New Concept Accounting & Business Consulting

03/12/2021

11/11/2021

You must know what needs to be done, not exactly how it’s done. A lot depends on what level manager you are.

13/08/2021

How to design employee performance plan?

You are compensating your employees according to how well, or how poorly, they perform. It’s not some year-end bonus that everybody gets if the company does well. It’s your employees’ livelihood, and it goes up and down depending on how they meet or exceed the goals you’ve set for them.

All employees, from the shop floor manager to the accounting and administrative departments, should be on some form of pay for performance. Obviously, that percentage can vary, depending on whether you are an executive assistant or a head of sales.

But everyone contributes or detracts in some way to the bottom line, whether they are saving costs by keeping a sharp eye on inventory, saving you valuable time by being an efficient executive assistant, or holding up the entire business by filing a report three days late. It’s a matter of tailoring the type of pay for performance so it’s relevant to each type of employee.This profit rule applies especially to businesses with sales staff.

You can put the entire company on a pay for performance plan, measuring each department against financial performance metrics monthly and reviewing each employee at least quarterly. Four times a year, workers receive written documents detailing what they did well and what they failed to deliver,whether it was an incomplete assignment or a missed deadline.

Extraordinary performers should be paid extraordinarily well, but middle of the road workers had better improve fast. Get rid of the deadwood and replace it. Sure, let them know where they stand and give them a chance to get better, but don’t tolerate mediocrity.
Read More:http://newconceptaccounting.com.au/

21/05/2021

Employees won’t just show up and accept unhappiness, so it’s up to you to accept this cultural shift in the workplace. Here are ideas you can implement right away: Working from home is proven to reduce stress and increase employee happiness.

09/05/2021

07/05/2021

Meeting and exceeding your clients’ expectations is crucial. Here are a few tips to meeting your clients’ expectations.

30/04/2021

If you go and buy a Mercedes car, and you want a push start button instead of a key, you’ll pay extra for it. If you want 21” alloys instead of the 19”, you’ll pay extra for it.

16/04/2021

These are steps that you can take to maximize cash flow in your business: Collect your accounts receivable on a timely basis. Get an aging of your accounts receivable every week and have someone regularly call the accounts over 60 days.

26/03/2021

Business could become an employer of choice and recruit the ‘best’ employees by providing the following benefits: Involvement – Employees can make suggestions, think up new products, attend appropriate meetings and have input on work processes that affect their jobs. It is fanciful and stupid ...

05/03/2021

Sharpen the Saw is Habit No. 7 from Steven Covey’s best-selling book.

28/02/2021

Focus on selling higher margin goods or services .If you couple this strategy with selling medium to high value items or services, you’ll have the recipe to make more money while selling or doing less.