DEV Community: Richard Bishara

Tips on Identifying the Key Employee of Your Business

Richard Bishara — Thu, 19 Aug 2021 10:02:27 +0000

Perhaps one of the most essential components to guarantee the viability of the business would be its key employee. If you are only managing a small company, there will be lesser layers in their management department. Therefore, it is easier for you to determine the people that can have a massive impact and contribution to the company. Richard Bishara mentioned that it is very essential to know who is in place to encourage the growth and development of your business.

What is a Key Employee?

Some people believe that identifying the key employee is subjective. However, Richard Bishara thinks otherwise. The key employee of your company is someone who makes tangible contributions to the success of the business. They will perform above your expectations. The key employees will not simply fulfill their job; they are also prepared to complete work beyond the scope of their duty exceptionally well. If you have a sales representative who completes his monthly quota and sometimes exceeds it, he is a good employee, but not a key employee. However, if you have a sales representative who meets his monthly quota, develops your team’s sales script that can improve your sales to 20%, and serves as the primary motivator of your company, that person is a key employee.

How Can I Identify My Key Employee?

By looking at some of the qualities of your people, you can easily determine if they are your key employee or not.

·Impact on Your Business- If someone has a significant and direct influence on the value of your business, Richard Bishara believes that he is most possibly a key employee. If their decision, responsibility, and role in the company drive growth, profit, sales and inspire product development, these are known personalities of a vital employee.

·Replacing them Would Be Difficult- It is not easy to replace a key employee. For instance, this worker may have unique skills and capabilities, which increases her significance in the function of your business. They are something that your competitor would like to have in their team. Losing them will not simply be inconvenient, it can cause serious damage to your business.

·They Have Vision- A key employee actively participates in the strategic development of your company. He has this clear vision of what the future holds for the company. He will not hesitate to share his ideas and creatively solve the problem of your business.

How Should You Retain Your Key Employee?

Since they are crucial to your business, you want to do everything possible to retain these people. If you have poor management practices, there is a chance that you will lose them. Many successful owners will implement a strategic plan to guarantee that these people will stay.

·Providing Substantial Bonus
·Motivating your Key Employees to Stay at your Business
·Making Sure That You Have Consistent and Clear Communication with Them
·Establishing Performance Standard.

Losing your key employee can lead to profit loss and financial trouble in your company. Richard Bishara believes that you should avoid this scenario at all cost. By compensating these people adequately for their astounding performance, you will be enjoying their continued service and assistance to your business.

Identifying Your Strengths and Weaknesses as an Entrepreneur

Richard Bishara — Wed, 18 Aug 2021 10:36:52 +0000

So, let’s say you have a good business concept. Would that be enough for you to open and offer your product or service to the consumers? Richard Bishara believes that it won’t be. There are still too many things for you to assess before you can figure out So, let’s say you have a good business concept. Would that be enough for you to open and offer your product or service to the consumers? Richard Bishara believes that it won’t be. There are still too many things for you to assess before you can figure out if your business idea is viable or not. One of them is identifying your strengths and weaknesses.

Tips in Identifying Your Strengths and Weaknesses as an Entrepreneur

Getting to know your weaknesses and strengths should not simply be an exercise that will make you feel good about yourself. Richard Bishara believes that it is a procedure that will help you understand how to become a more productive and effective business manager. You will also learn things that require improvement to be a successful entrepreneur.

Developing a List

Since you may have a lot of skills, we will only create a list that focuses on the skills that you need to grow your business. It will simply be an overview of the skills like website development, customer support skills, product expertise, understanding of the market, business development, etc. After you complete the first list, highlight some of the skills that you possess. Place a mark on the things that need improvement. Set it aside and create another list with two columns; this will include your weaknesses and strengths. Avoid overestimating yourself and do not be too hard on your flaws. You are also not required to make it as comprehensive as possible. Treat this as a rough draft. It may be enough to add 15 on each column. Try to assess your personality and technical skills.

Talk to People Whom You Can Trust

When you are creating your list of strengths and weaknesses, Richard Bishara fears that you may have this biased opinion about yourself. Some people will think too little of themselves while others will think too highly of themselves. You may need to seek the help of someone to refine a clearer and closer-to-the-truth list. Think about at least five people whom you can easily approach. This person should’ve worked or stayed with you for a long time. You and this person must be involved in certain situations that allow them to observe your situations. They can be your best friends, family members, colleagues, or mentors. Once you receive their feedback, you can now build a more comprehensive list.

Taking a Test

Another way to gauge your strengths and weaknesses more accurately is by taking tests as suggested by Richard Bishara. There are different personality tests available such as the MBTI (Myers-Briggs Type Indicator). Most people consider MBTI as the gold standard for testing a person’s corporate personality. The test will cover four different areas; your method of approaching your outside world, ability to take and retain information, decision-making capacity, and your introvert/extrovert nature. DISC is another personality-test that offers a full assessment of your personality.

After you have identified your strengths and weaknesses as an entrepreneur, you can now evaluate the things that require some attention. Some of your strengths will highlight your full potential, while others may require further development. On the weakness list, some will be more obvious, which needs to be addressed immediately.

How to Create a Successful Business

Richard Bishara — Tue, 10 Aug 2021 12:14:03 +0000

The landscape of the business industry is continuously evolving. To become a successful entrepreneur nowadays, you need to be flexible and adapt to the changing needs and preferences of the customers. You should also have excellent organizational skills and have a systematic plan that will take you to your goals. Most people think that managing a business is simply opening up your doors, creating a website, and building your social media pages. However, that will not be enough for the profits to arrive at your doorstep. Learning how to create a successful business takes more than that according to Richard Bishara.

Tips on How to Create a Successful Business

You can avoid losing your precious time and money by taking enough time to do your research and planning out all the vital steps that will carry you to the heights of success. Regardless of the nature of your business, here are some important tips that you should pay attention to.

Stay Organized

To create a successful business, Richard Bishara believes that you need to learn how to remain organized. This trait will help you tackle tasks and ensure that all critical things are receiving your attention. We understand how there are so many things going on in your business that it can get overwhelming. One important tip to avoid losing track of your task is to develop a to-do list every day. You can simply mark an entry once you finish doing it. It will be effective in ensuring that you are not neglecting or forgetting anything. Completing all necessary tasks is essential to ensure that your business will survive.

Know Your Enemies

Knowing your competition in the business can lead to excellent results. To create a successful business, Richard Bishara recommends that you should not hesitate to study and learn a thing or two from your competitors. It is a chance for you to look at the business from a different perspective. They may have a better production or marketing strategy that you can apply in your business.

Preserve the Records!

Creating a successful business will require you to keep a detailed record of everything. With this, you will have a better insight into the current standing of your business. You can also find out any potential challenges that you could be facing. You can prepare in advance and mitigate the possible repercussions. You can formulate a strategy that will help you take a different route and evade the impending challenges.

Have a Clear Understanding of the Rewards and Risks

The secret to creating a successful business is to take calculated risks that will help you and your business develop. When taking a risk, you should be clear on the possible drawbacks of your move. If you have a clear picture of the downside, then you will have an insight into the worst-case scenario. Knowing this can help you take risks that will lead to immense rewards.

Learning how to create a successful business is vital for everyone who plans to open a new business. According to the study, about 20% of the new business will fail after two years of operating. The numbers will increase to 45% during the first 5 years. With this, Richard Bishara thinks that only about 15% can survive up to 15 years.