Category: Strategy

How to Resolve Conflicts Like a Boss and Avoid Stress

When you are managing a team or when you are heading your own company, you will always have situations where you will have to resolve conflicts. These conflicts may take place between employees, managers or just about anyone who may be working under you. The true sign of leadership is when you are able to deal with these conflicts and resolve them like a boss. In this article, let us understand what a conflict is, what it does to you, and the different kinds of conflicts that can occur. In psychology, a conflict is said to occur when opposing choices are to be made, resulting in stress or some kind of dysfunction. These conflicts have been classified under approach-avoidance conflict, double approach conflict, and double avoidance conflict. What is an approach-avoidance conflict? In an approach-avoidance conflict, you are presented with a situation where you have two choices: one is a pleasant one and another is an unpleasant one. Usually, we tend to make the choice that brings a pleasant outcome. Yet, sometimes we may need to make unpleasant (avoidance) choices too, and this causes stress. [php snippet=1] An example would be a scenario like this: Jim was a manager who often found his team to be lacking discipline. They would talk amongst themselves and not finish work properly. He began to reprimand his team members to maintain discipline and engage in fruitful work. This did not work, and instead, animosity between him and his subordinates increased. He had the option of escalating the matter to his boss, or just choose to keep yelling at them. If he kept yelling at them, he would not have to face his boss and look like a person who cannot discipline his team. If he escalated the matter, he would continue to be viewed as that manager who complained about team members to the higher ups. The other option was to just keep yelling at the team members, who were anyway used to it, and it certainly seemed like the easier option. Jim could choose between complaining to the boss (avoidance) and just keep yelling at the team members (approach). He chose the unpleasant choice, and the boss warned the whole team that their bonuses may be withheld if they didn’t perform according to requirements. As you can see, in an approach-avoidance scenario, taking an unpleasant approach may actually be beneficial and resolve conflicts. Jim’s team members soon forgot that it was he who complained to the boss, and even if they remembered, they could not do anything about it anyway. Thus, when given a choice between a pleasant and an unpleasant option to resolve conflicts, do not be afraid to take an unpleasant step if that seems like a more effective way to handle things. What is a double approach conflict? The next kind of stressful situation arises when there is a double approach conflict. A double approach conflict provides you with two appealing options, and you find it difficult to choose between the two as both are attractive. Let us assume Jim needs to solve an argument between Betty and Lisa, both of whom have been at loggerheads with each other over finalizing a design for a client’s logo. In Jim’s opinion, both the logo designs look great and he finds it difficult to choose between the two. A double approach conflict usually leads to a favorable outcome but it can cause unpleasant feelings among those who are involved. In this case, either Lisa or Betty will feel bad about their design being rejected while the other’s being accepted. Remember this golden rule. You will never be able to make everyone happy. In this case, Jim might do what most sensible managers do to resolve conflicts. He may ask all of his team members and other employees in the office to vote for the logo they like the best, in an anonymous manner. The chosen logo can be presented to the client, while the one that wasn’t chosen can still be appreciated for its inherent good qualities. While the employee whose logo was not selected will still feel bad, she will at least feel she lost in a democratic process. What is a double avoidance conflict? Sometimes, you will encounter the most difficult of situations. This has got something to do with choosing between two unpleasant choices. This is called a double avoidance conflict. In a double avoidance conflict, you will encounter two different unpleasant outcomes and you will have to choose between the two. No matter what you do, conflict will arise and will cause you stress. This kind of conflict is the most stressful and most people find it difficult to solve them. In this case, all you need to do is to choose the option that is least detrimental. For this, you will need to make a list of pros and cons and weigh the advantages and the disadvantages of each choice. Choose the one that is least unpleasant. For example, Jim may find out that he has to either cut down funds to his team or make them stay back for a longer duration at work. It would not be possible to make employees stay back if it is stipulated so legally. Thus, he may have to release more funds to pay for overtime. Resolving conflicts requires you to know the different kinds of conflicts and which one causes the most stress. in most situations, it is not as simple as the situations given above. Usually things are a lot more complex, and people find it difficult to resolve conflicts. The importance of personal qualities in conflict resolution To solve all conflicts, certain personal characteristics are very important. First of all one needs to be patient. Without patience, you will not be able to understand two opposing views, and you may color your judgment with your emotions and biases. Secondly, you need to be objective. You need to look at opposing views objectively, and try to understand

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Things to Say and Do When Negotiations Turn Sour

We have all been there before. We think the other party is about to agree to our terms and conditions, or that they are conceding that we have compromised to many of their demands, so they will agree on certain things. Yet, negotiations fail. More heartbreakingly, negotiations may turn hostile enough to leave you wondering what really went wrong when you tried every negotiation trick they taught you. Unfortunately, negotiations need not always work the way you want them to, and sometimes, they do go awfully wrong. Walk out of talks with grace When negotiations turn sour, there are a number of things you can do to extricate yourself gracefully. Negotiating requires skills, practice, patience and leaving one’s ego outside the negotiation room. One can’t be all high and mighty and expect to win an argument. Whether you are negotiating terms with your legal counsel, your employee, your hostile partner or a difficult client, negotiations can sometimes go wrong even if you are great at it. However, most people make the mistake of lunging forward with various other tricks in order to win arguments. They forget that the first rule of negotiating is to not argue, and to be assertive. When negotiations turn sour, and you are still at it, trying to prove your point or trying to convince your opinion, do not go forward with whatever you are doing, even if you feel you are right. Even if by all accounts the other side is acting irrationally, you sometimes just have to leave the negotiation table. It is no longer a negotiation if it has gone sour. It is like trying to put curdled milk together. It is a very bad idea. By walking out when negotiations turn sour, you will rise above your opponents and that is always a good thing. [php snippet=1] In this article, let us take a look at how we can walk out gracefully from a negotiation that has gone sour. These tips and tricks will apply to all kinds of negotiations and not just the kind that you see in boardrooms. These tips to leave a negotiation situation gracefully will work in your own house too, while working very well at a client’s meeting. Here are four things to say to the other party: “I Can Imagine How You Feel” When you say you can imagine how the other person is feeling, you are basically expressing empathy. When you express empathy, the other person feels understood and negotiations have lesser chances of getting uglier. Remember, the goal is not to make the negotiation process a success, but to walk out of it with grace. You do not want to leave the talks looking like a curmudgeon who left discussions because it didn’t suit him. Just expressing empathy goes a long way when it comes to helping you stall talks. “I Understand We Are Going Nowhere” Do not beat around the bush. Instead, be frank and assertive, and most importantly be honest that talks are going nowhere. You will help save time on both sides, and if not anything, the other party will respect you for making it easy to quit talks. Probably they are not as assertive as you are, and two submissive groups rarely achieve anything, other than engaging in passive aggressiveness. We know what that leads to: pure and unadulterated unpleasantness. “Maybe We Can Call This Off” Suggest to the negotiators that both the parties may be in a better position if they called off the talks. Tell them honestly that the negotiations are futile and it does not look like it is going anywhere. When you communicate your wish to end the talks, you can take steps that actually need to be taken to think of alternatives that might bring the results you want. Do not look for solutions where you can’t find them. A negotiation that has gone sour is one such place. “No Hard Feelings, Really” Finally, wind up your negotiations by saying that there are no hard feelings between the two of you. Express the fact that one does not have to reach an agreement at the end of every negotiation. Negotiations can fail, and they are allowed to fail. Otherwise, they wouldn’t be called negotiations in the first place. If the talks are not helping, there are no hard feelings. Here are four things to do when negotiations fail: Maintain your composure. One of the biggest mistakes that people make is to lose patience and express anger or other unpleasant emotions. Emotions and feelings only come in the way of rational and objective talks, which is the crux of negotiations. If you lose your temper or if you express any sort of negative emotions, you will come across as a weak individual who is not able to deal with the fact that the talks have already failed. Keep calm and call off the talks. Back off. It doesn’t mean you are accepting defeat. It means you are protecting what you still have. When you call off the talks, it does not mean that you failed at negotiations. It just means that you know when to draw a line and when to call it quits, instead of wasting everyone’s time. So, do not think that you are accepting defeat by calling off negotiations. You are just protecting what you still have and that is always a good thing to do. It reveals a basic sense of internal sense to accept adverse conditions and move away from adversities gracefully. Make peace with failed negotiations. It was just not meant to be. Once you walk out of talks, you might feel despondent and mourn the loss of lost opportunities. Always remember that lost opportunities are always lost. They were never yours to begin with, and you did try to make them yours. Instead of wallowing in self pity and ruing over a failed negotiation, look at the brighter side: you will not have to deal with hostile negotiators

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Nurture Your Organizational Ecosystem to Boost Workplace Productivity

A lot of people disagree with the proposition that corporations are people too. Of course, they are not people, because they are not sentient. However, corporations are run by people, for the interests of people, and they belong to people. An organization, functions quite similarly to a human being. Just like we have organs and they all work in tandem, even though they are parts of different systems. Our bodies work like organizations do For example, the digestive system and the reproductive system are different, but they share the same body and work for that body. Similarly, the marketing department and the accounts department are different, but they work for the same organization. All these different parts and sections of an organization make up for its ecosystem. In fact, an organizational ecosystem can be described as that which is influenced by the organization, and that which influences the organization. With this definition, we can understand that there are internal and external ecosystems. The internal ecosystem of an organization consists of its employees, departments, infrastructure, and everything that is owned or hired by the organization. External ecosystems include the larger community, clients, customers, competitors, the city where the office is located, and even the government and the world at large. When we talk about organizational ecosystems, we are talking about all that is connected to an organization, both internally and externally. It is important to nurture this ecosystem to boost workplace productivity. [php snippet=1] Why nurturing your organizational boosts workplace productive? Organizational ecosystem consists of all your employees, contractors, freelancers, the infrastructure you own, etc. Now, when you nurture these separate and disparate entities, you are ensuring their well being. Just like we need to nurture our internal organs with proper diet and exercise, we need to nurture our employees and staff, and replace parts and infrastructure when they are ailing. This boosts productivity by ensuring organizational health. When ecosystems are nurtured, their health is ensured. Health in organizational jargon refers to productivity. As long as a company is functioning properly, we can say that it is a healthy organization. This also means that all entities within the organization are productive. So, it should not come to us as a surprise that when we nurture organizational ecosystems, we boost productivity, both directly and indirectly. This should lead you to start treating your employees better, replace those old computers, contribute to the community where your business is located, and of course pay taxes as required. All these little things boost productivity whether we realize it or not. No matter what you do, it is important to remember that we do not live in a vacuum. We not only have to nurture ourselves, but also the immediate surroundings in which we live. Same is true with organizations too. To be productive and healthy, you need to nurture your organization and all its components, and also ensure that you support various entities that surround you externally. This helps in boosting not only productivity but also enhances work culture.

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11 Analytic Software Programs Your Business Needs Now

Imagine a business trying to differentiate its website through specific keywords or step up its appeal to specific demographic characteristics.  The whole exercise of website improvement and reform is futile if it is not backed by analytics. It is like chasing a wild goose that leads you nowhere. There are a number of analytical software and tools available today that support you to accomplish your goals. The following article is a compilation of some of the most useful analytical software. Google Analytics Google Analytics is the most commonly used analytical tool. It is comprehensive and good for websites of all sizes.  It can be used to track events like button clicks and video plays. It allows you to generate multi-channel funnel reports. With Google Analytics, you can set up goals and track them. Specific actions of visitors can be tracked like what prompted conversion.  It further allows you to set user permissions and customize dashboards.  Keyword optimization is another significant feature of Google Analytics. However, setting up event tracking feature is bit complicated. Though there are number of support videos to understand Google Analytics, an amateur may still find it overwhelming. [php snippet=1] Adobe Analytics Adobe Analytics is one of the best analytical solutions.  It works across multiple platforms (web and mobile).  Adobe Dynamic Tag Management helps you to update and manage tags through online console.  Its APIs smoothly amalgamate with different online experiences. This solution is quite flexible. Data can be easily extracted from the tool and seamlessly merged with other data sources.  It also provides conversion variable level control quite similar to Google Custom Dimensions. There are some limitations though, unlike Google, this tool integrates well only with Adobe products. Too much flexibility often works against it because lack of user experience leads to wrong configuration. KISSmetrics This powerful and robust tool allows you to fulfill all your analytics needs. Unlike Google Analytics, its user-friendly interface makes it easier for analysts to understand individual user purchase behavior across the web.  It can track and store all user interactions with your business.  Funnel analysis in KISSmetrics allows you to build ad hoc queries and get specific information through reports. KISSmetrics lacks in automated events so it necessitates creation of many events that need to be tracked. Though event creation can be done through their interface, many events require additional Javascript interference. Mixpanel Mixpanel software is known for its ability to send push app notifications. It is quite dear to mobile application developers because of its ability to track user activity across application, track bugs and user needs. It frequently rolls out new features to make analysis even easier. Setting up complex queries is a lot easier and faster than Google Analytics. It provides easy-to-use API to export data and run database queries.  Mixpanel is an excellent tool overall though tracking differences between two funnels can be a bit complicated. Webtrends Webtrends has a strong support team and is renowned for its customer service. PPC management is quite easy with its ability to integrate with Marin Software. It is a rugged platform to understand correlation for various metrics and KPIs.  It is equipped with advanced functionality with a strong focus on usability. Webtrends Stream helps you to follow real-time traffic activities and campaign performance. What’s more, its powerful graphical interface helps to save a lot of time.  Despite all that, too many options make Webtrends not a very easy-to-use tool. Piwik This easy to configure and easy to install analytical tool offers intuitive user-interface and is able to delve into environments unsuitable for Google Analytics.  It has the ability to closely analyze traffic by tracking IP address. Piwik can add multiple users and vary their permissions. It works effectively with cloud services like Amazon Web Services.  Another big advantage offered by Piwik is that data is stored on your own servers. As compared to Google Analytics, it lacks some features and also lacks integration with Google Adwords. GoSquared GoSquared guides you in the simplest manner during set up.  Its real-time tracking ability is far more superior to Google Analytics. Individual campaigns can be easily monitored enabling you to react quickly. Its Person tracking feature allows you to ascertain acquisition source of user and track their journey across multiple sessions and multiple platforms.  The company has a strong feedback system that keeps it in line with the clients’ demands. StatCounter StatCounter is a fantastic analytical tool for day-to-day monitoring of websites. It has a number of tit-bit features absent in Google Analytics.  Its Paid Traffic report is quite useful to filter fake clicks. It provides more keyword information as compared to other tools. Apart from keyword analysis, it provides information on entry/ exit pages, search engine statistics, referral information, engagement and other details about your visitor. Visitor Paths feature allows you to track user navigation pattern on your web pages. StatCounter lacks a real-time dashboard like Google Analytics. However, a free tool like this is worth your time. Clicky Clicky allows you to dig deep into user data and provide valuable insights. It is an effective tool to create campaigns and measure website effectiveness. You can monitor Twitter mentions right from your dashboard. Clicky is intuitive and has an uncluttered user-interface. It allows you to track visitor actions, bounce rate, top content, top search terms and traffic sources. Open Web Analytics The user interface of Open Web Analytics is quite similar to Google Analytics.  Some of its common features include real-time tracking and conversion tracking. It excels in funnel analytics, and other special features like mouse-tracking and heatmaps. Being a completely free tool, Open Web Analytics has a lot to offer and can be implemented across multiple sites and accounts. AWStats AWStats is a useful tool that records accurate data usage and keeps a track of bandwidth utilization. It gives you real-time information with narrow breakdown of time and website activity.  AWStats can further track operating systems and browser types of users. However, this tool falters when it comes to

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Why IPO Is an Entry Strategy and Not an Exit Strategy?

Different companies have different motivations to go public. Some go public in order to attract investors, and some others simply find it glamorous. Many others think they have only arrived when they file for an IPO (initial public offering). Yet, there are a few others who believe that going public is a safe way to exit. Indeed, when companies look at IPO as an exit strategy, they are making the fatal mistake of washing their hands clean off a great company with immense potentials. We all know that many companies which go public often try to sell them and make quick money, only to later realize that their former company achieved greater heights. Instead of looking at IPO as an exit strategy, companies should warm up to the idea of it being an entry strategy. Indeed, IPOs help companies to gain in stature and become more competitive than they previously used to be. For this reason and many others, companies should start looking at IPO as an entry strategy. In this article, let us take a look at why IPO can make for such a great entry strategy, instead of it being otherwise. IPO opens you up to the world When you make a public offering, you are essentially opening yourself up to the investing world, which can be a great thing. This will bring you added marketing opportunities, clients and even business deals across the world. [php snippet=1] It brings stature A company that has gone public is usually seen as a larger company. Of course, there are a number of small companies that have gone public but they still seem more reliable and trustworthy than a regular company. There is a psychological effect to public companies, and it can only do you good. Helps you get rid of financial bottlenecks It is always easier to rise funding when you go public. Whatever financial bottlenecks you might have, you can easily solve them when you have access to investors of all kinds. Public investors tend to be safer than other kinds, as there will be transparency from all sides. Easy publicity and credibility There is nothing better than being able to gain some free publicity and credibility. When you go public, your name gets splashed across investment sites and stock news channels, which helps you to get more publicity. As you will be required to reveal more information about your company, you will also be seen as a reliable and credible source. Looking forward Certainly, going public should be looked at as an entry strategy instead of an exit strategy. If you are able to convince yourself that your company will be successful, you can do that to the public as well. As long as you have an honest and workable business plan, an IPO strategy should work in your favor. Instead of looking at going public as a way to sell your company and retire, look at it as an entry strategy that will help you grow as an entrepreneur.

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Can SMEs Afford Big Data Analytics?

Big data analytics has always scared SMEs away. The primary reason is their inability to fund it. On the other hand, large enterprises are capable of investing huge amount of money in storage capacity to store data. Stored data can later be analyzed to gain insights. Big data, as a matter of fact, needs a lot of storage space; however, it is an impractical approach for SMEs. Nevertheless, SMEs can still reap benefits of big data. Big data analytics is surely under the purview of SMEs, provided they look the other way round. Big data is a surplus amount of data in both structured and unstructured form, gathered from customers.  The data sets are so large that it is practically impossible to analyze it using traditional ways of processing. Every business faces a unique set of challenges that impedes its growth. Businesses look for opportunities to gaining insights into big data not otherwise possible with existing data. How to make big data analytics affordable for SMEs? Find out why you want big data For a small scale business, it is very important to know why it does need big data. It could be to grow your sales potential for which you may want to perform customer profiling.  You may want to study in-depth customer behavior to improve product design, add new product features or develop a new product.  You may also be looking forward to process improvement by understanding customer behavior. [php snippet=1] The point is that you should specifically know what you want to improve at a given point of time.  How is your existing data incapable of solving your purpose? What extra data would you need to plug in the gaps? Accordingly, devise strategy and fix key parameters to capture only that specific big data which is capable of answering your queries. Trying to record everything that comes your way is no way to go forward and only adds to your existing data load. Analyze data within budgetary constraints Data analysis can become a mind-boggling task.  Be prepared with how you are going to treat additional data captured. The first step is to involve specific people within your organization who closely understand the problem. Get the most experienced data analyst with you. Use existing tools and techniques to analyze data. Analyze a smaller data set and see if you are able to get information that you are looking for. If yes, test your approach on a bigger scale. If no, find out what limits you to get specific information and redefine your approach. It is possible that you realize that you are trying to search for wrong information and that it won’t solve your problem. It is also possible that you don’t need big data to solve it. Initial checks during data analysis will ensure that you are not deviating from your goal. This helps you to save gratuitous costs. SMEs have a clear limitation of storing huge amount of data. They invest in big storage servers only if they are assured of good ROI. Subscribe to cloud storage services Now that you’ve decided to invest in big data to find a solution to your problem, provided you are well aware of what you are looking for, subscribe to pay-as-you-go cloud subscription model. There are many cloud services that enable you to create your own analytic sandboxes. You are free to scale up your requirement when required or stop the service when your project is complete. This helps you to bypass capital investment and your project cost stays under control. Big data experiment is a grey area and as a small scale investor, you don’t want to risk your hard-earned money without conviction. How do SMEs stand to gain from Big Data Analytics Gain real-time insights and assist decision-making process Drive innovation and business growth Anticipate the scale of problem before they become too big to handle Prevent problems rather than step into damage control mode Get the most out of business opportunities at the right time Save time and money Improve productivity and efficiency Better customer service through closer understanding of customers Challenges faced by SMEs and how to conquer them Many SMEs are of the view that big data is only suitable for large corporations. This is owing to various challenges faced by them. Some of them are: High cost of storage Big Data means tones of data generation. Storage and maintenance costs are only manageable if SMEs become competent to handle Big Data. The cost of choosing a hybrid cloud computing model for data security reasons can be justified only with sufficient knowledge about Big Data. Skeptical about investing time and energy SMEs should realize the potential of Big Data and work out ways to exploit it within their limited capacity. Initially, Big Data Analytics may sound like a daunting task however once they extract something of value, they can open gateways to growth and challenge larger organizations. Lack data expertise Many SMEs are incapable of processing Big Data. Practical and affordable technology is available in the market. There are many useful data mining tools available. SMEs can take full benefit out of it provided they know what to ask Big Data and how to apply it pragmatically. Ambiguity about sources of data collection Social media, emails, CRM applications generate a lot of data. To begin with, focus on smaller data sets from these data sources.  Try to understand customer behavior patterns. While company’s own sources of data serve the purpose to a larger extent, it is equally important to engage channel partners. Channel partners can aggregate and manage data from sources which SMEs can’t. Their expertise about vertical and market segments do a major contribution towards value addition for customers. The way ahead It is the right time for SMEs to harness the power of Big Data Analytics. Their focus should be to find the right solution. This will enable them to develop a unique image in the market and gain a competitive

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How Diversification Boosts SME Revenues

A business faces a higher risk of a downturn and diminishing revenues when it caters to one product or market.  During economic uncertainties, small and medium enterprises are more vulnerable than their larger counterparts. For a smart business, with a focus on long-term growth, it is important to diversify into different products, industries, and markets.  This not only helps you to boost revenue but minimize risks associated with business uncertainties. It cannot be denied that diversification holds considerable risks. However, proper planning and execution shields your business during slump besides giving you the wider exposure to safer markets. A CRISIL study indicates that average sales of MSMEs with a diversified product/service, customer and geography base grew by 18 percent in 2013-14 in comparison with 10 per cent growth attained by businesses with limited or no diversification.  It also stated that track record and experience play a significant role in successful diversification. [php snippet=1] How does diversification shield your business from various risks and aids growth? Circumvent downturn in a particular product Relying on a single product is laden with risks. A product may become obsolete and demand may suffer. For instance, if you are a manufacturer of computer accessories, where technological change is rapid, it is imperative for you to keep a tab on changing technology. Demand for a specific accessory may become low due to obsolescence. In order to prevent a sudden shock to business revenues, you can keep your revenue stream flowing by manufacturing another important accessory alongside.  That’s why, it is also important to focus on product development strategy because your rivals can soon imitate your existing product design. Evade stiff competition in a particular market and establish stronger base elsewhere Continuing the above example, if you sell your computer accessory to a specific market where the competition gets tougher every day and your margins are shrinking, it is always better to explore underserved markets. While you keep your existing customers happy, you open accounts with other customers in a different market.  You can expand your customer base there and establish yourself as the key provider. Stabilize revenue stream through client diversification Every business is prone to market volatility.  When you focus only on one product, you are at risk of losing significant business when your key customer closes a door on you.  It could happen due to various reasons like availability of better vendor, availability of better price or better credit, change in business strategy, or bankruptcy etc. Under such circumstances, you are left high and dry. Conversely, client diversity endows security of consistent revenue flow to your business.  You get a better control over your business revenue and few customer drops here and there don’t hurt very much. Even the loss of biggest customer can be contained by spreading your clientele revenue. Alleviate business risks through sector diversification When you operate in a single sector, your business is vulnerable to sudden changes in that sector. The sector could be marred by a sudden dip in demand. It could face high taxes and duties by the government that severely affects your margins. In the worst case scenario, there could be a long-term decline in the sector. For safety reasons, small and medium businesses should at least aim to operate in two sectors to avoid this risk. For instance, if you are an application service provider with an expertise in the medical industry, it could be viable for you to explore other sectors like insurance, retail etc.  Serving different industries not only mitigates volatility concerns but also offers you diverse servicing experience. Explore geographies to minimize geographical risks Do not be bound by geographical restrictions. If you serve customers only in one city or area, your long-term business growth is limited to the growth in that city. Step out of your comfort zone and explore new cities where you can find more customers.  Expanding geographies helps your business grow and you are less likely to be affected by slower growth rate in one city.  Ideally, an SME should target at least two cities with regular clients. Expand your office locations to curtail resource risk Again limiting your business to a single physical location is susceptible to resource risks. You may have to pay up more for office space. There may be a shortage of skilled labor or raw material in that location. Though your customers are spread across different cities, serving them through a single location could be risky for your business.  A second or third location probably in a different city gives you a sound backup and you can also cater to extra load burdened on single facility. How to diversify your business? There’s no doubt about leverages bestowed upon a business through diversification.  However, it is important to pursue diversification with the right approach and strategy in mind. Diversification does not mean that you have to venture into a new product altogether of which you have no knowledge or associated experience. Build upon existing resources To begin with, a business proprietor should consider building upon existing resources like machinery, space, manpower, skills etc.  One should think about exploiting existing resources for other purposes.  Core strengths of a company can be utilized to offer complementary business service. Offering complementary services is a great way to diversify. Customers can benefit from bundled services. Do not shift focus from core business Core business operation should not be tampered with during diversification.  Think of ways that require minimum investment whilst opening new markets for you.  This ensures that there is no financial instability due to diversification. Many a time, diversification is a consequence of natural progression.  Your product line expands with time and experience. With a well-established brand name, your product reach expands. For instance, a make-up product manufacturer making foundation and powder can venture into eyeliner, lipsticks, mascara etc. Be mindful of your weaknesses Ideas for diversification also stem from business weaknesses. A business owner should conduct business feasibility in the longer run. Identify the threats it

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Optimize Your Website to Attract Investors

Any fledgling business that seeks to grow will require funding. The amount of funding required depends on the actual business and its goals. However, most companies that have just started or are looking to expand invariably look for investors. There are several websites which help startups and small businesses to look for investors and even contact them. Some of them, such as Seedrs.com, Unbounce and MoolaHoop assist businesses to pitch so that investors can help them with funding. However, there may actually be an easier way than this. Set up a page asking for investment You can set up a page that explicitly asks for investment from funding entities. This page can then be set up in such a way that investors will find all the answers to why they must invest in your business. After setting up the page, you will have to market it to the right target audience so that the message reaches, amplifying your chances at getting investment. It is not an easy thing to do but it certainly is helpful and immensely effective. In this article, let us take a look at how you can optimize your own website to seek investment. Build a great page When you are setting up a page to attract investors, it should look respectable enough to attract investment. This means, the page should be well designed, free from clutter and should be as direct as possible. Try to reduce design as much as possible and focus on quality content that will attract investors. State why your business needs investment and how investors will benefit from it. Market the page well Once you are done building the page, you will need to market it to the right target audience. This means, your website should be circulated among circles that are known to invest in fledging companies. You may also seek the help of firms that assist in attracting investors. With a dedicated page for attracting investors, you will be at a greater chance of attracting investors, especially with professional assistance. Optimize content to attract investment Make sure that all the content that goes on the page is optimized to attract investment. If something is not showing you favorably, that does not deserve to be on the page. Hire professional writers and editors who are trained to write marketing copy. You are marketing your own business or yourself so that investors can find something of interest and conviction. Learning from the experience Today, a number of companies are looking at external funding and investment for them to keep going. One way is to seek to crowdsource or use one of the many websites to find investors. Another way is to actually build a web page that will attract investors. Firstly, you will need to build a well-designed page that is dedicated for possible investors. Second, you will need to market this page very well. Third, you will need to publish excellent content so that your business goals, aspirations, reasons for funding etc are known without any hitch.

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Have You Thought about Transforming the Company You Built with Love?

When companies are started or envisioned, they have an almost missionary-style zeal to them. Company founders often believe their ideas are revolutionary and that they can change the world. However, after a few years, it becomes evident that a company requires a lot more than what was initially envisioned. In fact, many original missions and objectives may no longer be relevant to a company’s future success. This is when founders or head of the organizations should start thinking about transforming companies that they built with love. Is it time to transform? If you have a company and you are feeling stagnated, it is probably time to make certain changes, both structurally and ideologically, within your company. Let us try to understand how changes can help you to grow as a company and fulfill both societal and business goals. After all, the old adage ‘change or perish’ still holds good today, even if it is a cliché that everyone says these days. When we look at how we can change a company, it opens doors to previously unrecognized opportunities and doors, which will lead to a scaling and future-proofing. Making changes within a company is thus very crucial to its very existence. Fighting resistance and plunging into transformation There is usually a lot of psychological and organizational resistance to change. People do not like changes and if we are to change something that we created ourselves, sentimentality comes to play and may cause you to view your organization through a distorted lens. However, if you stepped aside and looked at your company from an outsider’s objectivity, you will realize that many of your previous objectives and mission statements are no longer valid or relevant. This is when you need to start thinking about transforming your company. There are many ways in which you can bring in transformation. Technology Culture Products and Services Structural Changes Servicing different markets To bring in these changes, decisions should not be arbitrary. You need to consult people you trust and sometimes, people you don’t necessarily trust. Once you have different views and opinions, take your time to list the pros and cons of different transformations. Look at your own company’s state objectively and do not be afraid to shake things up right from the base. Sometimes, transforming requires courage and a readiness to let go of things you love. We grow accustomed to older practices and ideas and find newer ones downright intimidating. Yet, if we do not accept transformation, we tend to remain stagnant or worse, be buried under the embers and ashes of time. Make changes whilst you still can If you really wish to grow as a company, it is probably time to make changes and bring in the transformation to the company you nurtured all these years. Let us just put it this way as our children grow older, their requirements change. We do not hold on to their older clothes and toys. We purchase newer ones, make changes to living spaces and if required, change schools or colleges. Likewise, think of your company as your child, and do not be afraid to bring transformations!

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The Importance of Story and Narration in Entrepreneurship

Great companies always rely on stories. Stories and narratives are a part and parcel of what a company wants to convey to its target audience, and how it wants to function as a business entity. Every company should have a story and a narrative attached to it. In this article, let us understand why stories and narratives are important in entrepreneurship and how it can form the basis of a company. Stories leave a lasting impression When an individual or a group of people sets out to start a company, there is usually a story behind their venture. This story is what motivated them to start their entrepreneurial journey in the first place. If you read entrepreneurship magazines, you will see that start-ups and companies usually have a story to tell. Most of us are attracted to companies that have a compelling story to tell. This story may give us insight about what the individuals in that company stand for, what their missions and goals are, and how they plan to fix a problem that exists in the market. Thus, the way they narrate their story makes an impression on us at a subliminal level. What does a good story contain? A good entrepreneurial story should have the right mix of ambitions, challenges, threats and opportunities. In fact, one can do a SWOT analysis of a good entrepreneurial story, and see where the company lies. A Strength, Weakness, Opportunities, and Threats analysis helps to understand the story and put it in the context of running a business. A good story is not only inspiring, but it brings to table solutions, in a completely different manner. In fact, the narrative of these storytellers will be very different from that of others who may have a similar story to tell. For example, we are attracted to a company like Nike, whose narrative is that of high-quality sportswear designed for athletic bodies. Similarly, we may feel attracted to a company that has a story about how the founders started from the scratch, from a very humble beginning. These kinds of stories help us to understand a company’s motives in an articulate manner, helping us to decide why they are there in the market in the first place. Narratives are not exactly stories. They are the ways in which a story can be told. Different stories can be narrated in different ways to different audiences. Entrepreneurs will need to understand their audience well in order to come up with a narrative that is best suited for a market. Narratives help companies to form branding strategies, marketing plans, and corporate communication policies. These narratives also help consumers and clients to choose a certain company over others because the story resonates with them. Looking forward It is important to insert stories and narratives into the entrepreneurial journey because they always inspire and attract target audiences. They also help entrepreneurs to form policies, missions and objectives and branding strategies. It may seem difficult and unnecessary in the beginning but stories and narratives are extremely crucial for a company’s success.

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