When it comes to business strategies and problem-solving, not everyone shares the same perspective. Before a decision can be made, it’s not uncommon for a disagreement to occur. As a leader, it’s your role to manage these disagreements without letting them disrupt the flow of your organisation. Sometimes, it’s not always important, or even possible, […]
60% of Australian small businesses will fail within the first three years. When polled, 44% of failed Australian businesses suffered from ‘poor strategic management’ and 40% ‘fell victim to inadequate cash flow.’ Many of these businesses failed not because of a lack of opportunity but because they were not able to properly define their market and execute related strategies. […]
At a recent TEC conference, over 300 members were asked about the biggest decision they’ve made in the last 90 days and the biggest one they will make in the coming 90 days. From the pool of answers, there were three topics that stood out most prominently. Download the e-book to receive actionable tips to […]
Only 28% of businesses offer any training regarding delegation — even though half of them are concerned that delegation is not being handled effectively. For CEOs and managers, delegation skills are not optional. In fact, these are the only way to progress. The process of delegation is the process of prioritisation — letting go of tasks that you can allow […]
TEC’s Confidence Index Report revealed that 35% of CEOs consider time as the major barrier to innovation. Time is a precious resource — it cannot be purchased, bartered, or sold. And this is especially problematic given that 52% of CEOs have cited new products or services as the centrepiece of their growth plans. To develop these […]
With confidence in economic growth and stability rising, many CEOs are looking towards expansion. A problem arising, however, is a difficulty in finding talent. 63% of the CEOs polled in the Confidence Index Report (CIR) cited talent as a major issue impacting growth. Both political issues and the changing employment markets are creating challenges. As […]
TEC’s Confidence Index Report (CIR) paints an optimistic future for Australia’s businesses, even if there may be some challenges ahead. The CIR outlines not only some of the positive aspects of the Australian marketplace but also some of the most pressing issues CEOs must address if they are to succeed. With a well-developed strategy, business […]
Big data is currently a global industry worth an estimated $130.1 billion — and it’s expected to grow to more than $203 billion by 2020. Businesses in all industries have begun capturing and analysing large volumes of data to produce superior business outcomes, but not all businesses are using this data as effectively as they could. Businesses […]
Growth is a balancing act. Grow too quickly, and you run the risk of over-extending your organisation. Grow too slowly, and you may be eclipsed by the competition. Growth is critical for an organisation to survive, yet two-thirds of the fastest-growing companies will fail. This is because growth operates as an accelerator: all the positives and negatives of a business […]
Employees are what drives a business — and that’s why businesses are always competing for the best talent. Industry professionals have estimated that up to 90% of an enterprise’s value is driven by its intellectual capital, but you don’t need to rely upon such abstract estimates. It’s already known that the average employee costs six to nine months of […]
TEC’s blog is comprised of an extensive list of resources suited to the eyes of SME CEOs and executives. If you missed one of our weekly posts, below is a list of our top blog articles thus far in 2017. 1. The guide to organisational structures (flat vs hierarchical) An organisation’s structure forms the very […]
In an interview with 200 executives, it was discovered that 53% of executives admitted to avoiding difficult conversations because they felt they didn’t have the training or the experience to handle them. Of those who avoided conversations, 97% did so because of the stress that it caused them — and 80% were concerned that the conversation would escalate […]
Here at TEC, we know just how important mentoring is. But, what truly makes a good mentor? TEC Chair Richard Appleby has written this piece for us to share his thoughts on the subject: In my experience, it’s all too easy to have a mentoring relationship that ends up being a “nice chat” type format, […]
70% of millennials have impostor syndrome; it’s a growing trend in the modern world. First discovered in the 1970s, impostor syndrome is typified by a constant and persistent belief you are not as competent as you are believed to be. Understandably, impostor syndrome is most often found in those who have elevated or high-pressure positions: doctors, scientists, and, of […]
Everyone has biases, from the newest entry-level employees to seasoned CEOs. It’s crucial that business leaders are aware of their biases. CEOs who are unaware of their own biases can easily encounter lost opportunities and devastating miscalculations. Remaining neutral is an active role that a leader has to take; it is something that takes hard work, self-awareness, and […]
More than 75% of the CEOs of Fortune 500 companies were promoted from inside of the organisation. Whether they were promoted on the basis of a family dynasty, through merit, or a combination of both, CEOs have an average of 16 years of experience within their organisation. In fact, approximately one-third of these CEOs are ‘lifers’ — individuals who […]
Between 70% to 90% of mergers and acquisitions will ultimately fail. Managing a business merger requires a delicate and experienced hand. Not only do you need to consider the direction and fundamentals of both organisations, but you also need to consider culture, strategy, and vision. Mergers tend to be particularly hard on staff members, both because […]
A manager is someone who does exactly that — manages. They’re the people who give employees direction when they come to work every day. They answer questions, offer guidance and provide insights to help staff achieve goals. A leader, on the other hand, is someone different. Someone who is inspirational, passionate, innovative and empathetic. A […]
When less-than-optimal leadership costs businesses as much as 7% of total sales each year — what’s the difference between a good CEO and a great CEO? A good CEO is an important part of any successful business. A great CEO, on the other hand, doesn’t just lead — they inspire and contribute to an impactful business. […]
An effective leader motivates and guides employees, targeting their strengths and weaknesses so that both the employees and the organisation can succeed. The relationship between leadership styles and employees, therefore, plays a crucial role. Despite of this, surveys have shown that 75% of employees voluntarily leaving their positions leave because of their bosses, leading directly to issues […]
Developing a strong sense of company culture pays off. Employees who are happy are up to 12% more productive than average workers, able to outperform their peers and consistently improve an organisation’s revenue. A strong company culture means retaining your employees, spending less time training, and being able to procure the top talent. Here are some […]
Leadership isn’t just about IQ or technical skill – in fact, these are the entry-level requirements for executive positions. When 58% of all success in jobs are accounted for by emotional intelligence, it’s a clear sign that emotional intelligence has a vital role in the workplace. It has also been discovered that people with a high […]
Is it time to redesign your organisational structure? Though many companies can benefit from a restructuring, fewer than a quarter of organisational redesigns actually succeed. But it doesn’t have to be this way. Organisations can undergo successful restructuring as long as they understand the differences between organisational structures (flat, hierarchical, matrix etc)— namely, their benefits and their […]
Authentic leadership: An approach to leadership that emphasises building the leader’s legitimacy through honest relationships with followers which value their input and are built on an ethical foundation. Authentic leaders are positive people with truthful self-concepts who promote openness. Authenticity has been at the centre of the leadership conversation for some time now. So much […]
A good strategy for your business is nothing without the people to put it into action. From yourself as a leader through your direct reports and onto the rest of an organisation, everyone contributes to the execution of strategy. Often, recruitment and human resources demands will inform an integral part of a company’s strategy, so […]