People hire people! This is a simple reminder that your resume or qualifications alone won’t help you secure a new job. As unfair as this may seem, your likability and Emotional Intelligence play a significant role in getting hired. In this week’s Summary Sunday, you’ll learn about artificial intelligence – it’s going to be hard […]
The post Summary Sunday: Issue 523 appeared first on Career Sherpa.
Trying to achieve a better work-life balance? Think your priorities are skewed? Wish you had more time to pursue your passions and grow your career? Many professionals struggle with balancing the different aspects of their lives and often have to compromise how much time and energy they allocate to these things.
If you want to improve your work-life balance, start with some inspiration!
Here are 12 fascinating quotes about work-life balance:
We hope you found these work-life balance quotes enlightening. Please share with someone you know who needs a little inspiration today.
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We hope you found these work-life balance quotes to be enlightening. Please share with someone you know who needs a little inspiration today.
Pride Month is the perfect time to show extra support for your LGBTQ+ colleagues. It’s also an ideal time to celebrate the LGBTQ+ community at your company and get involved in local LGBTQ+ charities and initiatives.
Need some ideas for how to best celebrate Pride Month at the office? We’ve got you covered! Here’s how to celebrate and support your LGBTQ+ colleagues at work this June:
A great way to kick off Pride Month is with some fun office swag! Whether you’re working remotely or in the office, wearing Pride merch is a fun way to show your support for the LGBTQ+ individuals at your company.
Throw a tie-dyeing party where everyone can make their own Pride t-shirts, or buy matching Pride merch for every employee. Then, invite everyone to wear their merch at work. Depending on your company’s dress code, this could mean employees will wear Pride merch whenever they want to or on specific days such as casual Fridays. Plus, with matching Pride merch, you’ll have something to wear if you volunteer as a company during Pride Month.
With many companies now allowing remote work, it may be tricky to plan a Pride-themed event in which every employee can participate. Thankfully, there are lots of ways to host events and fun activities for your employees, both in person and virtual.
Pride-themed bingo nights, parades, trivia, lunches, bake-offs, movie nights, and happy hours are all events and activities that would be fun for the office and can be adapted for the remote workforce. When in doubt, a Pride-themed party is a classic event in need of no explanation that could incorporate a few of the activities mentioned above.
While wearing matching Pride merch (or not!), your company should make it a priority to go the extra mile to show your support for all of your LGBTQ+ employees. A great way to do this is by going out in your community to volunteer at local organizations supporting LGBTQ+ initiatives.
Volunteering and doing other types of community service not only brings the workforce together but also strengthens your employer branding, which could then help you attract the right types of job candidates. If you make an effort to support the LGBTQ+ community, you’ll likely receive a number of resumes from qualified LGBTQ+ members and allies who are passionate about your mission and values and feel they’d be safe and included in your workplace.
Along the same line as the idea above, going the extra mile could also mean organizing a fundraiser and donating to LGBTQ+ charities. Fundraisers are fun events that give employees a chance to be involved and support a cause in a measurable way.
Another way to involve employees in this process is by having them vote on which LGBTQ+ charity to donate the funds to. It’s always fun coming together to support a cause knowing you’re making a difference!
Celebrating Pride Month at work will help bring your workforce together and make everyone feel included. Support your LGBTQ+ colleagues at work this June with the four fun ideas above!
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This article was originally published at an earlier date.
When it comes to business growth, which is more important: driving revenue or optimizing profitability? The truth is that success lies in the balance of both. So how do you find the right balance between driving revenue and optimizing profitability for your business?
In this article, Work It Daily experts from Vistage will discuss the power of balancing revenue and optimizing profit for long-term success as it generates sustainable revenue while controlling costs. Read on to hear these Vistage Chairs explain how this balance allows you to work smarter, not harder, for business growth.
Weâve all heard the saying, “Revenue is vanity, profit is sanity, and cash is reality.” All three are vitally important. But they are also measures of things. Things in business. And itâs these things in our companies that require the attention of leaders. Things like what has changed in the last 30 days in our market landscape that alters our understanding of the future? Did we do what we said we were going to do in the last quarter? What was the numerical impact of the changes we made?
Numbers like revenue, profit, and cash flow help us evaluate the impact of our actions to either understand the past or, more importantly, shape the future.
Of vital importance for a leadership team is to find a common way to communicate about your numbers. Too often there is a disconnect between finance, operations, and strategic leadership. This disconnect will sub-optimize a companyâs results.
How can you maximize what you are delivering to the market? Not all products and services are created equally. One basic strategy I have used is to simply make a 2×2 matrix that illustrates the relationship between new/existing customers and new/existing services or products. You then engage your team in a discussion about not only how the numbers bear out this decision, but other key factors such as the current contextual features of the customer market, supply issues, labor issues, and your current capacity to execute in any given quadrant.
Ask your team, âDo we want to provide more of the same services to the same customers? What is the advantage of finding new customers for our existing products?â Moving to another section on the diagram, “What have we been sitting on, waiting to unleash to the market? What new services can we offer our existing customers?â
Some of these answers are considered, shopping in your own closet. What opportunities do we have right in front of us? What are the needs of our current customers that if we meet them offer new revenue streams or increased profit margins?
Of vital importance, however, is knowing the costs and margins of every service and product that falls within each quadrant of that 2×2 matrix. If you donât, you could select to double down on your least profitable service.
Kirsten Yurich is a former CEO and current Vistage Chair. As a clinician, professor, author, and executive, she leverages this unique blend and creates learning environments for executives to become better leaders, spouses, and parents.
I like defining what working smarter means to me. It requires a delicate balancing act of “driving revenue” (increasing the amount of money generated through sales and customer acquisition to increase top line and market share) and âoptimizing profitabilityâ (efficiency/effectiveness of operationsâcost cutting, streamlining processes, and improving productivity).
Sustainable and working smarter businesses do a great job embedding these three disciplines in their businesses vs. applying them when a crisis hits or issues occur.
Cost Management – negotiating better deals with suppliers, optimizing inventory management, implementing energy-saving initiatives, or leveraging technology to automate tasks and improve operational efficiency.
Pricing Strategies – Analyze and adjust pricing strategies to ensure they are aligned with market conditions and customer value perception. Consider factors such as production costs, competitor pricing, customer demand, and perceived value. Implementing dynamic pricing, bundling products or services, or offering tiered pricing options can help optimize profitability while remaining competitive.
Enhance Customer Relationships – Focus on building and nurturing strong customer relationships to drive repeat business and increase customer lifetime value. Providing excellent customer service, personalizing interactions, and implementing loyalty programs can help retain existing customers and attract new ones. Additionally, understanding customer needs and preferences through market research and feedback can lead to targeted marketing efforts and product/service enhancements, ultimately boosting profitability.
These disciplines need to be embedded in your organization and take time. Once you have concrete processes in place for the core business, it is advantageous to explore what opportunities exist for either new customers, new channels, or new products and services. I refer to these as value-added complexity ideas. What is value-added complexity? These are opportunities to leverage existing capabilities and competencies that will stretch the organization but not âaskâ it to build something new from scratch.
1. Customer Pain or Opportunity Points – What are your greatest ideas or challenges that they are looking for solutions to or to take advantage of their strengths? Are they core competencies that you have seen other customers solve or that you as an organization have dealt with before? They could be revenue drivers for you or simply ways for you to add value to the relationship. See yourself as a solution provider for your clients and watch opportunities come your way.
2. Partnerships/Licensing/Private-Public Partnerships – Staying with your expertise and studying your clients and seeing where you both could grow together. Instead of being a customer/supplier relationship, what would a partnership look like?
3. Retail 101 Techniques – Online and brick-and-mortar retailers alike think about three things all the time (driving our ticket, our traffic, and our conversion of that traffic). Look at your entire value chain and ask where could you drive more interest. Do your suppliers have customers you could do business with?
I am confident by reimagining your relationships and value equation you will prosper, build sustainability by diversifying, and, ultimately, working smarter will lead to improved profitability and stickiness with customers.
Mike Thorne is a former CEO and current Vistage Chair. He leads and facilitates a group of trusted advisor entrepreneurs and a CEO peer group in New Hampshire and Maine.
Driving revenue and optimizing profitability are both important aspects of working smarter for sustainable growth in business. For long-term sustainable growth, they should be worked in tandem. There is no right answer; it is a tricky balancing act, maybe more art than science. However, your highest probability of success is when you begin with defined goals and plans that the team understands.
Companies must focus on driving new opportunities and revenue growth if they want sustained growthâas long as costs are steady; it is difficult to sustain growth if costs are out of control. In my career, I admittedly would focus on profitability in the business development cycle upfront. I would ask the business development or sales team at the time considering an opportunity, âWhy?”
Unless there was a compelling business case for going outside the typical profitability parameters established for the business, I tended to err on the conservative side, however, my background is in a more regulated environment.
If there was a solid business case to drive revenue by taking a risk, then I believe you should be bold and take manageable risks. You will need to understand what your manageable risks are.
Remember, working smarter for business growth requires a balanced approach between revenue generation and profitability optimization. Continuously assess and adjust your strategies based on market dynamics, customer feedback, and financial insights to ensure sustainable growth for your business.
Nora Taylor helps CEOs and executives achieve success. As a Vistage Chair, she leads confidential peer advisory groups where the members work together to develop informed decision-making, improved judgment, and confident leadership.
I have a bias. Though there is a balance between driving revenue and optimizing profit, the priority between the two is straightforward: driving revenue far outweighs optimizing profit. Public companies aside, I see this as a stepped approach: drive revenue first and foremost, and optimize profit only after the revenue machine is well tuned.
But first, we must acknowledge that cash is everything. Cash is life. No cash. No company. Focusing on growing revenue is fine if you produce enough cash flow. Focusing on optimizing profit is fine if you produce enough cash flow.
Back to the question at hand, under most circumstances, I believe growing revenue should be the higher priority. Plow as much as you can into sales, marketing, and infrastructure to grow revenue. Let cash flow be your throttle. Growth takes investments. Just like a tree that needs water, nutrients, and sun, companies need sales, marketing, and infrastructure.
Though I stated that optimizing profit comes after the revenue machine is well tuned, that does not mean that money should be wasted in this effort. Be prudent in your employee compensation. Be prudent in your vendor negotiations. Be prudent in your marketing campaigns. Make your investment decisions based on if the investment supports revenue growth either directly or indirectly. Remember, back-office investments in things like accounting, IT, and HR are absolutely necessary to support revenue growth.
Because of my bias, I must conclude with this. Optimizing profit is important work as long as it does not jeopardize future revenue growth. Never stop growing.
Mark Fackler is a retired CEO and currently leads the Vistage CEO group that he was a member of from 1991 to 2002. He is passionate about creating great ROI for his member CEOs.
What’s your experience trying to balance driving revenue and optimizing profitability? Join the conversation inside Work It Daily’s Executive Program.
âWhen can you start working?â is a common question that gets asked in job interviews. But despite this, thereâs a lot of misinformation about the right way to approach your answer. This guide will teach you how to develop a great response to this question and keep the interview process moving in the right direction. […]
The post “When Can You Start Working?” 7 Tips For How To Answer appeared first on Career Sherpa.
What plans do you have for your summer vacation? Will you be working on your tan or enjoying the air conditioning at the mall? These activities might be fun, but they won’t help you get ahead in your career.
Instead of the traditional summer activities, try being more proactive this season to jump-start your career. Here are some tips for kick-starting your career this summer:
The first rule for having a proactive summer is to get out of bed. It sounds simple, but you’ll be surprised by how many hours you waste lolling about in bed in your pajamas. Setting your alarm to maintain your regular routine will ensure you don’t waste time that could otherwise be used pursuing career-advancing activities and having fun.
Just think how much you’ll get done with a few hours’ head start on the competition!
Taking on volunteer work is another valuable way to spend your summer while unemployed or on a break from school. Some students may find volunteer opportunities that naturally fit with their career aspirations. For example, you may like to volunteer in an old people’s home or hospice if you want to become a nurse.
However, volunteering can also give you an opportunity to pursue a passion, like helping people with learning disabilities to read or tending to animals in a wildlife sanctuary. Studies suggest that no matter what volunteering position you pursue, it’ll increase your chances of finding employment by 27%. That makes it much more productive than the bulk of summer activities.
Even a summer job that’s unrelated to your desired career can be valuable. As you look for a job, you’ll gain interview skills and learn how to cope with rejection. Once you land a summer position, you’ll learn how to deal with the public, take on responsibility, and be accountable to others.
A summer job will also help build up your resume. Any work experience is better than no work experience. The fewer job gaps in your resume, the easier it’ll be for you to explain why you were unemployed in a job interview too.
Your summer vacation gives you the ideal opportunity to get a freelance business off the ground. Consider what skills you have and start marketing them to potential clients. Writing, designing, translating, and computer programming are all talents ideally suited for freelancing.
Several websites also showcase job opportunities for freelance workers. Many feature short-term opportunities that are ideal for students or unemployed professionals looking to gain work experience (and make some money) while hunting for a full-time job. Taking on these roles will help you beef up your resume and build your professional network.
Many companies offer internships to students on their summer vacations. These positions don’t often pay well, but they’ll give you invaluable work experience and insight into your dream career. You might become even more passionate about your career direction or decide that your chosen career path isn’t for you.
Whatever the case, you’ll be able to apply what you’ve learned at school to real-world situations and make valuable connections. The company you’re interning for will probably provide you with a reference, and you might even get a job offer out of it.
If you’re not a college student, you can still get an internship! Mid-career internships, also known as “minternships,” are on the rise. They’re perfect for professionals considering a career change but aren’t sure if they want to make that leap yet. So, if you’re unemployed this summer and want to explore a new career, a minternship could be for you.
Even shopping at the mall can be productive if you put your time to good use. Rather than searching for another pair of jeans or a cute pair of sunglasses, keep your eyes peeled for a great professional wardrobe.
Every workplace has a different dress code. When going in for job interviews, the general rule of thumb is to dress one level above the current employees. For this reason, it’s always a good idea to have a solid professional wardrobe ready. You never know when a job opportunity will pop up!
Don’t let another summer pass you by! Put your free time to good use and get a jump-start on your career this season with these six tips.
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This article was originally published at an earlier date.
Itâs not if youâll be affected by a disaster but when! And whether itâs a major power outage or natural disaster, most employeesâ priority will be to ensure that their family and property are safe before work or anything else. Help them be prepared so that they can respond effectively when a disaster occurs.
Having an emergency preparedness plan doesnât have to be complicated. For example, most people are familiar with fire safety at home including the importance of installing smoke alarms and replacing batteries during the daylight savings time change. Or in elementary school learning to âstop, drop, and rollâ if your clothes caught on fire.
A home fire is one potential emergency. Start a plan and continue building on it. You want to determine what types of disasters are common in your area. Are you susceptible to power outages, hurricanes, or earthquakes? Regardless, there are three things you should consider doing to be prepared for the next disaster:
A great resource that I recommend is the Ready.gov website, which provides valuable information to help individuals and families prepare and respond to emergencies. It is a central repository with a wide range of information such as types of natural disasters, regional-specific information, and comprehensive preparedness guidance and resources.
For example, there is a specific page to build a kit that has an emergency supply list. You want to make sure you have the essential items to support your family for several days in the event of an emergency/disaster. If you donât want to buy all of the suggested items at one time, buy them when theyâre on sale. Also, make sure you have some cash in your kit (and keep bills ⤠$20 in case merchants canât provide change).
Start with the suggested emergency supply list and then customize it for your familyâs specific needs. Does anyone in the family have prescription medications? Babies who need formula or diapers? Elderly parents who have mobility challenges? Donât forget supplies and ID tags for pets and fur babies.
Make sure you inspect your emergency supply kit at least annually to rotate food/water and check for expired/damaged items. When you periodically check your kit, you can validate and adapt it to meet the changing needs of your family. Donât forget to update any emergency contact information and/or important documents in your kit as needed.
Another reason why I recommend Ready.gov is how inclusive they continually try to be:
When you proactively prepare for emergencies, you can enhance safety, reduce risk, and generally provide more peace of mind for you and your family in the event of a disaster.
For more info on how to prepare your employees for an emergency/disaster, follow me on LinkedIn!
When you think of a healthy work environment, you might think of a work environment that is inclusive, promotes employee well-being and productivity, and fosters collaboration, creativity, and innovation. Unfortunately, in today’s world, a healthy work environment is the exception, not the rule. How can leaders ensure they are creating and maintaining a healthy work environment for their employees?
We recently asked our leading executives for their best tips on how to create a healthy work environment.
Here are their responses…
When you learn that 80% of cultures are toxic, what would your organizational and team culture be?
A healthy workplace is one where employees feel safe, respected, and supported. It is a place where everyone can thrive and do their best work. There are many things that organizations can do to create a healthy workplace, including:
By taking these steps, organizations can create a healthy workplace where employees are happy, productive, and engaged.
Here are some additional tips for creating a healthy workplace:
By following these (and other possible) tips, organizations can create a healthy workplace that is beneficial for both employees and the organization as a whole.
Ana Smith helps people & organizations achieve their full talent potential by developing and co-creating people strategies and customized solutions, and turning them into impactful outcomes and collaborative relationships, using coaching as the “red thread.”
In creating a healthy work environment, I canât ignore what the NFL represents and my passion for the shield. Working at the NFL, there are many stadium shots, action on the field photos, stand-out players, and paraphernalia that can quickly fill office space.
My plan for a healthy work begins with the following:
1. The Physical Space
I believe an attractive office design can make employees intrinsically happier. A theme-based workspace can improve employee well-being and promote healthy habits. You are investing in making your office a more enjoyable place to spend time.
Also, an investment in ergonomic chairs, stand-up desktops, and extra monitors can create a more relaxed and functional work environment. You are encouraging an office-friendly supply chain for replenishing office supplies and computer equipment and arranging the office space where departments sit closely when you can maximize collaboration and teamwork.
Lastly, creating an environment where sunlight flows into the office space to lift creativity and awarenessâadding theme-based artwork to maximize productivity and boost morale.
2. The Wellness Space
Feedback and communication are the most valuable gifts you can give your employees. Providing a space where employees can voice ideas, opinions, and issues without judgment or criticism. An open engagement platform.
Showing appreciation and recognition for achievements, whether individual or the entire department, makes employees feel valued and appreciated.
An environment of psychological safety is one where employees are comfortable being themselves. Where they know they are free to exist without fearing embarrassment or retaliation.
Prioritize cultural alignment when hiring. As part of the interview process for potential incoming new hires, this might be an excellent opportunity to test the workplaceâs cultural fit.
Lastly, empower your team with what they need to thrive. Be inclusive. Be appreciative. And communicate!
Michael Willis has 18+ years of experience working with accounting & sports organizations and has managed P&Ls of $10M – $125M+ with budgets of $3M-$50M+. He worked for the NFL for 22 1/2 years, mainly with the game officials working on the financial/accounting side of the business.
When building a positive workplace culture, make sure you invest in each employeeâs personal development. Are there learning opportunities for them to keep current, get a promotion, or move into a managerial role? Or information to improve their analytical abilities or critical thinking? Itâs crucial to give employees the tools and information they need to continue learning and growing.
Encourage employees to develop a growth mindset and to be all that they can be. There is a saying by Confucius: âI want you to be everything thatâs you, deep at the center of your being.â Do you encourage employees to be the best version of themselves? Have you asked them what is important to them? If itâs important to them, then it should be important to you too. Besides professional-focused development, make sure to include âpersonalâ learning opportunities such as enhancing their quality of life (e.g., health/fitness) or developing a reading habit.
Personal development is lifelong learning. And when personal development includes both professional and personal learnings, employees are more likely to be and stay excited about whatâs next and potentially stay with the organization longer.
Debra Shannon is an IT executive who is also a CPA, CIA, and CISA. Her passion is turning chaos into calm. With her unique blend of experience in technology, project management, and auditing, she can break down complex business problems, identify practical solutions, and lead executive teams and business partners to embrace the value of technology changes.
Fifty-one percent of employees have experienced a toxic work environment, and one in five Americans have left a job in the past five years due to bad company culture. A healthy work environment is not only essential for the well-being and satisfaction of employees but also contributes to higher productivity, lower turnover rates, and overall business success. Here are some practical steps and strategies to create a positive and nurturing work environment that supports your employees’ physical, mental, and emotional health.
Creating a healthy work environment is an ongoing commitment that requires attention, investment, and continuous improvement. By prioritizing employee well-being, promoting work-life balance, fostering effective communication, and supporting professional growth, you can cultivate a positive and thriving work environment that enhances employee satisfaction, productivity, and overall organizational success.
Lisa Perry helps companies build leadership brands, driving loyal customers & delivering profitability. She does this through a process that builds brands consumers love. Her goal is to help companies develop, monetize, and grow their brands.
I think what we are really trying to say here is:
âHow do you create a work environment where tasks get done in a manner that moves the business forward (thatâs what employees are ultimately there to do), whilst giving the worker opportunities to grow in a positive way?â
Those feel independent of each other âscientifically,â but highly correlated on a day-to-day basis; the linkage being oneâs manager.
For example, Iâm sure most of us have had the âopportunityâ to work for a lousy boss at a great company and a great boss at a lousy company. The latter was probably the more âhealthyâ experience for both the individual and the business.
From experience, a solid way of linking a companyâs and individualâs needs is to remind the employee: 1) how the company adds value to the greater good; and 2) how that directly aligns with the employeeâs values and growth needs.
Mark Taylor has 20+ years of risk, technology, and product management experience working in global and regional financial services firms in the UK and the U.S. He’s managed teams of 40+, successfully addressed 100+ regulatory issues, and has saved companies $15M+.
What are your best tips for creating a healthy work environment? Join the conversation inside Work It Daily’s Executive Program.
What if we told you there was a magical FREE way to determine which careers you should be pursuing in your job search?
Okay, so it’s not exactly “magic”âbut it’s pretty close.
It’s Work It Daily’s Career Decoder Quiz.
This career assessment quiz will help you determine your workplace persona. This key piece of information is incredibly helpful to have as a working professional. Here’s why understanding your top personas is helpful for your career…
Here at Work It Daily, we like to say that you are a business-of-one. That means you need to know how to market yourself effectively and build your personal brand. Taking this career assessment quiz will help you determine your professional strengths so you can market yourself more effectively to employers.
Knowing exactly what makes you happy on the job will make the job search much easier. You won’t be wasting your time applying for jobs you think you’d like; you’ll be focusing on careers you know you’d love.
You could really wow your potential employer by telling them what value you’d add to the company. This quiz will tell you your professional strengths and how you can capitalize on them in the workplace.
I’m sure you had tests in high school that were longer than this quiz. It only has 20 questions, and you can take your time answering them. Plus, the questions aren’t hardâjust answer them honestly! You’ll be glad you did it. And remember, there are no wrong answers!
Knowing this important aspect about yourself will help you in the long run. The more you know yourself, and how you function in the workplace, the better off you’ll be.
So, what are you waiting for? An important piece of your personal brand is waiting to be revealed!
Take our Career Decoder Quiz today.
So, what are you waiting for? An important piece of your personal brand is just waiting to be revealed!
Take our Career Decoder Quiz now.
A critical responsibility of an executive is to set up a proper budget for their organization. Setting a proper budget usually involves setting financial goals, identifying expenses and revenue streams, and creating a budget that helps drive business success. So, what are some practical strategies for creating and managing a successful budget?
We recently asked our executives how they set up a proper budget.
Here are their responses…
As an executive, setting up a proper budget is a critical responsibility that requires careful planning, analysis, and monitoring. Here are some steps to consider when setting up a proper budget:
In summary, setting up a proper budget requires careful planning, analysis, and monitoring. By following these steps, you can ensure that your organization’s financial resources are allocated effectively and efficiently.
Ana Smith helps people & organizations achieve their full talent potential by developing and co-creating people strategies and customized solutions, and turning them into impactful outcomes and collaborative relationships, using coaching as the “red thread.”
I love the time of the year when itâs time to work on the upcoming yearâs budget at the NFL.
For me, the budget is a living and breathing document. You just donât put in all the effort to file the budget in the filing cabinet once approved. More on that later.
I have a process that I follow every year. I keep a folder with all the notes and conversations that I had to build the budget. I keep various budget versions as I move to the final approved budget.
My budget process goes as follows:
1. Current Year Actual
The current yearâs actual P&L numbers will be my basis for the upcoming budget cycle.
I go to each department head in our group and ask them if they have anything they want to buy or change that they didnât do this season. Also, I will ask if they have any one-offs that wonât be done after the season ends.
2. Game and Replay Officials â (CBA) Collective Bargaining Agreement
Seventy-six percent of the Football Operations budget is covered by the Game and Replay Officialsâ salaries and travel expenses agreed upon in a seven-year agreement between the NFL and the Officialsâ Union.
So, I only have control of 24% of the Football Operations budget.
3. VP & Finance Review
This is when I sit with my boss and Finance to make any adjustments, then move to the approval of the budget.
4. VP & Commissioner Review
After Finance approves the budget, my boss sits with the NFL Commissioner on what the department wants to do in the upcoming year.
The Commissioner doesn’t have the time to go through the entire budget page by page. So, I draw up a âone-pageâ report. This is a simple one-pager with one number at the top of the page, representing the current yearâs âactualâ spend. In the middle of the page are the budget changes for the upcoming year. At the bottom is the total budget for the upcoming year.
5. Finally, the Living and Breathing Part
Now that I have a final version budget in my hands, I will bring life to the budget by calendarizing the budget. That means I will spread the budget over twelve months, showing when to spend the money. That means I can discuss how we are pacing every month or quarterly, from budget to actual.
Michael Willis has 18+ years of experience working with accounting & sports organizations and has managed P&Ls of $10M – $125M+ with budgets of $3M-$50M+. He worked for the NFL for 22 1/2 years, mainly with the game officials working on the financial/accounting side of the business.
As a brand marketing executive, a well-planned marketing budget is critical to strategically allocating resources, outlining a successful marketing strategy, maximizing return on investment (ROI), and effectively reaching your target audience. Creating a marketing budget may seem daunting, but it doesnât have to be. Here are six steps to help you set up a marketing budget that aligns with your goals and drives tangible results:
1. Define Marketing Goals & Objectives: Before diving into budget planning, clearly define SMART (specific, measurable, attainable, relevant, and time-bound) marketing goals and objectives. For example, what are you looking to do? Increase brand awareness or consideration, generate leads or conversion, drive loyalty or advocacy? Understanding your objectives will guide your budget allocation decisions and ensure your marketing efforts align with your business goals.
2. Conduct Analysis & Research: Analyze historical marketing data and conduct research that will provide valuable insights for budget planning. Evaluate the performance of past marketing campaigns, identify successful strategies, and pinpoint areas for improvement. Additionally, research market trends, customer behavior, and competitor activities to make informed budgetary decisions.
3. Develop a Marketing Plan: Develop a marketing plan with strategies and tactics aligning with your goals and objectives. Part of the planning includes researching the costs of the various marketing tactics. This is when you can determine which budget line item you want to include, how much money you want to allocate, and when you plan to spend it.
4. Estimate Marketing Costs: When submitting your marketing budget estimates for approval, it is crucial to accurately forecast how much you anticipate spending, as once approved, these estimates become your budget. Research industry benchmarks, obtain vendor quotes, and consult with your team to accurately estimate the costs involved.
5. Develop a Marketing Budget: Set a realistic marketing budget considering your financial resources, revenue projections, and the estimated costs of executing your marketing campaign. Strive for a balance between ambition and realism to ensure you have sufficient funds to support your activities throughout the budget period.
6. Monitor & Adjust: Regularly monitor and evaluate the performance of your marketing activities to ensure your budget is being utilized effectively. Track key performance indicators (KPIs) such as conversion rates, cost per lead, and customer acquisition. Identify areas that require adjustments or optimization. You can optimize your budget allocation for maximum impact by staying agile and responsive to data-driven insights.
Setting up a proper marketing budget requires careful planning, data analysis, and an understanding of your business goals. Then, you can create a budget that drives measurable results, strengthens your brand, and propels your business toward success.
Lisa Perry helps companies build leadership brands, driving loyal customers & delivering profitability. She does this through a process that builds brands consumers love. Her goal is to help companies develop, monetize, and grow their brands.
How do you set up a proper budget? Join the conversation inside Work It Daily’s Executive Program.
Do not read this today or tomorrow. Wait until Tuesday! Enjoy your long weekend. Do something just for you and unwind! When you are ready to read this, it’s a meaty one! There are articles that address many different job search and career topics. You’ll find: Follow the authors of these articles to stay up-to-date […]
The post Summary Sunday: Issue #522 appeared first on Career Sherpa.
When you are a teacher, your main responsibility will always be to your students. However, itâs also crucial to think about your own career and decide how you want to enhance it. This wonât take away from your teaching and how you can help the children youâre in charge of. Instead, it will give you […]
The post How To Enhance Your Teaching Career appeared first on Jobacle.com.