Public Opinion – Don’t Let it Control You

Public Opinion – Don’t Let it Control You

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Fear of public opinion can often hold you back. The need for social acceptance is so ingrained within us that most of the times we are scared or anxious to even try new things. Fear of social disapproval can drastically affect our performance and even our perception of the world around us.

When you start paying attention to what others think, you will eventually lose focus on what you want. This will seriously harm your potential. You will start playing it safe and never take any risks. You will easily surrender to other’s viewpoints. Your self-confidence will also be deeply affected.

Due to all these reasons, you need to let go of your need to fit in and learn to train and condition your mind.

Develop self-awareness             

Becoming more self-aware about your thoughts is the first step towards training your mind. When you become anxious or find yourself pondering over needless thoughts, control your mind and guide your thoughts towards more positive statements.

Take deep breaths and calm yourself. Then, repeat positive reaffirming statements that will boost your self-confidence. Focus these statements on your skills and abilities and do not base them on others’ opinions.   

Craft a personal philosophy

Being self-aware is not limited to the mind alone. It also involves knowing yourself and understanding what drives you as a person. Your personal philosophy should contain your values, beliefs and what you regard as important. This is something that will act as a guide in your life.

Sit down and be introspective. Think about the qualities and beliefs you value in life and about your favourite quotes and come up with a phase that best describes you and your aim. Share this philosophy with a loved one and a close friend and ask for their input. Commit this new found philosophy to your memory.

Live according to your philosophy

Commit your time to following your life mantra. Having a personal philosophy will help you focus on what’s important in life. You can start at home. Take small risks and give a presentation at work. Focus on getting a promotion.

If you feel like you are being held back by others’ views, take a pause and remind yourself of your philosophy. Learn to tune out the unwanted opinions and commentaries. Focus on achieving your goals.

Feedback

Constructive criticism and honest self-reflection is important for personal growth. Entrust in people who know you personally and also understand your aim in life. Listen to their advice and feedback.

Learn and grow

Personal growth is possible only when you step out of your comfort zone and try new things. Living in accordance with your new mantra will take effort but you will be pushing yourself to live a life with more meaning and purpose.

Team Building – Improve Internal Communication

Team Building – Improve Internal Communication

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Good communication is an important part of leadership and teamwork. Efficient communication will help in team building and employee retention. Becoming a good communicator will require patience, effort and trust.

Since good communication is a fundamental requirement for any business, it is highly important that entrepreneurs and managers focus on improving employee communication within the organization.

Here are a few tips on how you can improve internal communication:

Communicate from the start

It is important to create an environment where employees feel engaged and committed to your vision. Make sure to introduce new members to the team and to entrust them to a mentor who will provide them with the necessary information. Check on them frequently in the beginning.

Conduct regular meetings with employees at least once a day. Discuss how they are completing tasks and clarify any questions.

Have one-on-one meetings to discuss reports, projects and solve problems.

Always listen

Most people believe that communication is simply talking. But communication is a two way process. You must learn to listen to effectively communicate.

Listen to your employees and understand their goals and vision. Integrate their vision into the overall vision of the company.

Listening also helps in diffusing conflicts and prevents miscommunication.

Proper Feedback

Providing effective feedback is important when managing a team. Most employees require feedback to feel encouraged or to properly understand if they are on the right track.

Make sure that your offer both formal and informal feedback on a regular basis. Weekly or daily meetings are a good time to recognize employees for their contributions and achievements.

During formal reviews discuss the performance of the employee and address the action of the employee. It is also an opportunity to understand the employee’s needs. Ask if they require any training or are interested in taking on more responsibility.

Communicate any change

Change can be stressful time for anyone. Be open about any change happening in the business. Whether it’s a change in product, procedure or management, be sure to keep employees in the loop.

Explain the reasons for the change and its necessity. Be honest and straightforward with your employees. Openly communicating such changes will help employees in coping up with the situation.

Imbibe a communal feeling  

Proper communication will induce a sense of community within the employees. Organize company events where employees can meet and spend time together. Celebrate birthdays, weddings and personal achievements. Create opportunities for informal conversations.

Strategy to Build an Effective Sales Plan

Strategy to Build an Effective Sales Plan

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The success of any company is hugely depended on the management and implementation of sales. Therefore, having a simple and clear plan for sales activities is essential. 

If you have never written a sales plan before, the task might seem daunting. Fortunately, it is not complicated. If done right, it can help you take a more strategic, big-picture approach to growing your business

A sales plan can be made effective by understanding 4 key points. 

Goals 

Start by deciding what you want to achieve. The targets can be anything, jot down whatever that comes to your mind. Dream big at this stage. 

It is important when writing a sales plan to have a clear image of where you are as an organization and where you would like to be at the end of the year. 

Allocate resources 

With goals and targets in place, you now need to consider what is feasible. Consider various options and choose the best. Also, take stock of your tools and systems. You need to invest in a customer relationship management (CRM) system and in other kinds of marketing materials you need to support your sales team. 

Communicating your sales plan 

i)With the sales team 

The success of your sales plan rests on your sales team. Your sales team cannot accomplish your sales plan targets unless they totally understand the plan. Your sales plan ought to describe how you will communicate the plan to your employees and the way you will train them to implement your plan’s actions. 

ii)With the customers and suppliers 

It is also necessary to consider any impacts your tactics can have on your customers or suppliers. Understand the shopping patterns of your customers, supplier’s delivery and production methods and make a plan that helps you in communicating the changes to them.  

Monitoring sales plan 

Your sales plan will assist you to monitor your sales performance and make improvements. List your marketing objectives and establish the results you expect you are promoting to attain. These results are measures will act as indicators of whether you achieved your goals or not. For example: 

After listing your objectives and measures, establish in your sales plan how you’ll monitor sales results, who will record and check results and how frequently. This data will enable you to visualize your sales performance over time and modify your techniques to improve your sales. 

Planning is often an activity that happens on top of regular business. To keep moving forward, spread the planning process across a week or so, focusing on one section of your plan at a time. The key is to just keep working. Start off small and build a concrete plan eventually.  

Tips to Build Good Customer Relationships

Tips to Build Good Customer Relationships

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Building relationships is key to learning your customers’ needs. You can gain more returning customers, referrals and net income in the process. If a business does not know the likes and dislikes of their customers it becomes a tedious task to grow your business. 

Here we will describe a few ways by which you can improve your relationship with your customers

Connect with your customers 

An age-old way of making human contact has been to find a common ground, a shared interest, or anything that shows you can empathize with them in some way. This helps you to build trust with the customers. 

Communicate 

Like any good relationship, communication has a major role in building customer relationships. Communication is not just a series of emails. Try to analyse the customer and understand how you can customize and create a personalized message for your customer. Example: From a bit of analysis from past data you can know what products the customer is interested in and then customize your messages to that. 

Not all of your communication should be about your company trying to sell something. Have communications reminding customers about special features that you have noticed which they are not utilizing. Let them know about developments in your industry. Create a personal relationship. 

Exceed Expectations 

The key to a better and stronger relationship with the customer lies is going above and beyond their expectations. Giving customers more than what they expect will delight them and make them come back to you. Make sure they walk away fully satisfied. Listen to your customers, acknowledge their concerns and resolve any problems they encounter. 

Feedback 

Feedback is a great way to understand your customers. Invite customers for surveys and ask them to share their opinion. You can identify the specific needs of your customer and find the best solutions to their problems.  Offering unique and personalized solutions will ultimately help your business prosper. Always pay attention to the comments and feedback and respond promptly.  

Show appreciation 

Reward loyal customers with special discounts and offers. Retaining customers is the best way to boost revenue. Build a business that offers the best customer service. Make sure that your products and services are always available.  

Customer relationships are more important than ever in today’s digital age. In an era where customers can easily give their views and opinions it becomes highly important that a company maintains a good relationship with its customers. Just like any relationship, strong customer relationships require work but the payoff to your businesses’ bottom line is worth the efforts. 

Effective Business Performance Metrics

Effective Business Performance Metrics

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Every entrepreneur looks at the financial structure of their business. One way to quickly understand the financial health of your organization is to look at the various financial ratios. Financial ratios provide insight into cash, credit and inventory situation. They reveal the stability and health of your business. Businessmen must review these ratios to understand the changing trends in the company.  

There are four basic types of ratios. They are: 

Liquidity ratios 

These ratios measure the amount of liquidity (cash and easily converted assets) that you have to cover your debts. 

Current ratio also called working capital ratio is used to measure your company’s ability to generate cash to meet your short-term financial commitments. Quick ratio measures your ability to access cash quickly to support immediate demands. A ratio of 1.0 or greater is generally acceptable. But this ratio depends on your industry. A low ratio means your company might have difficulties meeting obligations or taking advantage of opportunities. Higher ratio means it’s time for you to invest more of your capital in projects. 

Efficiency ratios 

These ratios are measured over a longer period of time and provide additional insight into different aspects of the business

Inventory turnover looks at how long it takes for inventory to be sold and traded during the year. This ratio will help you in understanding where you can improve in inventory management.  

Inventory to net working capital ratio can determine if you have too much of your working capital tied up in inventory. It is better if this ratio is lower. Evaluating inventory ratios depends on your industry and the type of business. 

Average collection period looks at the average number of days customers take to pay for your products or services. You can improve this ratio by establishing clear cut credit policies and also providing incentives to encourage payment. 

Profitability ratios 

These ratios help in understanding the financial viability of your business. You can also gauge what your position is in the industry.  

Net profit margin measures how much a company earns relative to its sales. Companies with higher profit margin are generally flexible and efficient. 

Operating profit margin or coverage ratio measures earnings before interest and taxes. Through this you can assess your ability to expand your business through additional debt or other investments. 

Return on assets (ROA) ratio tells how well management is utilizing the company’s various resources. Return on equity (ROE) measures how well the business is doing in relation to the investment made by its shareholders. Profitability ratios are also compared with several companies from the same industry to know where you stand. 

Leverage ratios 

These ratios provide an indication of the long-term solvency of a company and extend of your use of long term debt to support your business.  

Debt-to-equity and debt-to-asset ratios are used to see how your assets are financed. It can be financed from creditors or own investment. 

The ratios mentioned above will help you determine your financial position. Closely examine other factors and data to fully understand your business performance.