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Business operations

10/29/2015

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Cultivating A High Growth Mindset
Overcoming productivity inhibitors

 
Do you have a morning ritual? For some it is coffee and toast with bacon and eggs. The bad news for these people is the report of the increased health risk from consuming too much processed meats. There will be those who will continue with their morning bacon ritual with a belief that it has made them feel good for years and so a little health risk is worth it.
 
Many businesses are like that, sticking resolutely with daily rituals because it continues to “bring home the bacon” in the form of steady sales and profit. There is little time spent on evaluating the possible risk that their business may become obsolete sooner than they think.
 
Why rock the boat with new ideas and change? Well, the reality is, in most industries, innovators are looking at creating fresh opportunities by disrupting the market with new products and services. Soon, the convenience of digital downloads may see the disappearance of music CDs and movie DVDs. This has happened to music and video cassettes.
 
Already the postal service is promoting the tag line, serving the online world. Email that replaced office memos and letters is already a several decades old technology. What’s new out there to ease communication?
 
While change is happening all around us, many businesses resist change and spend too little time being learning organizations.
 
Will your business be impacted soon by disruptive innovation?            
 
For sustained high growth businesses need to become learning organizations that explore and embrace innovation.  
 
Business leaders who neglect to invest in learning and innovation do so at their own peril. Make sure you have business consultants who will challenge you to ask the right questions. This will compel you to act on innovative ideas that give your business the competitive edge.   
 
Continual learning, innovation and change have been the mantra of many global corporations such as those in the automobile industry. Yet we find too many product recalls for defects.
 
It is easy to preach but more difficult to act on good ideas. To do this we must overcome the following productivity inhibitors:
 
Past Success Limiting Drive for Change  
When you are at the top of your industry, it is difficult to see room for improvement. Many in the 19th century horse and carriage industry did not see the automobile as a disruptor in the transportation industry.
 
Henry Ford is reputed to have said, if I had asked what consumers wanted they would have replied, “A faster horse”. The automobile industry did deliver more speed, but through the horse power of an engine. Now we hear of companies innovating to create electric, solar and even hydrogen powered cars. Maybe the future lies in rapid transit high speed rail which reduces the need for individually owned cars?
 
Businesses need to have individuals with a mindset that accepts new ideas, knowledge and skills.  In this knowledge driven global economy continual lifelong learning is critical for continual high growth earning.
 
The challenge then is to train our business team to embrace those who think differently so we are challenged to look outside the box to find ways to do things better or to do better things with our business capital. 
 
Points of View and Viewing Points
The passenger may have better peripheral vision than the driver who is focused on the road ahead. You need a team that includes individuals with a mindset that constantly questions the specialist view by laying out the big picture. This enables the business to better utilize the specialists skills available.
 
There is a tendency for humans to be biased towards advisers from within their industry. Yet, digital download of music and movies was an innovation from the computer technology industry that ate into the markets of both the music and movie industries. The disruptive change came from a different industry and impacted greatly the bottom lines of the music and movie industries.
 
Today there are singers who do not make much money from online music sharing. Instead as much as 85% of earnings could come from ticket sales for live concerts with online broadcast being merely viewed as a marketing expense. 
 
The Need To Take The Lead
Success comes to those who dare to act. When you have a good business idea you should act on it. Don’t wait for others, Just get on with it. High growth businesses take pro-active steps to recruit fresh talent when their existing talent team are unable to act on an innovative idea.
 
High growth business leadership requires a learning mindset that embraces fresh ideas. There is plenty of positive things to be said about sticking to what your business team is good at. So, if your business team lacks the mindset to embrace change, take the lead to engage consultants with the mindset for change to work with your team.
 
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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Business Marketing

10/22/2015

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Promote, Sell, Deliver & Get Paid
Online completes the transaction

 
Connect with Real People
The traditional brick and mortar storefront and printed catalogues have been used to get customers to do business by coming to the store, making a telephone call or using the postal service. These forms for connecting to convert prospects into customers remain important.
 
However, the internet now provides a cost effective and convenient medium for reaching customers locally and worldwide 24/7. The challenge is in creating an online message that is as compelling as a presentation you would make to a prospect in front of you.  
 
Serve an Opportunity Moment
Jason got to his office job as usual and prepared to settle into another day of unexciting work functions. When it was time for his morning coffee break, out of pure frustration he started to surf the internet on his smart phone for alternative jobs. He found job openings in computer programming that looked interesting. Unfortunately, he lacked the qualifications.
 
But a web link took him to a 30 second video about a computer programming course available at a local college. He called the college and was connected to a career adviser. The conversation convinced him to start the application process immediately.
 
Jason has since graduated and now works as a computer programmer while pursuing a Master’s in Business Administration online. That coffee break opportunity moment of watching and acting on the video information changed his life forever.
 
The internet has increased choice for consumers who can very quickly research what is offered and make a fast decision. This can be done on a mobile device at any place and time.  
 
The most interesting aspect of internet technology is its ability to initiate and complete the transaction with payment upfront.
 
The Power of Video Communications
Media richness and social acceptance is the foundation for effective communications in promoting your business. Audio-visual communications are more persuasive than emails and static websites.
 
A combination of logical and emotional messaging through video can be a powerful tool for persuading viewers. This is a great way to multiply the person to person communication technique in order to reach a wider audience.
 
Video can provide a human face and voice that enables businesses to build positive relationships with prospects and customers.  
 
The advantage of web video advertising over television video advertising is the ability for consumers to do further product research and to buy as well as make payment all on the same computing device.
 
Build Customer Trust
Trust is important for online promotions. Build customer trust in your business by providing accurate, actionable information. Make watching and listening to your video broadcast a positive experience.
 
The internet is merely a tool for reaching real world customers. Your video communication
should generate a sense of trust in the message and the messenger.
 
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 Marketing

10/15/2015

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Promote Customer Relations And Sales
Improve buying and using experience

 
Some people enjoy shopping while others do it because they need to have a product or service. Whichever category the customer is in, making the buying experience a positive one encourages sales.
 
Repeat sales or customer recommendations are encouraged when the consumer experience is a positive one. It is important to note that the customer who makes the purchase may not necessarily be the ultimate consumer. For example; an individual customer may shop for groceries to be consumed by the entire family. In this case it is necessary to not just understand the individual shopper but to also understand the product or service experience of the entire family.
 
Delivering positive shopping and consumption experiences builds relations that encourage increased sales.      
 
Understanding customer shopping and consumer using experiences can give your business a competitive advantage in the market.
 
Two individuals walked into a cell phone store. Both of them purchased smartphones. But they each purchased different model smartphones that have different operating systems. They both compared their buying experience and agreed that that they had similar buying experiences.
 
But once these customers leave the cell phone store and start using their respective smartphones their experiences begin to diverge. For the first customer, the smartphone syncs almost seamlessly with all her other computing devises. For the second customer the smartphone does not sync seamlessly with all her other computing devices.
 
Buying experience would suggest it does not matter which type of smartphone the store encourages customers to purchase. However, had the store continued developing customer relationships by keeping in touch with customers after sales, the store would have learnt that promoting the smartphone model sold to the first customer could create a greater pool of customers who have satisfying user experiences. This pool of customers would be more likely to return for other purchases or to recommend the cell phone store to others. Maintaining after sales customer relationships can give your business a competitive edge.   
 
Factors that need to be understood and applied to deliver buying and using experiences include:
 
Get To Know Your Customers
It is important to go beyond understanding “what” your customers want to ‘why” your customers want your products and services.
 
A particular business found out that many prospects did a YouTube search for videos by past customers who described their experiences of the product they purchased. Using this knowledge the business created a YouTube video promoted online to encourage sales. This online video created consumer confidence that generated more sales.
 
Get Your Business Focused On Customers
A customer centric business planning policy helps focus all business activity towards promoting sales. It is therefore vital to invest time in training all those involved in your business to focus their activity on promoting customer satisfaction.
 
In a particular building supply company the receptionist was sent for customer relations training because the realization was most prospects would find the customer on an online business directory and would then make the call.
 
The receptionist was the first point of sales contact for the company. Needless to say, sales increased tremendously with this wise investment in staff training. There was also tremendous cost savings for the company from scaling back on less effective advertising campaigns through other mediums.  
 
Let The Market Drive Your Business
Instead of being advertising driven, let the market shape your business. The customer knows best. By all means promote your core products and services like a chef with a signature dish.
 
But a smart restaurant owner has printed in his menu a list of the ingredients available in the restaurant. Customers are encouraged to co-create recipes with the chef. The results are often unique dishes inspired by the customer and made exquisite by the skills of a master chef. This has become a unique selling proposition for the restaurant that gives it a competitive edge.
 
Adapt your business to deliver customer satisfaction. Remember, flexibility is the key to sustained high growth in a continually evolving market.
 
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

10/8/2015

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How Local Can Compete With Global
Take informed, knowledgeable action

 
An employee at a North American café returns from an eco-adventure holiday in Central America. She convinces her employer to invest in a beachfront café at her vacation destination that she agrees to manage. The investor is able to monitor the café’s business online with real-time video feeds and online accounting of transactions utilizing a sales and inventory control software.
 
Another entrepreneur living in Australia has a pet store in South East Asia. He too is able to use the internet to stay connected 24/7 with his business.
 
It used to be that only a big Multinational Corporation (MNC) could operate a network of stores globally with a sophisticated management system and a huge team of staff in finance, operations, and marketing.
 
Global free trade is for all businesses small, medium and big. All you need is the right business consulting advice and management software to run a network of small businesses across the city, province, country or the world. The choice is yours.
 
With the right business knowledge and leadership skills you can operate a Micro-Multinational Enterprise (MME).
 
Global Lifestyles 
We are all influenced by information from multiple sources and media from all over the world. This information is constantly reshaping consumer tastes and choices worldwide. There are large consumer markets across cities with similar lifestyles and desires as those who buy your products and services locally.
 
All Business Is Local
The local diner has to compete with the international franchise store down the road. An entrepreneur can create a local store or start with a franchise to enjoy the advantages of a franchisor providing an efficient production, marketing and delivery system.
 
As one of several franchise outlets in the city a franchise store’s market may be predominantly customers from the local neighbourhood. A unique independent brand store on the other hand, may get a citywide market. Either way, the leadership response to information on the target market can determine the degree of success for the respective businesses. .
 
Knowledge Driven Leadership
Leaders need wet-ware to leverage technology to create successful world-class business systems. Wet-ware is the human computational skill that helps us better utilize technology.
 
To run a profitable local business in an environment of global competition you need knowledge driven leadership.
 
Technology is no substitute for knowledge and leadership skills. Technology can however, give an added advantage to knowledge driven s leaders. The best MNCs have a board of directors and management team made-up of individuals who have specialist knowledge, skills and experience. The board and management will regularly seek advice from consultants to get a fresh perspective and a holistic view to improve decision making.   
 
For small and medium enterprises (SMEs) to remain competitive it is necessary to assemble a team of consultants and specialist advisers to provide high quality services to compete with other local businesses and MNCs for a share of the market.
 
We see larger MNC warehouse stores being set up in medium population size cities to serve a cluster of small population size cities and towns over a wide geographical area.
 
Business leaders in local communities can compete in such an environment by focusing on consulting and learning to improve efficiency in the following areas:
 
1. Leading A High Powered Business Team
1.1. Build business and consumer networks
1.2. Work with consultants and specialist
1.3. Establish an efficient supply chain
 
2. Utilizing Leadership Action Plans
2.1. Provide consumers with quality assurance
2.2. Establish an efficient system to deliver customer satisfaction
2.3. Leverage the advantage of combining global sourcing with local value add
 
3. Developing A Loyal Niche Market
3.1. Analyse information to understand the local consumer culture  
3.2. Encourage advocates to promote products and services
3.3. Build a following through traditional and online media
 
To succeed, 21st century leaders need skills to seek out and profit from opportunities in a highly networked world.

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

10/1/2015

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Attributes Of High Growth Leaders
Doing the necessary to get results

 
Two major companies one in transportation and the other in the beverage industry experienced financial losses over several years despite having sales running into the millions of dollars yearly.
 
The leaders in both companies analysed key performance indicators and concluded that the staff needed motivational training to boost morale and increase productivity.
 
The transport company hired a motivational expert who was a top selling author to organise training sessions for the employees. These sessions were conducted in a classroom style setting at the work place. The employees felt motivated and inspired by the training. They came out of these training sessions with positive experiences and a “feel-good” state of mind. However, upon returning to work these employees very quickly returned to doing things the same old way.
 
The beverage company on the other hand got a training organization to organise a weekend retreat at a training centre out in the countryside. The centre had the feel and amenities of a well-run luxury hotel. The surrounding grounds were beautifully landscaped with gardens, patios and recreational facilities. The entire leadership and management team joined the rest of the employees in this program where everyone had to dress casually and address each individual by their first names. No job titles were used.
 
The program encouraged everyone to get to know their colleagues personally with encouragement given to share personal experiences with the group. At the end of the program strong personal bonds were created between individuals across job hierarchies. There was a sense of shared determination to do better for the company. The leaders, managers and the rest of the employees returned to work energized.         
 
At the end of the year both the transport and beverage companies once again showed losses with performance continuing to slide. The transport company continued in business with additional capital injection from investors. The beverage company was wound up a year later.
 
These two companies were examples of a failure of leadership. Making people feel good by building positive human relationships alone does not improve performance and increase productivity. Leadership is about making the right decisions and taking timely action.   
 
High growth leaders take action, get the right people and establish productive relationships
to achieve goals.
 
The Right Action
Business plans work best when leaders are able to implement an action agenda that state what needs to be done in the right order of priority, importance and urgency.
 
A leader must know how to decide on the best course of action when more than one option is available. The leader needs to ensure that such actions are carried out in a timely manner. This requires the skill to make informed decisions based on feedback and advice from specialist.     
 
The Right People
It is essential to utilize people with the right qualifications and competencies to carry-out specific task. It is also important to ensure that these people buy into the leader’s vision and sense of mission. This will encourage them to perform their duties conscientiously and professionally.
 
The Right Relationship
High growth leaders focus on building productive relationships. This should be distinguished from merely creating “feel-good” relationships. An effective leader knows that people who experience a sense of personal accomplishment when business goals are achieved will work to improve their performance.
 
The high growth leader will invest time into establishing a productive relationship by providing his people with the right resources, challenges and motivation to create a shared prosperity for the business and themselves.
 
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

0 Comments

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