Archive: Apr 2020
Our top 6 steps to understanding financial statement
Posted: April 23, 2020 2:14 pmBeing able to understand the financial statements generated for your business is crucial, especially in unsettling and uncertain times. This will provide you with essential data when it comes to the current financial health of the business and what risks and opportunities might lay ahead.
Value chain analysis
Look at what is on offer
Review the structure of the statements themselves
The analysis stage
The forecasting element
Establish a valuation approach
More courses added to Face-to-Face Live
Posted: April 16, 2020 1:55 pmThe recently launched Face-to-Face Live resource from PTP allows delegates to log in from anywhere to take part in a training session. While current lockdown restrictions make physical training sessions impossible businesses and individuals still need to engage in development. Face-to-Face Live makes this simple by providing exceptional online teaching via both public courses and 1-2-1 training sessions. Now that more courses have been added there is even more of an incentive for those who are keen to use their time productively and with business goals in mind. The benefits of virtual training Face-to-Face Live is a type of virtual training that has a lot of advantages for individuals and organisations and not just during this time of global pandemic. The benefits of virtual training include:
- It’s a much more convenient way to learn. Travelling and time away from work can both be reduced as virtual training can be accessed anywhere at any time. It’s also worth noting that we don’t learn at the same pace – not everyone benefits from a classroom environment in which a structure is strictly adhered to. Others may prefer to tackle topics on their own terms and on different devices.
- It’s easier to integrate learning into life. The degree of flexibility that is available when it comes to scheduling training in a virtual environment means that it’s much simpler to fit it in around other commitments.
- Generating greater ROI. If the return on learning investment is represented by improved knowledge retention then virtual training provides a lot of opportunities to increase this. A modular and interactive approach, as well as giving learners more control over how they digest information can mean that they actually retain it for longer.
- Improving training engagement. It’s not just in a traditional classroom setting where you’re likely to see high levels of engagement. There are also many ways to ensure that this is consistent when it comes to virtual training too. This could be anything, from allowing for training rating to enabling chat and comment features, which will also provide perspective on how effective the training is. PTP Face-to-Face Live training is designed to maximise engagement, for example by having the trainer live on the call.
How to manage change in the workplace
Posted: April 9, 2020 9:19 amChange seems to be a constant theme today. While at the start of the year, adapting to Brexit was the biggest priority today it is the huge upheavals caused by coronavirus that are requiring a new focus on change management across the economy. For any business looking to ensure that change in the workplace is productively and proactively managed there are some key steps involved.
Plan for changeIf you don’t already have contingency planning in place for change then it’s not too late to benefit from creating it. If you do have planning in place then make sure it’s constantly updated. Any good changing planning should revolve around objectives, markets, and a mission and integrate the affected areas of the business, as well as the impact on key people, such as customers and stakeholders.
Be clear about the change that is taking placeMake sure that you have defined the change that is taking place and that you continue to refine this as the situation evolves. COVID-19 and its impact on businesses and the economy is unpredictable so you may need to revise the definition of change and how it’s affecting your operations on an ongoing basis.
Make sure employees feel relevantIt’s important to give employees goals that relate to the current circumstances and to show how and where they are individually relevant to the future of the business. Many may be struggling with motivation right now and the more engaged they are with the business and its future the easier it will be to stay productive. Be clear about why change is being implemented and what benefits it may have.
Keep communication channels openIt’s likely that all members of the workforce, from employees to managers, will have questions about current changing circumstances and what this means for them. It’s essential to listen to concerns, to validate them and to provide clear and concise responses that are honest and straightforward.
Don’t shy away from talking about challengesIt’s the difficulties of the current circumstances that your workforce is most likely to be worried about so it’s crucial that you focus on these and don’t try to sweep them under the rug. Even if you don’t have perfect solutions in place yet, talking about the challenges and what the business is doing to tackle them will be reassuring for the people involved.
Provide a structure that makes changes relevantThe faster change can be integrated into performance appraisal, assessment, compensation, and promotion cycles the easier it will be for employees to adjust and be productive. Staff will want to know how they will be evaluated under the current circumstances and how career progress can be maintained – that’s why it’s essential to upgrade existing objectives and goals to make them relevant to the situation right now. Change management is incredibly challenging for any business, especially in a situation where an entire economy is affected. However, there are steps that each organisation can take to ensure that negative impact is minimised. Find out more by booking onto our Managing Change training course...
How to get your employees seeing through the customers eyes
Posted: April 2, 2020 12:17 pmEffective selling is often about understanding what it is that the customer really wants. It’s very easy to get lost in promoting your product, focusing on its features and design, or it’s potential to change lifestyles and dramatically shift a market. However, what any potential customer for your brand is really looking for isn’t a product description but a solution. Switching to a true customer-centric view means appreciating that solving problems for customers is the context in which your products can really shine. With this truth at the heart of your marketing you can start to build in more opportunities to get your employees to see through customers’ eyes and understand what it is they really need from your brand.