There are many reasons why succession planning in a business doesn’t always go to plan. This could be that there is a limited pool of qualified internal candidates, poor advice from key advisors, or a reluctance to take on the task in general.

Fears around succession planning come – rightfully – more often from smaller or mid-size companies. Given the current economic realities, many small businesses are focusing more on “keeping the lights on” than creating a succession plan. It’s with these kind of situations, you may want to do some research into what approach works for your particular business. Either way, as studies suggest, failing to address succession needs can have dire consequences.

To carry out a succession plan effectively, consider these stages listed and, in doing so, take the steps to preserve the continuity of your company.

STAGE 1 – Start at the top

C-Level engagement is crucial to ensuring company confidence is behind the succession process. CEOs, CFOs, COOS and all other C-Level executives need to set the stage for the process – this will guarantee that employees feel reassured and positive throughout the process (which won’t just happen overnight, but may possibly take years to plan and enact).

Without executive leadership, most succession strategies fail to get going. Develop a business case for succession planning which sets out a vision and a long-term plan for the business.

Alongside senior executives should also be the HR department, who can ensure that a fine balance is maintained throughout the process between a data-driven and a people-centric approach.

STAGE 2 – Your approach to the process

The best succession plan is multi-level. Not only does it set out arrangements for senior and executive roles, but also for critical roles that are several levels below the most senior roles in the company.

Similarly, an approach that considers unconscious bias is also a strong one. Women and culturally diverse employees traditionally (but not always) have less experience, and so try and go about your plan with gender-neutral and race-neutral standards. This will encourage inclusion and provide support to those employees that may desire extra training.

Lastly, think also about identifying your “at risk” roles which can be given extra thought when creating your succession plan.

STAGE 3 – Develop potential leaders

Succession planning presents opportunities for employees (or next-generation leaders, if you are a family-run business) at your company to take on more responsibility. They can step up to the mark on certain tasks that you, as a leader, may have reverted away from whilst focusing on your succession plan.

Ensure that you consider your talent within the company before seeking external candidates. Apply a rigorous assessment to your succession plan to determine whether you have the internal, high-potential candidates. This saves time and money down the line.

If this does not work out in your favour, supplementing with outside expertise is also beneficial as it brings fresh skills and new visions.

STAGE 4 – Document the process

Throughout the process, make sure to note down each action and step you have taken, so that, when the process is over, you have a depth of information ready to inform future processes.

It is especially important to remember the particular demands of each key position – not every position requires the same approach, and you may be surprised that positions several levels below the C-Level actually take more time and dedication to fill.

When it comes to supply chain planning solutions, each business owner has their own needs. Some are looking for a simple but effective solution that doesn’t require extensive training or outside support, and others are looking for something with every bell and whistle included in the price.

What is a supply chain plan?

A supply chain is a network of people and systems that work together to bring your product or service to market. It starts with the raw materials and continues through every step until it reaches the consumer, including manufacturing, warehousing, transportation, distribution, and storage.

It includes planning for how much inventory is needed at every step along the way and figuring out how that product will get where it needs to go. For example, how much should you order? Who will bring it where? How are they getting there?

With so many options on the market, though, it can be hard to find one product that covers all of your bases.

Below are features to look for before settling for a supply chain plan;

1. Forecasting

Forecasting is where most planning solutions fail; they can pull data but lack the precision that business owners need. If you’re looking for more advanced forecasting software, it’s essential to consider what forecast solutions your business needs.

For example, if you’re a retailer with slow seasons and are open year-round, you will need a forecasting solution to manage slow sales during off-peak hours. If you’re in the foodservice industry (i.e., restaurant or hotel), taste, health, and safety are big issues for this type of business; therefore, a forecasting solution that can accommodate changes quickly may be a better choice.

2. Customization

Will your solution allow you to customize reports? Many businesses come in under budget when it comes to purchasing reports. A good plan should include many different standard reports and give users the ability to create their custom reports.

3. Transportation Management

Do you have enough space on your truck or van for all of your products? Are you adding new vehicles or expanding your fleet due to new business? If so, you need a transportation management system that can help you maximize space and improve operations.

4. Collaboration

Collaborative planning goes beyond just pulling data and delivering reports: it includes sharing that data, allowing planners and account managers to view relevant information and work together.

5. Advanced Reporting

Does your solution allow for easy report customization? Will the reports you receive be customizable as well? If not, look for a solution that provides flexible reporting options or data visualization. It’s essential to consider the capabilities of your supply chain planners and how they will use the software before making your purchase decision.

6. Alerts

Alerts are helpful for ongoing improvement. While standard alerts may be included in your solution, look for additional alerts that trigger when issues arise. These alerts should also go beyond the basics of sending out an email or text message to provide deeper analysis and insights into problems.

As you can see, there are many factors to consider when choosing a supply chain planning solution. Keep these tips in mind to make sure you’re investing in the best possible tool for your business.

Why Technology Should be the CFO’s Best Friend

The role of the CFO has broadened significantly in the last 20 years. It’s no longer enough to have an accountancy degree and experience of raising funds. Today, you need to have fingers in many more pies, building a holistic view of your organisation. And, of course, one of those pies is technology.  Understanding how tech can be used to enhance the performance of the business you work for, as well as the customer experience and perception, is integral to executing your role fully. That includes a whole arsenal of technological tools and applications. From payment gateways to RPAs. And to do that you need to develop a digital mindset.

The power of the digital mindset

Developing a digital mindset is the key to understanding where technology can be used to full effect within your business. Not just through the onboarding of individual products, but understanding the full potential benefits and impacts of comprehensive technical integration. And how those products can overcome the challenges your company faces. For the creation of a unified digital strategy, it’s imperative that you understand the potential for interconnectivity between the key technological components within your business – big data, cloud, automation – and maximise that potential as best you can. Because it can have a serious impact upon your ability to raise investment.

How can technology be used to supercharge fundraising efforts?

As we move into 2022, CFOs have various tech avenues at their disposal. Tools that can help with planning, strategy, and productivity. Data collation, assessment, and management tools. And tools that can help with the identification of unexpected opportunities.

Data science

Every successful fundraising initiative comes down to data. Data science gives you the power to build systems and extract data for insight-driven decision making. With the right data to hand, you have the evidence you need to influence strategy and improve your company’s ‘kerb appeal’. While investors have the evidence they need to make a positive investment decision.

Robotic process automation (RPA)

In finance, RPA relates to the use of software to automate key tasks and processes. This might be financial statement preparation, or account reconciliation. It means that essential – yet often tedious – tasks can be accurately and effectively managed without taking up additional manhours. Preventing burnout in your workforce, and saving your business unnecessary expenditure as your employees are using their time more productively elsewhere. It can also help to reduce costly mistakes, as people are far more likely to enter data inaccurately than an RPA programme. Together, these factors make your business a far more attractive proposition for investors.

Artificial intelligence (AI)

Using machine learning to process and identify data patterns, AI has significant reach for the CFO. It can enhance security measures, detect and prevent fraud, free employees from repetitive tasks, predict cashflow, facilitate lending, build predictive models, and protect data, among other things. Its goal is time saving and efficiency increasing. Its bi-product is increased data insights for minimal investment. Allowing you to present the best possible data to potential investors.

Internet of Things (IoT)

The IoT works in tandem with all of the above applications, and much more besides. Its remit is the gathering and transferal of data, from smart lighting and other office sensors, to whole city management. And in finance it can be used for the processing of large quantities of data. Both historical and contemporary. Resulting in better decision-making, better service, and better planning. IoT tech is also almost infinitely scalable. And scalability is a big plus on any investor’s checklist.

The potential for technology to support CFOs is increasing every day. And its capacity lies in its ability to make your work and your business more effectual. Of course, it can streamline processes – that’s what technology has always done. But it can also provide incomparable insights which can not only allow your business to grow. But can give your investors the confidence they need to put their money in your hands.

The phrase “smart office” has become a bit of a buzzword over the last couple of years, but what does it mean? A smart office is a high-tech workplace designed to improve the office environment and make employees more productive and efficient using connected technologies and analytics.

Smart offices use a range of technologies, from video conferencing software and analytics tools to desk booking software, which all aim to support an enhanced, more seamless work process. According to some research reports, the size of the smart office market is growing rapidly, and by 2025, its global market size is projected to hit USD 57.05 billion. This all sounds good, but what exactly are the benefits offered by smart offices? Let’s take a look.

Productivity

With the implementation of more smart technology and better devices, you will likely see increased productivity in your business. Technologies like meeting room booking and desk booking software will help employees quickly and conveniently find available spaces throughout the workplace. This improved utilisation of real estate and equipment will help improve productivity throughout the office.

Smart technology gives employees increased flexibility over their workplace, schedules and communication. This leads to increased satisfaction, greater ownership over their work and a happier, more productive workforce.

Communication

Improved communication is another benefit of smart office technology. With smart offices, you can integrate several platforms that make keeping in touch with your teams and employees easier than ever before. Simple to use video conferencing software and communication platforms streamline communication and make emails look like a thing of the past.

Poor communication is a leading cause of poor performance. Therefore, an improvement in communication is likely to provide even more benefits to your business than just enabling teams to catch up, socialise and get to know each other.

Employee Retention

It doesn’t matter how good your employees are if you can’t offer them a good workplace culture and connect them as a team. Without a connected workforce, it will be challenging to achieve the desired business performance. This will eventually lead to most of your top talent leaving you for companies that offer a healthier business culture.

Smart offices can connect each member of the team through improved communication. As we previously mentioned, different forms of communication software can help build relationships, promote harmony throughout your workforce and improve employee retention.

Sustainability

Although it might sound counterintuitive, becoming a more sustainable business can positively impact your profitability and success. ESG (environmental, social, and governance) metrics are often used to determine how sustainable and ethical a company is. According to McKinsey, the higher a company’s ESG, the more likely they are to outperform the market.

So, how can a smart office help drive your sustainability goals? Smart offices can use integrated technologies that control temperature and lighting, etc. That means your smart office can use energy more efficiently, thus becoming more sustainable while also saving money. Smart technology can help you manage your workspace better and make it more environmentally friendly and future-proof.

Security

Employee safety is a major concern for many industries. Most importantly, your employees need to be safe, which in turn can improve productivity and employee wellbeing. However, with increased security measures, companies will find that their liabilities insurance, compensation and social security expenses are reduced.

So, this all sounds great, but how can a smart office increase security? There is a range of smart technologies that can be implemented by a business to improve security. As well as smart cameras and sensors that keep an eye on the activity in and around your business, workplace management systems can help control who enters and exits your business premises with advanced visitor management software. Visitor management software is feature-rich, easy to deploy and highly customisable, making it an important feature of your new smart office.

A Smarter Future

So, there you have it. Technology plays a major part in our everyday lives, but what about the place where we spend eight hours or more a day? It’s time to smarten up your office and watch your business and employees reap the benefits. Workplace management solutions like Cloudbooking help you undertake the digital transformation with technology that can change the way you work.

With globalisation, companies are now forced to compete not only locally but also internationally. If a business is not able to communicate with customers from another country, they are likely going to lose them.

In order to avoid this, businesses should start looking at their language services and promote multi-language business strategies that reflect the diversity of their customers. There are many reasons to do this – we’ve put together the main ones for you to learn more about in this article.

So – Why Invest in Languages?

The benefits of language training for employees are vast and varied. By investing in language training, businesses can improve employee retention, reduce costs, boost creativity and innovation, bridge cultural gaps, encourage teamwork, improve work performance and attract top talent.

So if you’re looking for ways to improve your business, here’s a more in-depth look at 8 of the key reasons why you should consider investing in business language education.

Investing in Language Training Can Boost Employee Retention

When done correctly, language learning can be an extremely rewarding experience for employees. In fact, 70% of workers who receive language training are more confident in their work, whether in teams, or with external partners and suppliers. It can provide them with a sense of accomplishment, and it can also help them feel more engaged with their work. When employees are engaged in their work and feel like they are being invested in by their employers, they are less likely to leave their positions and go elsewhere.

Business Language Skills Reduce Costs and Increase Sales

Businesses with employees who speak multiple languages will be able to expand their operations abroad, increasing sales and reducing costs. A multinational company with multilingual staff can reduce spending on translation and interpretation services by increasing the number of international offices and making more products available in foreign markets.

Employees who speak the languages of the target markets will also be able to effectively interact with business partners and customers, both online and offline.

Language Learning Boosts Creativity and Innovativeness

Speaking a foreign language is one thing, but thinking in a foreign language is another. When people acquire a new language, not only do they learn new vocabulary, they also gain a different perspective on the world. This can lead to increased creativity and innovation in the workplace.

Language Investments Help Bridge Cultural Gaps

In a globalised world, businesses are increasingly working with partners from different cultures. By learning new languages, businesses can break down the cultural barriers that often stand in the way of successful collaborations. Employees who are able to communicate in multiple languages will be better equipped to understand and work with people from other cultures.

Business Language Training Encourages Teamwork

Multilingual employees can act as bridges between different departments and teams within a company. They can help to facilitate communication and cooperation between co-workers who speak different languages. This can lead to more effective teamwork and improved productivity.

Learning Languages Improves Work Performance

There are numerous benefits to learning a new language at work. Employees who learn a new language will improve their multitasking, problem-solving and organisational skills. It can also enhance concentration and focus, helping them to stay on task and be more efficient with their time. As a result, employees who learn languages may actually be more productive.

Language Learning Can Help Businesses Attract Top Talent

As globalisation continues to change the business landscape, businesses are competing for top talent with international companies like never before. Language skills can give your company an advantage when it comes to hiring and recruiting in-demand bilingual employees. The right employee language training can help you to attract and retain the best, most qualified employees in your industry.

Business Language Training Helps You Break Into International Markets

Businesses that want to expand into foreign markets will need employees who speak the language of their target market. By learning a new language, businesses can more easily break into an international market, increase sales and expand the bottom line.

How To Invest in Business Language Training

Now that you know the main reasons for businesses to invest in languages, it’s important to invest in your language training effectively.

To effectively invest in business language training, you should first develop a clear language training strategy. This can include everything from determining how many languages you want to learn and what languages your employees will need, to selecting the type of business language training best suited to your company’s learning and timescale needs.

After that, you should take steps towards making your business language training plan a reality. It’s important to make sure you hire an expert business language training company with native-speaking trainers and specialist business language expertise.

You should also choose a business language training programme that is highly practical, flexible and can work to your business needs. This could mean an online learning platform or classes that take place in the comfort and convenience of your own office.

The steel industry in China is big business, and one of the largest operations in the country. It’s also a very competitive industry. For people like Du Shuanghua, making sure his business is moving forward and succeeding in the marketplace is vitally important. Among the ways to do that are keeping a focus on what customers want, making sure to understand what the competition is doing, and looking into how new technology can be used to improve the company’s standing in the marketplace.

That last area of focus is the one where Du Shuanghua and Rizhao Steel have taken the industry by storm. With the introduction of endless strip production (ESP) technology, he has truly revolutionized the steel industry in China. That will likely spread to other areas of the world, as the technology continues to allow companies to do more, both faster and more easily than ever before. Now, the steel strips needed as starter pieces to a wide array of products can be made continuously, for higher production levels.

Additionally, the ability to create such long strips means fewer problems with energy consumption, so there is a big cost savings with this technology. That’s not all, either, since the lowered need to make changes and adjustments to the equipment, or to handle more strips because they’re shorter, has also lowered the accident rate. With good performance, lower costs, and a move toward greener manufacturing, it’s no wonder that Rizhao Steel is excelling under the leadership of Du Shuanghua.

The market continues to expand with the use of this technology, as there are many opportunities to use the quality and value it provides in new ways. There have been attempts to create a similar type of ESP in the past, but they haven’t been successful or provided the same level of success that Du Shuanghua’s option has given the Chinese steel market. The ability to create this endless strip really does change the game, since it materially affects so many aspects of the industry.

Nearly all steel companies want to save money, and they know that there are only so many specific ways to do that. They can make less-expensive products, but that can lead to customer dissatisfaction. While the company may spend less for a while, they may also find that their overall bottom line and profit margins are negatively affected. Instead of making the choice to produce something cheaper, companies may look toward ways to continue to produce good quality that costs less.

That is where the endless strip production technology introduced by Du Shuanghua comes in. The quality of the steel being produced by Rizhao Steel is just as good, if not better, than it ever was in the past. But it’s also in longer strips, which means fewer stops to make changes and adjustments along the way. Not only does that keep employees safer, but it also means the machinery uses less energy than it otherwise would. Overall, those are big benefits the company and its customers can all rely on.

For Du Shuanghua and his company, perfecting ESP technology took time. Since others had tried it in the past, there were basic ideas to consider regarding what worked and what didn’t. But that didn’t solve all the issues, or make it completely easy to develop something that would be effective, or work properly, for the long term. It took Rizhao Steel time and effort to find the right way to produce endless steel strips. Now that they have it figured out, they have the competitive edge in the industry, at least for now.

Undoubtedly, other companies will try to produce similar results. But for the time being, they haven’t been able to do what Du Shuanghua has done. His leadership and strength has sent his company to the front when it comes to making steel that customers want and need, at a price that works for both those customers and the company. Add to that the lower energy consumption and higher levels of safety, and it’s easy to see why this new technology has provided so much value to the Chinese steel industry.

About Du Shuanghua

Du Shuanghua is the chairman of Rizhao Steel Holding Group. He is among the most successful entrepreneurs in China, and his company has won numerous awards and honors around the world. As one of the biggest steel manufacturers in the country, the company is often listed among the Top 500 Overall Enterprises, the Top 500 Private Enterprises, and the Top 500 Manufacturing Enterprises.

In addition to his work at Rizhao Steel, Du Shuanghua is also a strong philanthropist who wants to help ensure that people in his community are receiving what they need. Through the company, he has donated the equivalent of approximately $156.8 million to causes and enterprises focused on earthquake rescue, education, the alleviation of poverty, and medical care. He remains dedicated to the help and support of those who need it most.

Born in Beijing, he began working at a pipe factory when he was very young. At 22, he set up his own steel pipe company, and started building the business. That laid the groundwork for company growth and development, and helped make his enterprise into what it is today. By 2001 he had a series of companies, and they were all merged into one in 2003, with the creation of Jinghua Innovation Group Co., Ltd.

In that same year, Du Shuanghua worked with the municipal government of Shandong province on the creation of a world-class steel mill. It took only 181 days for the mill to be fully operational, which was considered a true marvel of engineering at the time. Chinese steelmaking is a highly competitive industry, and the impressive proportions and design of the mill did not go unnoticed. With a focus on the future, Du Shuanghua is able to continue growing his steel company and developing his philanthropic efforts.