Elevator Strategic Hub

Trimming the cables: Are you firing for the right reasons? Here's how redundancy is leading to job cuts 👉 https://lnkd.in/gufyy4FG #SOP #EmployeeRedundancy #EmployeeManagement #ElevatorIndustry

Adding a Layer of Protection for Elevator Businesses  that Rely Heavily on Key Employees 🛡️👷 What impact would the business experience have if it lost a very important employee to sudden death or disability? 🤔   What happens when a key employee becomes disabled or unable to work? Suppose you or one of your key employees becomes too sick or hurt to work. In that case, you may find yourself dealing with some unexpected challenges, including loss of seasoned management skills, disruption of business and revenue generation, and increased expenses for hiring and training a replacement. In worse cases, smaller businesses could even shut down entirely. To mitigate this risk, key employee disability insurance can give a company options beyond immediate bankruptcy. Key employee disability insurance, commonly known as key person insurance, is a policy that will pay short-term benefits to the business until the key employee recovers from his or her disability, or until he or she can be replaced. It gives the business financial protection and allows its continuity amidst the disruptions caused by losing an important employee. It's encouraged to work with an experienced insurance agent to determine the most cost-effective options for your elevator business. By taking the time to carefully evaluate your company's needs and working with an experienced insurance agent, you can ensure that you have the coverage you need to weather any unexpected events.      Access the full article on our blog >> https://lnkd.in/gmaxhiHx Read time: 3 mins    If you want a more in-depth discussion on Key Employee Disability, please contact us at (727) 506-3478 or info@elevatorstrategichub.com.    #KeyEmployee #EmployeeDisability #KeyEmployeeDisability #KeyPersonInsurance #ElevatorStrategicHub 

Out With The Old and In With The New 👨🔧 Employee turnover in the elevator industry presents unique challenges due to the specialized nature of the work and the importance of safety. However, with a well-structured employee turnover replacement plan, companies can reduce the negative effects and ensure smooth operations. 🧰⚙️🔧   Employees leaving your company can be a big blow to the organization’s overall productivity, morale, and finances. In the elevator industry, employee turnover can disrupt operations, delay projects, and increase costs-- and finding, hiring, and training new employees takes time. To reduce the impact of employee turnover, a good replacement plan should be implemented. Proactive recruitment strategies are essential. Continuous recruitment helps build a pipeline of potential candidates, ensuring vacancies can be filled quickly. Robust training and development programs help new employees integrate quickly by covering technical skills and company culture. Identifying key positions and developing plans to ensure these roles are always filled is essential. Cross-training employees to handle essential tasks can reduce downtime during turnover. Employee turnover, though often seen as negative, is a normal and necessary part of business evolution as careers progress and companies adapt. In the elevator industry, this turnover poses unique challenges due to the specialized skills required and the critical importance of safety. However, a well-structured employee turnover replacement plan can mitigate these challenges. By focusing on proactive recruitment, comprehensive training, effective succession planning, strong employee engagement, companies can maintain smooth operations and minimize disruption.      Access the full article on our blog >> https://lnkd.in/gBNsyY8H Read time: 3 mins    If you want a more in-depth discussion on Employee Turnover Replacement Plan, please contact us at (727) 506-3478 or info@elevatorstrategichub.com.    #EmployeeTurnover #TurnoverReplacement #EmployeeManagement #Entrepreneurship #ElevatorStrategicHub 

🙅♂️ Handling Rogue Employees and Maintaining Accountability in the Workplace 🙅 There's a fine line between allowing your team to work independently and fostering a culture where no one is accountable for their decisions, actions, and behavior. 🚩 Why would people who play an important role in your company’s results and are presumably compensated for those results decide they no longer want to follow your guidelines? ‘No Accountability’! Highly talented or ambitious employees not held accountable for actions and behaviors that reflect professionally on the company will eventually lose respect for the boss. They might undermine the direction, make their own decisions, and manipulate others to follow their lead. Not all highly valued employees are susceptible to this, but those with self-serving intentions about who’s really running the company often are. Rogue behavior can start from a fundamental disagreement over how the business is run or a feeling that they are not receiving the reward they feel entitled to. It can also sprout from someone who was passed over or is continually overruled on big decisions. Turning a blind eye can create a hostile work environment and the loss of good employees who are tired of the games. Letting key employees go rogue takes time to cultivate. There are usually plenty of signals that behavior is heading in an unhealthy direction. Whatever you do, don’t dismiss or avoid it—it will not resolve itself!      Access the full article on our blog >> https://lnkd.in/gN9nFEue Read time: 3 mins    If you want a more in-depth discussion on Rogue Employee Management, please contact us at (727) 506-3478 or info@elevatorstrategichub.com.    #RogueEmployee #EmployeeManagement #Entrepreneurship #ElevatorStrategicHub 

Strategic Elevation Plan (SEP): Laying the Groundwork to Elevator Business Planning 🤓💡📈 Business planning isn't just about the present—it's about shaping your future and taking intentional steps to realize your goals. 🎯   Strategic Elevation Plan (SEP) is a comprehensive, structured approach designed to help elevator business owners and entrepreneurs develop a robust strategy for growth and success. The SEP offers a powerful framework to reinforce elevator business operations focusing on 10 critical elements of business strategy. This plan involves setting ambitious goals, defining clear mission and vision statements, identifying your niche and ideal clients, and developing a unique value proposition (UVP). It also includes creating a proven process and guarantee, testing financial scenarios, and establishing strategic objectives. Elevator Strategic Hub offers a 10-part program helping elevator entrepreneurs establish a Strategic Elevation Plan for their business. SEP is the first part of esHUB's holistic coaching and mentorship program, consisting of four key components: SEP, Strategic Operations Plan (SOP), Strategic Analysis Plan (SAP), and Sharpen the Saw (STS).    Access the full article on our blog >> https://lnkd.in/gdp3vQ-a  Read time: 3 mins    If you want a more in-depth discussion on Strategic Elevation Plan (SEP), please contact us at (727) 506-3478 or info@elevatorstrategichub.com.    #StrategicElevationPlan #SEP #BusinessPlanning #StrategicPlanning #ElevatorStrategicHub 

Pressure Test Your SWOT Analysis to Ensure That It is Realistic & Actionable ✔️ By validating assumptions, identifying biases, and regularly updating your analysis, you can make informed decisions, mitigate risks, and seize opportunities.  �� Staying competitive means more than just delivering top-notch products and services. To truly benefit from your SWOT analysis, you must pressure-test your findings. This process ensures that your analysis is robust, realistic, and actionable. It begins with validating the accuracy and relevance of each element: are your strengths truly distinctive? Have you accurately identified all potential vulnerabilities? Are your opportunities feasible with your current resources and expertise? Are the threats realistic and probable? Biases and assumptions can skew your SWOT analysis, leading to poor strategic decisions. Which is why it is important to challenge these biases by seeking external input. Key assumptions to consider include market assumptions, internal capabilities, financial assumption, and external environment. By validating assumptions, identifying biases, and regularly updating your analysis, you can make informed decisions, mitigate risks, and seize opportunities.     Access the full article on our blog >> https://lnkd.in/g4d9vcTD  Read time: 3 mins    If you want a more in-depth discussion about pressure-testing SWOT, please contact us at (727) 506-3478 or info@elevatorstrategichub.com.    #SWOT #PressureTest #SWOTAnalysis #ElevatorStrategicHub

🚀 Propel Corporate Vision Forward with SMART Rocks 🎯 Prioritize activities with the most significant impact on your long-term vision.     Rocks are key to advancing your business. Derived from Stephen Covey’s BIG rock theory, these primary quarterly goals ensure team alignment and growth. To set SMART rocks, start by defining your vision and understanding your long-term business goals. Identify the top priorities that will help you achieve this vision. Ensure your team understands and agrees with these priorities. Make each rock measurable with specific goals that track progress and ensure accountability. Assign responsibility to specific individuals or teams for each goal and review progress regularly, making adjustments as necessary. Celebrate successes and learn from failures. To be effective, rocks should be SMART: Specific, Measurable, Attainable, Realistic, and Time-bound. Goals must be clear, measurable, and achievable within a specific timeframe. Consistency in setting and tracking SMART rocks is key. Foster a culture of open communication and leverage employee input for business success. With SMART rocks, there’s no limit to what you can achieve!    Access the full article on our blog >> https://lnkd.in/gF_DCBZR Read time: 3 mins    If you want a more in-depth discussion about setting SMART Rocks, please contact us at (727) 506-3478 or info@elevatorstrategichub.com.    #SMARTRocks #SMART #Rocks #Entrepreneurship #ElevatorStrategicHub 

Deciding Between Short-term and Long-term Opportunities for Your Elevator Businesses 🤔 The goals and expected duration of initiatives differ greatly depending on whether you are looking at short-term quick hits or long-term game changers to drive your elevator business' growth strategy.  🎯   When running an elevator business, a key strategic decision entrepreneurs must make early on is whether to pursue quick wins from short-term opportunities or make longer-term plays to fuel sustainable growth. Both routes have pros and cons, which is why it is important to establish a clear understanding of what constitutes a short-term opportunity versus a long-term opportunity. While short-term opportunities offer faster returns, long-term efforts require more patience. Short-term opportunities usually happen within less than 1-2 years with goals that are easily achievable during this quick timeframe. Long-term opportunities will need at least 3-5 years or even more, with goals being achieved gradually. When assessing whether to allocate limited time and resources to short-term versus long-term opportunities, elevator business owners must carefully evaluate the company's risk tolerance, available capital & resources, strategic vision & positioning, required time investments, and opportunity cost. Deciding between short-term quick wins or long-play exponential growth opportunities represents an important strategic “build versus buy” decision point for elevator businesses. Getting these early strategic calls right on allocating scarce resources between shorter versus longer duration opportunities ultimately impacts a company’s growth trajectory.    Access the full article on our blog >> https://lnkd.in/gZpErwR2 Read time: 3 mins    If you want a more in-depth discussion about short-term and long-term opportunities, please contact us at (727) 506-3478 or info@elevatorstrategichub.com.    #Opportunities #ShortTermOpportunities #LongTermOpportunities #BusinessOpportunities #Entrepreneurship #ElevatorStrategicHub 

Move Towards Your Goals by Breaking It Down Into Manageable Steps, Year by Year 📅🎯 Crafting a thorough 3-year plan is a valuable tactic for clarifying immediate ambitions and plotting a path to reach them.    A 3-year plan comprises strategic and precise actions directed towards a specific goal or objective. It serves as a roadmap to guide your decision-making and resource allocation, ensuring alignment with your desired outcome. Formulating a plan with well-defined objectives fosters intentional work practices, promoting organization and effective time management in your daily tasks. However, crafting a 3-year plan shouldn't be done hastily. Revisit and refine your BHAG to maintain realism and develop a plan that aligns with your overarching mission. Once your BHAG is established or refined, the next step is to break it down into more manageable milestones. Determine where you should be year after year to accomplish this, and then outline your financial goals for each year. To ensure these steps can be measured, it has to be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. This makes it easier to have an execution plan, and it increases the likelihood of a successful execution.     Access the full article on our blog >> https://lnkd.in/g2PG8PKU  Read time: 3 mins    If you want a more in-depth discussion about creating a 3 Year Plan, please contact us at (727) 506-3478 or info@elevatorstrategichub.com.    #3YearPlan #BHAG #ShortTermGoals #LongTermGoals #ElevatorStrategicHub #Entrepreneurship 

Discern the Influences Shaping Strategic & Action Plans Through SWOT Analysis 🧐 Conducting a SWOT analysis proves instrumental in guiding business strategy discussions as it identifies avenues for improvement and leverages competitive advantages while mitigating risks and preparing for future challenges.    A SWOT analysis provides a structured approach to assess a company's competitive position and facilitate strategic planning. This method evaluates internal and external factors, considering current circumstances and future potential. It serves as a valuable tool for organizations to develop effective strategies, make informed decisions, manage risks, and evaluate performance. SWOT analysis centers on the identification and assessment of the four components of its acronym: Strengths, Weaknesses, Opportunities, and Threats, which enables businesses to align their goals with their capabilities and navigate the dynamic business landscape with clarity and confidence.     Access the full article on our blog >> https://lnkd.in/gWhxeveX  Read time: 3 mins    If you want a more in-depth discussion about SWOT analysis, please contact us at (727) 506-3478 or info@elevatorstrategichub.com.    #SWOT #SWOTAnalysis #StrategicPlanning #Entrepreneurship #ElevatorStrategicHub