Recession Can Be A Boon

Recession Can Be A Boon

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Entrepreneurs are mostly afraid to spend money or invest in their business during economic downtime or recession. It should be understood that even recession can be an ideal time to invest in your business and expand it.

Such a time can offer ample opportunities for innovative and creative businessmen. Most people choose to be inactive in such dire times and hope that things get better. But a successful businessman will prepare his business for growth when the economy turns around. 

Given below are some ways by which you can remain active during a recession

Study Your Finances 

Carefully study your financial statements and balance sheet. Try to see if your business is on survival mode and if you have any additional capital that can be used for expansion or other operational activities.                                Study your credit statements and agreements and see if there is room for negotiation and repayment flexibility. Check your credit terms with your suppliers and see that everything is effective.

Improve Operational Efficiency 

This is one of the best times to improve the overall operational efficiency of the company. Start by eliminating unnecessary processes and expenses. Be sure that your processes are effective and deliver the expected results. Avoid overproduction and using under-trained employees. Ensure that your product quality is not compromised.        Almost all businesses will be affected by a recession. This offers great opportunities for you to acquire products and supplies at a lower price from sellers. You can also invest in equipment and technology that will help is optimizing your production. 

Invest in external business consultancies and experts who will help you in spotting and identifying areas in which you can be more efficient. Such professionals can also help in identifying the strengths and weaknesses of your company and how you can enhance and overcome them respectively. 

Expand To New Markets

During an economic downturn, competition diminishes. It becomes an ideal time for exploring new markets. Assess your market and explore your options. You can consider a potential partnership with other companies to enter into new markets. 

Another way to expand your market is to launch a new product or improving existing products. Keep up with your customers’ needs and provide them with the needed products and services. Make sure that you do better than your competition. 

Encourage Teamwork 

Include your employees during discussions and encourage your team to generate new ideas that will help boost your company. Employees might provide a different outlook or insight into the market changes and needs. 

Always keep a positive outlook even during tough times. It is difficult to invest during unsure times but with proper research, your investment will prove to be fruitful down the line.

The Virtue Of Being Honest In The Workplace

The Virtue Of Being Honest In The Workplace

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Honesty is a fundamental aspect of a business because it establishes the tone for the sort of work culture that you want to build, provides consistency in workplace behavior, and creates loyalty and trust in customers and prospects.

Managing a business that takes pride in being moral and socially responsible is a challenge, and many businesses end up cutting a few corners in the name of profit. But, it is nearly impossible for a business to develop trust if honesty is not a guiding policy in how the company handles every phase of its work process. 

In the business world, there is sometimes a mindset that small lies are acceptable if they are well-intentioned or push you toward a goal. It is a mentality where ‘the ends justify the means’, and it is a common mentality that people have. However, lying in the workplace can generate a lot of negative effects.

Here are some ways that dishonesty can do to hurt you and your company:

It erodes the trust your employees have in you. 

For a leader to be efficient, employees must trust that the leaders are fit to lead. When you hide the truth or tell a lie, you show to your employees that the truth doesn’t matter to you. That increases the likelihood that they’ll lie to you and one another.

It can affect your ability to get clients and investors.

 Some people are good at sensing dishonesty. If you run into a business associate who is good at spotting dishonesty, they might take your lack of honesty as a sign that they should not do business with you.

Dishonesty triggers a stress response in the body.

 This stress response stops us from staying in the present. When stress hormones are released, they stimulate our “fight or flight” response. Necessary resources are taken away from functions that are considered to be non-essential. That includes the neocortex of the brain, which controls all high-level, logical thinking. Hence, we can say, dishonesty makes you less intelligent at that moment, and thus unable to make good decisions. And that can hurt you in almost every area of your business.

On the brighter side,

Here are some ways that honesty can help you and your company:

It Establishes Your Work Culture

Honesty is one of the most effective ways to establish a work culture that will propel your company to long-term success. Work culture is all about the values and beliefs that motivate everything your company does, from how it delivers its products to the way it treats customers. As a manager, the importance you place on honesty can create the kind of work culture in which your employees feel empowered.

It Creates Consistent Workplace Behavior

When you plan a culture built on honesty, you also help encourage better workplace behavior and activity that is constant regardless of outside influences. In other words, your employees will work with a consistent code of ethics regardless of the conditions.

It Builds Trust With Your Customers

Businesses spend years building loyalty and trust with their customers, and a key way of building that trust is honesty. When customers see that a business does things the honest way and cares about producing a quality product or service, they tend to reward that business.

Do You Know When to Pull the Plug?

Do You Know When to Pull the Plug?

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No matter what the causes behind project failure might be, one thing is for sure, it is never easy to stop a failed project. Here are some things that make it hard to kill the project. People will often continue projects based on incorrect assumptions, such as the belief that if you throw money at a problem, it will get fixed. There is a point at which no matter how much you invest, recovery is impossible. Sometimes people are so dedicated to a project that they refuse to accept defeat to the point of catastrophic loss to their project, and company. Here are some tips to know when to kill a project.

1. Project Is Not Delivering Value Anymore

If your project cannot deliver value, it is worthless. You need to focus on value delivering when executing projects. Assume you cannot kill a project that is costing you more than expected for any reason. You will try to justify the additional cost incurred on the project. And this will affect the growth of the company. if it is the other way around and you want your project to be completed inside the budget and you start to cut down corners to keep the cost down. Even if you manage to complete the project within the budget, it will not deliver the same value.

2. Project Is Costing You A Fortune

Cost is one of the most critical constraints in the project management triangle. Completing projects inside the budget is one of the biggest worries for project managers. If your project costs you a fortune, then you should seriously think about dropping it. Holding onto a project that is costing you much more will only prolong the financial loss and as a business, you can not afford it. The best way to resolve this problem is to cut down extra expenses. If that does not work out, end the project.

3. More Important Projects Waiting For Your Attention

With so many projects running concurrently, it sometimes becomes very difficult to give attention to every project. This is where prioritizing projects can help you. Give special attention to projects that have a greater influence on your overall business. Diverting resources efficiently is key to project management success. There is nothing wrong in shutting down a less important project to redirect all your energies towards a more important project.

4. Change in Business Plan and Strategy

The rate at which the business world evolves demands for a change in business plan and strategy. Hence, a project that does not follow your business plan and strategy can never add to your business’s success. Spending time and resources on such projects is a waste, especially when you can redirect them to other projects and get better results. Therefore, It is better to abandon those projects that cannot keep up with the changing business strategy. Knowing when and how to pull the plug is very important for both the success of the business and project manager.

Innovation Is Key

Innovation Is Key

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Innovation is simply doing or making something different to meet a perceived need or gap in the marketplace. Ideas are what stimulates innovation, and creativity and conceptualism make those ideas unique. Innovation is not merely doing something different for difference’s sake. Usually, innovation involves creative thinking that escapes from a common viewpoint. It can be difficult when you are customary to something, that you cannot see it in another way. 

To help you gather associates and brainstorm here are five tips.

Have A Vision For Change

You cannot demand your team to be innovative if they do not know the direction in which they are heading. Innovation needs a goal. It is up to the leader to set the path for this goal. You need a single statement which determines the direction for the business and which people will readily understand and remember. 

Explain to people how their role is essential in fulfilling the vision and meeting the challenges. It motivates people to become passionate about finding innovative routes to success.

Fight The Fear Of Change

Innovative leaders constantly preach the need for change. They replace the comfort of satisfaction with the hunger of ambition. They must paint a picture that presents an appealing future that is worth taking risks to accomplish. The prospect involves risks and opportunities. The only way we can get there is by embracing change.

Brake The Ice With Bad Ideas

At times people feel pressured by the presence of their bosses during a brainstorming session and this stops them from giving their ideas. Logically this fact is not favourable at all since you can lose the creativity of your team because of the shyness or fear of some team members.

To solve this situation, an effective method is to suggest they share bad ideas for a few minutes. You can begin this to break the ice by throwing out there an illogical and least favourable idea. This can be a warm-up session and when all the members have shared their bad ideas and laughed about them without fearing being exposed, they can concentrate better on formulating innovative ideas.

Welcome Failure

The innovative leader encourages a practice of experimentation. You must teach people that each failure is a step towards success. You need to give people the liberty to innovate, the liberty to experiment, the liberty to succeed. That means you must give them the liberty to fail too.

Be Passionate

Concentrate on the things that you want to change, the most important hurdles you will face and be passionate about overcoming them. Your enthusiasm and energy will translate into inspiration for your people. Filling your bus with contented, self-satisfied passengers is not enough. You need people who believe that reaching the goal is really worthwhile. If you need to motivate people to innovate, to improve the way they do things and to achieve amazing outcomes then you have to be passionate about what you believe in and you have to show that passion every time you speak.

Tips To Launch A Winning Product

Tips To Launch A Winning Product

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A winning product launch gives a head start in sales for your company. It is one of the few opportunities to go from gradual to exponential sales. 

Here are seven tips to achieve a winning product launch:

Matching Product to Market Needs

A winning product launch begins with meeting the capabilities of your product to the requirements of your target market. This is often the domain of a product manager. If you are presenting a new product or service into the market you would be well served by getting out and talking to the potential buyers that your product addresses. Odds are you learn something unique and possibly so enlightening that it could be the turning point in your business.

A winning product launch cannot happen if the market wants a different thing from what you are delivering. 

Study the competition

A detailed competitive investigation based on your research and visits to the target market will help you make key choices. Check for the need to modify your product or service and customize it for that market.

Clear Positioning and Messaging

Positioning is the set of actions you do to place your product clearly in the minds of your buyers. If your positioning is not clear, your buyers and possible partners will be confused.   

Effective positioning is a communication process that makes the benefits and capabilities of your product so crystal clear to your buyers such that they get it without tremendous effort on your part. Your message forms the foundation for all communication to your target market.

Setting Clear Launch Goals

Be particular about what you want to achieve in your new market, including the level of sales you can anticipate reaching.You will not have a chance at a winning product launch if you do not establish clear goals. 

Proper and clear goals frame the purpose of your product launch. Once you have established the goals of your launch you need to consider how they will be measured.  

Priming the Pump

One of the most important tips to a winning launch is priming the pump. Priming the pump refers to all the activities that are conducted to build excitement and create demand for your product before it is generally available to buyers. You can do this no matter how large or small your company or the size of your budget.

Some ways you can achieve this is by involving customer support, though the sales team, your channel partners, executives or by involving industry analysts. 

Time the Launch Event to Maximize Sales

Identify the times and locations that afford maximum leverage and plan your lunch accordingly. Timing a launch can make all the difference in the world. This can be especially true if you launch your products on a global scale. 

Tips To Be More Productive

Tips To Be More Productive

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Productivity and growth go hand in hand. Often time’s people focus only on expanding their business. But with growth it becomes highly important that your business remains productive and that you can manage the increasing employees and demanding situations.

Employing right strategies in the right places can easily boost your productivity and help you reach your goals. Here are some ways by which you can increase your productivity:

Hire Managers

As your business grows, it might be difficult to maintain personal or direct relationships with all your employees. This is when an integrated management system becomes important.

Hire operation managers and controllers to implement and maintain effective financial information systems. Promote employees and make them managers. Empower the front line managers to take on more responsibility.

Expert Consultation

Rely on experts in areas that are beyond your expertise. Consult with such experts to fully understand your business. They will perform an organizational analysis and identify problems, provide solutions, suggest changes and more.

Implement New Technology

All businesses that want to grow or expand should employ and implement the use of latest technology. Implement of technology can mean two things.

It includes providing your customers the latest technological innovations. This will ensure that you stay ahead in the market and you are better able to the face the competition.

Technology can also be employed within the organization to boost productivity and efficiency. This can help employees to work faster and better. Technology and mechanisation can also automate most processes and help in storage and management.

Grow Gradually

Plan your business strategy is such a way that you grow gradually but surely. Losing control of a rapidly growing business should be avoided at all costs.

Consider all possibilities before taking on a new project. Always analyse and look for better solutions when looking for an expansion.

The tips mentioned above will help in increasing the productivity of the business. Integrate these suggestions into your overall business strategy. Monitor and review how these new changes actually help or affect your business. Make further changes when needed. With extra effort and dedication you can watch your business grow and prosper.