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Emphasis the human element of strategy to identify the direction and scope which achieve an advantage in a changing environment through its configuration of resources and competences, has the aim to fulfill stakeholders expectations

“The competitive analysis is a statement of the business strategy and how it relates to the competition.”

The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle.

The first step in a competitor analysis is to identify the current and potential competition. As mentioned in the “Market Strategies” chapter, there are essentially two ways you can identify competitors. The first is to look at the market from the customer’s viewpoint and group all your competitors by the degree to which they contend for the buyer’s dollar.

The second method is to group competitors according to their various competitive strategies so you understand what motivates them. Once you have grouped your competitors, you can start to analyze their strategies and identify the areas where they are most vulnerable. This can be done through an examination of your competitors’ weaknesses and strengths.

A competitor’s strengths and weaknesses are usually based on the presence and absence of key assets and skills needed to compete in the market. To determine just what constitutes a key asset or skill within an industry, David A. Aaker in his book, Developing Business Strategies suggests concentrating your efforts in four areas:

1. The reasons behind successful as well as unsuccessful firms

2. Prime customer motivators

3. Major component costs

4. Industry mobility barriers

According to theory, the performance of a company within a market is directly related to the possession of key assets and skills. Therefore, an analysis of strong performers should reveal the causes behind such a successful track record.

This analysis, in conjunction with an examination of unsuccessful companies and the reasons behind their failure, should provide a good idea of just what key assets and skills are needed to be successful within a given industry and market segment. For instance, in the personal-computer operating-system software market, Microsoft reigns supreme with DOS and Windows. It has been able to establish its dominance in this industry because of superior marketing and research as well strategic partnerships with a large majority of the hardware vendors that produce personal computers.

This has allowed DOS and Windows to become the operating environment, maybe not of choice, but of necessity for the majority of personal computers on the market. Microsoft’s primary competitors, Apple and IBM, both have competing operating systems with a great deal of marketing to accompany them; however, both suffer from weaknesses that Microsoft has been able to exploit. Apple’s operating system for its Macintosh line of computers, while superior in many ways to DOS and Windows, is limited to the Macintosh personal computers; therefore, it doesn’t run many of the popular business applications that are readily available to DOS and Windows.

To an extent, IBM’s OS/2 operating system suffers from the same problem. While it will run on all of the personal computers DOS and Windows can run on and even handle Windows applications, the number of programs produced for OS/2 in its native environment is very small. This is the type of detailed analysis you need in analyzing an industry. Through your competitor analysis you will also have to create a marketing strategy that will generate an asset or skill competitors do not have, which will provide you with a distinct and enduring competitive advantage.

Since competitive advantages are developed from key assets and skills, you should sit down and put together a competitive strength grid.

This is a scale that lists all your major competitors or strategic groups based upon their applicable assets and skills and how your own company fits on this scale., strategic management has three major elements: strategic position, strategic choices for the future and strategic in action.

To put together a competitive strength grid, list all the key assets and skills down the left margin of a piece of paper. Along the top, write down two column headers: “weakness” and “strength.” In each asset or skill category, place all the competitors that have weaknesses in that particular category under the weakness column, and all those that have strengths in that specific category in the strength column. After you’ve finished, you’ll be able to determine just where you stand in relation to the other firms competing in your industry.

Once you’ve established the key assets and skills necessary to succeed in this business and have defined your distinct competitive advantage, you need to communicate them in a strategic form that will attract market share as well as defend it.

Competitive strategies usually fall into these five areas:

1.Product

2.Distribution

3.Pricing

4.Promotion

5.Advertising

Many of the factors leading to the formation of a strategy should already have been highlighted in previous sections, specifically in marketing strategies.

Strategies primarily revolve around establishing the point of entry in the product life cycle and an endurable competitive advantage.

As we’ve already discussed, this involves defining the elements that will set your product or service apart from your competitors or strategic groups. You need to establish this competitive advantage clearly so the reader understands not only how you will accomplish your goals, but why your strategy will work.


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Community Cloud

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Technical and fundamental analysis in the efficient market hypothesis suggests that future share prices cannot be predicted by studying past prices. As we have seen, there is extensive evidence to support this view and the right information in collaborating with your partners.

Despite the evidence, investment strategies based on the study of past share prices, or on the analysis of published information such as annual accounts, are common, and the view held by many financial analysts seems to be therefore that capital markets are inefficient.

“Technical analysis involves the use of charts (Chartism) and other methods to predict future shares prices and share price trends, clearly implying that a relationship exists between past and future prices. “

For technical analysis to lead to abnormal returns on a regular basis, capital markets cannot even be weak form efficient.

“Fundamental analysis are public information to calculate a fundamental value for a share and then offer investment advice by comparing the fundamental value with the current market price.”

It is not possible to make abnomal gains from fundamental analysis if capital markets are semi-strong form efficient, since all publicly available information will already be reflected in share prices.

Both technical and fundamental analysis, by seeking abnormal returns, increase the speed with which share prices absorb new information and reach equilibrium, thereby preventing abnomal returns from being achieved.


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Exploit Synergies

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If the mark of an entrepreneur in seeing an opportunity where others don’t, Jan Nytzen and Bjorn Lowenhielm, founders of Universal Cart Systems Inc. in New York City, are entrepreneurs in excellence.
In the seemingly mundane world of food cart manufacturing, the pair that developed techniques, dramatically rearranged the economics of product and provided an entree to a multimillion-dollar opportunity.
Rather than welded steel, Universal’s carts, which can be used for food service as well as merchandising, rely on modular components made from aluminum extrusions.

“What was made by five workers in five days could now be done by one worker in a few hours,”

says Lowenhielm.

“[We realized] this was clearly something that had significant potential.”

The funds spent on research and development got Universal into initial production. With several units occupying New Jersey’s Giant Stadium and with what Lowenhielm calls rave reviews from food-service contractor Aramark in Philadelphia, the company is now ready to launch a full-scale rollout of the product.
To do it right, Nytzen and Lowenhielm figure they’ll need an additional $500,000 and eventually as much as $1 million. But with $1 million already invested, the co-founders are looking for “angel” investors with the kind of equity capital that will drive Universal to its next growth level. While they know that money exists, there is less certainty regarding the kind of angel investor they need.
David R. Evanson, a writer and consultant, is a principal of Financial Communications Associates in Ardmore, Pennsylvania. Art Beroff, a principal of Beroff Associates in Howard Beach, New York, helps companies raise capital and go public.

A. Good Chemistry

The importance of the chemistry between entrepreneur and investor cannot be underestimated. Consider that while a banker may completely trust and like an entrepreneur, he or she will not change the lending criteria a single iota because of these feelings. But with angel investors, the situation is quite different: If he or she develops a bond with an entrepreneur, an angel will agree to almost any deal. Because of this phenomenon, angel investor Rich Bendis, who is also president of Kansas Technology Enterprise Corp. in Topeka, Kansas, says entrepreneurs must understand the basic investor personality types to help them forge the bond so vital to closing the deal. While private investors come in many different shapes, they can be categorized into five types: corporate angels, entrepreneurial angels, enthusiast angels, micromanagement angels and professional angels.

1. Corporate angels

Typically, corporate angels are former senior managers of Fortune 1000 corporations who have been outplaced or have taken early retirement. Corporate angels may say they’re looking for investment opportunities, but in reality, they’re looking for a job. This doesn’t mean they won’t invest. Bendis says they typically have about $1 million in cash and may invest as much as $200,000 in a deal, but some kind of position, usually unpaid at first, is part of the deal.
Nytzen and Lowenhielm, who had lengthy careers at Volvo and Electrolux, respectively, before striking out on their own, think a corporate angel might work out.

“I understand their thinking because we came out of that mold,”

says Nytzen.

My one reservation would be that in start-ups, you have to wear a lot of hats, and people from large corporations with highly specialized skills can’t always do that.”

Lowenhielm concurs. If forced to choose a corporate angel who also wanted a position with the company, he says,

“I would choose someone who left a large corporation to pursue other interests, as opposed to a senior person who got downsized out of his or her job.”

Corporate angels typically make just one investment, unless their last one didn’t work out, says Bendis. And with respect to that one investment, they tend to invest everything at once and may get nervous when the hat gets passed their way again.

2. Entrepreneurial angels

These are the most prevalent type of angel investors, according to Bendis. Most of them own and operate highly successful businesses. Because these investors have another source of income, and perhaps significant wealth from an initial public offering or partial buyout, they will take bigger risks and invest more capital than other types of angels.
Whereas the corporate angel is looking for a job, entrepreneurial angels are looking for synergy with their current business, a way to diversify their portfolios or, in rarer instances, a way to prepare for life after their current business no longer requires their full attention. As a result, these investors seldom look at businesses outside their area of expertise and will participate in no more than a handful of investments at any one time.

We are talking right now to an investor who owns a fabrication business,”

says Lowenhielm.

“Obviously, there are some strong synergies. I like the idea that there is an incentive for each business to strengthen the other.”

According to Bendis, entrepreneurial angels almost always require a seat on the board of directors but hardly ever want any kind of management duties. They typically make fair-sized investments-$200,000 to $500,000–and invest more as the company progresses. However, because of their agenda, when the synergy or the potential they initially perceived disappears, oftentimes so do they.

3. Enthusiast angels

While entrepreneurial angels tend to be somewhat calculating, enthusiasts simply like to be involved in deals. Bendis says most enthusiast angels are 65 or older, independently wealthy from success in a business they started, and have abbreviated work schedules. For them, investing is a hobby. They typically want no role in management and rarely seek board representation.
Because enthusiasts spread themselves across many companies, the size of their investments tends to be small–from as little as $10,000 to perhaps a few hundred thousand dollars.

On the plus side,”

says Bendis,

“enthusiasts tend to have a difficult time saying no and often bring their friends into a deal.”

Nytzen feels that enthusiast angels, affiliated with the company but free from the burden of board representation, would provide an invaluable resource for Universal.

When we created international advisory boards for Volvo, we were able to attract top people because there were no official responsibilities,”

Nytzen says.

“We received tremendous support and counsel from them. I see enthusiasts as a very interesting source of capital.”

4. Micromanagement angels

Micromanagers are serious investors,”

says Bendis.

Some of them are born wealthy, but the vast majority attained wealth through their own efforts.”

Unfortunately, this heritage makes them dangerous. Because they have successfully built a company, micromanagers attempt to impose the same tactics they used with their own companies on the companies they’re investing in. Though they do not seek an active management role, micromanagers usually demand a board seat. If the business is not doing well, they will try to bring in new managers.

The idea of control has a little bit of a bad taste [for us],”

says Lowenhielm.

“The investor who wants to know how much we spend on paper clips would be a hindrance. The way I see it, investors who want to control want to restrain.”

This would be a tough fit for us,”

agrees Nytzen.

Right now as a start-up, we [have identified and are confident of] our market and our products. It would be difficult to put someone else in the driver’s seat.”

Bendis says it’s possible to exploit the behavior patterns of micromanagers–but at a cost.

They enjoy having as much control as possible,”

Bendis says.

“Many will gladly pay for it by putting more capital in the business.”

Micromanagers typically invest between $100,000 and $1 million.

5. Professional angels

The term “professional” in this context refers to the investor’s occupation, such as doctor, lawyer and, in some rare instances, accountant. Bendis says professional angels like to invest in companies that offer a product or service with which they have some experience: A doctor will look at medical instrumentation companies, a franchise attorney will look at franchise deals, and so on.
These investors don’t typically need to know what’s going on in the business on a daily basis, and they do not micromanage their portfolio companies. In fact, professionals rarely seek board representation. However, Bendis says, they can be unpleasant to deal with and impatient when the going gets tough, and may think a company is in trouble before it actually is. Bendis says professional angels invest in several companies at one time, and their capital contributions range from $25,000 to $200,000.

They are good for initial investments but are less likely to make follow-up investments,”

he says.

Perhaps more than any other investor, professionals operate within loosely defined but clear networks, and they tend to be more comfortable investing alongside their peers. Thus, the first professional investor you find will likely open a pathway to others. Professionals can also offer value when they have-and provide-legal, accounting or financial expertise for which the company would otherwise have to pay hefty fees. Be wary, however, because some professionals want to be hired after they invest.

B. Pairing Up

Of all the different personality types, Nytzen and Lowenhielm agree the best investor for Universal Cart Systems would be an entrepreneurial angel.

“The fact that he or she is already in business and wants to remain there and be a resource for our business seems to create the best atmosphere for success,”

says Nytzen.
But the partners are not ruling out the other types of investors.

This is business,”

says Lowenhielm.

“If someone brings something valuable to the table that can help us reach our goals faster, then I would consider them a good investor for our business.”


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Latest Financial Topics for Strategy & Business Developments

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Internal experts and external brought in sessions, that articulate the organisation vision and added insights to new opportunities.

Is your team fully engaged to give their best, day in and day out?”

In a recent study by TowersWatson, an international HR consulting firm, fewer than 21 percent of employees surveyed described themselves as “highly engaged,” down from 31 percent. 8 percent admitted to being fully disengaged. Having only one-fifth of your employees highly engaged is not the hallmark of a “Winning Business.”

Other studies show that employee engagement derives from three important factors:

  • Alignment of the employee with the goals and vision of the company.
  • Faith of the employee in the competence of management and their commitment to realize the goals and vision.
  • Trust in their direct supervisor that he or she will support his or her people and help them to succeed.

It has often been said that employees rarely quit companies. Instead, employees quit their managers or supervisors by leaving the company. Mark Herbert, a consultant focused on engagement, says:

“Engagement lives and dies on the front line of your business.”

Increasing positive managerial behavior and reducing negative managerial behavior will go a long way towards improving employee engagement. When your talented employees are engaged, they are able to perform spectacularly and build and improve your winning business.

Here are some ways to get managers and supervisors started in focusing on ways to improve engagement (and to be better managers).

1. DON’T get angry

Getting angry is easy. Anyone can do that. But getting angry in the right way in the right amount at the right time, now that is hard.”

Mark Twain

Anger does not belong in your managerial kit bag.

2. DON’T be cold, distant, rude or unfriendly

Especially in difficult times, employees take cues from their immediate supervisors and need to hear from them. As such, your team will judge you by your action, moods, and behaviors, not by your intent.

3. DON’T send messages to your employees so that they never know where you stand

Keep your message simple, focused and prioritized. Too many messages and initiatives just confuse and alienate people.

4. DON’T BS your team

This includes saying things that you don’t believe in. This includes hiding information and just plain lying. By the time each of us is in our early 20′s, we have all developed very well-tuned BS detectors.

5. DON’T act more concerned about your own welfare than anything else

Your success will come through the success of your team. “Self-serving detectors” are also very well-tuned in most employees.

6. DON’T avoid taking responsibility for your actions

You are the boss. As such, you are accountable and the buck stops with you. You are trying to develop accountability throughout your company. So, lead by example.

7. DON’T jump to conclusions without checking your facts first

A few years ago, I watched in horror as a colleague of mine started screaming at an employee of his who had missed an important meeting that morning. After several minutes, the employee responded:

“I apologize and should have contacted you. But, I just got back from the hospital as a relative has been diagnosed with terminal cancer.”

Now here are the dos, which are even more important than the don’ts…

8. DO what you say you are going to do when you are going to do it

There is no better way to communicate the message that you are accountable for your promises and that everyone in your company should be accountable as well.

9. DO be responsive (return phone calls, emails)

As a manager, your team can be considered to be your customer.
You want your sales team to punctually respond back to customer requests, so you should do the same.

10. DO publicly support your people

Your disagreements and disappointment with your employees can be communicated later and in private. Nothing appears so hollow as your attempt to blame your team for failures.

11. DO admit your mistakes …

…and take the blame for failures.

12. DO recognize your team

“You can never underestimate the power of simple recognition for a job well done.”

13. DO ask and listen

“The manager of the future will know how to ask rather than how to tell.”

Peter Drucker

Some of the most dangerous words for a manager to ever say include:

But, you just don’t understand…” “Because I said so…

14. DO smile and laugth


Have some fun. But, be genuine; programmed fun and faked laughter is worse than doing nothing.
When appropriate, laugh at yourself; it will humanize you.


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Digital Years

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To a better understanding on strategic decisions and implications, here are some characteristics that exhibit the following:

Complexity is describing the feature of strategy and is particularly so in organisations with wide geographical horizons, such as multinational firms, or wide ranges of products and services.

For example, Yahoo! faces the complexity both of a fast-moving market environment and poorly organised internal businesses. Uncertainty is inherent in strategy, because nobody can be sure about the future.For Yahoo! the internet environment is one of constant and unforeseeable.

Operational decisions are linked to strategy.

For example, any attempt to coordinate Yahoo!’s business units more closely will have knock-on effects on web page design and links, carer development and advertiser relationships.

This link between overall strategy and operational aspects of the organisation is important for two other reasons.

First if the operational aspects of the organisation are not in line with the strategy, than no matter how well-considered the strategy is, it will not succeed.

Second, it is at the operational level that real strategic advantage can be achieved. Indeed, competence in particular operational activities might determine which strategic developments might make most sense.

“Integration is required for effective strategy.”

Mangers have to cross functional and operational boundaries to deal with strategic problems. Yahoo! for example needs an integrated approach to powerful advertisers such as Sony and Vodafone from across all its businesses.

Relationships and networks outside the organisation are important in strategy, for example with suppliers, distributors and customers. For Yahoo!, advertisers and users are crucial sets of relationships.

“Change is typically a crucial component of strategy.”

Change is often difficult because of the heritage of resources and because of organisational culture.

According to Brad Garlinghouse at least,

“Yahoo barriers to change seem to include a top management that is afraid of taking hard decisions and a lack of clear accountability amongst lower-level management.”


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News & Economic Trends

Financial Goals

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In the new case of the industries you  should be proactive in helping achieving and creating your goals.

When you’re a start-up with few employees and few customers, it’s easy to stay on top of what customers want and what they’re getting. But as you add more customers and employees, you add links to the customer service chain. That creates the potential for growth and the potential for poor service along the way. That’s why creating a customer service policy and adhering to it is so important. Here are some steps you can take to ensure that your clients receive excellent service every step of the way.

  1. Put your customer service policy in writing. These principles should come from you, but every employee should know what the rules are and be ready to live up to them. This doesn’t have to be elaborate. Something as simple as “the customer is always right” can lay the necessary groundwork, although you may want to get more detailed by saying, for instance, “any employee is empowered to grant a 10 percent discount to any dissatisfied customer at any time.”
  2. Establish support systems that give employees clear instructions for gaining and maintaining service superiority. These systems will help you outservice any competitor by giving more to customers and anticipating problems before they arise.
  3. Develop a measurement of superb customer service. Don’t forget to reward employees who practice it consistently.
  4. Be certain that your passion for customer service runs rampant throughout your company. Employees should see how good service relates to your profits and to their futures with the company.
  5. Be genuinely committed to providing more customer service excellence than anyone else in your industry. This commitment must be so powerful that every one of your customers can sense it.
  6. Share information with people on the front lines.Meet with your employees regularly to talk about improving service. Solicit ideas from employees-they are the ones who are dealing with customers most often.
  7. Act on the knowledge that what customers value most are attention, dependability, promptness and competence. They love being treated as individuals and being referred to by name.

 

It has been about trust and it has been about getting there faster than anybody else,as we are driving innovation and bring ideas from other industries through our success.

 

Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.” 

 Howard Stevenson 

 

This is one of the first definitions of entrepreneurism.It perfectly captures the nature of entrepreneurship and highlights some key qualities that successful entrepreneursshare. Entrepreneurs are confident in their abilities and they are able to recognize opportunities where many others don’t see them.




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The Latest Business News  On Strategy Practise

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Create differentiation and leadership digital engagement, alignment, innovation persistency connectivity, mobile and cloud lead into market efficiency. This initiatives are driving manufacturers to move at the speed of thought. Leverage this transformation is important.

 

However, market efficiency – championed in the efficient market hypothesis (EMH)”

 

Formulated by Eugene Fama in 1970, suggests that at any given time, prices fully reflect all available information on a particular stock and/or market. Fama was awarded the Nobel Memorial Prize in Economic Sciences jointly with Robert Shiller and Lars Peter Hansen in 2013. According to the EMH, no investor has an advantage in predicting a return on a stock price because no one has access to information not already available to everyone else.

 

The Effect of Efficiency: Non-Predictability

The nature of information does not have to be limited to financial news and research alone; indeed, information about political, economic and social events, combined with how investors perceive such information, whether true or rumored, will be reflected in the stock price.

According to the EMH, as prices respond only to information available in the market, and because all market participants are privy to the same information, no one will have the ability to out-profit anyone else.

In efficient markets, prices become not predictable but random, so no investment pattern can be discerned. A planned approach to investment, therefore, cannot be successful.

 

“This random walk of prices”

 

Commonly spoken about in the EMH school of thought, results in the failure of any investment strategy that aims to beat the market consistently. In fact, the EMH suggests that given the transaction costs involved in portfolio management, it would be more profitable for an investor to put his or her money into an index fund.

 

Anomalies: The Challenge to Efficiency

In the real world of investment, however, there are obvious arguments against the EMH. There are investors who have beaten the market – Warren Buffett, whose investment strategy focuses on undervalued stocks, made billions and set an example for numerous followers.

There are portfolio managers who have better track records than others, and there are investment houses with more renowned research analysis than others. So how can performance be random when people are clearly profiting from and beating the market?

Counter arguments to the EMH state that consistent patterns are present. For example, the January effect is a pattern that shows higher returns tend to be earned in the first month of the year; and the weekend effect is the tendency for stock returns on Monday to be lower than those of the immediately preceding Friday.


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Latest News & Developments in Business Strategy Practice

Learning and Flow

 

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Because flow emerges in the zone in which an activity challenges people to the fullest to their capacities, as their skills increase it takes a heightened challenge to get into flow.

If a task is too simple, it is boring; if too challenging, the result is anxiety, rather than flow.

It can be argued that mastery in a craft or skill is spurred on by the experience of flow that the motivation to get better and better at something, be it playing the violin, dancing, or gene spicing, is at least in part to stay in flow while doing it.

“Flow is an internal state that signifies a kid is engaged in a task that’s right.”

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The flow model suggests that achieving mastery of any skill or body of knowledge should ideally happen naturally.

Csikszentmihalyi found that it was those who in their student days had savored the sheer joy, became serious. Whether it be in controlling impulse and putting off gratification, regulating our mood so they facilitate rather than impede thinking, motivating ourselves to persist and try, try again in the face of setbacks, all bespeak the power of emotion to guide effective effort.


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Latest News for Strategy Business Developments

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By the end of the century, a third of the workforce will be “knowledge workers”, or people whose productivity is marked by adding value to information, whether as market analyst, writers, or computer programmers.

Peter Druker, the eminent business maven who coined the term “knowledge worker“, points out that such workers’ expertise is highly specialized, and that their productivity depends on their efforts being coordinated as part of an organisational team: writers are not publishers; computer programmers are not software distributors. While people have always worked in tandem, Druker notes that with knowledge work,

” Teams become the work unit rather than the individual himself.”

Perhaps the most rudimental form of organisational team-work is the meeting, that inescapable part of an executive’s office in a boardroom, on a conference call, in someone’s office.

Meetings bodies in the same room are but the most obvious, and at the somewhat antiquated, example of the sense in which work is shared.

Electronic networks, email, teleconferences, work teams, informal networks and the like are emerging as new functional entities in organisations. To the degree that explicit hierarchy as mapped on an organisational chart is the skeleton of an organisation, these human touch points are its central nervous system.

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The total the talents and skills involved, whatever people come together to collaborate, whether it be in an executive planning meeting or as a team-working toward a shared product, there are in a very real sense on which they have been included in a group of IQ.

In maximizing the excellence of a group’s product, the degree to which the members were able to create a state of internal harmony, lets them take the advantage of the full talent of their members.


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Systems of Record

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Money all spent in systematization, as you all know more than I do, it is not easy with all that data that you have collected. 

Until recently mainly used to expedite manufacturing, robots are increasingly appearing outside factory floors, in hospitals, labs and offices. To meet the requirements of these varying situations, developers have designed new models, such as soft robots and software robots. This creates 

 

“a digital workforce”

 

which represents a whole new operational, highly scalable, reliable and auditable work capability for businesses.

The use of software robots in this context has been called robotic process automation, or RPA.  While many people have fantasized about a day when they can delegate chores to robots and let them take the reins when it comes to innovation, the rise of these new breeds has left some observers wondering about their value to the workforce.

Many have expressed concern that by taking on core processes in factories, labs, hospitals, offices, robots will make people irrelevant and unemployed. But instead what’s resulting with early adoption of these machines is that there’s room for both robots and people – and the combination is enabling an unparalleled level of efficiency, customer service and innovation. Take Telefonica, for instance.

Under the direction of its head of digital service and transformation Wayne Butterfield, the telecom provider turned to software robotics made by my company, Blue Prism, after fully exhausting other methods of reducing costs while increasing efficiency of the back-office transactions it completes for customers. While software robots were an obvious choice in terms of speeding up processes and slashing corporate spending, members of the IT department were skeptical. They doubted whether the software robots were capable of accurately completing complex procedures like transferring customers’ SIM card data from old phones to new devices. But as software robots repeatedly demonstrated their value automating thousands of monthly transactions, the IT department could no longer dispute the advantages of a digital workforce.

 

What’s important to understand is that people are still involved in the process.

 

Not only do managers train robots much like how they do for new employees – teaching them rules and the ins and outs of particular procedures – but processes can be triggered by a customer or an employee. Many of you are doing this for over 30 years but now it’s not about being focused in improving your process, but also being focused in connecting it with your customer and now mobilising that information to be out in the field. It’s a study made by McKinsey that said that digital transformation is very important to us but we are 13% ready. So how do you get ready?

 



 

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The Latest Business Strategy Practise & Contemporary DevelopmentsNews

 

 

Differentiation Strategy

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Executives of young companies are constantly questioning how to build a differentiated identity in a saturated industry. Even pioneers in uncharted territory will, before too long, need to find their voice.”
Intense competition means you’re onto something good. It also means your industry will shape you if you are not tenacious about defining yourself. There are three fundamental strategies that are instrumental in distinguishing a company from its peers:

1. Cultivate a work environment that enables you to hire exceptional people
The prospect of achieving true value-driven business hinges on your ability to recruit the best talent in the industry. “A” players want to work alongside “A” players, so there is nothing more important than building a strong nucleus of talent. Hiring hastily during an inflection point of your growth can be the kiss of death in creating a culture of excellence.
Nothing gets top-tier employees more excited than being challenged to take on outsized responsibility, yet most work environments still adhere to a stripes-earning, teeth-cutting, dues-paying mentality that stifles growth.
One of the ways you’ll be able to succeed in attracting exceptional talent is by showing that you strive to be a perfect meritocracy, unfettered by the requirements around age or experience.

2. Question everything but challenge selectively

Adhering solely to industry standards and best practices is a surefire way to camouflage a company in the market. Businesses strongly positioned for long-term success tend to believe adamantly that their industry’s best practices have yet to be discovered. There is an important distinction between questioning every industry assumption and assuming that every industry practice is flawed – it is a thin line between curiosity and arrogance. In the quest to innovate, leave no stone unturned. If the industry got it right, turn that stone back over.


3. Focus relentlessly on value
Proclaiming the need to focus on value may sound like a truism, but it is remarkably easy to forsake the path of substance. Businessman and author Ben Horowitz aptly said in order for a customer to switch to your product, it needs to be 10 times better than the product they are currently using. The only way to ensure this is by employing a laser focus on value and eliminating all distractions.
This demands not only discernment between value and distraction, but requires the discipline not to pursue the distraction. As a young company, you’ll face this challenge every day, and sometimes the choice is between less engaging tasks to create value or more interesting tasks destroying value. Making the choice to select substance over splash is critical in building a deep, unique product.


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  • Its all about the survival of the those who can adapt. Its a mass of changes.

When you’re a start-up with few employees and few customers, it’s easy to stay on top of what customers want and what they’re getting. But as you add more customers and employees, you add links to the customer service chain.”

That creates the potential for growth and the potential for poor service along the way. That’s why creating a customer service policy and adhering to it is so important. Here are some steps you can take to ensure that your clients receive excellent service every step of the way.

  1. Put your customer service policy in writing.These principles should come from you, but every employee should know what the rules are and be ready to live up to them. This doesn’t have to be elaborate. Something as simple as “the customer is always right” can lay the necessary groundwork, although you may want to get more detailed by saying, for instance, “any employee is empowered to grant a 10 percent discount to any dissatisfied customer at any time.”
  2. Establish support systems that give employees clear instructions for gaining and maintaining service superiority.These systems will help you outservice any competitor by giving more to customers and anticipating problems before they arise.
  3. Develop a measurement of superb customer service.Don’t forget to reward employees who practice it consistently.
  4. Be certain that your passion for customer service runs rampant throughout your company.Employees should see how good service relates to your profits and to their futures with the company.
  5. Be genuinely committed to providing more customer service excellence than anyone else in your industry.This commitment must be so powerful that every one of your customers can sense it.
  6. Share information with people on the front lines.Meet with your employees regularly to talk about improving service. Solicit ideas from employees-they are the ones who are dealing with customers most often.
  7. Act on the knowledge that what customers value most are attention, dependability, promptness and competence.They love being treated as individuals and being referred to by name.

 

Phrases That’ll Make Your Customers Happy

Principles of customer service are all very well, but you need to put those principles into action with everything you do and say.

 

There are certain “magic words” customers want to hear from you and your staff. Make sure all your employees understand the importance of these key phrases:

 

  • How can I help?”Customers want the opportunity to explain in detail what they want and need. Too often, business owners feel the desire or the obligation to guess what customers need rather than carefully listening first. By asking how you can help, you begin the dialogue on a positive note (you are “helping,” not “selling”). And by using an open-ended question, you invite discussion.
  • “I can solve that problem.”Most customers, especially business-to-business customers, are looking to buy solutions. They appreciate direct answers in a language they can understand.
  • I don’t know, but I’ll find out.”When confronted with a truly difficult question that requires research on your part, admit that you don’t know the answer. Few things ruin your credibility faster than trying to answer a question when you are unsure of all the facts. Savvy buyers may test you with a question they know you can’t answer and then just sit quietly while you struggle to fake an intelligent reply. An honest answer enhances your integrity.
  • “I will take responsibility.”Tell your customer you realize it’s your responsibility to ensure a satisfactory outcome to the transaction. Assure the customer you know what he or she expects and will deliver the product or service at the agreed-upon price. There will be no unexpected changes or expenses required to solve the problem.
  • “I will keep you updated.”Even if your business is a cash-and-carry operation, it probably requires scheduling and coordinating numerous events. Assure your customers they will be advised of the status of these events. The longer your lead time, the more important this is. The vendors customers trust the most are those that keep them apprised of the situation, whether the news is good or bad.
  • I will deliver on time.”A due date that has been agreed upon is a promise that must be kept. “Close” doesn’t count.
  • Monday means Monday.”The first week in July means the first week in July, even though it contains a national holiday. Your clients are waiting to hear you say “I deliver on time.” The supplier who consistently does so is a rarity and will be remembered.
  • It’ll be just what you ordered.”It will not be “similar to,” and it will not be “better than” what was ordered. It will be exactly what was ordered. Even if you believe a substitute would be in the client’s best interests, that’s a topic for discussion, not something you decide on your own. Your customer may not know (or be at liberty to explain) all the ramifications of the purchase.
  • The job will be complete.”Assure the customer there will be no waiting for a final piece or a last document. Never say you are finished “except for….”
  • “I appreciate your business.“This means more than a simple “Thanks for the order.” Genuine appreciation involves follow-up calls, offering to answer questions, making sure everything is performing satisfactorily, and ascertaining that the original problem has been solved.

adult-architecture-blur-705792

Neglecting any of these steps conveys the impression that you were interested in the person only until the sale was made. This leaves the buyer feeling deceived and used, and creates ill will and negative advertising for your company. Sincerely proving you care about your customers leads to recommendations and repeat sales.

 

Never Let Your Customers Forget You


One important tool for generating repeat business is following up. Effective follow-up begins immediately after the sale when you call the customer to say “thank you” and find out if he or she is pleased with your product or service. Beyond this, there are several effective ways to follow up that ensure your business is always in the customer’s mind.

  • Let customers know what you are doing for them. This can be in the form of a newsletter mailed to existing customers, or it can be more informal, such as a phone call. Whatever method you use, the key is to dramatically point out to customers the excellent service you are giving them. If you never mention all the things you are doing for them, customers may not notice. You aren’t being cocky when you talk to customers about all the work you have done to please them. Just make a phone call and let them know they don’t have to worry because you handled the paperwork, called the attorney or double-checked on the shipment-one less thing they have to do.
  • Write old customers personal, handwritten notes frequently.“I was just sitting at my desk and your name popped into my head. Are you still having a great time flying all over the country? Let me know if you need another set of luggage. I can stop by with our latest models any time.” Or if you run into an old customer at an event, follow up with a note: “It was great seeing you at the CDC Christmas party. I’ll call you early in the New Year to schedule a lunch.”
  • Keep it personal.Voice mail and e-mail make it easy to communicate, but the personal touch is often lost. If you’re having trouble getting through to someone whose problem requires that personal touch, leave a voice-mail message that you want to talk to the person directly or will stop by his or her office at a designated time.
  • Remember special occasions.Send regular customers birthday cards, anniversary cards, holiday cards…you name it. Gifts are excellent follow-up tools, too. You don’t have to spend a fortune to show you care; use your creativity to come up with interesting gift ideas that tie into your business, the customer’s business or his or her recent purchase.
  • Pass on information.If you read an article, see a new book, or hear about an organization a customer might be interested in, drop a note or make a quick call to let them know.
  • Consider follow-up calls as business development calls.When you talk to or visit old clients or customers, you’ll often find they have referrals to give you, which can lead to new business.

With all your existing customers can do for you, there’s simply no reason not to stay in regular contact with them. Use your imagination, and you’ll think of plenty of other ideas that can help you develop a lasting relationship.

 

Dealing With Unsatisfied Customers

Studies show that the vast majority of unsatisfied customers will never come right out and tell you they’re unsatisfied. They simply leave quietly, later telling everyone they know not to do business with you. So when a customer complains, don’t think of it as a nuisance-think of it as a golden opportunity to change that customer’s mind and retain his or her business.

Even the best product or service receives complaints now and then. Here’s how to handle them for positive results:

 

  • Let customers vent their feelings. Encourage them to get their frustrations out in the open.
  • Never argue with a customer.
  • Never tell a customer “You do not have a problem.” Those are fighting words.
  • Share your point of view as politely as you can.
  • Take responsibility for the problem. Don’t make excuses. If an employee was sick or a supplier let you down, that’s not the customer’s concern.
  • Immediately take action to remedy the situation. Promising a solution and then delaying it only makes matters worse.
  • Empower your front-line employees to be flexible in resolving complaints. Give employees some leeway in deciding when to bend the rules. If you don’t feel comfortable doing this, make sure they have you or another manager handle the situation.

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Uniquely world

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What we are gonna be seeing is more and more organisations that use technology like sales force, cloud base technologies like social mobile, data science, to bring together their employee, their patients and other partners outside the organisation.

A lot of the software that powers companies is decades old, expensive and not intuitive to operate. If you use Salesforce or SAP, you know how convoluted those systems are.”

From long-time employees who still remember green-screen terminals to 20-somethings who think all of this sounds archaic, a 2-year-old company named Sapho is working to make basic tasks easier for everyone. Sapho aims to bypass all of the gobbledygook and behave more like your favorite social networking apps.

After nearly two decades of founding and selling companies, Peter Yared and Fouad EINaggar met in late 2011 when they began executive roles at CBS Interactive. Yared, brought on as CIO/CTO, had a technical background designing internet infrastructure. EINaggar, on the business operations side, had spent seven years as a venture capitalist in Silicon Valley.

In 2014, they founded Sapho, and today, they are announcing the Sapho Micro App Platform. It allows companies to build applications that serve specific functions, such as prompting a business owner to sign a contract or approve a product discount. Sapho taps into behemoth software systems such as Salesforce, SAP, Omniture, Oracle and Workday and acts as a liaison between the information they contain and the employee who needs that information.

Users don’t have to log in to a hard-to-decipher interface and navigate to the data they need. Sapho anticipates users’ needs and pushes notifications to them when they need to fulfill a particular duty, such as approving an employee’s vacation time, according to the company.

Sapho allows clients to pay based on the number of monthly active users of its software ($2 to $10, depending on company size). Clients include Turner, Google and the founders’ former employer, CBS Interactive, among others, and the company just completed a $9.5 million series A funding round.

Yared and EINaggar have faced skepticism from those who have mastered legacy software or are reluctant to add a third party into the mix. But the reality is, most people in a given company have little concept of what enterprise software is for or how to harness it to their advantage.

In an interview with Entrepreneur, the founders explained how they came up with the idea for Sapho and how they approach legacy tech users – by respecting rather than dismissing those who are set in their ways.

What is your approach to modernizing business software?

Fouad EINaggar, Sapho co-founder and CEO: Workflows on enterprise software haven’t changed in 30 years. Salesforce today looks just Siebel did in 1999, Workday today looks just like PeopleSoft in 1998. You’ve got to think about what you want, you’ve got to remember where it is, you’ve got to log in somewhere and then you’ve got to navigate a piece of software that looks like a tax form.

Things like Google Now, Siri and Facebook, they’re telling us that there’s a new way. Systems are figuring out what’s relevant to you in advance and pushing it to you before you even know that you need it.

Sapho offers a simplified mobile interface that prompts employees to complete essential tasks without logging in to and navigating large enterprise software systems.

 

What is a micro app?

EINaggar: A micro app is a small piece of a bigger app. There are 8 million features in an HR system, but one thing that everyone has to do is approve vacation time. I don’t need to log into a system that has 8 million features to go and do this one thing.

There’s a photocopier in your office right now. It’s got a million buttons on the left. Someone in your office knows how to use that thing like a Ferrari. They can print out 30 double-sided color-copies that are pre-stapled. I do not know how to use any of those buttons. I walk up to a copier and I just want to push a green button, make my copy and move on. And that’s what we do. These micro apps are the green button on the copier.

We’re not necessarily replacing things. We’re making things that people have already spent money on more useful.

 

How did your background experience, founding various companies and working at CBS Interactive, pave the way for Sapho?

Peter Yared, Sapho co-founder and CTO:CBS had bought a series of companies, and the technology was a little long in the tooth. Fouad joined just after me to run the business operations there, and we met each other very early. Our offices were next to each other. We brought in modern software, and we really enjoyed working together and partnered well together, and we were like, we should go solve this problem.

EINaggar: We’re both really strong personalities. Peter is a technical genius who hasn’t really had a great business partner on the other side. And I’m, what would you say, Peter, an above-mediocre business person? (Laughs.) I’ve never really had a great technical partner.

At CBS, Peter and I sat down and were like, “Why aren’t people using this software that we’re spending money on?” We spend $300 billion a year on enterprise software and IT infrastructure, and people aren’t using it. We’re not getting increases in productivity. We’re not extracting values from these investments.

That’s what got us really excited. Changing the way people work going forward, making work different, making work better. That is a really exciting way to wake up every morning, at 4:30 or 5 a.m. and be excited about the day, be ready to tapdance to work. You’re solving something real. We’re not another laundry on-demand delivery service.

In Silicon Valley, I think people forget to respect the investments that people have made. It’s so much easier to call somebody a dinosaur than to actually think about why they’re doing things the way they are. And we were the dinosaurs when we were at CBS. When you are the dinosaur, you start realizing there’s a reason that people have to make decisions the way that they do. And our view has been, let’s respect that, let’s be pragmatic, let’s fit into the infrastructure that people have. Because people aren’t going to just rip out a billion dollars of infrastructure investment because they’re called a dinosaur. That’s just not how the world works.

Sapho’s drag-and-drop micro app builder allows companies to customize how and when employees receive data information from databases, internal web servers and other systems of record.

 

Adding a new third-party mediator into the mix requires trust. How do you mitigate those concerns?

EINaggar: I was a VC in Silicon Valley for seven years. Peter’s been in Silicon Valley for three decades. Everyone there is living in the future. We had lots of friends come to CBS being like, “Can you guys deploy my awesome solution?” and then be like, “We’re gonna punch a hole in your firewall,” or “Don’t worry, we’re gonna download all of your ERP data into our public cloud.” And what we learned really quickly was that, at these big companies, that model just does not work when you’re touching mission-critical data. Security is becoming more and more of a concern.

Yared: That’s why we didn’t build this as a cloud system. Their HR and financial data is on their own database that they control. It’s harder to deploy and sell and build software that way, but it also makes the customers much, much more comfortable.

And then, some companies just don’t like to buy from startups, and others do. We have a good pedigree and a good background, and if people are like, “Hey, you’re a little too young for us,” we don’t take offense to it, we’re just like, “Well, let’s keep this conversation going.”

Adopting Sapho will require people who are set in their ways to make a change.

 

How do you address those challenges, and others, in trying to get organizations to implement Sapho and see that it will be helpful to them?

EINaggar: It’s something that we learned the hard way at CBS, where we were modernizing a lot of the infrastructure in the organization.

You know, you have people who are as legacy as the legacy systems. We’ve got one customer that, the CEO of the company is a wizard on that green-screen terminal. I mean, the guy knows how to do everything he wants on it. In fact, he got them to build an emulator on his iPad of the green-screen terminal so he knows how it works!

And so, when we thought about Sapho, we said, OK, how are we going to get around that? Millennials don’t like using Salesforce, because it’s a piece of crap. They don’t like going onto a green-screen terminal. They can’t even comprehend that things like this still exist, but we find them at Fortune 100 companies all the time.

We remember an era when you had to load software onto your machine with a cassette, or with a floppy disc. You have a new generation of employees whose whole concept of loading software is an app store. Where they just go and they download Instagram, it takes one second, and they take a picture and type a sentence and it magically goes out to their social networks. They didn’t need a training session for half a day. They didn’t need a manual that’s 800 pages. It just works.

People at these organizations start using the micro app, and they go, “oh, God, this is so easy.” And that’s how we start expanding in an organization.

That power user, they’re still going to go in, and they’re still going to use their Salesforce. They’re still going to go into their SAP. And more power to them. We don’t reinvent the wheel. It’s about 15 minutes to success. We want to make it very easy for people to drop this in, connect it to their system and start building these micro apps. And that only happens if you respect the infrastructure that people have spent trillions of dollars on.

This interview has been edited.


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Accelerated processes

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Every step of complex inquiring

Achieve to order smarter to proactive customers, partner and distributor engagement, to be both together in global collaboration across experts anywhere.A point to the increase of profitability with faster CPO and higher margin for better solutions.

When you’re a start-up with few employees and few customers, it’s easy to stay on top of what customers want and what they’re getting.

But as you add more customers and employees, you add links to the customer service chain. That creates the potential for growth and the potential for poor service along the way. That’s why creating a customer service policy and adhering to it is so important.

Here are some steps you can take to ensure that your clients receive excellent service every step of the way.

  1. Put your customer service policy in writing. These principles should come from you, but every employee should know what the rules are and be ready to live up to them. This doesn’t have to be elaborate. Something as simple as “the customer is always right” can lay the necessary groundwork, although you may want to get more detailed by saying, for instance, “any employee is empowered to grant a 10 percent discount to any dissatisfied customer at any time.”
  2. Establish support systems that give employees clear instructions for gaining and maintaining service superiority.These systems will help you outservice any competitor by giving more to customers and anticipating problems before they arise.
  3. Develop a measurement of superb customer service.Don’t forget to reward employees who practice it consistently.
  4. Be certain that your passion for customer service runs rampant throughout your company. Employees should see how good service relates to your profits and to their futures with the company.
  5. Be genuinely committed to providing more customer service excellence than anyone else in your industry.This commitment must be so powerful that every one of your customers can sense it.
  6. Share information with people on the front lines.Meet with your employees regularly to talk about improving service. Solicit ideas from employees-they are the ones who are dealing with customers most often.
  7. Act on the knowledge that what customers value most are attention, dependability, promptness and competence.They love being treated as individuals and being referred to by name.

 

Phrases That’ll Make Your Customers Happy


Principles of customer service are all very well, but you need to put those principles into action with everything you do and say. There are certain “magic words” customers want to hear from you and your staff. Make sure all your employees understand the importance of these key phrases:

  • “How can I help?”Customers want the opportunity to explain in detail what they want and need. Too often, business owners feel the desire or the obligation to guess what customers need rather than carefully listening first. By asking how you can help, you begin the dialogue on a positive note (you are “helping,” not “selling”). And by using an open-ended question, you invite discussion.
  • I can solve that problem.”Most customers, especially business-to-business customers, are looking to buy solutions. They appreciate direct answers in a language they can understand.
  • I don’t know, but I’ll find out.When confronted with a truly difficult question that requires research on your part, admit that you don’t know the answer. Few things ruin your credibility faster than trying to answer a question when you are unsure of all the facts. Savvy buyers may test you with a question they know you can’t answer and then just sit quietly while you struggle to fake an intelligent reply. An honest answer enhances your integrity.
  • I will take responsibility.”Tell your customer you realize it’s your responsibility to ensure a satisfactory outcome to the transaction. Assure the customer you know what he or she expects and will deliver the product or service at the agreed-upon price. There will be no unexpected changes or expenses required to solve the problem.
  • I will keep you updated.”Even if your business is a cash-and-carry operation, it probably requires scheduling and coordinating numerous events. Assure your customers they will be advised of the status of these events. The longer your lead time, the more important this is. The vendors customers trust the most are those that keep them apprised of the situation, whether the news is good or bad.
  • I will deliver on time.”A due date that has been agreed upon is a promise that must be kept. “Close” doesn’t count.
  • Monday means Monday.”The first week in July means the first week in July, even though it contains a national holiday. Your clients are waiting to hear you say “I deliver on time.” The supplier who consistently does so is a rarity and will be remembered.
  • It’ll be just what you ordered.”It will not be “similar to,” and it will not be “better than” what was ordered. It will be exactly what was ordered. Even if you believe a substitute would be in the client’s best interests, that’s a topic for discussion, not something you decide on your own. Your customer may not know (or be at liberty to explain) all the ramifications of the purchase.
  • The job will be complete.”Assure the customer there will be no waiting for a final piece or a last document. Never say you are finished “except for….”
  • “I appreciate your business.”This means more than a simple “Thanks for the order.” Genuine appreciation involves follow-up calls, offering to answer questions, making sure everything is performing satisfactorily, and ascertaining that the original problem has been solved.

Neglecting any of these steps conveys the impression that you were interested in the person only until the sale was made. This leaves the buyer feeling deceived and used, and creates ill will and negative advertising for your company. Sincerely proving you care about your customers leads to recommendations and repeat sales.

 

Never Let Your Customers Forget You


One important tool for generating repeat business is following up. Effective follow-up begins immediately after the sale when you call the customer to say “thank you” and find out if he or she is pleased with your product or service. Beyond this, there are several effective ways to follow up that ensure your business is always in the customer’s mind.

  • Let customers know what you are doing for them.This can be in the form of a newsletter mailed to existing customers, or it can be more informal, such as a phone call. Whatever method you use, the key is to dramatically point out to customers the excellent service you are giving them. If you never mention all the things you are doing for them, customers may not notice. You aren’t being cocky when you talk to customers about all the work you have done to please them. Just make a phone call and let them know they don’t have to worry because you handled the paperwork, called the attorney or double-checked on the shipment-one less thing they have to do.
  • Write old customers personal, handwritten notes frequently.I was just sitting at my desk and your name popped into my head. Are you still having a great time flying all over the country? Let me know if you need another set of luggage. I can stop by with our latest models any time.” Or if you run into an old customer at an event, follow up with a note: “It was great seeing you at the CDC Christmas party. I’ll call you early in the New Year to schedule a lunch.”
  • Keep it personal.Voice mail and e-mail make it easy to communicate, but the personal touch is often lost. If you’re having trouble getting through to someone whose problem requires that personal touch, leave a voice-mail message that you want to talk to the person directly or will stop by his or her office at a designated time.
  • Remember special occasions.Send regular customers birthday cards, anniversary cards, holiday cards…you name it. Gifts are excellent follow-up tools, too. You don’t have to spend a fortune to show you care; use your creativity to come up with interesting gift ideas that tie into your business, the customer’s business or his or her recent purchase.
  • Pass on information.If you read an article, see a new book, or hear about an organization a customer might be interested in, drop a note or make a quick call to let them know.
  • Consider follow-up calls as business development calls.When you talk to or visit old clients or customers, you’ll often find they have referrals to give you, which can lead to new business.

With all your existing customers can do for you, there’s simply no reason not to stay in regular contact with them. Use your imagination, and you’ll think of plenty of other ideas that can help you develop a lasting relationship.

 

Dealing With Unsatisfied Customers


Studies show that the vast majority of unsatisfied customers will never come right out and tell you they’re unsatisfied. They simply leave quietly, later telling everyone they know not to do business with you. So when a customer complains, don’t think of it as a nuisance-think of it as a golden opportunity to change that customer’s mind and retain his or her business.

Even the best product or service receives complaints now and then. Here’s how to handle them for positive results:

  • Let customers vent their feelings. Encourage them to get their frustrations out in the open.
  • Never argue with a customer.
  • Never tell a customer “You do not have a problem.” Those are fighting words.
  • Share your point of view as politely as you can.
  • Take responsibility for the problem. Don’t make excuses. If an employee was sick or a supplier let you down, that’s not the customer’s concern.
  • Immediately take action to remedy the situation. Promising a solution and then delaying it only makes matters worse.
  • Empower your front-line employees to be flexible in resolving complaints. Give employees some leeway in deciding when to bend the rules. If you don’t feel comfortable doing this, make sure they have you or another manager handle the situation.

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Competitive forces

 

adult-blur-business-630839

The level at which a business can “engage” its employees is what determines its internal success. Yet, employee engagement has consistently averaged less than 33 percent over the past four years, according to Gallup survey of more than 80,000 adults in the United States.”

Still, the root of the problem isn’t simply a lack of effort. Rather, many leaders are not even making employee engagement a priority – they’re not, well, engaging with engagement.

Here are four ways leaders can improve on that goal:

 

1. Make employee engagement an ongoing effort

Many people in charge get into the habit of analyzing employee engagement as a “one-and-done” process. In fact, 98 percent of CEOs only look at annual employee engagement surveys once a year and don’t discuss the matter with their employees.

An ongoing effort has to begin on day one. Instead of in-person onboarding programs that put new hires to sleep, incorporate technology like CovertHR to build engagement into even the earliest stages of the employee life cycle. CovertHR online activities allow employees to have fun and socialize while they’re completing tasks.

When new team members are introduced to an engaged environment and process, they feel more comfortable amplifying an engaged culture.

 

2. Don’t dump problems on HR.

The lack of employee engagement is as much an employer’s problem as it is HR’s. So, why are a majority leaders relying on HR to fix the problem? The Motivosity survey indicated that 70 percent of CEOs surveyed were delegating culture and engagement problems to HR.

Not surprisingly, it takes an engaged team to be actively involved in fixing employee-engagement issues. Instead of just assigning tasks to HR to fix, involve managers and employees who possess natural engaging characteristics. Present the problem and brainstorm together to come up with solutions that benefit everyone. Instead of delaying the process, or having HR come seeking approval for changes, be involved in the solution yourself.

 

3. Make employee engagement engaging

It’s no secret – leaders acknowledge just how important employee feedback is. In fact, a survey by Waggl Human Capital Pulse found that 97 percent of the business leaders, HR leaders and consultants among the 500,000 interviewed said they believed that listening to employees and incorporating their ideas was critical to an organization’s success.

Additionally, only a minority (38 percent) agreed that hearing from employees once a year through an annual survey is sufficient to give organizations the timely insights they need.

So, the message is that leaders do recognize listening to employees as being important, yet the way they typically do that is inefficient.

Instead of sending out a survey (that no one responds to), start with an open discussion with employees. Let people freely speak their minds, and take notes on the feedback they offer. Hearing what people genuinely have to say will help you kick employee engagement off to a positive start.

At the same time, be mindful of those who are less comfortable in a large group setting. After the forum concludes, send out an anonymous survey giving these employees the chance to elaborate on topics they weren’t comfortable saying in front of a group.

To take employee engagement yet a step further, management and coworkers should engage on a personal level. As the company leader, put yourself in situations that will allow you to engage in activities that work for the company’s culture. Consider small-group lunches that have a “no work talk: rule.

Or do what Namely CEO regularly Matt Straz does: move your desk to be in the middle of the action with the team.

 

4. Encourage risk-taking.

A company is only as good as the employees behind it. That is why employers should promote innovation on a regular basis. Do this at your company by presenting problems to your teams; give them the opportunity to take risks (and don’t reprimand them for failures).

A fun and productive way to do this is to present the same problem to different teams and prompt them to solve it. Each team can then present its solution to the entire group, with the group offering feedback and constructive criticism, and receiving in return exposure to new perspectives and improved-upon ideas.

This key theme of todays message is that you really need to get behind the value chain collaboration and execution and to do that you have to focus on the front engagement for faster results. This engagement will rub off on employees and ultimately create a more productive work environment that allows constant collaboration – making employees feel engaged all-year-round.

What are other ways leaders can improve employee engagement?

 

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Il n'est de vérité que du tout

"Daily Tools" Black Book

Inspired by the book "Love is the killer app" by Tim Sanders

Rusty's Midday Extravaganza

Radio: stream.967theeagle.com

Delusional Bubble

Your travel guide to the fantastic unknown places around the world.

Scientology & the Death of Kyle Brennan

The Truth for Kyle Brennan

zara hasan

#creativity starts here

KASHiVOLOGY

The conversations

MISCELLANEOUS MUCH

Author. Blogger.

sharmisthashabdkalrav

#gujarati #gujaratipoetry #gazals #gujaratisongs #gujarati stories #hindi poetry

PoeticBelle by Srishti Mundhra

Dichotomy | Contrast | Life