Hi Vijay Mistri here.
So here is a question that I recently got
from an entrepreneur in Dubai.
And he asked me that the economy is getting
bad, Vijay, how can I grow my company during these tough times?
Now this is a common question which many organisations
globally have. Many businesses globally have.
And here are just some insights I want to
share with you. There are very many others but at present
I just want to share 3 key insights.
First and foremost, make sure that you have
the best-in-class team with you at all times.
Because here's the thing, If you have one
dragger or if you have one person who is dragging
the whole system in your business than you
need to weed that person out as I put it.
And why do you really need best-in-class team?
Is because your highest leverage, I believe
is your team.
That is where you will unleash maximum potential.
So, that is the first and foremost.
The second point which I would like to just
share with you is, re-evaluate what you are...
It is the vision of all companies to eventually grow and become more successful in the industries that they compete in. In a world where market share provides direct competitive advantages and provides the opportunities required to generate lucrative returns growth has, and will continue to be king.
However, just because growth is the goal doesn’t mean that the goal is always correct and doesn’t mean that every opportunity to grow is a good one for your company. When opportunity strikes the instinct of any good executive and manager is to explore the situation to determine whether the opportunity in question is in the best interest of the company. If it is shown that the opportunity is in the best interest of the company, and the resources can be (notice I didn’t say should be) acquired then the executive will likely move forward with the transaction. The problem is that executives are so anxious to grow their companies that...
This video shares 3 key elements which aim at increasing your turnover by 20 - 200% in the next 18 months.
Your whole selling concept must be simplified in order to add traction. If you have sales people in your office and your focus is selling to customers and clients outside your office, you are wasting potential conversions.
Watch this video which gives you relevant tools and suggestions for you to grow your turnover.
Culture by far is the foundational pillar of success for organisations. In order to succeed company culture must be effective enough to ensure not only that staff are happy and energised but they also maximise value and support others. We have heard many examples of companies who put people first in their equation. Companies such as Zappos have a great culture which is completely aligned to their core values.
This article shares some key critical drivers which can change the culture for the better. The core component to growth is to ensure that your staff come first. Nothing else matters until you have the right team who are motivated, energised and enthusiastic to rush to work every day.
As we keep facing disruptions and uncertainties, change is now a constant. To achieve leadership excellence, a shift in mindset and actions is vital. I have observed many companies fail due to lack of sound leadership skills. On the other hand, I have seen companies which grow due to a few habits and discipline leaders demonstrate in their day to day activities.
The purpose of this article is to enable you to move to a higher platform which will impact effectiveness and growth.
Step Back: Leaders need to step back and observe what is happening. There was a retreat I facilitated for a mid-sized service company. The retreat was for owners, executives, and the management team. Over a two-day period, each leader was given time to simply reflect, observe and share their perception. After the first day, the whole group was energised as new insights started emerging. This whole experience resulted in new approaches at board and management level. While execution is vital to forge...
If you live in a developed nation you have no doubt been inundated about the dangers and domestically harmful repercussions of outsourcing labour. It has been said that it causes the loss of domestic jobs, it provides unfair cost advantages, it produces sub par products and services, and in short it may be the destruction of the current system of labour and business operations as we know it.
I for one agree some of the above; outsourcing does have labour ramifications, it does cause the loss of domestic jobs, it does provide cost advantages (albeit I don’t agree that they are unfair), it might change the way products and services are created (although I don’t agree that outsourcing guarantees the production of inferior products), and it will cause an end to the current system of labour in many developed nations.
My response to these inferences is while this is true, the advantages of both international and domestic outsourcing means that it is here to...
Generally when we are helping a company transition from one level of operations to a higher level, we find that the client is usually enamored with the idea of making major investments in marketing and sales. The primary reason for this is that they spur business development and provide the most tried and true method to obtain new revenue.
Depending on the business, there are many times when major investments in marketing are not only permissible but necessary to facilitate the growth necessary to justify larger investments in the company. However we generally find that many clients are not well versed in how diverse a marketing portfolio should be. Similar to stock or bonds the diversity of your marketing profile is vital to assuring that your marketing profile produces a significant ROI.
As an executive or business owner; it must be understood that MARKETING IS AN INVESTMENT; and like all investments the evaluation of marketing is based on the...
The conventional methods of selling and earning good margins has completely changed. Buyer behaviours have changed and more choices are now easily available. The key question is, how can you increase revenues and profits during these disruptive times?
Boohoo, an online fashion retailer posted a 97% increase in profits and growth in sales by 51% in the past year. On the other hand, Next, a fashion chain posted a drop of 2.5% in total sales in 13 weeks. The point I am trying to make is, what is a successful growing company doing compared to another in the same industry which posted unfavourable results? Though Next has retail outlets as well as an online presence.
There is a common trend for companies that are successful. They focus and act on certain activities which struggling companies are inconsistent with. I filtered out 7 insights which have made a positive impact to businesses which are key to their progression over the years. These are:
1) Asking the right questions...
The Financial Ingredient: Financial Management in the Corporate Strategy Equation
It seems like a principal that is easy to understand; to make corporate decisions you must understand the financial ramifications of the actions that are being taken. How else can you make strategic business decisions; right? You have to consider how the strategic position being taken will affect the company’s financial infrastructure.
While this ideology may be simple to understand it is often ignored (or at the very least undervalued) when company’s are developing their operating strategies. This is not to say that decision-makers don’t consider the financial costs of such decisions, because they might; this is to say that many times they don’t fully under- stand how their financial infrastructure will be affected in the long and short-term as it relates to other factors beyond costs.
When operating strategies are being created, it is incumbent on management to understand how...
More than One Way – Good to Great
In a poor global economy most companies are required to stand back and reflect on the situation that they find themselves in and how that situation will change with the volatility in the market (be it local, regional, national, or international). When doing this analysis many companies will be in one of the three following categories:
Game changing insights enabling you to achieve standards of excellence in everything you do