Some things can seem like a good idea at the time, but retrospect is a wonderful thing. Having a business is all about making decisions. In business, you can’t expect to be perfect all the time. Some of your decisions will be great, and some of them not so much. 🙂
To illustrate that point, here are 20 of the worst business decisions ever made as of April 2017. Maybe there’s been more in recent times, if you know of any, let us know.
We’ve not these bad business decisions in a particular order, take a look:
1. Somebody Should Have Phoned Home
Back in 1981, Amblin Productions called Mars and had a proposition for them. They said they would use Mars’ M&M’s in their film, for promotion of their film on their packaging. Mars gave them a straight up no, so the company used Reese’s Pieces instead.
The film was ET, which grossed nearly $800m en route to becoming one of the most important films in history. As an upshot, Reese’s Pieces saw a 65% jump in sales in the months after ET was released! Those contributions played a massive role in allowing the Hershey Company to grow from strength to strength. Over three decades later, a lot of their success can still be attributed to this particular product placement.
Quite frankly, the deal can be considered out of this world! Still, M&Ms aren’t doing too badly in spite of the notable blunder.
2. NBC and CBS Pass On Monday Night Football
In the late 1960s, America loved Baseball. However, football was fast becoming America’s passion. Commissioner Pete Rozelle approached NBC and CBS to see if they wanted to strike up a contract. He could see the value in the show Monday Night Football. Both networks rejected the chance to strike a deal, as they didn’t want to sacrifice already popular shows like the Doris Day Show.
Monday Night Football became one of the longest running, highest rated TV shows of all time. Nowadays, ESPN pays close to $2bn per year for NFL rights, with Monday Night Football placing itself as the gem in the crown. The fact that the broadcaster still manages to churn out such high profits from the weekly show underlines that both NBC and CBS dropped the ball.
Conversely, CBS brought the Doris Day Show to its end in 1973.
3. Snoozing Motorola
Motorola used to be on top in the cell phone business; remember their Razr phone? However, they waited a little too long to release their version of the smartphone, allowing iPhone and Blackberry to become the new ones to watch.
Instead of focusing on customer experiences like they should have been, they focused on the aesthetic appearance of the phone. Consequently, the company’s shares fell by 90% between October 2006 and March 2009. This equated to company losses of over $4.3bn! By January 2011, the business had become defunct after over eight decades in the industry. “Hello Moto” had become “Goodbye Motorola.”
These days, Motorola Mobility is owned by Lenovo following their purchase from Google in 2014. The Motorola brand is still hoping to one day reclaim the throne. Unfortunately, in a world dominated by Samsung and iPhone, those dreams look very unlikely. They had the high ground while entering a golden era for cell phone technology. Failing to capitalize is one of the biggest business errors of the century.
4. ABC Says No To The Cosby Show
ABC was the network that decided to take on Monday Night Football. The weekly sports show was no doubt their most popular program by a considerable distance. Yet, they were still stuck in third place in the network rankings and in need of something else to help them win the ratings war.
The Cosby Show was pitched to them, but the Entertainment Division President turned it down. They claimed Cosby didn’t have a pilot or a script to show (whether this is true or just an excuse, nobody knows). The program was a hit almost instantly, ranking number 3 in the Nielsen ratings and then taking the top spot for the next five seasons. This catapulted NBC, who accepted the show, to the number one spot among the other networks. The influence of their hit show could not be emphasized enough.
While ‘the Cos’ was drawing in up to 30 million per night, it’s fair to say ABC wasn’t. With the Cosby Show and (CBS show) Magnum P.I winning the war, their presence in the most valuable time slot became almost obsolete. The head of entertainment called comedy on network television dead at the time of rejection. Perhaps the ABC man should have gone back to school.
5. The Beatles Rejection
The Beatles auditioned at London’s Decca Records before they were big, hoping to secure a contract. The executive in charge of talent said their sound was no good. He declared that they sounded too much like ‘The Shadows,’ who were supposedly a popular band at the time.
Executives went as far to say that groups were out, especially four piece groups with guitars. He signed a local act from London instead; Brian Poole and The Tremeloes. Meanwhile, the Beatles were signed by Brian Epstein and went on to become the best-selling band in history. Moreover, the Fab Four started a revolution that changed pop culture forever.
Billions of Beatles albums have since sold worldwide, and they continue to sell to this day. Meanwhile, I had to Google Brian Poole and the Tremeloes to find out that their best song was Twist and Shout. Unfortunately, the best version is by the band that Decca Records rejected.
6. The ‘Novelty’ Telephone
In 1876, Western Union boasted the telegraph, which was the most advanced communication tech available at that time. The company president, William Orton, was offered the patent on the telephone for $100,00 (the equivalent of around $2 million right now). He didn’t only reject it; he dismissed it completely.
He thought it was a ridiculous idea, and wrote personally to the creator Alexander Bell, asking what they could do with an electrical novelty toy. He also said it had no commercial possibilities. It took only two years for the telephone to take off, and Orton spent the rest of his life unsuccessfully trying to challenge Bell’s patents.
As for the novelty toy, it changed global communications forever.
7. NEW Coke
We all know what Coke tastes like. Many people have an almost emotional relationship with the drink and the brand. Coke had a centennial anniversary in 1985 and to celebrate they came up with ‘New Coke.’ Most of the formula was the same, but there must have been a notable change in taste as the sales dropped by 20%.
Many customers were perplexed by the change, particularly as the company had already established its place as a global giant. It didn’t take long before Coke realized their error and returned to the formula and taste that people love and know best. They even slapped ‘Classic’ on the can, which many believe saved the brand. The Coca-Cola Company defiantly continued to produce the new version for some years, before admitting defeat in 2002.
Thank God they did; otherwise, we could all be drinking Pepsi.
8. Greedy Fox
Although merchandising wasn’t very big at the time of the Star Wars release, 20th Century Fox still made a huge mistake here. Worse still, they have been paying for it ever since. They got George Lucas to take a pay cut of $20,000 in exchange for all of the merchandising rights to Star Wars, and all of the sequels thereafter.
Since then, Star Wars has grown into the most iconic film franchise ever. The initial trilogy has grossed billions in while the ninth blockbuster film is currently in production. Meanwhile, merchandise sales have earned billions more, making Lucas worth a reported $5.2bn himself.
For the sake of twenty grand, Fox missed out on a commercial phenomenon.
9. Blockbuster Would Rather Not Netflix and Chill
Back in 2000, Netflix co-founder Reed Hastings asked the Blockbuster executives to publicize it in their stores. Netflix proposed that they would help Blockbuster to sell their brand online too. This essentially equated to Blockbuster being offered Netflix for a mere $50 million. Blockbuster were quick to say no and slam the door in Hasting’s face. Bad move.
Less than a decade later, in 2010, Blockbuster filed for Chapter 11 bankruptcy protection. In a cruel twist of fate, the popularity of Netflix had been the main contributing factor. Nowadays, Netflix has over 90 millions users worldwide and boasts assets worth over $13.5bn.
Blockbuster, meanwhile, has closed operations in most major territories. The once colossal brand is now resigned to appearing in internet memes about life in the 80s and 90s.
10. That’s NOT A Kodak Moment
When was the last time you spotted somebody with a Kodak camera? Well, if Kodak had a little more urgency about them, we could all be using Kodak smartphones right now.
The company has the credit for being the first company to hold the patent for digital technology (which also has a lot to do with the smartphone) in 1975. But the camera giant decided to sit on their hands instead. They finally decided to pursue digital photography when it was far too late, leaving far too much ground to make up. They filed for bankruptcy in January 2012.
At least we have some pictures to remember them by. Maybe if they’d pursued with the digital tech that they invented, they’d still be at the top of the photography pyramid.
11. They Should Have Asked Google What To Do
By 1999, Google was already fast establishing itself as one of the major search engines. With the internet growing at a rapid rate around the turn of the century, it didn’t take a genius to realize a $750,000 investment would pay dividends. Sadly for Excite, they still passed up that golden opportunity.
Fast forward to 2017 and Google is one of the biggest companies on the internet. It’s the second most valuable brand on the planet and is worth close to $200bn. Meanwhile, the operation continues to buy out smaller ventures and grows year on year.
Ironically, only a quick Google search confirmed that Excite still exists. Considering it was once one of the leading operations in early internet technologies, it’s limited success is astonishing. The fact it still hasn’t discontinued its search engine is almost a parody of its own errors.
12. Microsoft Deemed Too Steep
In 1979, Bill Gates was a fresh-faced 23-year-old set to achieve the status of a billionaire. A businessman named Ross Perot, whose electronic data systems were worth $1bn, was offered to buy Microsoft for $40-$60m. Despite viewing the company as an attractive prospect, the entrepreneur refused to meet those prices. He said it was too steep, especially as the company had not yet reached its peak.
Perot was right, Microsoft hadn’t reached its peak. The computer giant currently has a market capital of around $343 billion according to Forbes Magazine. It is widely accepted as one of the most important brands on the planet.
Ross Perot has since been quoted saying that it is one of the worst business decisions he ever made. Cheers Ross, we couldn’t have worked that one out ourselves.
13. J.C. Penney Gets Rid Of Their Fake Pricing
The pricing tactic of J.C. Penney can be frowned upon, but it certainly helps them to sell clothing. They used to make sure their items were all marked down from a higher price, although the item would never have been sold at that price in the first place. This led customers to believe that they were getting a real bargain, instead of simply buying cheap clothing.
The New CEO that came in 2012, Ron Johnson, decided to make J.C. Penney look ‘less desperate’ by starting a new, more honest pricing system. This didn’t go down well with J.C. Penney fans, and they complained all over the internet. This harmed sales figures and brand reputation in one fell swoop.
Johnson was fired after 17 months, and J.C. Penney brought back their fake pricing system. Perhaps honesty isn’t always the best policy.
14. The Death Of MySpace
Before Facebook, Twitter, Instagram, and all of the popular networks, there was MySpace. The network went mainstream in 2004, with 1 million users just one month after it was launched. For internet users of a certain age, Tom Anderson was their first ever social friend. Moreover, his goofy profile pic is one that haunts is to this day.
Rupert Murdoch, News Corp Billionaire, bought it and attempted to make it too profitable too quickly. Essentially, over-saturating the site with annoying ads would prove to be its downfall. The year 2008 was Myspace’s peak, with 75.9 million unique visitors. But it just couldn’t survive following the launch of Facebook, especially as the ads alienated users.
Murdoch sold Myspace in 2011 for just $35 million, after buying it years for $580 million. The tycoon has made many great decisions in his time; this was not one of them.
15. Edwin Drake Fails To Patent His Oil Drill
You may not know the name Edwin Drake, but in 1858 he could have been one of the wealthiest men in America. He was determined to find a way to get to the oil that everybody wanted. So he partnered up with a blacksmith from the area and together they made a drill that did just that.
It took them weeks to come up with the perfect design, and it eventually helped them get to the black gold that they so desperately wanted. There was just one major problem; Drake hadn’t secured a patent. In spite of his success, he was later fired and then lost all of his money on Wall Street.
Failing to secure a patent on his drill has cost Drake and his family millions of dollars. Meanwhile, the oil industries are worth billions thanks in part to the Drake legacy.
16. Schlitz Beer Goes To…Schlitz
In the 1970s, Schlitz was one of the biggest beer manufacturers of all time. They came second only to Budweiser and boasted a rich history stretching back over a century. In a bid to meet growing demands, Robert Uihlein, Jr made the decision to use cheaper ingredient to increase production speeds. Sounds good on paper, doesn’t it?
Unfortunately, even a drunk person couldn’t handle the resulting product. The beer started to form floaties in the bottom, which would then congeal into a thick mucus. Schlitz didn’t recall these beers, even after realizing the terrible mistake. They eventually gave in, but not before 10 million cans had been shipped. By this time, the damage had been done.
The company and its assets were sold as profits sank to the bottom of the barrel. Considering the profits to be had by some of the beer manufacturing giants, the Milwaukee company had a shocker.
17. Atari Doesn’t Like Apples
Nowadays, Apple is the biggest brand on the planet. But once upon a time, the operation was completed from a garage. During those humble beginning, Steve Jobs and Steve Wozniak wanted to sell their personal computers to Atari. However, the then-computing giant rejected the offer.
The two Steve’s subsequently said that Atari could have the computer as it was built from their parts, and asked to work for Atari instead. They still said no. After some rocky moments during the first 20 years, Apple became the biggest brand in computing and consumer electronics. Atari, meanwhile, is still best known for Pong.
Atari is still in existence, but they never truly recovered from the video gaming crash of 1983. If only they’d branched out by taking the Apple.
18. The M*A*S*H Drop Out
In 1972, M*A*S*H was a surprise hit for 20th Century Fox. However, a few big stars dropped out after a couple of seasons and this made Fox panic. They decided the show wouldn’t live much longer and sold rights to the old seasons to various local TV stations, for a total of $25 million dollars.
The show’s popularity didn’t fade, and the show continued for a total of nine years and 251 episodes. Television stations raked in $1m per episode while Fox Television didn’t see any of those revenues. Moreover, reruns of M*A*S*H are still broadcast even to this day.
In fairness, though, at least the production company continued to provide great episodes until the very end.
19. Quaker Oats Buys Snapple
Buying out a company for $1.7bn is a brave call at any time. Doing it when it’s reportedly worth less than that figure is even braver still. However, doing so when the brand in question is already in free-fall crosses the line of bravery into stupidity. That’s exactly what Quaker did with Snapple.
The food company couldn’t save the floundering Snapple brand. They messed up the branding and couldn’t persuade distributors to keep Snapple in spite of their offers and the stockpiled up. This led to it entering dollar stores while vast quantities ended up in landfills.
Snapple was being given away on the street for free as sales still plummeted in 1996. Eventually, Quaker sold the brand to Triarc for $300 million. That’s $1.4 billion less than they paid for it 28 months previously.
20. The K-Mart Wal-Mart War
The war between K-Mart and Wal-Mart embodies the importance of customer service perfectly. As the two companies went head to head in the 1980s, K-Mart went for an aggressive publicity campaign to raise awareness of their store. Meanwhile, Wal-Mart (not having the cash to do the same) focused on their stocked shelf efficiency and immediate checkouts instead.
Wal-Mart won the war and K-Mart haven’t been able to keep up since. Today, Wal-Mart is the far superior company with over 11,000 stores and 2.3 million worldwide employees. Despite losses in recent times, it generates nearly $500bn in revenue. In comparison, K-Mart draws in around $25bn from 735 scores.
K-Mart had all the assets to win the war but was let down by poor tactics. Subsequently, they couldn’t find a way through the Wal.
No one can expect to make the right decision all the time. However, it just goes to show that a little curiosity and open-mindedness, and a little less rigidity and stubbornness could take you places! These decisions may have been some of the worst ever made by some entrepreneurs, but they turned out to be pretty good for others!
Suggested Next Read: The man who destroyed his multimillion dollar company in 10 seconds
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Image 10 – wikipedia.org, By Eastman Kodak – http://www.kodak.com/ek/US/en/Our_Company/History_of_Kodak/Evolution_of_our_brand_logo.htm, Public Domain, https://commons.wikimedia.org/w/index.php?curid=55328013
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5 Ways Your Business Can Slash Expenses Now
When you feel the time has come to slash business expenses to reduce overheads, then there are plenty of different approaches to achieve this goal. Needless to say, when there’s been too little attention on spending less up until now, they’ll be greater opportunities for savings. However, don’t despair – there are always a few ways to make it happen.
Here are five ways that your business can save money.
1. Purchase Recycled Office Furniture
Whether you’re wanting to replace tired desks or chairs that are now proving unstable or a new office is being equipped, it’s necessary to set the office up with what the staff needs.
While companies often only look at buying new furnishings, there is another option, and that’s used office furniture, including workstations, chairs, desks, tables. Near new workstations, for example, are a good purchase for startups with a limited budget. With more than half of all new businesses going to the wall every year, many of these companies sell off their office equipment and chattels making it a far more affordable option for businesses keen to improve their carbon footprint. Used office furniture from reputable suppliers is high-quality and often comes with a warranty.
2. Optimise the Marketing Plan
Instead of marketing across many different channels and seeing varying results with each one, try narrowing the marketing strategy down. Examine the results to determine which channels and marketing campaigns have delivered the most customers at the lowest customer acquisition cost. In case that’s unclear, the customer acquisition cost is based on the average amount that it was necessary to spend to secure one new customer.
Once you know this information, it’s possible to tweak advertising plans to only spend on the most profitable campaigns from a customer acquisition standpoint. This optimises the current marketing approach to reduce the total marketing spend while delivering the same results.
3. Reduce Recruitment Costs
Look for ideas that will cut down on recruitment costs.
For instance, ask existing outperforming staff for a recommendation of a friend or colleague who might be interested in joining the company. Also, see if there’s anyone that you’ve been impressed with who could be invited to come on board.
When you’re using recruitment consultants, get the best deal in terms of what they charge. Check around on different job boards for the industry and other alternatives. See if you can do some of the recruitment work in-house to avoid the often-extortionate recruitment fees by putting in a bit of legwork.
4. Improve Systems and Limit Staff Meetings
Most workers aren’t that productive. Repeatedly, research has shown that office workers tend to grind for half the day and lose the other half to inefficient processes and procedures, overly long meetings, excessive breaktimes, gossiping, using social media and the internet, and more.
Breakdown each role so that there are systems and processes to follow. Remove all redundant steps to cut out the time-wasting elements. Also, have the staff members suggest better ways to get their work done, which often results in time savings there too. With meetings, go in with a plan, stick to it, set a time limit on the meeting, and get everyone back to work right after.
5. Be Greener
Use green technologies and ideas to save money on energy expenses.
Look at everything from energy-efficient light bulbs, dropping PCs down from performance modes to lower energy ones, and turn off what’s not being used all the time. Ask the staff for their suggestions on other ways that the company can be greener – employees often have amazing ideas in this area that can be implemented quickly.
There are a good many ways to save money as a business. Thankfully, it doesn’t mean it’s necessary to operate like a Scrooge either.
How Agile Training Can Improve Project Performance
Project management is a complex practice that requires the many stages of planning, execution, monitoring, and others. Usually, you work with a planned set of activities that are completed in a rigid sequence, with little to no room for changes. The ultimate goal is to achieve a particular result within a specific time while considering constraints.
Over the years, the agile methodology has become more popularly used in organizations. The approach has proven to be effective in improving project performance and responding to market dynamics compared to traditional forms of project management. However, given the differences between agile and traditional styles, agile training is crucial to making the shift in management practice.
Agile is About Increment and Iteration
Agile is essentially a mindset or framework that you can adopt in your organization’s projects. It is about breaking down work into smaller and more manageable pieces called user stories that are delivered in repeated cycles called iterations.
The rationale of the approach is to have shorter cycles so that you can continuously respond to changes and adapt to them rather than trying to deliver everything in one go at the end.
As its name implies, agile refers to being able to move quickly, especially in today’s volatile market. With such an approach, you can measure performance at the end of each cycle, so you immediately know how consumers respond. Although agile was initially targeted at software development, it has, over time, emerged as a global strategy that can be used in any organization.
Benefits of Agile Methodology
Nowadays, managers are embracing the agile methodology because the short iterations help lower risk and take action at the early stages. With an agile approach, you can expect to get a higher product quality since you are frequently testing it during the development stage. Since agile is flexible, you can make adjustments and developments incrementally to improve your product.
The agile method can also help you increase customer satisfaction since you can respond to dynamic and changing needs in the market. Likewise, being able to deliver products to the market quicker will merit positive reception from the consumers. Another benefit of adopting the agile approach is that the fast iterations will help you generate quicker returns on investment (ROI).
Agile Training is Critical
To successfully adopt the agile methodology, getting agile training is crucial. In the agile approach, collaboration among team members is critical, so ensuring that each member is well-versed with the strategy will help maximize its benefits. You have to train your team to be consumer-focused so that you are always addressing needs.
There are many agile training frameworks existing today, with one of the most popular ones being Scrum. The Scrum team typically consists of a Scrum Master, Product Owner, and developers.
The Scrum Master leads the team and ensures that the development team is effectively fulfilling its goals. The Product Owner then makes decisions for the projects, which include writing the user stories. Finally, the developers create the software and conduct continuous testing throughout cycles.
With the popularity of the agile approach today, you will find several training courses available to get you started. Courses typically tackle different project life cycle frameworks, essential agile values and principles, and the roles of each team member. Once you complete your training, you will become a certified practitioner, something that will surely give you an edge in the workplace.
Top 9 Best Tips for Distributed Teams Management
Managing remote teams is a challenge for any business, however, it’s a strategy used more often now as skills improve in nations where the cost of living is less. Companies are always seeking ways to gain more market share. What can inhibit growth is the expense of staff so hiring workers that can work remotely from the company’s main operating centers, is a strategy that’s work the effort.
Do you remember when working from home a day or two a week first came in? Initially, there were trust issues, i.e. are workers productive when they work from home? The challenge with allowing staff to ‘hot desk’ and work remotely was how the company could track their productivity.
When staff are in the office, they are visible, however, when they’re working from home before ‘monitoring apps’ they are not visible. Now monitoring is possible the challenge that remains is how to coordinate projects with team members located in different countries, with varying time zones.
In this article, there are a few tips on how to work with distributed teams to deliver what customers require, but for less outlay.
1. Live Meeting
For long-term projects with a fairly young team, try to organize an initial live meeting. Even with today’s technology, there is no better way to build a strong team than spending a few days together. And although at first, it may seem overly expensive, for high-priority projects this will be an investment that will have a high return in the long run.
2. Organize the Workflow
As a team leader or project manager, pay particular attention to the direct organization of team meetings and project management. The topics discussed, role distribution, project plans and documentation are of particular importance when managing a distributed team. It should be noted that for a one-hour telephone conference, it is still necessary to spend several hours on administrative preparation.
3. Time Difference
If you are in the United States, do not expect your project colleagues who are working remotely from another part of the globe to have a conference with you. Unfortunately, there’s not always a perfect time in the international team that would be convenient for everyone. Therefore, you will have to adapt to each other in turn. Again, due to the time difference, you might want to try to ensure that your calls are not longer than one hour.
4. Don’t Forget About Team Building
Spend a lot of time “offline” with individual team members. Make face-to-face meetings with each team member for training, feedback, motivation and building relationships.
5. Stay Connected
Take some formal and informal teamwork after your initial meeting. Acquaintance with someone as a person, and not just as a resource, allows you to build relationships based on trust, cooperation, and loyalty. Thus, it wouldn’t hurt to connect on social media, etc.
6. Cultural Differences
Learn another culture – learn a few phrases, at least how to say and write “hello” and “thank you”. You do not have to fluently speak a foreign language, your colleagues and partners will appreciate the respect you have shown. But it’s worth being careful, some project managers sometimes overdo it and then lose credibility in the eyes of their project teammates.
7. Use Technology, But Use Appropriately
Web conferencing, chats, blogs and video conferencing can be useful and can be used by you to achieve your plan. The only thing is, do not get carried away with these tools, use them appropriately.
8. Use Classic English
Although English is an international language, avoid local dialects, metaphors and anything else that can be confusing. This can be difficult right away – ask your teammates for advice.
9. Provide Information in Advance
Team members in another country may want to translate the material to you send or at least have time to read it in advance. It is very difficult to read and understand non-trivial information in a non-native language.
Technology has made it possible for people to choose where they want to live yet find fulfilling work and careers.
Companies have invested in their staff with diversified teams and business models that keep costs down yet deliver value to clients and stakeholders.
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