Sharpen These 4 Small Business Management Skills

Running a small business in today's economy -- where the Great Recession has leveled the playing field for so many companies -- requires more than just forward-thinking owners and managers working tirelessly to keep the ship afloat. Company owners who master crucial management and leadership skills better position themselves to realize full value out of key employees and to Four Must-have Management Skills If you've earned a degree in business management, you may have a cornucopia of leadership skills and techniques to call upon when needed. If not, if you're new to leadership or if you want to brush up on some vital basics, these four principles should get your started: 1. Understand Team Dynamics This is the first step to helping your employees become highly effective workers. Strive for balance in skill sets, personalities and viewpoints. And don't be afraid to shake things up once in a while. A little uncertainty can show you which employees thrive during tough times, and which ones don't. 2. Develop Key Employees This management skill plays off the team concept. You can increase the overall strength of your team by giving responsible workers additional duties and training, either through mentoring or by providing access to higher education. The more your employees know about and understand your business, the better they can contribute to its bottom line. 3. Delegate and Motivate These skills can be as important to your company as its fiscal health. A strong business is more than just a team of talented workers. Trusting vital functions to proven managers frees up your time and allows those employees to grow along with your business. Also, provide feedback on their performance through quarterly or semi-annual reviews. You not only can track their progress more effectively, but you can get a feel if they are truly interested in contributing to the team. 4. Make Informed Decisions Of course you want to act quickly, but never hesitate to seek the advice of your managers or other key employees, even if it involves cutting payroll, reducing hours, acquiring a competitor or seeking financing to stay in business. If you've laid the foundation through proper development and motivation, your team can provide critical ground-floor insight you might have overlooked.

Lagos pays 185 retirees N943.14m

Lagos State government has paid 185 of its retirees the sum of N943.1m. The payment was made recently during a retirement bond certificates presentation ceremony a statement said on Sunday. During the presentation, the Director-General, Lagos State Pension Commission, Mr. Adekunle Hussain, said the ceremony was organised for local government service employees, who recently retired from the state public service under the Contributory Pension Scheme. Hussain was quoted as saying, “About 185 retirees will be receiving their retirement bonds, which amount to N943.14m. This amount of money had already been remitted into the Retirement Savings Account of every beneficiary of this mini-ceremony.” He noted that since the inception of LASPEC, its watchword had been a total commitment to ensuring a better and fulfilling retirement life for the employees of the state. “We have seriously worked towards the fulfilment of our mission statement, which is to provide exceptional services on pension matters to employees in the Lagos State public service, deploying world class technology and utilising well-motivated workers to ensure financial freedom for Lagos State retirees,” he said. According to him, the Babatunde Fashola administration in Lagos State has continued to show a great commitment to the welfare of workers and retirees. Under this CPS, he added that the Lagos State government had ensured the payment of a total sum of N18bn. He said the commission was preparing for the ninth batch of the presentation, which was usually organised to celebrate its retirees. By this, he added that they would be joining the existing 3,304 retirees to enjoy retirement benefits in the state under the CPS. A retiree, Mrs. Ogundijo Oluwaranti, expressed appreciation to the state for making their benefits available to them at retirement. Another beneficiary, Mr. Olagoke Joseph, who was excited to have collected his benefit, said he was interested in using his benefit to take the life annuity product.

Toyota repeats US vehicle recall on suspension worries

Toyota is recalling 780,584 vehicles in the US for a second time to address a suspension defect that may not have been fixed after a recall last year.The rear suspension arm in affected vehicles may rust, leading to eventual failure, if nuts are not tightened properly during service. The US safety watchdog said this could "cause a loss of vehicle control, increasing the risk of a crash". The models affected are the RAV4 sport utility vehicle and the Lexus HS 250h. The RAV4 models covered by the recall were manufactured between 2006 and 2011, and the Lexus vehicles affected are the ones made between October 2005 and September 2010. Inadequate inspections Toyota first recalled the vehicles in August last year to carry out repairs on the affected parts. However in a letter sent to dealers, which was posted on the safety agency's website, Toyota said that it had received reports "indicating that some vehicles experienced symptoms of the recalled condition after being inspected or repaired". "Upon investigation, it was discovered that some inspections were not adequate and portions of the repair procedure may not have been performed correctly," it added. As part of the new inspection it has asked its dealers to replace suspension arms if any rust is found on them. "After the inspection or replacement, the rear suspension alignment will be set and the arms will be sealed with an epoxy," it said. The carmaker said it would then apply labels on the arms to indicate that they are no longer adjustable. The recall comes just as Toyota has been trying to rebuild its image after a spate of recalls due to safety concerns in the past few years.