The Single Ingredient Necessary for a High-Performing Team

Several years ago, Pepsico introduced a concept within its global company called “Performance with Purpose.” It was the brain-child of then CEO, Indra Nooyi. The shift was intended to meld the long-term success of the company and ingrain sustainability. Remember, Pepsico is a beverage company, and it was important for their brand to position themselves for sustainable water management.

In other words, integrating the company’s performance with a higher purpose made sense for their bottom line.

Flash forward years later, and I believe that we are approaching a tipping point and more business leaders are receiving the memo.

If you don’t know my background, I’ve been in a business for a long time. I started off as a sales clerk in a retail shoe store at the young age of 15. I worked my way up to becoming the most senior executive of two international shoe manufacturing companies. I then founded a nonprofit after the 2004 Indian Ocean tsunami and grew its budget in excess of $70 million (something only a small percentage of charities have done). I then went back into the for-profit world as an entrepreneur with several businesses and brands, including social enterprises.

Why do I highlight all of these experiences?

I do it so I can drive the point that I’ve been on the for-profit and nonprofit side of the business world and I understand that we’re at a time now where the models and the way we’ve operated in the past are no longer the paths for the future. I’ve said it in the nonprofit space, but for-profit businesses need to hear the same message.

Two motivating factors drive today’s teams, and I see it in my group:

  1. Performance
  2. Purpose

In the past, workers wanted to work for high-performing businesses, and it was all about the work, meaning profit and achievement. That’s not the case anymore. With my unique view, I’ve seen the shift happening toward team members wanting to achieve and work for a high-performing company, but one that is aware of its relationship with the community and possibly the broader world.Want to know the secret that I discovered long ago?

Purpose drives performance.

Not too long ago, in an article titled, “The Ultimate Purpose of Business Had Changed.”

“What is the purpose of business? The answer to that question has changed. For decades, most business leaders would say their corporate mission was to maximize profits for shareholders and owners. That was the primary success metric for businesses across the country. Today, the answer most commonly is that the ultimate purpose of a corporation is to serve society and to make the world a better place.

Just about everyone from Washington to Corporate America to Main Street is talking about Leading with Purpose.”

I couldn’t agree more, and if you’ve been in business long enough, you are aware that industry has fundamentally changed. Late in 2016, the Korn Ferry Institute completed a study, and it found that companies that integrated a higher purpose–meaningfully–into their business had annual growth rates that were nearly three times more than others in their sector.

The study also found that 90 percent of individuals who work in businesses that have a purpose at its core felt they were engaged in the work. In comparison, only 32 percent felt engagement in organizations that did not have a more significant meaning beyond profit.

As an entrepreneur, I’ve seen the bottom line impact on my businesses by combining performance and purpose. There’s a shift in the minds of the public (consumers and employees) that companies not only have to make money, but they have to be socially responsible with a more profound impact on society, and the thinking will only accelerate. If you’re looking for a key competitive advantage for your company in your sector, consider this formula.

Performance + Purpose = Profit

Managing Money in the Midst of Transition

What do you do when you are in transition, particularly a career or business transition, that doesn’t allow you to manage your money as you would otherwise? After following my husband through a rather long and unplanned career change, I learned a few things about managing money more consciously during such challenging times.

As lovely as it would be to make a career change bolstered by a year’s worth of savings and a neatly trimmed expense budget, it’s not always realistic. Oftentimes, when people decide to change careers or start up new business ventures, they are fairly deep in their desperation to get out of their current situation. Having all your ducks in a row financially may not be the primary concern. After all, career change is about much more than finances and should be evaluated by long-term physical, emotional, psychological, and spiritual gains, as well monetary realities.

In our case, after a number of years, lots of reflection, and a few costly mistakes, my husband and I decided that the career change was positive overall, regardless of financial setbacks.

Here are a few ideas we learned to help manage finances while transitioning in life that might minimize or eliminate some of those challenges:

1. Know The Numbers. First and foremost, look into all of your hard finances, including: calculating what you earn from all sources; knowing how much you spend and on what; researching what kind of debt, savings, and investments you have overall; determining your credit score; and examining the employer-provided benefits you might need to cover. After crunching the numbers, write the information down in one spot so you can refer to it at a moment’s notice.

2. Make Sacrifices. Even if you have substantial savings, find ways to cut back and reduce your cost of living. It is best to alter aspects of your lifestyle early, before a real need for money arises. You may actually find that you won’t want to go back to some of the excessive spending once you make more money.

3. Maintain an Investment Strategy. Create and maintain an investment strategy so you remain connected to wealth and abundance during your transition. Choose something meaningful to you, even if it is not a number one priority. If saving for your child’s college fund is the most important thing to save for, do that instead of adding to your retirement fund. Transitioning is already an insecure time; keep stability by saving for something that matters the most to you.

4. Find Long-Term Financing. If you need to borrow money for a business investment, try to find long term financing so that large amounts do not need to be repaid before the business is profitable. Bank loans or equity loans that can be repaid over several years will give you breathing room to build cash flow and spread the payments over time.

5. Keep Life Liquid. Create access to your money. This is not the time to tie up your funds in investments that are difficult or costly to access. Liquid money is most useful during transitions.

6. Set a Limit. Establish a threshold of cash reserves that you will not go below. That money is not available for anything- especially not for investing in the new business. It is only to be used if a true emergency arises.

It is important to think outside the box during this interim time and give yourself permission to take some risks while playing the money game with a new set of rules. Most of all, pay close attention to your finances – this will give you the best shot possible in order to pursue your goals.

Tackle All Bad Debt

You can think of financial freedom like a video game. You’ve got to get through 7 Levels to make it to Financial Freedom. In this post, I will outline more about Level I – tackling all bad debt. First, let’s distinguish what makes debt good or bad.

Good Debt is debt that helps you, currently or potentially, produce more. Student debt, ostensibly, will help you generate more income in your career, therefore it’s considered good debt. Corporate borrowing that helps you grow the company is good debt. Even mortgage debt is considered good debt because it stabilizes your second biggest expense, the mortgage and allows you to own a real estate asset. Most all good debt has advantageous treatment in the tax code (meaning the interest on the good debt is generally tax-deductible). So what is bad debt?

Bad Debt typically comes from consumption. It’s credit card debt. It’s auto-loan debt. This debt is not helping you produce more; it’s all consumption based. If you’re not building to produce more income or potential capital appreciation, then it’s bad debt. And, typically bad debt has no favored tax treatment (it’s not tax deductible).

The most important aspect of Level I of the game to win financial freedom has three main lessons to learn. One is to be able to budget. You’ve got to be able to create a budget and stick to it. If you can’t do that, it’s hard to get ahead in other parts of the game. Two is that you pay yourself first. Too many times, when some spending goes over in the budget, everyone else gets paid but yourself. The store gets paid, the rent gets paid, the credit card gets paid, but somehow you don’t have money to pay yourself. Learning to pay yourself first, before you pay rent or anything else, is a critical life lesson to learn at Level I. Three, the final lesson to learn is to be able to produce more than you consume. You can do that by either limiting spending or producing more income. It’s with the extra production capacity that you’ll be paying off all your bad debt.

I would say you’re generally ahead of the game if you can get all your bad debt paid off in your 20’s. It’s hard because your big producing years aren’t coming until your 40’s and 50’s. But, if you learn the three big lessons of Level I while you’re not making a ton, then that will help you all the more when you’re on Level II and beyond.

Why Robotic Process Automation Is Good For Your Business

Have you heard about robotic process automation (RPA)? It’s a new technological salvation for businesses, and it has proved to significantly enhance the efficiency and productivity of companies. Throughout years of experience implementing RPA, and with the valuable help of clients in various fields, like telecommunications, healthcare, insurance, and finance, we are able to provide you with 10 virtues of RPA that make it an effective solution for many of the challenges modern businesses face.

1. Resource saving

What are the two most precious resources? Time and money. RPA allows you to save both. Process automation allows you to save time on internal activities, like setting up new employees, delivering internal documents among employees, as well as the resolution of IT-related issues. Automation also implies a certain level of information simplification, which eases and accelerates interaction with clients, workflow for employees, and performance of devices. With this efficient time economy comes efficient time management – now your company has more time for internal development, increasing professional skills of workers, and sharpening its core domains expertise.

Money economy here is in the substitution of FTE with software, which can save your enterprise up to 80 to 90 percent. Another point in favor of cost saving is the usage of digital automation that completely excludes the need for paperwork, which, again, can take so much time.

2. Flexibility

One of RPA’s strongest points is that it can use the same IT systems as your FTE– without the unnecessary integration with all applications. This technology can also be adjusted based on seasons, if needed.

3. Boost in employee effectiveness

With RPA, employees can focus on more important tasks rather than putting their time, for example, into the duplication of information into several databases. This is, again, thanks to the timesaving feature provided by RPA. Devoting their time to activities that are more valuable for the business, employees become more engaged in their work. What is more important, now that the minds of your staff are freed from labourious and time-consuming tasks, is that they have some space for ideas. Those great ideas are the moving force for your enterprise, and you do not want to neglect that.

4. Reliability

RPA is a robot, so it does not wear out, get tired or become unwilling to work, leave the company, or break your systems down. Moreover, it constantly records the data, making it easy to track. Also, in instances of system shutdowns or other malfunctions, RPA can recover data through its backup logs.

5. Customer satisfaction

Now that your employees are not worn out with tasks that take too much of their time, they actually can pay more attention to clients. It is not very common for a client to address a company’s support service strictly during working hours – oftentimes you can receive a call some time close to midnight or on the weekends. Nobody who is in need of help wants to be left out, so RPA allows you to spend more time on your customers, thus building more trusting and long-lasting relationships, and, of course, broadening the client base.

6. Clear governance structure

As RPA requires the same access as your FTE, it will create a need in clear definition of access rights for every application. In this way, the governance structure becomes better defined, so everyone knows their own applications.

7. Fast request processing

With RPA, clients’ requests are processed in real time; thus, the result can be seen in mere seconds. Another golden point for RPA is client request processing automation. In a case, where a client has to submit some documents for further approval, without automation, the whole process can take up to a month because documents have to be reviewed and signed, or in other ways approved by different people who, in turn, are usually busy. Hence, the process is nothing but turtlepaced. However, automating this procedure reduces the time of document processing down to a couple of days, which customers will most certainly love because no one likes waiting for long and having their time wasted.

8. Quick results

As soon as you have implemented RPA, your company will experience drastic changes in a couple of weeks and you will see a considerable progress. On average, it takes about eight weeks for us to implement an RPA project.

9. Consistency of high quality

People doing manual duplication of data in several systems tend to experience fatigue; they might forget things and allow a certain level of carelessness and mistakes. People are people, but sometimes this human factor can turn out to be catastrophic for business. This is when process automation comes to the rescue, not only because it excludes the possibility of mistakes, but also because it does not distort the data. RPA provides a consistent and precise process using one pattern to complete similar tasks. Its logic is developed by your best SMEs, and together with the RPA team, they will strive for the highest quality processes and output.

10. Better SLA analysis

With the help of a graph, RPA allows for monitoring the SLA’s current progress and issues relating to performance in order to help you understand whether or not there is any improvement to the work of your team.

Despite all the advantages of RPA, the technology is in no way designed to substitute human labor – it solely serves the purpose of facilitating and accelerating the management processes and workflow.

We believe that the future is in the unity of machine and human labor because, as effective and as fast as automation can be, it is of no use without a human touch. With the help of this technology, people will be able to devote more of their time to tasks that actually improve the quality of a company’s services and generate ideas, instead of expending their energy and potential in technicalities.

Reasons Why You Should Switch to Automated Visitor Management Systems

Traditionally, businesses have maintained paper log books and paper-based registers. Such systems are slow, inefficient, unreliable, resource intensive, prone to manipulation, and not easy to use as visitors are required to write their information on these registers. Moreover, recovery of data from such logs is a tedious task. With continuous advancements in technology over the decades, paper log books are becoming increasingly obsolescent, it becomes more difficult to work with a manual process. An automated visitor management system (VMS) can help your business.

As business complexities rise, security levels have also improved in various facilities. VMS can help businesses improve every aspect of the visitor experience, from greeting them until their departure. Welcoming guests is key to the success of any organization however it doesn’t have to mean sacrificing safety. A customized visitor management systems will help you efficiently and effectively welcome your guests while maintaining control over who accesses the facility, how long a visitor stays and what parts of your facilities a visitor is able to access. SecuViz is the future of visitor management. It is designed by keeping in mind the specific customer requirements of a modern-day business. For example, it is capable of reading, and automatically capturing data from all the major Kenyan ID card types and all the passports of the world. Here are the reasons why you should switch to visitor management systems:

Faster logging in of visitors

The front desk will be able to process entries quicker without the need to make manual entries. This is especially useful when hosting seminars or events that would see a high footfall. Employees can have their visitors registered ahead of time, this helps avoid complex registration processes.

Enhanced visitor experience

Your visitors will no longer be required to manually fill their details each time they arrive at the front desk. It improves visitor service by making them feel welcomed. While checking out visitors deposit the entry pass in the drop box. Visitors leave with a positive impression about your organization.

Easy creations of records

Data of all visitors is stored within the system and can be accessed easily. This data can be used to generate reports and analyze the movement of visitors.

Enhanced Security

The system eliminates the possibility of errors occurring while filling in details. It permits selective access so that visitors can access only those departments/ facilities that they are to visit.

Register Multiple Visitors

Multiple users can be pre-registered simultaneously into the system and are useful when your business is hosting large-scale professional meetings or summits.

Assure Confidentiality of Information

Your customers’ personal data will be secure in the system and cannot be accessed by unauthorized persons.

It builds you professional credibility

It not only improves security but it enriches the professional image of your business. It attracts more business opportunities as you are now a trusted and secure business. It helps convey a sense of professionalism to all those who visit your facility.

Returning visitors are recognized immediately.

All visitor information is saved in the system. This permits returning visitors to be signed in with very little time and effort because the system has all the information stored in it.

It’s time to replace your shabby old log book with a useful and modern system.

7 Important Functions Of Logistic Companies

Logistics is a systematic process where the goods are transferred from the place of production to the point of consumption. There are some listed functions that are the liability of a Logistic Company. These functions are very important as they make the storing or movement process timely and convenient.

Weighing the 7 Extensive Functions of Top Logistic Companies

Processing Of the Order

The initial and valuable function of these agencies is to generate the order asked by the clients. The orders are made on the basis of specifications asked by the customers like delivery payment, payment methods, product descriptions, time period and much more. The orders are received online and are alterable as per the customer’s desire. This function is utmost important for the organizations as they can easily ascertain the future requirements like the stocks to be consumed and much more.

Managing the Stocks

For any top logistic company, it is necessary to maintain the adequate amount of stock or goods in order to meet the shortage or contingencies. This particular function is a balance between the Customer’s demand and the availability of the stock. The certain costs are needed to be evaluated like carrying costs, inventory costs and much more.

Warehousing Service

A warehouse is a place or a building where the finished goods are stocked or retained until demanded by the customers for use. The various decisions regarding the no. of warehouses, their location, design, ownership, and layout are taken place.

Transport Facilities

The next function of these companies is to select the steady and reliable source of delivering the goods to end users duly. Decisions like mode of transportation and cost to be incurred are taken place. Other factors like nature of the goods are also measured and a suitable mode is then selected on the basis of urgency.

Handling Of Material or Product

The other function of these companies is to assure that the product to be delivered is safeguarded with proper protection in order to avoid the hazard. The decisions like automation of handling, the volume of material to be protected, the requirement of the speed for movement of goods and much more are taken place.

Packaging

Another function of these agencies is to prepare a secured packaging of the material while dispatching it to the retailers or wholesalers. It is important to cover the commodities with a careful packaging so that they are not soiled.

Providing the Every Information throughout the Process

The logistic companies work with a mechanism of exchanging information throughout the process. From order processing to dispatching, they provide the very useful information to the various stakeholders through well devised IT tools and software.