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Top tips: Personal development and productivity

Published by Business Link on 21 July, 2010 in HR & People Development and Top Tips • 1 Comment

Get a plant or two

Research has found links between plants and increased productivity, lower stress, improved blood pressure, lower fatigue and fewer headaches. Plants are also said to reduce airborne allergens, decrease noise pollution and create more balanced humidity levels. Plants in the workplace

Master your email

Research shows that people get stressed by email and feel compelled to respond quickly. So try to check emails every few hours rather than constantly. And develop a system for organising and acting on your email more effectively. Avoid email overload

Avoid distractions, multitask with caution

To avoid distractions: block out ‘sacred’ time segments to focus on single important tasks; silence your email and mobile and escape to a quieter place to work; check emails and phone calls on a schedule – say every three hours – rather than responding constantly. Distractions and multitasking

Get a routine

A routine, however free or rigid, could guide you to do the right things at the right times. When are you most creative, attentive, focused? When do you most like to converse with others or work alone? Some self-analysis and a few rules could help to improve your daily productivity. Organising your days

Balance work and life

Reduce pressure by relaxing unrealistic deadlines and timings. Set weekly goals for the minimum you must achieve to feel satisfied and productive. Remind yourself to enjoy life by setting personal life goals too. Learn to say no. Delegate. Top tips for achieving a work-life balance

Listen, then talk

As Henry Ford said: “If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.” Be more open to what others have to say. Listen, then respond. Are you listening?

Ask better questions

Harvard Business Review Blog suggests that “Being curious is essential to asking good questions” and “Open-ended questions prevent you from making judgements based on assumptions”. They also advise to “Be engaged” and “Dig deeper”. Learn to Ask Better Questions – HBR Blog

Keep an eye on news and trends

Search online for solutions to problems, answers to key questions, or business subjects that interest you. Bookmark sources you find useful and credible, subscribe to favourite newsletters, and refine your reading list over time. Before long you’ll be more aware of new trends and opportunities. Look around

Channel anger

Research suggests that, when managed, anger could aid mental health, your career, and productivity. Could you more constructively channel negative emotions and turn such passion into positive change? Anger Management

Focus on bottlenecks, simplify

“Try to remove obstacles that slow you down”, says Productivity501. Chipping away at those irritating bottlenecks could improve your productivity, free up time and reduce stress. Also focus on simplifying processes by removing steps that offer no value. Simplify

Learn from the greats

Take words of wisdom from some of the world’s great business people: Entrepreneurship Quotes

Password security

Published by Business Link on 21 July, 2010 in IT & eBusiness • 1 Comment

Secure your identity, computer, network, data and online services with better password security.

We know we should have different, long, hard to guess passwords for everything, but it’s easy to ignore such practice and favour convenience over security. And as we use an increasing number of devices, networks and services, the dangers of using one password for all get ever-greater. So, what steps can we take to improve security while keeping passwords memorable and convenient?

Create better passwords

What makes a good password? Long; containing letters, numbers and symbols; used for one purpose; hard to guess. Problem is, these rules challenge us to retain lots of lengthy, obscure data. Practicably speaking then, a good password is hard for others to guess but easy for you to remember.

One tip for hard-to-guess but memorable passwords: replace letters with numbers or symbols that visually resemble letters; for example, ‘Inception2010’ becomes ‘!nc3pt!0n2010’. Or to make things more obscure, use the first letters from a memorable sentence; so ‘My first dog was brown and born in 1981’ becomes ‘Mfdwbab!1981’. This seems obscure but can be recalled using a memorable code. Brainstorm words and phrases that are memorable to you but not others, and apply these tricks to see what you get. Your IT team, or a search online, may offer additional password creation tips that better suit you.

Avoid using one password for everything

Using one password for everything works, until: someone watches you enter it; you enter it onto a hoax website; one of the places where you use it is hacked. Your thief could then attempt to log into other popular services which you may use, and access sensitive data or use your accounts fraudulently.

Better balance security and convenience

Still favour convenience? If so: list the places where you use passwords, grouped by importance, based on how vital their secure use is, or how much sensitive data they contain. Your top priority list is likely to give impetus to create stronger and different passwords for each. For lesser priorities you may choose convenience – perhaps using one password for all – but at least your sensitive places are more secure.

Or you could mix security and convenience with a password manager; an encrypted software repository where passwords are accessible using one ‘primary’ password. Typically such software offers features including secure password generation, web integration to auto-login to services, and smartphone or web access. Systems fail if someone gets access to your data, so it’s vital to have a strong primary password and store your database securely (which arguably means not storing online). Other weaknesses: you may find yourself without access to passwords in some situations; potential for data loss. To alleviate the dangers, good password managers focus on reliability and offer automated backups. Key advantage: rather than creating memorable passwords you can enjoy easy access to random, secure passwords.

Company password policies

Company policies may demand less autonomy over password creation. For instance, you may require passwords to expire, or set ‘complexity requirements’ such as requiring passwords to contain a minimum amount of letters, numbers or symbols. But, as with personal password security, some balance between security and convenience may avoid weaknesses – such as employees pinning complex passwords to their noticeboards. So arguably, proactively helping employees to create their own secure but memorable passwords could represent a compromise that better balances security and user convenience.

Guide – IT security: the basics

More info – IT security
External link – Microsoft Password Checker

Business banking

Published by Business Link on 21 July, 2010 in Finance • 0 Comments

Knowing the finer details of your business banking could help to cut costs and improve your benefits.

Standard account services, such as administering credits, debits, cheques and transfers, may be free for startups, small businesses or new customers. But in time, or should turnover exceed thresholds, fees for standard services may be payable. It’s important to remember this from the outset and consider specific banking costs within the context of your business.

For instance, consider a business that receives lots of automated payments. A quick look at three banks finds per-transaction fees for automated credits ranging between 10 and 20p. The most expensive account would therefore cost £100 extra for every one thousand transactions.

Getting to know such costs – even during a free banking period – can help you to understand which account suits your business. Compare costs across different banks as well as other account options from your own bank. Other costs to compare: interest rates on borrowing, and non-everyday costs such as stopping cheques or fees for exceeding overdraft limits. If the differences are notable you may be able to negotiate lower fees with your existing bank, or you might choose to switch banks.

Of course, it’s not all about cost. You might save money by switching to an account with lower transaction fees, but what if your existing service offers more secure payment systems and better fraud protection? Such features could be valued by customers, turning higher banking costs into business benefits.

It’s a question of reviewing both costs and benefits. Questions should be asked within the context of your business, because a bank account that suits one business may be the wrong choice for another. One business may value a close relationship with its bank, while another is happy at arms length; one might appreciate a bank’s global reach, while another values a nearby branch. Just as it’s useful to compare costs, it’s worth comparing benefits too. If your service falls short: renegotiate, or consider switching.

One do now tip for reviewing your banking: examine your bank statements. Note common transaction types and costs. Do you mostly send and receive BACs payments or Direct Debits, or are most of your transactions handled in branches? Do any banking fees stand out as being notably high or frequent? Looking at your past banking behaviour – are there specific costs to keep an eye on in future?

The next step might be to talk to your bank manager or ‘relationship manager’. If you have identified costs you are unhappy with, they may negotiate non-standard terms to keep your business. Or they may point you towards different account types or suggest options which could lower costs or improve your benefits.

Attention grabbing free banking periods, key benefits and ‘typical’ interest rates may seem attractive, but it’s hard to know if you are getting a good deal until you dive into the detail. In a competitive market, where it has never been easier to switch, it could therefore be valuable to review banking costs and benefits, and use this analysis to negotiate a better deal with your bank. Or – if that fails – maybe it’s time to switch?

Guide – Choose and run a business account

Guide – Transferring business accounts between banks

More info – Business banking

Top Tips: Finance

Published by Business Link on 7 June, 2010 in Finance and Strategy & Operations • 0 Comments
Top Tips: Finance
Quick-fire tips with links to more information on 18 business finance related subjects.
Cashflow
Cashflow monitoring can be crucial for survival, while effective cashflow management boosts profitability.
Manage cashflow, Improve cashflow
Cost Cutting
If you cut costs in areas that deliver customer value you may damage sales and customer satisfaction, so focus on identifying and cutting ‘wasteful’ costs which offer little or no customer or business value.
Cost cutting tips, Cost cutting ideas, Waste not
Balance Sheet
Make balance sheet comparisons over time to help both monitor and assess financial performance.
Balance sheets: the basics
Borrowing
Be strategic about debt. If you need it to survive, develop a strategy for reducing your reliance on borrowing over time; if it aids growth, have a plan for reducing borrowing using profits from growth.
Get debt help and advice
Invoicing
Ensure invoices include the information required by law and clearly set out pertinent details such as payment terms and credit limits.
Invoicing
Insurance
Make sure your business, its assets and people are adequately insured, and that it’s insured against business liabilities. Use our interactive tool to work out which forms of insurance you need.
Insurance
Debt Recovery
Be ready for bad debts: read up on managing late payments, calculating interest on unpaid debt, and recovering debt via formal requests for payment or through the courts.
Debt recovery
Pricing
Take ten to evaluate pricing by reviewing your cost price but also your value. What value do customers find in your products or services, and what’s your worth compared to competitors?
Ten minute price review
Financial Contingency
Cash reserves, or a plan for accessing finance quickly should you need it, could help to survive threats such as economic downturns or opportunities such as grabbing market share from a failing competitor.
Banking
Review your banking and consider transferring if you are not getting a good deal; explore the pros and cons of business debit or credit cards; find out about accepting card payments from customers.
Business banking
Payment Cards
If you accept card payments you should be aware of twelve requirements that apply to all companies holding personal and payment data; PCI DSS rules come into force in September.
Accepting online payments, About the PCI Data Security Standard
Bootstrapping
New projects often need financial resources, but they also need control to minimise risk. And balanced financial discipline could help to pursue projects previously thought to be too expensive.
Bootstrapping
Online Filing
File returns and company information online to save time and money, and know your key filing deadlines.
Online tax and filing services, Get email alerts for key tax deadlines
Suppliers
Review supplier performance in relation to cost. If the balance of cost and value weighs against you, use this intelligence to re-negotiate, or use as the basis for evaluating alternative suppliers.
Six tips for reviewing suppliers
Factoring & Discounting
Release cash from invoices in advance of them being paid.
Debt factoring & invoice discounting
Business Plan
If you need to raise finance, a business plan is a powerful tool; get to know what to include.
Preparing a business plan to raise money, Use your business plan to get funding
Finance Options
Explore the various sources of finance available and their advantages and disadvantages.
Interactive tool – Identify finance options, Finance options, Sources of finance
Insolvency
If you are having problems paying debts – consider the options for avoiding or dealing with insolvency.
Avoid insolvency, Insolvency: the basics

Quick-fire tips with links to more information on 18 business finance related subjects.

Cashflow
Cashflow monitoring can be crucial for survival, while effective cashflow management boosts profitability.
Manage cashflow, Improve cashflow

Cost Cutting
If you cut costs in areas that deliver customer value you may damage sales and customer satisfaction, so focus on identifying and cutting ‘wasteful’ costs which offer little or no customer or business value.
Cost cutting tips, Cost cutting ideas, Waste not

Balance Sheet
Make balance sheet comparisons over time to help both monitor and assess financial performance.
Balance sheets: the basics

Borrowing
Be strategic about debt. If you need it to survive, develop a strategy for reducing your reliance on borrowing over time; if it aids growth, have a plan for reducing borrowing using profits from growth.
Get debt help and advice

Invoicing
Ensure invoices include the information required by law and clearly set out pertinent details such as payment terms and credit limits.
Invoicing

Insurance
Make sure your business, its assets and people are adequately insured, and that it’s insured against business liabilities. Use our interactive tool to work out which forms of insurance you need.
Insurance

Debt Recovery
Be ready for bad debts: read up on managing late payments, calculating interest on unpaid debt, and recovering debt via formal requests for payment or through the courts.
Debt recovery

Pricing
Take ten to evaluate pricing by reviewing your cost price but also your value. What value do customers find in your products or services, and what’s your worth compared to competitors?
Ten minute price review

Financial Contingency
Cash reserves, or a plan for accessing finance quickly should you need it, could help to survive threats such as economic downturns or opportunities such as grabbing market share from a failing competitor.Business banking

Banking
Review your banking and consider transferring if you are not getting a good deal; explore the pros and cons of business debit or credit cards; find out about accepting card payments from customers.

Payment Cards
If you accept card payments you should be aware of twelve requirements that apply to all companies holding personal and payment data; PCI DSS rules come into force in September.
Accepting online payments, About the PCI Data Security Standard

Bootstrapping
New projects often need financial resources, but they also need control to minimise risk. And balanced financial discipline could help to pursue projects previously thought to be too expensive.
Bootstrapping

Online Filing
File returns and company information online to save time and money, and know your key filing deadlines.
Online tax and filing services, Get email alerts for key tax deadlines

Suppliers
Review supplier performance in relation to cost. If the balance of cost and value weighs against you, use this intelligence to re-negotiate, or use as the basis for evaluating alternative suppliers.
Six tips for reviewing suppliers

Factoring & Discounting
Release cash from invoices in advance of them being paid.
Debt factoring & invoice discounting

Business Plan
If you need to raise finance, a business plan is a powerful tool; get to know what to include.
Preparing a business plan to raise money, Use your business plan to get funding

Finance Options
Explore the various sources of finance available and their advantages and disadvantages.
Interactive tool – Identify finance options, Finance options, Sources of finance

Insolvency
If you are having problems paying debts – consider the options for avoiding or dealing with insolvency.
Avoid insolvency, Insolvency: the basics

Distractions and multitasking

Published by Business Link on 7 June, 2010 in HR & People Development • 9 Comments
Distractions and multitasking
A few observations on the dangers of distractions and multitasking, and a few tips for finding focus.
‘Infomania’ distractions reduce intelligence and mental sharpness
A 2005 HP study found that ‘infomania’ distractions from incoming email and phone calls led to a 10-point fall in respondents’ IQs – over twice the IQ drop experienced after smoking marijuana. Over half of the 1,100 respondents admitted to responding to emails immediately. The psychologist who conducted the study, Dr Glenn Wilson, said that ‘infomania’ can reduce mental sharpness, and those constantly breaking away from tasks to react to distractions suffer effects similar to losing a night’s sleep.
Distractions and multitasking can slow us down and cause brain overload, stress and inefficiency
Research from Professor Miller, a neuroscientist from Massachusetts Institute of Technology, found that rather than truly multitasking, the human brain simply switches rapidly between tasks, putting greater stress on our brains than if we conducted those tasks one after another. Further, if we simultaneously focus on two similar tasks – tasks that use the same part of the brain such as talking on the phone while writing an email – we can overload our brains’ processing capacity, leading to inefficiency.
Meanwhile, the Journal of Experimental Psychology reported on an American study which found that it took students up to 40 per cent longer to solve maths problems when switching between multiple tasks. The study also observed increases in stress, and a negative cycle in which we multitask to get things done quickly, feel stressed when tasks take longer than expected, and then persist with inefficient multitasking in a vain attempt to catch up. Research from the University of California also found that interruptions can cause significantly higher stress levels, frustration and pressure.
Heavy multitaskers may become less resistant to distractions
Experiments from Stanford University analysed ‘media multitaskers’, defined as people who consume “more than one item or stream of content at the same time”. They found that ‘heavy’ multitaskers perform worse on task-switching tests than ‘light’ multitaskers, and are “more susceptible to interference”. In other words, the more we multitask the more inherently prone to distractions we become.
Finding focus
Some multitask better than others, and some more easily deal with distractions. Even so, research suggests that avoiding distractions and focusing solely on one task can improve intelligence, mental sharpness and productivity, and reduce stress. Being conscious of these observations when planning tasks means you can more proactively avoid distractions and find focus when you need it.
Practical tips: List your most important tasks and find ways to avoid distractions and interruptions when doing them. Block out ‘sacred’ time segments to focus on single tasks. Take steps such as silencing your email and mobile or escaping to a quieter place to work. Above all – when beginning a key task – pledge to ignore other tasks and distractions and focus solely on the job at hand. As a rule check emails, texts and other distractions on a schedule – such as every three hours – rather than responding to them constantly. If you must multitask: avoid doing so in the afternoon – post lunch fatigue plus multitasking equals brain overload; only multitask simpler tasks; and avoid multitasking similar tasks such as email and phone calls. And, when you feel distracted, stressed or inefficient: take a break, then re-find your focus.

A few observations on the dangers of distractions and multitasking, and a few tips for finding focus.

‘Infomania’ distractions reduce intelligence and mental sharpness

A 2005 HP study found that ‘infomania’ distractions from incoming email and phone calls led to a 10-point fall in respondents’ IQs – over twice the IQ drop experienced after smoking marijuana. Over half of the 1,100 respondents admitted to responding to emails immediately. The psychologist who conducted the study, Dr Glenn Wilson, said that ‘infomania’ can reduce mental sharpness, and those constantly breaking away from tasks to react to distractions suffer effects similar to losing a night’s sleep.

Distractions and multitasking can slow us down and cause stress and inefficiency

Research from Professor Miller, a neuroscientist from Massachusetts Institute of Technology, found that rather than truly multitasking, the human brain simply switches rapidly between tasks, putting greater stress on our brains than if we conducted those tasks one after another. Further, if we simultaneously focus on two similar tasks – tasks that use the same part of the brain such as talking on the phone while writing an email – we can overload our brains’ processing capacity, leading to inefficiency.

Meanwhile, the Journal of Experimental Psychology reported on an American study which found that it took students up to 40 per cent longer to solve maths problems when switching between multiple tasks. The study also observed increases in stress, and a negative cycle in which we multitask to get things done quickly, feel stressed when tasks take longer than expected, and then persist with inefficient multitasking in a vain attempt to catch up. Research from the University of California also found that interruptions can cause significantly higher stress levels, frustration and pressure.

Heavy multitaskers may become less resistant to distractions

Experiments from Stanford University analysed ‘media multitaskers’, defined as people who consume “more than one item or stream of content at the same time”. They found that ‘heavy’ multitaskers perform worse on task-switching tests than ‘light’ multitaskers, and are “more susceptible to interference”. In other words, the more we multitask the more inherently prone to distractions we become.

Finding focus

Some multitask better than others, and some more easily deal with distractions. Even so, research suggests that avoiding distractions and focusing solely on one task can improve intelligence, mental sharpness and productivity, and reduce stress. Being conscious of these observations when planning tasks means you can more proactively avoid distractions and find focus when you need it.

Practical tips: List your most important tasks and find ways to avoid distractions and interruptions when doing them. Block out ‘sacred’ time segments to focus on single tasks. Take steps such as silencing your email and mobile or escaping to a quieter place to work. Above all – when beginning a key task – pledge to ignore other tasks and distractions and focus solely on the job at hand. As a rule check emails, texts and other distractions on a schedule – such as every three hours – rather than responding to them constantly. If you must multitask: avoid doing so in the afternoon – post lunch fatigue plus multitasking equals brain overload; only multitask simpler tasks; and avoid multitasking similar tasks such as email and phone calls. And, when you feel distracted, stressed or inefficient: take a break, then re-find your focus.