Is my business growing or will it grow…?

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From: My Consulting Experience

It is one of the common questions that every entrepreneurs wish to ask, yes there are many answers like, if the business is growing then your sales will increase, your profit may also increase etc, in  a way or another all the answers are true.

In a consulting point of view, the answer is BRAND RECALL shows the growth of every business; that means, a potential customer from the farthest point of your target area will prefer your business as their first choice when they meet a requirement. So a brand recall says that your brand image is in the minds of the customers where you do business, if the brand recall is true, your business is growing or the scope of growth is much higher than others. So capitalize your brand image and make the business shine at its best.

So how it is possible to do a BRAND RECALL test?

It is quite easy if you got a marketing team otherwise outsource a consulting company for do the test and analysis. The test can be done by the following:-

  • Define the target areas of your business (the reach of your business)
  • Prepare q questionnaire (question should not contain your business name but ask indirectly)
  • Train your marketing team with the questionnaire and the objective
  • Take a sample of 25 customers from all the potential areas
  • Meet the customers, fill the questionnaire and find out the no. of customers who said your business name as their first option
  • Take the action

Why BRAND RECALLING is not happening..?

In most of the cases entrepreneurs start their business by identifying the scope in that market but majority of them fail to communicate what his business offers for the customers, this is the main reason that the customer is not aware about the products/service, the value and the specialty of your business, so before starting the business or not delaying too much after the opening of your business, the business should EDUCATE its customer about everything that the it offers.

To create a brand recall, every businesses should EDUCATE its customer, for that the business should use all the available channels and the expenses of doing this should be considered as an investment for the growth of the business, then you will be able to create the BRAND IMAGE and by continuing the same quality of service and dealing, the brand image will be stamped in the mindset of the people and this will lead to brand recall, the symbol of your growth…

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Building A Successful Organization: The fundamental Stages

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From: My Consulting Experience

The stages in forming a successful organization can be compared to a construction of a strong building with strong foundation, hard pillars and safe roof. Like the same, an organization must have the following three major stages which consist of combinations of many elements:-

1. The foundation: –The basic elements that make a clear and strong foundation which can take any kind of pressure and expansion or change in the organization.

2. The Pillars: – The elements that support the growth, sustainability and the security of the organization.

3. The Roof: – The combination of elements that ensure the completion of the organization and its objectives.

  1. The Foundation Elements

a. Vision: – This is the most basic and crucial element that defines the reason for building the organization or vision explains the reason for the existence of the organization, without vision it will be like constructing a building without defining the purpose that the building is going to meet.

b. Solution: – The second most elements is the solution; which means what the organization is going to provide, or what issue the business will address. All the business should provide a solution to its customer, then only the business can sustain in the market, also remember that no any issue is going to be unsolved till the end.

c. Accessibility: – This area is to identify the real beneficiaries of the organization, entrepreneur should identify the place where the business should take off and it should be accessible by all the customers who need it. There is no point in starting a business where entrepreneur doesn’t know the real beneficiaries of the solution.

d. Value: – The solution that is going to provided by the business should have a value in the industry or among the customers. The value should be unique and clear to the customers then only they will understand the difference between your company and the competitors.

  1. The Pillars

a. Structure:- Structure is called as the organizational communication and information flow chart. This will clearly define who is who and where the decision making happens. A well defined organization will never give a chance for conflicts or role ambiguity and it will results in a stage where the organization receives the desired output from all levels. Key Result Area lies in the structure so there can be three levels; visionary, strategic and executive level, without these levels, no organizations run effectively.

b. Process:- A defined process flow will give a standard output for the organization, this will ensure the quality in the output even though there is frequent changes in the manpower or designation.

c. System: – A systematic organization gives a stable output in quantitative and qualitative level. This will help the top management to make the decision making faster and effective, a systematic organization can foresee what is going to happen next.

3. The Roof Elements

a. Growth Strategy: – Most of the companies face the same issue when they reach a steady level of growth, they don’t see the way to expand or diversify their business. When a business is focusing on a single service or a product, they will reach a time where there is no more growth, so the organization should have a clear plan about its growth in the industry otherwise the product or service will get obsolete. So for a healthy and long term existence, the organization should have long term and short term plans.

b. Exit Strategy: – This is also something very important; a company with a good exit strategy can keep its goodwill and the liquidity. It’s a strategy of the visionary or the entrepreneur to choose the exit strategy, many of the entrepreneurs prefer to keep the brand name as their surname, others let the company grow and later they sell it for a better value.

Make an organization which speaks about itself with pride…

Why Entrepreneurs Fail..?

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From: My Own

2014 – 15 a new business year for all entrepreneurs, so before planning for the next year let’s have a small review about why most of the budding and growing entrepreneurs fail in their business. This article is just to reshape our views and vision about the business that we run today and the businesses that we are going to  start in future.

We can see, most of the billionaires were started their business from a scratch and now they are enjoying the value of their brand and they are growing and growing, at the same time there are entrepreneurs who are burning out because of loss and frustration in the business.

So why entrepreneurs fail even though they invest their time and effort in their business..? 

1. Survival Driven- (Trying to make money before creating value):- This is one of the most difference between successful and failed entrepreneurs. Successful entrepreneurs always give importance on creating value than making immediate profit.

Wealth is a result of consistently providing solutions to the problems of humanity. If you doubt me, go ask Bill Gates, Warren Buffet, Mark Zuckerberg and the likes. These are people who simply followed their passion (purpose driven) rather than following money (survival driven) and yet made a great fortune. (from Mr. Philip)

2. Lack of Business IQ (No proper planning and preparation):- The quest for making a business sometimes results in learning zero knowledge about the industry and the business. To grow a business the businessmen should learn day by day about the changing trends in the industry, people and the style.

I would tell an example: In a motivational training class, a man asked to the speaker “My industry is filled with bargaining customers and I could make only very minimum profit. So how can I make a better business..? The speaker told him you made a better profit in the beginning of your business but you were blind in analyzing the changes in the industry, you could have started a diversification when you felt the changes in the industry.” (Thanks to one of my clients).

This is sometimes happening, getting knowledge will help you to take right decision at right time. 

3. Lack of focus (Wandering here and there): – This is the another difference, successful business people would have a focus and they invest their time and effort to nurture that special area. Take an example of Bill Gates, Mark Zuckerberg  etc all those people have the focus.

“genius is the ability to focus on one particular thing for a long time without losing concentration.”

So when you start or run a business, try to focus on the area where you can excel and never go for a randomized business before you got a clear path.

4. Risk Averse (Fear of Failure) : – This is one of the most challenging thing. Successful business people are ready to take challenges, they see opportunities in every risk and challenges, and that is why they are remembered and successful. But failed entrepreneurs lack this quality

If you are passionate in doing business, you never mind you challenges, risk or anything, you will do it. So have a passion about your business. You can be free from risk averse by improving your business knowledge, passion and focus also by concentrating on the end result. 

5. Poor Money Management (Extravagance) : – Manage your money, never let the money to manage you. Successful entrepreneurs are good in money management, they know where to invest and when to harvest their investment, like Warren Buffet’s words “Never invest in a business you can’t understand.” 

Always remember that there are ups and downs, you should be prepared to meet the unexpected.

6I can do well all by myself (Insecurity) : There is a limit to what an individual can achieve alone, thus the need for team work. Successful people know what to hold and what to delegate, so entrepreneurs should encourage team work and you should act as a leader and a guide.

“Together Towards Success…” follow the line literally, you will enjoy the happiness and success.

So, you must get rid of any insecurity and every scarcity mentality you might have that someone is going to beat you to it. There are many things that are unknown to you, so you should seek help from your team, may be from outside consultants etc, this is how business grows. 

7. Lack of Vision (The shortsightedness) : – “Vision is the reason for your existence”, never start or run a business without vision or with shortsightedness, the business will sink somewhere. The businessmen should be clear about his path and the end result, then only the business can move forward.

So, it is the high time that you need to have a vision for your business and life and let the vision shows the value that you are going to provide.

“Let the business speaks about you rather than you speak about the business…”

 

What do we need..? A Transformation or a Change..?

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From: My Own 

Change: Scientifically it is “become different.. but for me it is ” a reversible process where nothing is permanent..“… it is like seasons, there is no permanent change, if there is spring then it will change to summer after a short duration, there everything is for a short time and change can be reversible too.

Transformation: Scientifically it is “a marked change in form, nature, or appearance..” but for me it is “An irreversible change from one stage to a better new stage…” Its like the transformation of caterpillar to beautiful butterfly, where there is no coming back.

Why do we need a transformation..?

The answer is very simple, we all are not living as like we live in our dreams also we miss the passion to live the way we really want. This is why we sometimes feel exhausted and frustrated, so we need a transformation from this level to something new and better level where we can enjoy the success and the failures too…

Is it possible to transform ourselves..?

Well, we don’t need to talk about theories of transformations, let’s take some real examples of people who transformed their life.

1. Judge Mathis

A real example for personal life transformation (Street gang to superior court judge)

Judge Greg Mathis was a member of the notorious Detroit street gang, the Errol Flynns. At age 17, he was incarcerated after being arrested several times. After his release, Mathis went to college where he became a campus activist; and he was later elected a superior court judge for Michigan’s 36th District.

2. Harland David Sanders (KFC)

A real example of business life transformation (Failure to Success)

Harland David Sanders, the famous KFC “Colonel,” couldn’t sell his chicken. More than 1,000 restaurants rejected him. But then one did, and today there are KFC restaurants bearing his image all over the world.

3. Richard Grasso

Richard Grasso © Daniel Acker/Bloomberg/Getty Images

A real example for professional life transformation (floor clerk to Chairman of NYSE)

The New York Stock Exchange’s high-powered executive kicked off his career in 1968, when he was hired as a floor clerk in the exchange’s mailroom. At the time of his retirement, he was the chairman of the New York Stock Exchange

So all the above mentioned examples are proven that the transformation is possible in all the areas of our life. But would have happened if all the above examples were just a change..? Ohhh.. !!

How can we transform our life and achieve the three levels of success..?

Its true that we can divide out life into three levels, that can help us to focus exactly where we need the transformation. The following are the three levels:

  1. Personal: Here is your happiness lies
  2. Profession: Here is your growth lies
  3. Business: Here is your success lies

The process of transformation starts from a determination “I Want To Transform…”. Yes, if you want transform your life to the level that you dream always, you need to take it in your heart and you need to find out your passion; the ultimate thing that makes you feel happiness, success and everything.

I would say, set realistic targets in each of the three levels and be committed to it, you will feel that your life is transforming. Only a daily habit can make a transformation, so change your habit. 

Follow the things that mentioned below:-

1. Personal life: Make a new daily habit, nothing can transform you  until you  take a daily implementation. For example drink more water to reduce your weight, smile at people, read books to expand your knowledge, take things positively by saying positive things, keep commitments, try to say NO when it needed etc. These simple habits can change your personal life.

2. Professional Life: Keep professional commitments, prepare well, always give more than expected, grab the opportunity, squeeze your knowledge and aim to earn experience. Have a clean focus on these and do things that can take you to these areas.

3. Business Life: Always ensure that three people are with you; a visionary (may be you), a strategist and an executioner. Business life will be a success when you have these three people with you. To transform you business believe in the following:-

SAVE (S- Solution, A- Accessibility, V- Value and E- Educate)

Whatever be the business, it should address all the factors that mentioned above. SAVE is the key to transform your business life. 

So “transform your life and live as you live in your dream…”

10 Things Extraordinary Bosses Give Employees

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Good bosses have strong organizational skills. Good bosses have solid decision-making skills. Good bosses get important things done.

Exceptional bosses do all of the above–and more. Sure, they care about their company and customers, their vendors and suppliers. But most importantly, they care to an exceptional degree about the people who work for them.

That’s why extraordinary bosses give every employee:

1. Autonomy and independence.

Great organizations are built on optimizing processes and procedures. Still, every task doesn’t deserve a best practice or a micro-managed approach. (I’m looking at you, manufacturing.)

Engagement and satisfaction are largely based on autonomy and independence. I care when it’s “mine.” I care when I’m in charge and feel empowered to do what’s right.

Plus, freedom breeds innovation: Even heavily process-oriented positions have room for different approaches. (Still looking at you, manufacturing.)

Whenever possible, give your employees the autonomy and independence to work the way they work best. When you do, they almost always find ways to do their jobs better than you imagined possible.

2. Clear expectations.

While every job should include some degree of independence, every job does also need basic expectations for how specific situations should be handled.

Criticize an employee for offering a discount to an irate customer today even though yesterday that was standard practice and you make that employee’s job impossible.  Few things are more stressful than not knowing what is expected from one day to the next.

When an exceptional boss changes a standard or guideline, she communicates those changes first–and when that is not possible, she takes the time to explain why she made the decision she made, and what she expects in the future.

3. Meaningful objectives.

Almost everyone is competitive; often the best employees are extremely competitive–especially with themselves. Meaningful targets can create a sense of purpose and add a little meaning to even the most repetitive tasks.

Plus, goals are fun. Without a meaningful goal to shoot for, work is just work.

No one likes work.

4. A true sense of purpose.

Everyone likes to feel a part of something bigger. Everyone loves to feel that sense of teamwork and esprit de corps that turns a group of individuals into a real team.

The best missions involve making a real impact on the lives of the customers you serve. Let employees know what you want to achieve for your business, for your customers, and even your community. And if you can, let them create a few missions of their own.

Feeling a true purpose starts with knowing what to care about and, more importantly, why to care.

5. Opportunities to provide significant input.

Engaged employees have ideas; take away opportunities for them to make suggestions, or instantly disregard their ideas without consideration, and they immediately disengage.

That’s why exceptional bosses make it incredibly easy for employees to offer suggestions. They ask leading questions. They probe gently. They help employees feel comfortable proposing new ways to get things done. When an idea isn’t feasible, they always take the time to explain why.

Great bosses know that employees who make suggestions care about the company, so they ensure those employees know their input is valued–and appreciated.

6. A real sense of connection.

Every employee works for a paycheck (otherwise they would do volunteer work), but every employee wants to work for more than a paycheck: They want to work with and for people they respect and admire–and with and for people who respect and admire them.

That’s why a kind word, a quick discussion about family, an informal conversation to ask if an employee needs any help–those moments are much more important than group meetings or formal evaluations.

A true sense of connection is personal. That’s why exceptional bosses show they see and appreciate the person, not just the worker.

7. Reliable consistency.

Most people don’t mind a boss who is strict, demanding, and quick to offer (not always positive) feedback, as long as he or she treats every employee fairly.

(Great bosses treat each employee differently but they also treat every employee fairly. There’s a big difference.)

Exceptional bosses know the key to showing employees they are consistent and fair is communication: The more employees understand why a decision was made, the less likely they are to assume unfair treatment or favoritism.

8. Private criticism.

No employee is perfect. Every employee needs constructive feedback. Every employee deserves constructive feedback. Good bosses give that feedback.

Great bosses always do it in private.

9. Public praise.

Every employee–even a relatively poor performer–does something well. Every employee deserves praise and appreciation. It’s easy to recognize some of your best employees because they’re consistently doing awesome things.  (Maybe consistent recognition is a reason they’re your best employees? Something to think about.)

You might have to work hard to find reasons to recognize an employee who simply meets standards, but that’s okay: A few words of recognition–especially public recognition–may be the nudge an average performer needs to start becoming a great performer.

10. A chance for a meaningful future.

Every job should have the potential to lead to greater things. Exceptional bosses take the time to develop employees for the job they someday hope to land, even if that job is with another company.