by Baskar Sundaram | May 23, 2019 | Business Winning, entrepreneur, Growth, leadership, organizing, Strategy
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Social-political situations are challenging when it seeps into the work environment. Whether they are government shutdowns, protests, civil wars, or movements, companies have to face the impacts with these events.
The Impact
The social-political uncertainty has a major effect on the cost of work, cost of resources, and customer behaviour. It threatens business routines and activities and the business may even have to stop their operations due to new foreign importing and exporting laws.
Detailed Analysis of different outcomes is a MUST
To control the scope of uncertainty, it is imperative to evaluate the issues in order to adjust corporate tactics. You have to consider whether there is a big price jump due to the social-political situation, if it jeopardizes the business continuity, or what position it currently is in the market. These analysis can depend on what type of business it is. When it comes to declining markets, entrepreneurs have to be careful with moving the business to a new location since it can be expensive. On the flip side, moving the business might be a good option since it protects the key activities during the crisis. However, if the market is growing then the business has opportunities and resources to be more prepared and ready for uncertainty.
Strategies to deploy in a declining market
There are two strategies that can be used for steady or declining markets. The first strategy is the ‘Hedging Strategy’ in which the activities are reorganized towards the people that can get past the political issues. This is used when firms are faced with uncertainty with economic conditions, such as human resources or internal control. What firms can do is lower the function prices and have a drop in sales. For instance, due to the Brexit, Sony decided to keep all its stores in the UK but moved their EU headquarters to the Netherlands in order to keep their key activities in a safer place.
When there is a high uncertainty due to a decline in the market, the risks and threats to business continuity can be jeopardized if the businesses do not have reserves of cash and a presence in the economy. The strategy in this case should be to salvage as much as possible with saving what you can and lessening the negative effects. To recompense for the drop in profit, you will have to use the reserves of cash and try to dodge selling previous assets that could become handy if the economy rises.
Strategies to deploy in an uncertain market
The first strategy is to rebalance, meaning to relocate strategic and leadership assets to an alternative location that is nearby well-known growth engines. This can be very costly, but it is a practical method that focuses on the resources of the firm to be able to escape the consequences of uncertainty. The other strategy is to shift, which means relocating important parts of activities to another region starting with the functions that can easily be shifted with low costs. This is a thorough method since it is more organized, fast-paced, and its goal is to get rid of the uncertainty in the market.
by Baskar Sundaram | May 22, 2019 | Capabilities, Growth, leadership, self development, self-improvement
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Confidence is something that is not always guaranteed. Sometimes you may feel that you are strong and capable to tackle your challenges and other times you may feel out of place and unprepared to respond.
The Dip
Feeling unsure and scared is normal for every human being no matter how experienced you may feel. When it goes from high confidence to low confidence, it is called “the dip”. Every type of leader has experienced the dip, and it can result the most capable leaders feel discouraged and enable them to go off track. It is important to realize that your confidence does not get affected by how it wavers, but it ultimately matters how you can bring your low confidence back to your high confidence.
Break the paradox
One way of doing that is by reframing the dip. Some people say that all leaders have experienced the dip at one point in their lifetime, but it is crucial that these dips do not allow leaders to slack off and go off track. For example, imagine you are a well-known leader about to have an important meeting. Your goal is to thoroughly communicate, gain trust by revealing treasured insights, and be able to earn the right to get an invite back. But if you are new at the job, the hole between your lack of experience and your ambitions can make you highly likely to dip. This can result in an authenticity paradox, where you still use your old methods of business while the company is growing instead of developing new methods. This paradox happens when leaders believe that they are being “authentic” and use it as an excuse to stay in their comfort zone. You can avoid this paradox by recognizing that you are a work in progress. This would allow you to directly face the challenges instead of going back to what you are familiar with. This change in perspective can inspire you to grow as a person, and try new tactics through trial and error when there are inescapable situations. As a leader, once you feel that you are dipping, you should start reframing yourself by following your instincts and facing the reality.
Strictly No Compromises
Another method to manage your dip is to limit your inner compromises. For example, you might intend to take some risks by being who you are and boldly asking for something that you want. Instead during the dip, you play the safe card at the expense of sacrificing you own needs. If you catch yourself making an unreasonable compromise, you should stop it and rethink your decisions.
It is good to be prepared when you feel that your confidence is taking the dip by being aware of your choices and following your gut.
by Baskar Sundaram | May 21, 2019 | Business Winning, Employee, Growth, leadership, Team Buildng
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One key to success is showing gratitude in the work environment. When a worker is performing well in their workplace, it is important to show that you’ve noticed with a congratulatory shout-out or a tap on the back. Studies have shown that showing gratitude in the workplace makes the worker feel important, gives them confidence with their work performance, and only encourages them to get better.
The Bigger is NOT always the Better
Overdoing how you show gratitude can lose its specialty. For instance, appraisals should not be given to workers for doing simple tasks or duties that is already expected to be done in their job. Appraisals should be given when workers have gone out of their way and have given a lot of effort into the task. When small accomplishments are tackled, a great way to acknowledge them is through email.
A personal touch means a LOT
When big accomplishments are achieved, the
thanks would mean a lot more when it is done in person, and even maybe with a
public recognition. In order to figure out who is doing an exceptional job in
the workplace, regular meetings with discussions on achievements and
improvements are an efficient way to do so.
It’s NOT always about the Money
Another way of showing appreciation is
through money, but that can get a little tricky. Bonuses means that the workers
would receive an unsteady compensation. It would result in the feeling of
disappointment when they are not able to go above and beyond for the company
and fail at attaining the bonus. Research shows that the odd bonuses offered
does not truly improve performance within the workplace. Nonetheless, getting a
raise in the job wage is better than surprise bonuses. An alternative way in
showing gratitude is through parties and celebrations. Job events, such as
holiday parties shows that companies care for their workers. It is vital to
thank your workers with a speech at these type of functions and shower them
with food.
To sum up, any type of genuine recognition
can go a long way. Showing gratitude makes the person receiving it happy and
allows them to enjoy their job.
by Baskar Sundaram | May 16, 2019 | Business Winning, customer, Growth
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Filling out questionnaires can be time consuming and it can take a lot of effort. For numerous companies, they use surveys as a way to “talk to customers”.
Silly Surveys
Normally after purchases are made, a visit
from the hospital or a service obtained, either you are asked to fill out a
survey or you get a random phone call. In reality this is not the right
approach in getting insightful feedback about your company. What you should be
doing is talking to customers face to face. Even though this might be costly
and takes up a lot of time, this is the only way to get honest answers. This
approach can be done through workshops.
Work For it
Conducting public workshops on strategic planning is an excellent method in figuring out what your customers want. It is about quality not quantity. Your goal is to learn how customers make decisions and how they problem solve. You need to understand their needs and wants and you can’t get any of that from a basic questionnaire. Start off your workshop by asking a question such as, “What makes you choose to go to one convenience store instead of the other?”, since every person has been a customer to a convenience store at least one point in their life. The responses that you would receive would be focused on where the store is located, the quality of their customer service, the variety of options that are available, how reasonable their prices are, and what time the store opens and closes. These factors are the strategic influences that different stores have. You can use these strategies to your advantage to develop more customer strategies and ultimately making your business stand out and have a competitive advantage. It is important to note that not one person can come up with all these factors since every person has their own unique experiences. It takes a group of people to come up with the conclusion of these strategies.
Surveys Are a No-No
A lot of companies think that surveys are
enough to understand their customers since it shows percentages of what people
like and dislike. However, surveys are unoriginal and does not give you a real
insight. Interviews are the best way to get thoughtful customer input.
by Baskar Sundaram | May 7, 2019 | Business Winning, customer, Growth, Sales, Sales and Business Development
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No matter how great your business or product is, there is always going to be dissatisfied customers here and there.
The Customer Is Always Right
The customer might be genuinely disappointed or could be displeased with a small issue. Any type of complaint should be handled carefully since every customer is important. If it is not handled carefully, you risk losing a profitable customer and they may leave a negative review on social media where it would influence others to avoid your company.
These are seven ways to effectively handle a customer complaint.
Listen
When a customer is angry with you, it is important to stay calm, not to rebuttal, and listen to what they have to say. Make sure not to admit that something is wrong when in fact it is not. The best to approach this is to recognize their feelings by saying statements such as, “I understand that you are very irritated about that”.
Be Objective
It is natural to feel defensive and
offended when someone is attacking you, but try your best to be objective. Do
not react emotionally, put your feelings aside and react in a way that is best
for your business. The best outcome when it comes to a customer complaint is to
wait till they have calmed down and come up with a solution that makes them
happy and ensures that they would come back. If anything, use the complaint as
feedback and implement it to your business to avoid the same complaint in the
future.
Clarify
To understand what has happened, calmly ask
the customer open-ended questions. Some examples of these questions are, “Can
you explain what happened?” or “When did the problem first occur?”.
Empathise
Even if you think the customer is not
right, you have to make them feel that they are validated by empathizing with
them. Only when customers feel that they are listened to and understood, then
they would open the gate to think about any of the solutions you throw at them.
Take A Break
If you feel that the complaint is stressing
you out, you may need to take break from the situation by letting them know
that you will look into the situation and get back to them. Breaks allow you to
calm down and look at the situation more clearly. A good way to relieve
yourself from the stress is to rant about the customer’s complaint to someone
else during your break. It is important to remember that you are human and you
have emotions too.
Remember its’s Never Too Late to Apologize
When a consumer has sincerely been let down by your product or business, apologize to them by genuinely and respectfully showing you regret what had happened and that you are sorry. This is the chance for you to restate the values of your company and recognizing what happened to them was not okay. An example of an apology would be, “I am truly sorry, you should not have gone through that. This is not the service that we aim to achieve or offer, but I would like to resolve this situation.”
Fix It ASAP
Everybody makes mistakes, and everybody has
those days. But it all matters on how you fix the mistake. This would be your
opportunity to show how dedicated you are to your customers and that you
implement your company values. You can do this by addressing the problem, and
letting them know that it will never happen again, or solving the problem and
rewarding them something for free as an apology.
by Baskar Sundaram | Apr 2, 2019 | Business Winning, entrepreneur, Growth, Sales and Business Development
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More and more successful people are starting up their own businesses every year, and realizing the benefits of being your own boss. Most new entrepreneurs do most of the job themselves so that they are in control of what needs to be done. However, there will be one point in time that you will want to grow business for strategic and financial reasons.
Here is a guide that discusses seven ways to take your business to the next level.
Find Your Product
Success only comes with efficient marketing, passion, an effective team, and an amazing product or service. The business world is highly competitive, which means to be able to get noticed you would have to have an outstanding product that people would want buy again and again. One way you can figure out what the new product should be is to understand and consider what problems people have and how you can solve it. It helps to create a product that you are passionate about since it would give you a comprehension on what is truly needed.
Act Fast
When there is an opportunity in front of
you, it is good to act quick and make the most of what you can. Certain
entrepreneurs may be scared to accept new opportunities, but being afraid of it
is blocking your growth to success.
Grow Your Team
Some people run businesses on their own,
but the best way to successfully grow your business is to hire more people.
Hiring employees specialized in design, finance, information technology,
marketing, and sales would give you more insight and new ideas to make your
business grow.
Be the Best Manager
To efficiently run your business, you have
to be the best manager you can. This would require you to communicate with your
team, set goals for the company, make wise decisions, make time for your
workers, recognize achievements, and enjoy your job.
Network, Network, Network
Attend events to network with other people.
Events such as business seminars and conferences is a great method to network
with other successful businesses and learn strategies from them. You would also
have the opportunity to meet possible customers and let others know about your
business.
Business to Brand
Turning your business into a brand can
spread a good reputation for your company. This can allow it to become highly
recognized and result in having customers choose your business out of all the
others. Branding requires good marketing and logos that stand out, in order to
have your clients remember them. Promoting your brand through social media is
also a great way to endorse your business.
Invest Sensibly
There may be times you may have to buy new
infrastructure, stocks, or properties to grow your business. This would cost a
lot of money in the short term, but it would lead to a high profitability in
the future. Another way to invest is to rely on business investors or business
crowdfunding. To attain an investment, it is wise to come up with a tactical
business plan that has a strong vision of your outcome.
