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Failing Business? Competition taking your customers? Want to learn how to turn your business around? Read on…
A lot of businessmen say that their company and the industry which they are involved are changing rapidly. They feel like it’s getting more difficult each day to do business and expand its sales. Compared to the previous years, business today is weak due to economical status. As what we can observe in the news, day by day, we hear news or stories about a company who faces financial woes, setbacks, and employee shortages. Today’s economy has become a global issue and a personal problem for all businessmen.
But, just because these problems are occurring and industries are struggling to get ahead, it doesn’t mean that the same destiny or fate has to happen to you and your business.
The truth is, if you take a new perspective at your business and the situation which you are in, you will likely find fresh and numerous opportunities for growth, development, and success. The thing is you need to accept reality and remember that the key in times of change is to embrace it. Do not hate change as some businessmen do.
I understand that change is scary, but hey, you are a businessman, you need to be valiant during these times. Truly, life is easier when everything remains constant, same orders, same services and processes, same routines, and same clients. But covered within the sameness are complacency and mediocrity – these are the primary antagonists of success and development.
In this changing economy, a business can quickly find itself filing bankruptcy – or it can also quickly find opportunities that lead to success. A business can enhance its chances of surviving the economical drought if the management takes a strategic approach to transforming the business around.
Businessman can often make the mistake of being too insular. If the business starts falling downward, businessmen will tend to automatically find new solutions to the problem within the company’s four walls – they are forgetting something. In times like this, you should go out and ask for help from experts or people who had experienced this kind of problem; you need to learn from them.
Also, a wise businessman should find a niche in the market, and focus their products or services to that unique sector. It will be easier to grow one’s business by restricting your vision a bit, and specializing in products or services that is currently underserved. Be a huge fish in a small pond, instead of a tiny fish in a vast ocean. Turn your business around!
Kindly comment and share with us your experience. Your sharing will enable others to learn from your wisdom and help improve the world. If you want to have a more in depth guide on turning your business around, remember to sign up to our newsletter on the right of this page.
To your success in turning your business around !
Want a more successful year? Make sure your new year’s resolution works out !
Happy new year everyone ! It’s the time of the year we renew our new year resolution. Have you ever wonder why some people make the same resolution every year and fail to keep it after a few weeks? It is more amusing when you hear people make the same resolution year after year and failed to get results. (e.g. quit smoking) So what is the key to a successful new year’s resolution? Continue reading
How will 10 mins of your time save you thousands of dollars… The importance of Background Check (or Reference Check)
Many owners seem to forget the importance of Background Screening (or Reference Check) for their business. Firstly, why do we do reference checks?
Past behaviour is often the best predictor of future performance. Reference checking is one of the most effective methods of assessing past behaviour.
By conducting reference checks on candidates you avoid finding out that the candidate has misrepresented themselves in order to obtain a position.
Conducting reference checks provides you with a number of advantages:
- It ensures you make better and more informed hiring decisions.
- It demonstrates fairness and equality of each candidate in your recruitment process.
- It ensures employers identify and exclude applicants with a history of inappropriate workplace behaviour.
- It allows you to get feedback from a third party who was not involved in the interview or employment process
One great success example of reference checks which I have personally executed is the employment of a potential manager for my business. There was a well dressed gentleman who came through in the interview for a job in one of my business in a country town. He was mature and has vast experience in handling people. As a manager of a retail business, we required someone who was highly sociable and could interact well with the elderly customers. During the interview we were impressed with his capability and communication skills and were convinced he was the right man for the job. My business partner was ready to give him a job on the spot. However, during the interview, we picked up an interesting clue. He lives in the same country town but yet he was working at a job which is 4 hours away comes back to visit his partner and kids on the weekend. Hence we did a couple of reference checks on his previous jobs which he has worked in.
To our horror, we found out that whenever he worked, there was discrepancies in the tills and he was convicted of fraud many years ago (in the same country town) Gladly we thanked him for his application and turned him down for the job.
Had we given him the job straight away, it could have become a disaster and costs us thousands of dollars. Since then, we have always done reference checks on all future employees to get a better picture of their work ethics and have continually filtered off potential dangerous employees.
Perhaps comment on your experience on employing staff and how has reference checks given you an edge in employing new staff. In my next blog, I will focus on some tips on conducting reference checks. Stay tuned and sign up to our newsletter for more information.
How do I run a business using Kaizen principle?
So, what is Kaizen? Kaizen is a japanese term for the philosophy of continuous improvement of processes in manufacturing, engineering, and business management. It has been applied in healthcare, life coaching, government, banking, and other industries. This is one of the major principle which took Japan out of the ravages of post world war 2. It actually originated from an American consultant, Mr W. Edwards Deming. He was appointed to help rebuild Japan after the end of World War 2. He taught the people of Japan that
“Quality costs LESS not more. ” Continue reading
Key Performance Indicators (KPIs) are critical in running a successful business.
Key Performance Indicators or commonly known as KPIs. What are they? Key Performance Indicators are quantifiable measurements, agreed to beforehand, that reflect the critical success factors of an organization. They will differ depending on the organization.
Check this video out. It’s sums it all up within 4 mins. If you do not know what are KPIs, this video will illustrate it to you very quickly.
Importance of understanding Basic Human Needs to run a successful business
Everyone has needs in their life. It is how humans are wired by nature. However, everyone has a different way of describing their needs. Tony Robbins has identified and narrowed it down to 6 basic human needs. By understanding these basic human needs, as business owners, we will be able to anticipate address these needs of ourselves, our staff and our customers. They are:
- Contribution Continue reading