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Knowledge Capital

9/24/2015

1 Comment

 
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New Knowledge And Competitiveness
Learning for rapid response to change 


A painter built a reputation as an artist recognised by art galleries across the country. While his paintings fetched a high price it remained a labour of love that produced a limited number of paintings each year.

The artist went into business partnership with an entrepreneur and an art gallery owner to create limited edition certified prints of his paintings for sale. Subsequently the business invested in a studio with a creative team using the latest technology to produce limited edition T-shirts, mugs, plates and greeting cards. They then started experimenting with electronic display projections for arty cafes.

The business expanded with the artist and his creative team working with print and light projection technology to create new experiences for trendy venues and design events. This business recognizes that a team with artistic creativity combined with new technology translates into “knowledge capital” that is highly profitable in the world of art and high fashion.

This technology driven business is constantly acquiring knowledge about the market, responding rapidly with the latest technology on offer. There is a culture of delivering excellence through continual learning and rapid response to trends that drives the business process.

The business is now expanding into delivering art experiences through mobile electronic devices.

Knowledge capital is a major driving force for competitiveness in a continually evolving market.

A competitive business needs processes to remain effective through continual knowledge acquisition, use, sharing and preservation.

To remain competitive over the long term your business should adopt innovation continually through these four aspects of learning:

Acquiring Knowledge
Your business needs team members to constantly acquire new thinking, approaches and processes through attending of training, business meets and speaking events.

Using Knowledge
A rapid response culture is necessary to encourage use of new knowledge acquired by individuals in your team.

Sharing Knowledge
Knowledge sharing requires a culture of open communication and due recognition of the knowledge provider.

Preserving Knowledge
There should be a system to preserve pertinent knowledge acquired over the years that allows for easy retrieval and analysis in order to learn quickly from past experiences. 

High growth businesses focus on learning and unlearning standard practices and processes to remove knowledge that no longer adds value. 

An agile learning approach that eliminates processes that do not add value to the business leads to higher process efficiency, better customer experience and greater profits.

Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL DIRECTORY

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Leading Change

9/17/2015

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Know When To Shift Your Business
Respond rapidly to market changes


I tell people that Susan Bennett is following me on twitter and they ask; “Who is she?”

Susan contributed to creating my personal assistant.
Susan is the voice of Siri who serves hundreds of millions of clients 24 hours a day, 7 days a week.

Change is the only constant in life. Today all of us have an electronic personal assistant available. No longer is this service limited to senior business executives and professionals who can afford to hire a human personal assistant.  

No matter how good your product or service is, there is always an element of risk involved in your business. Long term business success requires a rapid response to changes in the market.

Even as you implement your action plan there is a constant need to analyse market feedback to evaluate if your product or service has become obsolete.

In a continually evolving market it is the most adaptable business that thrives over the long term.

Have An Alternative Action Plan
A major departmental store chain in North America has large stores in major cities across the United States and Canada with show rooms filled with samples of window blinds. Customers can visit the store, speak to a sales person about their ideas and then set up an appointment for someone to visit their home to take measurements and orders.  

There is an entrepreneur who advertises samples online and makes visits to customers’ homes to take measurements and orders. This information is then sent to a central manufacturing facility where the blinds are made and shipped out to the entrepreneur who then installs the blinds for the customers. His overheads are much lower than that of the departmental store.   

Business has changed and big box stores may soon become a thing of the past. All that a business needs is a team of independent entrepreneurs to market the products that can be delivered from a central manufacturing hub. This modal too may soon be obsolete with 3D printing and robotic manufacturing changing the way business is conducted.

It is therefore vital to have an alternative business plan to respond to changes in the market.

Be Willing To Offer New Products And Services
Technology and the “internet of things” (IoT) is making many products and services obsolete. With the advent of the sharing economy private residences are competing with hotels and car owners are competing with taxi companies.

Business management software is very quickly making many business services unnecessary. Entire businesses that support other businesses may soon become obsolete as their products and services are no longer needed. Instead of using a travel agent we can book a flight, hotel and tour online. Re-invention through rapid knowledge acquisition is a business requirement for those who want to survive change.   

Spot Market Changes And Respond Rapidly
Learning new things at business events, seminars and public talks is now an essential business skill. Many senior business leaders make it a point to enrol for summer business school programs and conferences outside of their business area to widen their understanding of how other industries impact their own.

The advent of MP3 technology resulted in computer and cell phone companies entering the music industry in direct competition with record labels. Now, many singers and musicians are cutting out the recording studios by selling music downloads online.

The moment we spot changes in the market we have to respond rapidly to seize the opportunity that emerges. Rapid change is the new constant in business.

Be Able To Assemble A New Team If Necessary
It is easy to get too comfortable with our business team. Past success is no guarantee of future success in business. There is always a danger of “group think” resulting in team members re-enforcing the teams belief that the tried and tested way is the way to respond to falling sales numbers.

Be willing to assemble a team of new talents to respond rapidly to change. We now have fresh food stores teaming up with health and wellness practitioners in the local communities they serve. The health and wellness practitioners are able to suggest to the fresh food stores the types of food items they should be stocking based on the demographics and lifestyle trends of the local population. Being able to respond to the changing lifestyle demands of the local community is essential for business continuity.

Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL DIRECTORY

Do share this article on social media and with those interested

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Branding Passion

9/10/2015

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Leveraging Your Personal Brand
Tell your story to generate sales


Many of the well-known names in information technology got into computing because of their passion and not because they wanted to make lots of money. The story of their start-up years resonate with us because they help us realise that with limited finances we can succeed with an idea.

An authentic story of your early start-up years can create a relationship by drawing the audience into your experience. This relationship can encourage a belief in your product, creating sales opportunities.  

Major brands from cars, to electric home appliances, breakfast cereals, fast-food chains and information technology products all have an authentic story of the founders’ start-up years. These stories inspire us because they are based on positive values that drove the pursuit of something worthwhile.

To succeed you need to tell the story of “why” you are inspired to promote the products and services you sell. Identify the values that make your story compelling by asking the following questions:

1. What is your true passion?
It is passion that compels us to want to wake up every day to work on succeeding with our chosen field of specialisation.

2. What are the values that drive your passion?
Our core values define us and when we act based on these values, we come across as authentic. This makes us consistent in our messaging over the long term building trust in what we offer.   

3. What do people see as your strengths?
Ask the people who care for your well-being as to what are your personal strengths. These may be members of your family, your community, friends and/or colleagues.   

4. What does your business team refer to you on?
Make a list of the common things your business team refer to you for assistance, support or clarification. This exercise can help you to identify your skills and knowledge which in turn can help you to appreciate your core competencies and personal values.  

5.  What makes you unique in what you do?
It is said that we all only have enough time to be our true selves. Look at yourself in the mirror and get to know the person you see. With technology in hand you can even record a video of yourself for self-evaluation. Identify what makes you feel comfortable and what actions make you more self-confident.

To succeed in sales we have to tell our story with conviction by sharing our passion with our audience.

High growth businesses pursue excellence with passion that is shared with consumers
through brands that delight.


Share your passion with your audience and enjoy the positive results.

Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL DIRECTORY

Do share this article on social media and with those interested

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Business Leadership

9/1/2015

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Leading A Learning Organization
The key to sustaining performance


Today's businesses need to become learning organizations. Many leaders of technology based companies attract and retain highly motivated and driven talent by transforming their businesses into business campuses that encourage questioning and learning to drive individuals to excel in their areas of expertise. 

The learning organization drives innovation and performance through knowledge stimulation.

Learning organizations will for example invite authors of books on ideas and new thinking to do presentations in-house. Senior leaders, managers and staff are encouraged to attend and ask questions. The involvement of leaders in such sessions re-enforces the commitment to learning, innovation and high performance as a business culture.

To establish a culture of learning, innovation and high performance business leaders need to:


1. Anticipate change and empower key staff to be change agents that can lead transformations in their area of specialization.

2. Be able to attract the best talent to join the business team. It is essential to create a work environment that is stimulating to bring out the best in each individual within the team.

3. Build trust and develop relationships with key individuals throughout the organization to establish a network of individuals who can respond rapidly to both internal and external stakeholder demands and needs across the supply chain.

In a global economy where factors outside the control of the business such as natural disasters, currency fluctuations and overseas stock market downturns can impact consumer sentiment, it is the learning organization that is best able to adapt and respond to changing market demands.  

Siddha Param
International Business Consultant

Reboot your business plan for sustained high growth

Click For Link To:

BUSINESS SERVICES

CENTRE FOR EXCELLENCE

BUSINESS EXCHANGE MALL DIRECTORY

Do share this article on social media and with those interested





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