platform that has been used by individuals, companies, and organisations to connect, network, and promote their products, services, causes, and brands. Entrepreneurs have also recognised the value of LinkedIn to their business, and EO Members share with us how they utilise LinkedIn to promote their brands and organisations and take advantage of the platform’s network.
Every entrepreneur has a good story to tell. But, how do you tell a story and make a difference? How do you deal with stage fright? How do you make sure that you create an impact every time you come in front of the audience? Some of our EO Melbourne members share how they overcome this fear and make sure that their story and learnings reach their audience effectively.
We’ve got help from Appscore Co-Founder and Managing Director Alex Louey; Punchy Digital Media Managing Director Anthony Lam; WooHah Productions Founder and Director Arosh Fernando; DWM Solutions Director/General Manager and Professional EOS Implementer Jeni Clift; and Foundr Magazine CEO and Publisher Nathan Chan, who shared with us their learnings on how to become an impactful public speaker.
One of the factors of a successful business is having a strong and dedicated team that keeps the organisation running like a well-oiled machine. However, no matter how passionate, hardworking and talented your people are, they still experience exhaustion, burnout, boredom, frustration, disappointment and all other things that may slow down or hinder your progress.
Your workforce is an important asset of your business. It is just fitting that you look after their welfare and keep them motivated at work to inspire them to do their best, perform well and hit their targets. EO Melbourne members share various ways on how to encourage your team members and inspire them to keep going.
Dear EO Melbourne,
I am writing this President Update having just chaired the bi-monthly Moderators meeting where I was listening to stories of how well forums are running and the amazing peer-to-peer support occurring to help each other move forward together. It is great to hear about forums planning their retreats in locations like Queenstown in New Zealand (yes the travel bubble has arrived!) and the Northern Territory, focused on meeting forum members' personal and business development goals. The general discussion was around how connected everyone was feeling within their forums.
“Alone we can do so little; together we can do so much.” – Helen Keller
A few years back, no one has ever imagined that we would be experiencing this tough global crunch that we have today. Every corner of the world has been affected by the pandemic, affecting many industries and economies. It is undeniable that it has also taken a lot of toll on business owners.
To be a better leader – this is the goal this year of James Murray, Founder and Managing Director of Work Healthy Australia. And for him to drive himself forward in achieving this goal, he recognises the value that the mentorship program is offering entrepreneurs like him, who aims for continuous personal and professional growth.
James is thankful to have Steve Sacks, Chairman of Sonnant, as his mentor because of the value that their relationship has brought to James’ professional development. “My journey for my self this year is to become a better leader, which means to become a better listener. Steve has been very helpful. Even if I've only changed 1% or 2%, I attribute a lot of that to some of my conversations with Steve because he's just such a good listener,” James professed.
As the online space and financial world merge more and more and break boundaries, the interest in cryptocurrency is increasing by the minute. People looked into it as a way of boosting their financial resources. As its popularity rises, cryptocurrency has become an option for entrepreneurs to use in their business. How can it be done?
While many cannot still wrap their heads around this new concept, we tapped into the expertise of EO Melbourne Member and Nugget’s News Executive Director Ben Simpson, who shared with us his thoughts on the subject matter.
Setting targets and goals is an important part of keeping a business running. It provides the team with the direction of where the company is heading and allows them to come up with strategies based on the objective set. Looking ahead may include forecasting, which helps gauge if the target is attainable and feasible within the given timeframe and resources on hand.
Entrepreneurs prepare for the future by looking at trends and coming up with a prognosis of what is to happen. EO Members share how they keep themselves updated on the latest trend in their industry.
Dear EO Melbourne,
“The only way through fear is experience” - Mark Mathews
Rewind to a few weeks ago, we held an event that many described as “one of the best EO events I’ve ever been to”. No exaggeration...well, it could be that we’ve been deeply deprived of live in-person action but nevertheless, it was an experience that we, at EO, would describe as once-in-a-lifetime.
It was only at the eleventh hour that news broke that QLD borders were opening up and so the team worked some magic to have one of the world’s best Big Wave Surfer fly over and keynote this OILE.
