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OKVetWorks January 2024 Newsletter
Another year is closed and we stand on the brink of a new beginning, it is with great excitement and anticipation that I reach out to you through this letter. The transition from one year to another is not just a change in dates; it is an opportunity for renewal, growth, and fresh perspectives. As the Administrator of the OKVetWorks Program, I am thrilled about the possibilities that the coming year holds for us as a community, as individuals, and as a publication committed to serving you, our valued readers.
The conclusion of a year often prompts us to reflect on the journey we've traveled, the challenges we've faced, and the triumphs we've celebrated. It's a time to acknowledge the lessons learned, the friendships forged, and the resilience that has carried us through. In the face of unprecedented global events, we have witnessed the strength of human spirit and the power of collective action. Our collective experiences, both shared and unique, have shaped us, and as we step into the new year, we carry with us the wisdom gained from the past.
Looking forward, 2024 brings with it a sense of optimism and possibility. It is a blank canvas awaiting the strokes of our collective endeavors, dreams, and aspirations. As a publication, we are committed to bringing you insightful, thought-provoking, and relevant content that resonates with the zeitgeist of our times. We aim to be your trusted companion in navigating the complexities of the world, providing you with news, analysis, and stories that inform, inspire, and connect.
In the coming months, you can expect a diverse range of content that mirrors the richness of the human experience. From in-depth investigative pieces that uncover the hidden truths to uplifting features that celebrate the achievements of individuals and communities, we are dedicated to offering you a holistic and engaging reading experience. Our team is passionate about bringing you stories that matter, stories that make you think, and stories that evoke a spectrum of emotions.
The technological landscape is evolving rapidly, and as a publication, we recognize the importance of staying at the forefront of these changes. Our commitment to innovation and adaptation means that you can look forward to an enhanced digital experience, with interactive features, multimedia content, and a seamless integration of technology to make your reading experience more immersive and enjoyable.
Beyond the confines of our pages, we are excited about fostering a sense of community among our readers. In the coming year, we will be launching initiatives to facilitate meaningful conversations, both online and offline. We believe in the power of dialogue to bridge gaps, foster understanding, and build connections. Your feedback, suggestions, and contributions are invaluable to us, and we encourage you to actively participate in shaping the direction of our publication.
As we embark on this new chapter, let us embrace the unknown with courage and curiosity. The challenges that lie ahead are opportunities for growth, and the victories, both big and small, are cause for celebration. Together, as a community of readers and writers, we have the power to shape narratives, challenge conventions, and inspire positive change.
In conclusion, I want to express my gratitude for your unwavering support throughout the past year. Your engagement, enthusiasm, and feedback have been the driving force behind our commitment to excellence. As we bid farewell to the old and welcome the new, let us do so with open hearts, open minds, and a shared determination to make the coming year one of growth, connection, and fulfillment.
Wishing you a joyous and prosperous New Year!
65It is di cult to point to one thing that makes one entrepre-neur more successful than another. The best entrepreneurs, who create the strongest businesses are characterized by being good at everything. This means that, besides having a great business concept, you also need to have good organi-zation, business operations, customer rela-tions, and that you make money. So how can we continue to be better at solving the many tasks, with which we, along with our employ-ees, are presented daily?What do you need to become better at?When wanting to “become better at everything,” the rst step is to gain an overview of the work that actually takes place in the business, or rather: which business processes or business procedures do the employees spend time on and which ones generate an income for the business? Collectively, all of these procedures create value for the customers in the end and therefore we refer to them as the value chain of the business, this is illustrated on the following page. Which procedures and activities are included in your business’s value chain depends on your type of industry. If you are a production business for example, some of the im-portant processes will be “Product design,” “Purchases,” or “Logistics”, while in a knowledge business, “Project devel-opment,” “Project management” and “Result monitoring/evaluation” are part of the value chain. There are also busi-ness processes that are common to most types of industry, for example, “Sales,” “Marketing,” and “Customer Service.” Finally the value chain also contains a series of processes, referred to as support processes, because they relate to oth-er processes. Here you will nd headings such as “Financial Management,” “Personnel Management” and “Quality As-surance.”For startups it is not unusual that a closer look at busi-ness processes will reveal that the important processes still need to be de ned and planned. This is completely natural because the entrepreneur has been preoccupied with the most critical processes during the business startup phase. “The entrepreneurs that create the strongest businesses are characterized by being good at everything.”Focus Area: Business ProcessesVersion 1.8.5Professional Business Processes—Getting everyday procedures to run smoothlyAs entrepreneurs we build businesses from the ground up. This means that we have to do many things for the rst time and simultaneously decide how standard procedures should be xed for the future. How then do we set up the right procedures so that we become better at running things smoothly on a daily basis?Licensed to Daron Hoggatt, Oklahoma Department of Veterans Affairs. Downloaded January 2, 2024.
66EMPLOYEESHowever, to take the business to the next level, it is necessary to become better at even more business processes. How do you do that?Documentation gives an overviewThe rst step in professionalizing your business procedures is to map them out to get an overview. One simple way of doing this is to pin a big poster on the wall and list all assign-ments and activities on individual post-it notes. Another way to get an overview is to register all the big and small tasks performed during the week and ask your employees to do the same. This means registering everything from phone conver-sations, internal meetings, emails to paper work etc. since it will help to identify all the business’s activities. With a poster on the wall or a list in your hand, it will be easier to de ne the business’s overall processes and divide the business tasks into logical sub-categories. The next step in describing the business procedures is to dig into the individual processes, describe them in detail and document them. For most startups it does not make sense to document all business processes, so instead you can start with the critical ones, the areas in which you can sense the possibility of improvement here and now. For some busi-nesses this area will be the production process or delivery, and for others it will be all the sales-related tasks. Documentation can take several di erent forms: a check list, a process description, a business manual, a company pol-icy, or something else. The easiest way to document a busi-ness process is to make checklists. Whether you are talking about lists of materials needed for a sales meeting, setting up a computer or the integration of a new employee, the check-list is a very e ective way of streamlining everyday opera-tions, ensuring the quality of your work and saving time the next time the same task needs to be executed. The procedure description is a more elaborate descrip-tion of the business process, which may refer to the business’s sales process. The procedure description describes the whole sales chain, from the point when a customer subject is regis-tered, is contacted by a sales representative, an o er is writ-ten, an order con rmation or a contract is sent , to the point where an order is nally delivered. The advantage of making such a procedure description is, of course, that you decide, once and for all, which procedure is the best and the descrip-tion simultaneously ensures that it is consistently followed.Another way of describing how a business operates is a company policy. A company policy might for example relate to the company’s personnel policy. By using headings from A-Z, you can describe the business’s policy on everything from areas of responsibility, back-up procedures, email, lunch arrangements, working from home, salary negotia-tions, work hours, sick days etc. A company policy will make clear, which “house rules” apply and which agreements you have entered into in the business.An even more comprehensive documentation of a busi-ness process can be to produce a business manual, which de-scribes in detail how the business’s external collaborators or partners should execute their tasks. A business manual might describe in what way the business should take part in an an-nual fair, and how the various employees and suppliers should set up a sales stand. It might also be a design manual, which describes the graphic rules, which suppliers of printed mate-rial and online marketing need to comply with. If you are sell-ing a product by means of distribution channels, it could be a distribution description of how your partners can best market, sell and deliver the product to the market they operate in.Regardless of which method you choose to document your business procedures, it is important to aim for descrip-The Value Chain: Selecting business processes that require improvementsBUSINESS PROCESSESProduct DevelopmentPurchasingProduction/DeliveriesLogistics and Distribution SalesSUB PROCESSESSUPPORT PROCESSESManagement AccountingPersonnel ManagementQuality Management...DESIGN SUBCONTRACTINGPRODUCTION SETUPINVENTORY MANAGEMENTTELEMARKETING...USER TEST CONTRACTS...SUPPLIERS SERVICE...... ...PACKAGING... ... ......© GrowthWheel international Inc. and David Madié
67EMPLOYEEStions that are so good that they can function as a guideline, allowing others besides yourself to complete the given tasks. In the long run, the business will then be able to operate in-dependently of its founder and owner, a development which makes the business more robust, and aords the entrepre-neur the freedom to use his creative powers on new innova-tive projects.The road to ecient business proceduresDocumenting the business processes does not automatically make them more streamlined or ecient. To achieve this and gain a competitive edge at the same time demands a partic-ular overview of the processes and a systematic attempt to improve them. One method of doing this is the so-called “Lean method,” originally de-veloped to optimize the production process on assembly lines of companies like Toyota, among others. A startup can also use the healthy, lean principles when seeking inspiration for how to become more ecient on a day-to-day basis. One of the most obvious principles is to look at the business process-es and evaluate whether they actually produce value for the customer. Sometimes a business has internal processes or habits, which the customer neither sees nor benets from. In order to determine what really creates value, you need to establish a dialogue with the customer and identify what is most meaningful in the relationship. For example: is it 100% consistent quality that is most important to the customer or is it the opportunity to have a chat when it is needed?Another lean principle is to eliminate “wasted-time” and ineciency. Entrepreneurs typically do not expect to nd a lot of wasted-time and ineciency in their businesses, but if they take a closer look they will often encounter irregular-ities. This could happen if e.g. an assignment changes hands too many times, or that employees sometimes do not have enough information to nish a task, or that some tasks only are partially completed and then shelved for weeks before be-ing nished.One last example of a lean principle underlines the idea of eliminating processes instead of spending time making them more ecient. For some businesses, for example, it makes sense to replace customer visits with phone calls (perhaps preferable for the customer too) or to outsource some of the business processes to external suppliers such as accountants, graphic designers, IT supporters, or tele-marketing rms. Emotional barriersEven though it appears nancially sound and protable to streamline your business procedures, certain entrepreneurs have reservations about writing everything down. The biggest emotional barrier is perhaps the fear that too much structure will kill creativity and the exibility that has been the founda-tion of the business. If you have such reservations, it is worth keeping in mind that structure also stimulates creativity. Just think about the restrictive, dogmatic rules (hand-held camera, natural lightning etc.) that the Danish lmmaker Lars von Trier and others use for their lm production, which created a whole new wave of creativity, because the directors had to be innovative within the framework of very tight rules.Naturally, there are examples of bureaucratic businesses, in which strict rules and business manuals take over man-agement and become an impediment to progress. However, this is usually something you nd in very well-established or large corporations. Entrepreneurial businesses generally do not even come close to being too formalized. Most startups lack bureaucracy and “oce management” and that can pose a problem. Ideally it should be the oce, not the owner that has things under control.Entrepreneurial spirit in the machineryThere are more advantages to documenting your business processes than rst meet the eye. Besides the opportunity to make your daily work more ecient and save money in the short term, you also create a solid, long-term organization-al foundation. With check lists, procedure descriptions, and business policies, you create a platform for growth, because it makes it distinctly easier to hire and integrate new employ-ees, who have to perform tasks and handle processes to earn back their own salaries as fast as possible and contribute to the prot of the business.However, streamlined business processes and top-tuned IT systems are not enough There is another “ghost in the machine” that makes the assembly line run smoothly. This ghost is the entrepreneurial spirit, the desire to constantly do things better and nd new ways of doing them. Under no circumstances should you allow the entrepreneurial spirit to be stied, but that will not happen just because you decide to focus on the role as business architect for a short while and make it your task to design the structures and frameworks that will make the business better at everything on a day to day basis.Suggestions for the next step• Make a diagram of all the most important processes in your business and try to divide each process into part processes.• Make a written document that outlines how the most important processes should be executed throughout the day.• Evaluate regularly how the various business processes can be made more ecient or eliminated, if they do not produce value for the customer.© GrowthWheel international Inc. and David Madié“Entrepreneurial businesses generally do not even come close to being too formalized. Most startups lack bureaucracy.”
In the ever-evolving landscape of business, the success of an enterprise hinges on the strength and synergy of its team. As we step into the year 2024, the dynamics of building and managing a business team have undergone significant transformations. The traditional hierarchical structures are giving way to more fluid, collaborative, and tech-driven models. In this article, we'll explore the trends and strategies that define the process of assembling an effective business team in 2024.
1. Embracing Diversity in Talent Acquisition:
One of the major shifts in team building is the increasing emphasis on diversity. In 2024, companies recognize the value of a diverse workforce, not just in terms of gender and ethnicity but also in skills, backgrounds, and experiences. Diverse teams bring a variety of perspectives, fostering innovation and creativity.
To build a diverse team, companies are reevaluating their recruitment processes, implementing blind hiring techniques, and utilizing technology to eliminate bias. Artificial intelligence and machine learning algorithms are being employed to sift through resumes objectively, focusing on skills and qualifications rather than demographic information.
Moreover, organizations are fostering an inclusive culture that encourages individuals from different backgrounds to thrive. Inclusivity not only attracts diverse talent but also ensures that all team members feel valued, leading to increased productivity and employee satisfaction.
2. Remote Collaboration and Hybrid Work Models:
The global events of the past few years have accelerated the adoption of remote work, and this trend continues to reshape how businesses build and manage their teams. In 2024, remote collaboration tools have become indispensable, and companies are exploring hybrid work models that combine remote and in-office work.
To build effective teams in this new landscape, leaders must focus on communication and collaboration tools that facilitate seamless interaction among team members, regardless of their physical location. Virtual team-building activities, regular check-ins, and transparent communication channels are critical components of successful remote team management.
Moreover, the hybrid model requires a flexible approach to leadership. Leaders need to be adept at managing both in-person and virtual teams, understanding the unique challenges each presents, and fostering a cohesive team culture despite physical distances.
3. The Rise of Cross-Functional Teams:
In 2024, the traditional siloed approach to departments is being replaced by cross-functional teams that bring together individuals with diverse skills to work on specific projects or goals. This approach fosters collaboration and allows for a more agile response to challenges.
To build effective cross-functional teams, leaders need to identify and nurture individuals with versatile skill sets. Project management tools and methodologies, such as Agile and Scrum, are gaining prominence to facilitate the coordination of cross-functional teams. These teams are often self-organizing, promoting a sense of ownership and accountability among members.
Cross-functional teams are not limited to a single location, and with the rise of remote work, businesses can tap into a global talent pool to build teams with a diverse range of skills and perspectives.
4. Focus on Soft Skills:
While technical skills remain essential, the emphasis on soft skills is growing in 2024. The ability to communicate effectively, collaborate, adapt to change, and demonstrate emotional intelligence is increasingly valued.
When building a business team, leaders are placing a premium on assessing and developing soft skills in their employees. Training programs and workshops are designed to enhance communication, conflict resolution, and leadership skills. Emotional intelligence assessments are becoming a standard part of the hiring process, ensuring that individuals not only possess the technical know-how but also the interpersonal skills needed to thrive in a collaborative environment.
Soft skills are particularly crucial in remote and hybrid work settings where clear communication and empathy become even more vital for team cohesion.
Navigating the Future: Building Your Business Team in 2024
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5. Technology as a Team Enabler:
In 2024, technology is not just a tool but a strategic enabler in building and managing business teams. Artificial intelligence and data analytics are employed in talent acquisition for predictive hiring, helping organizations identify candidates who align with the company culture and have the potential for growth.
Project management tools, collaboration platforms, and virtual reality for team-building exercises are becoming integral parts of the team-building toolkit. These technologies not only enhance productivity but also create a sense of connection among team members, even in a virtual environment.
Leaders are investing in training programs to ensure that team members are proficient in the use of these tools, fostering a tech-savvy culture within the organization.
6. Continuous Learning and Development:
The rapid pace of technological advancements requires teams to adapt continuously. In 2024, the focus on learning and development is not limited to on-boarding but extends throughout an employee's tenure with the company.
Businesses are investing in robust training programs and encouraging a culture of continuous learning. Online courses, mentorship programs, and skill development initiatives are tailored to help team members stay ahead in their respective fields. This not only benefits individual career growth but also ensures that the team remains agile and capable of meeting evolving business challenges.
Leadership development is a key component of this approach, as organizations recognize the importance of cultivating a pipeline of capable leaders from within.
7. Employee Well-being as a Priority:
A significant shift in team building in 2024 is the prioritization of employee well-being. The awareness of the impact of work-related stress on productivity and retention has led companies to adopt holistic approaches to support their employees.
Flexible work hours, mental health resources, and wellness programs are integral parts of building a team that is not only high-performing but also sustainable in the long term. Leaders are fostering a culture that values work-life balance and prioritizes the health and happiness of their team members.
By placing employee well-being at the forefront, businesses are not only attracting top talent but also creating an environment where individuals can thrive and contribute their best work.
Conclusion:
As we navigate the business landscape of 2024, building a successful team requires a blend of adaptability, technology integration, and a people-first approach. The traditional models of hierarchy and rigid structures are making way for fluid, diverse, and collaborative teams that can thrive in the face of uncertainty and rapid change.
By embracing the trends of diversity, remote collaboration, cross-functional teams, soft skills, technology integration, continuous learning, and prioritizing employee well-being, businesses can position themselves to not only survive but thrive in the dynamic and competitive landscape of 2024. Building a resilient and high-performing team is not just a strategic imperative but a fundamental aspect of future-proofing your business in the years to come.
As the sun sets on another year, businesses around the globe are gearing up for a crucial ritual: the year-end business review. This annual reflection is not just a customary practice; it is a strategic imperative that enables organizations to gauge their performance, analyze market trends, and plan for the future. In this comprehensive article, we delve into the intricacies of the year-end business review, exploring its significance, key components, and the lessons learned from the challenges and triumphs of the past twelve months.
I. The Significance of Year-End Business Reviews:
A. Reflection on Performance:
At its core, a year-end business review is a retrospective examination of a company's performance throughout the year. This
involves assessing key performance indicators (KPIs), financial metrics, and operational efficiency. By scrutinizing these aspects, organizations gain insights into what worked well and where improvements are needed.
B. Strategic Planning:
The year-end review serves as a foundation for strategic planning. Armed with a comprehensive understanding of their strengths and weaknesses, businesses can chart a course for the upcoming year. This involves setting realistic goals, devising actionable strategies, and aligning the organization's resources to achieve success.
C. Employee Engagement and Recognition:
Year-end reviews are also an opportune time to recognize and celebrate the hard work and dedication of employees.
Acknowledging individual and team accomplishments fosters a positive workplace culture and boosts morale. Additionally, it
provides a platform for constructive feedback, promoting continuous improvement.
II. Key Components of a Year-End Business Review:
A. Financial Performance:
Revenue and Profit Analysis:The financial health of a business is paramount. Year-end reviews should include a meticulous examination of revenue streams, profit margins, and overall financial stability. This analysis helps identify successful revenue channels and areas that require
attention.
Budget Variance Analysis:Comparing actual financial results against budgeted projections provides valuable insights into financial discipline.
Understanding budget variances allows businesses to adjust their financial strategies and allocate resources more effectively in the future.
B. Operational Efficiency:
Process Optimization:Efficiency in operations is critical for sustained success. Businesses should evaluate key processes, identify bottlenecks, and
implement improvements to streamline operations. This not only enhances productivity but also contributes to cost savings.
Supply Chain Resilience:The disruptions experienced in global supply chains in recent years underscore the importance of assessing and enhancing supply chain resilience. Businesses should evaluate vulnerabilities, diversify suppliers, and adopt technologies that mitigate risks.
Navigating the Waves of Change: A Comprehensive Year-End Business Review
C. Market Analysis:
Competitor Analysis:A thorough analysis of competitors provides a clearer picture of the market landscape. Businesses must identify competitors' strengths and weaknesses to refine their own strategies and gain a competitive edge.
Customer Feedback and Satisfaction:Customer satisfaction is a key driver of business success. Year-end reviews should include an analysis of customer feedback, satisfaction surveys, and customer retention rates. This information informs businesses about their market position and guides improvements in products and services.
D. Technology Integration:
Digital Transformation Assessment:The rapid pace of technological advancements necessitates a continuous evaluation of a company's digital capabilities. Businesses should assess their level of digital transformation, identify emerging technologies relevant to their industry, and plan for integration.
Cybersecurity Review:With the increasing frequency and sophistication of cyber threats, businesses must prioritize cybersecurity. A year-end review should include an assessment of the effectiveness of existing cybersecurity measures and the implementation of new strategies to safeguard sensitive information.
III. Lessons Learned: Challenges and Triumphs of the Past Year:
A. Resilience Amid Uncertainty:
The past year has been marked by unprecedented challenges, from global pandemics to economic uncertainties. Successful businesses have demonstrated resilience by adapting swiftly to change, embracing flexibility, and implementing crisis management strategies.
B. Importance of Agility:
Agility has emerged as a defining trait for businesses navigating today's dynamic landscape. The ability to pivot quickly in response to market shifts, customer demands, and unforeseen challenges is a hallmark of successful organizations.
C. Innovation as a Driver:
Innovation has played a pivotal role in differentiating thriving businesses. Those that have invested in research and development, embraced new technologies, and fostered a culture of innovation have not only weathered storms but also positioned themselves for future success.
D. Employee Well-being and Remote Work:
The shift towards remote work has been a transformative change for many businesses. Successful organizations have prioritized employee well-being, implementing flexible work arrangements, and leveraging technology to foster collaboration in virtual environments.
IV. Future Outlook and Strategic Planning:
A. Setting Realistic Goals:
Armed with insights from the year-end review, businesses must set realistic and achievable goals for the upcoming year. These goals should align with the company's mission, capitalize on strengths, and address weaknesses identified during the review.
B. Investing in Talent:
Recognizing that employees are a company's most valuable asset, businesses should invest in talent development, training, and well-being. A skilled and motivated workforce is essential for achieving long-term success.
C. Embracing Sustainable Practices:
Sustainability is no longer a buzzword; it's a business imperative. Companies must integrate sustainable practices into their operations, from supply chain management to product development. Sustainability not only benefits the environment but also enhances brand reputation and attracts environmentally conscious consumers.
D. Continuous Monitoring and Adaptation:
The business landscape is dynamic, and unforeseen challenges will inevitably arise. Companies must adopt a mindset of continuous monitoring, adaptability, and a willingness to embrace change. This proactive approach ensures that businesses can navigate uncertainties and capitalize on emerging opportunities.
As businesses embark on their year-end reviews, they are not merely reflecting on the past; they are laying the groundwork for a successful future. The comprehensive evaluation of financial performance, operational efficiency, market dynamics, and lessons learned from challenges and triumphs provides a roadmap for strategic planning. In an ever-evolving business landscape, the ability to adapt, innovate, and prioritize sustainability will be the key to long-term success. The year-end business review, therefore, is not just a ritual; it is a strategic compass guiding businesses through the waves of change.
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