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WHAT KIND OF LEADER ARE YOU?

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WHAT KIND OF LEADER ARE YOU?

When we’re asked to think of examples of good leaders, we often cast our minds to figures that were instrumental to significant changes in the world; people like Martin Luther King Jr. and Winston Churchill.

But try to identify what it is that makes these people the same and you might stumble. Because the truth is, there isn’t one right way to lead. Different characteristics in authority figures create different outcomes; the type of leader that might thrive in one environment could flounder in another.

Telephone answering experts Call Care, rounded up these characteristics and narrowed them down to four key types of leader;

The charismatic leader

History has looked pretty favourably upon charismatic leaders. Among their ranks are plenty of people who have genuinely changed the world for good and have become very famous in doing so; their excellent communication skills makes them fantastic public speakers.

Typical character traits:

They’re inspiring — charismatic leaders are unrivalled when it comes to inspiring their employees. They’re able to connect with people quickly on a personal level in a way that boosts morale and makes staff want to work that little bit harder.

They’re great communicators — it’s no coincidence that charismatic leaders end up taking to the world stage. They’re able to communicate a clear vision and engage with a large audience, which often makes them influential in their field.

They bring a sense of mission — organisations run by charismatic leaders work towards a shared goal and are allowed to take the initiative to do so, which can be especially fulfilling for certain personality types.

Charismatic leaders you may know:

  • Winston Churchill
  • Martin Luther King Jr.
  • Sir Richard Branson

The collaborative leader

Collaborative leaders are real team players. They’re great at making others feel valued by being excellent listeners, and they’re less traditionally authoritative than other leader types.

Typical character traits:

They share the credit — collaborative leaders don’t just collaborate: they make sure people get recognised for their ideas. This helps boost employee morale and makes staff more willing to share their ideas.

They manage tensions — being great listeners means that collaborative leaders often hear about employee frustrations before they become a problem, allowing them to increase staff retention.

They get different groups talking — by acting as mediators between different departments, collaborative leaders help improve communication throughout their institutions to get projects done to a higher standard.

Collaborative leaders you may know:

  • Sheryl Sandberg
  • Abraham Lincoln
  • Jeff Bezos

The calculated leader

Calculated leaders are all about the numbers. They’re great at using empirical evidence to make smart choices for the future of their institution.

Typical character traits:

They work hard — calculated leaders are obsessed with getting it right, and put in plenty of elbow grease to reach the best conclusion. This can win over employees who respect a boss that can walk the walk.

They’re not prone to making rash decisions — calculated leaders don’t make a call based on a whim, meaning they’re less likely to miss things that could hurt their business if forgotten about.

They’re process-driven — implementing effective processes to make their company a well-oiled machine is important to a calculated leader. This helps employees produce a lot of high-standard work in a short space of time.

Calculated leaders you may know:

  • Warren Buffet
  • Mary Barra
  • Mark Zuckerberg

The no-compromise leader

Like charismatic leaders, no-compromise leaders often become renowned figures in their industries thanks to their no-nonsense stance on otherwise complex issues.

Typical character traits:

They get things done — employees know exactly what a no-compromise leader wants, which makes it easy to prioritise what needs to be done and by when.

They’re confident — no-compromise leaders exude confidence, which can be reassuring and even inspiring to some personality types. This confidence also prevents them from being taken advantage of.

They make decisions quickly — by creating environments where clarity is prioritised over collaboration, no-compromise leaders can make decisions about new developments quickly, giving them the edge in making the most of a new opportunity.

No-compromise leaders you may know:

  • Lord Alan Sugar
  • Peter Jones
  • Steve Jobs

Speaking on the subject of leadership types, Gemma Harding’s from Call Care said: “In today’s diverse working culture, it’s more important than ever to understand how different types of leaders can be effective in their environments.

“Identifying the kind of leader we are can help make us more aware of our own strengths and weaknesses so that we can better anticipate how to best tackle the obstacles that come our way.”

David Ingram, Managing Director of Digital Marketing Agency Bring Digital, commented: “It’s encouraging to see that there’s no ‘one-size-fits-all’ approach to good leadership. It’s useful for managers and CEOs in any business to understand how they work, so that they can be more intentional in making both themselves and their employees happy.”

Not sure yet what kind of leader you are? You can take our quiz here.

Business

An unprecedented Black Friday: How can retailers prepare?

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An unprecedented Black Friday: How can retailers prepare? 1

Retailers must invest heavily in their online presence and fight hard to remain competitive as a second lockdown stirs greater uncertainty

With an unprecedented Black Friday and Cyber Monday weekend on the horizon (27th – 30th November), eCommerce hosting and consultancy expert, Sonassi, advises retailers to strengthen their online presence and make the necessary preparations for a fatigue in consumer spending.

James Allen-Lewis, Development Director at Sonassi, explains: “This year’s golden quarter has squeezed together three of the biggest sales periods like never before, meaning retailers will have to fight harder than usual to remain competitive this Black Friday. With greater discounts over a longer period of time, alongside the fact that a second lockdown has moved everyone and everything online, retailers will be battling it out for a share of decreasing consumer spending.

“However, this sense of uncertainty should not deter merchants from implementing their sales strategies this Black Friday and Cyber Monday weekend. Instead, they must go further than simply providing online discounts and tackle challenges head on by re-focusing their efforts on creating a highly competitive user experience. Successful merchants will make the necessary preparations for a change in consumer demand and invest more heavily in their eCommerce infrastructure.

“One way in which retailers can do this is by using last year’s Black Friday as a case study to inspire their future response. For example, retailers should take note of the key consumer behaviours that transpired throughout last year’s mega peak in discounting and plan accordingly for the upcoming Black Friday and Cyber-Monday weekend.

“Tactics such as providing the ultimate online delivery service and secure payment methods will also be pivotal for retailers looking to survive a fatigue in online spending. Consumers will look to retailers who do not overpromise on items like next-day delivery and ensure their checkout process is safe and frictionless for all. It is the retailers who embrace this fact and meet the needs of the conscious consumer that will win their share of consumers wallets.

Allen-Lewis concludes: “With Black Friday and the build-up to Christmas just around the corner, retailers must adapt to changing consumer demand, invest more heavily in their eCommerce infrastructure and focus their efforts on creating the ultimate online experience. The only way to plan ahead amid challenging times is to listen to the needs of the customer.”

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Optimistic outlook for 2021 public M&A

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Optimistic outlook for 2021 public M&A 2

Optimism is returning and the outlook is positive for the Australian M&A market in 2021 after a COVID-induced crash in deal activity in 2020, according to Corrs Chambers Westgarth’s tenth M&A 2021 Outlook report.

The special report reveals that an environment of historically low interest rates positions M&A as a significant means of achieving growth and generating returns, including for private equity firms looking to deploy capital and strategic buyers focused on complementary acquisitions.

With the unprecedented challenge of the COVID-19 pandemic, global political instability and arguably the greatest economic challenge since the Great Depression, M&A 2021 Outlook details somewhat surprising trends emerging for the next 12 months and analyses a number of common COVID-19 myths and their influence on future M&A deal making.

Corrs’ detailed examination of the Australian M&A market draws on data taken from the firm’s proprietary database of transactions combined with in-depth research for the 12-month period ending 30 September 2020.

Key trends identified in the report include a rapid escalation in M&A levels and an increase in creativity in pricing and speed in closing deals, while also highlighting the critical need for support from target shareholders. Conditions also appear to be set for a continued rise in equity prices as a result of the ongoing influx of capital into Australian equity markets, making it imperative that bidders employ strategies to move quickly on M&A transactions.

Discussing the M&A 2021 Outlook, Corrs Head of Corporate, Sandy Mak, said “Despite a challenging year, our research indicates that 2021 could well see the volume and value of deals continue to grow. We are already witnessing this uptick in activity and while some industries and sectors are seeing a faster rebound than others, early indications are that the wider public M&A market will continue to strengthen over the coming months.”

Based on its detailed research, the M&A 2021 Outlook report discusses further key findings including:

  • Deal volume and value is the lowest since 2016, however volumes have shown significant recovery since June 2020.
  • More than 50% of deals in 2020 were ‘hostile’ and not recommended at the outset.
  • 71% of deals over A$500 million were structured by way of a takeover – a significant increase from prior years – largely as a result of increased competition for assets through rival bids.
  • Despite border closures and the tightening of foreign investment regimes, the percentage of deals with foreign bidders has increased materially since April 2020.
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5 steps for SMEs to budget properly for the coming year

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5 steps for SMEs to budget properly for the coming year 3

By Fabio Comminot, Head of Dealing, Switzerland at Ebury, one of Europe’s largest Fintechs, has provided a five-step guide to make sure budgeting is done on time.

During the challenging times of COVID-19, it is difficult to forecast orders and costs. This is especially true for SMEs that operate internationally and therefore are exposed to currency fluctuations and market movements. So budgeting is immensely important.

Autumn is budget season for most companies. Upcoming project costs, sales and fixed costs must be defined or forecasted. Budget planning should be as accurate as possible right from the start of the process to avoid unexpected consequences at the end of the year..

With the effects of the COVID pandemic it has become difficult for all companies, no matter their size or history, to plan and make sales forecasts. Early planning and hedging are especially important for companies that work internationally and are therefore particularly exposed to currency risk.

These five steps will help SMEs take the right measures for the coming financial year, in time for budget season:

Step 1: Estimate your costs or sales in foreign currencies 

As difficult as it may seem, every company must estimate its expected fixed and variable costs for the coming year. Most companies can forecast their revenues based on experience or existing orders.

However, start-ups or young companies should also be able to at least estimate their costs including rents, insurance, wages and production costs. Special attention should be paid to costs or revenues that are spent or received in a foreign currency.

Step 2: Profit or cost assurance – define the strategy

As soon as an approximate plan for the coming year is in place, the company should consider the importance of currency management. Regular earnings or expenditures in foreign currencies are exposed to movements in exchange rates. If costs in a foreign currency are to be forecasted until the end of the year, the company needs to minimise volatility. This means that the exchange rate should be fixed so that there are no unexpected negative consequences at the end of the year.

Another option would be to protect the operating profit. Fluctuating exchange rates can rapidly ruin intended profit margins. In this case the company could aim to define the forecasted sales in the foreign currency and fix the margin based on this.

Step 3: Fix your budget rates 

The budget is set, the currency management goals are defined, the major part is done. Now it is a matter of defining the budgeted rates for the various currencies based on the current exchange rate. A buffer of about 5% can be useful when doing this – for example. instead of fixing the exchange rate from US dollar to Swiss franc at the current 91 cent, a rate of 95 cent could be budgeted. In this way, the minimum budget rate is defined and any negative exchange rate movement can be at least partially compensated for.

Step 4: Define the hedging strategy

With the targets and the budget course set, the next questions are: What currency developments can be expected? What is the industry outlook? Is the order situation relatively secure? Or is there practically no empirical data?

This step is where Ebury can support the company. Our experts in FX markets help answer these questions and begin to define the individual hedging strategy.

Step 5: Ensure a flexible fit

It’s done: the measures have been defined, now it’s time for implementation.

Ebury will implement the previous steps and , so that the company focuses on its core business. In contrast to traditional financial services providers such as banks, Ebury constantly monitors international trade and political events in order to assist clients with strategy adjustments. The Ebury team is supported by state-of-the-art technology and international currency analysts. It makes no difference whether the changes are driven by the currency market or whether the company’s order situation itself is changing. This allows the SME to focus on its operational business, which is worth a lot in uncertain times like these.

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