Lessons for CEOs from air crashes-errors of judgement
Errors of judgement can cause air crashes and research about the social relations in the cockpit could help CEOs. One pilot is designated as the “captain” and is responsible for the flight, even though all the first officers in the cockpit are capable of flying the plane. Captains often have greater experience, higher remuneration and allocate the duties to the other pilot(s). This creates a cockpit hierarchy which can lead to problems. Errors of judgement that can occur due bias: The captain may hold onto their own views and beliefs in a situation, even when another first officer...
Read MoreProcess Automation Traps To Avoid-5 tips for CEOs
Automation is a hot topic. Artificial Intelligence (AI) promises to automate the repetitive tasks in service industries, driver-less cars will move us around, whilst aerial drones deliver our packages. We could even have robots walking around doing our jobs -well, some of them. CEO’s may be thinking that, their profits will climb as automation will reduce their overheads. Consider these practical 5 tips that I learnt through actually running businesses with automated processes. Tip #1- automation may not be so flexible. Humans are very dexterous and flexible in movement. We can perform a...
Read MoreInnovation-please stop telling us about Uber and Airbnb!
Innovation is a much-used word in the business community. Unfortunately, it is often associated with digital or disruption examples, such as Uber or Airbnb. Many CEO’s simply don’t relate their own situation to these examples and innovation therefore appears abstract. Innovation is not abstract, nor is it about a particular industry or business size. It is simply about using creativity, invention and change to improve your business. One example of innovation is developing new products or services. These can increase profitability, market share or open up new revenue streams. Taking a...
Read MoreTop 10 business challenges facing small business owners in 2018?
In what is becoming a tradition this time each year we have been talking to SME business owners about the key business challenges facing them including customer experience, product and services innovation, staff productivity and sustainable profitability amongst other challenges and what they expect to have the biggest impact on their businesses during the next 12 months?
Read MoreSME Manufacturing: Rise of the Machines vs Experience Capital
Whilst on shore heavy manufacturing has taken a battering in recent years, niche pockets are still able to thrive. The advent of AI could be perhaps far more of a benefit to manufacturers than service sector businesses, as physical products cannot be substituted by code. Machine learning will bring the opportunity for new manufacturing methods and physical products. There could even be a resurgence of micro-manufacturers.
Read MoreCreating a positive workplace culture in your family business
As a small business owner, and advisor to other SMEs I get the chance to regularly check in on what is happening in the office and get to talk to many staff. Not surprisingly, generating revenue growth and financial survival is the highest priority. However, for many SMEs a closely linked priority involves how staff feel working for the family business. If your staff morale is low inevitably the financial performance will be a struggle. Because of this it is often worth while considering if your family business has a positive workplace culture. Typically the family business owner is focussed...
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