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20 Of The Worst Business Decisions Ever Made

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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. 🙂

Here are 20 of the worst business decisions ever made to illustrate that point, and we have added a mention of retail mistakes that came about due to the pandemic.

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 to promote 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. Reese’s Pieces saw a 65% jump in sales in the months after ET was released as an upshot! Those contributions played a massive role in allowing the Hershey Company to grow from strength to strength. Over three decades later, many 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

Image 2 – Monday Night Football Logo

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 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

Image 3 – Motorola Razr

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 phone’s aesthetic appearance. 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 rating 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

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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

Image 6 – Alexander Graham

In 1876, Western Union boasted the telegraph, which was the most advanced communication tech available. 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 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

Image 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 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 was 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

Image 10 – Kodak Logo

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

Image 11 – Google Founders

By 1999, Google was already fast establishing itself as one of the major search engines. With the internet growing rapidly 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.

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

Image 12 – MSDOS

In 1979, Bill Gates was a fresh-faced 23-year-old set to achieve the status of a billionaire. 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 capitalization 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

Image 13 – J.C. Penney Store

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 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

Image 14 – MySpace Logo

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

Image 15 – Edwin Drake

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. Despite 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

Image 16 – Schlitz Logo

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 decided to use cheaper ingredients to increase production speeds. Sounds good on paper.

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

Image 17 – Atari Logo

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

Image 18 – M*A*S*H Cast

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.

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

Image 19 – Snapple Logo

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, when the brand in question is already in free-fall, it crosses the bravery line 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 despite 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

Image 20 – K-Mart Logo

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!

2020 – what a year for the retail sector!

Business mistakes are not always due to incompetence, and sometimes life happens as has been the case with the Coronavirus pandemic. Events like COVID-19 may become more prevalent now, and as such business owners can mitigate the risk. However, a year ago, very few, if any business in the retail sector was fully prepared for what happened with lockdowns and restrictive trade. Retaildive have written a post on five on the worst decisions in the retail industry due to the pandemic and on the list is Sephora’s 100 new stores and four more errors that were due to the pandemic.

Suggested Next Read:

The man who destroyed his multimillion dollar company in 10 seconds

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Image 1 – wikipedia.org – Fair use, https://en.wikipedia.org/w/index.php?curid=8370268
Image 2 – wikipedia.org, By Source, Fair use, https://en.wikipedia.org/w/index.php?curid=51941117
Image 3 – wikipedia.org, Fair use, https://en.wikipedia.org/w/index.php?curid=51941117
Image 4 – wikipedia.org, By [1], https://en.wikipedia.org/w/index.php?curid=921410
Image 5 – wikipedia.org, By Parlophone Music Sweden – http://www.mynewsdesk.com/se/parlophone-music-sweden/images/the-beatles-magical-mystery-tour-pressbild-1-146055, CC BY 3.0, https://commons.wikimedia.org/w/index.php?curid=39773859
Image 6 – wikipedia.org, By Gilbert H. Grosvenor Collection, Prints and Photographs Division, Library of Congress. – http://www.americaslibrary.gov/jb/recon/jb_recon_telephone_1_e.html, Public Domain, https://commons.wikimedia.org/w/index.php?curid=1389089
Image 7 – wikipedia.org, By Can: The Coca-Cola CompanyPhoto: user:Jetijonez – Jetijonez (talk · contribs), Public Domain, https://en.wikipedia.org/w/index.php?curid=32684553
Image 8 – wikipedia.org, By User:KAMiKAZOW – Transferred from en.wikipedia to Commons., Public Domain, https://commons.wikimedia.org/w/index.php?curid=4617117
Image 9 – wikipedia.org, By Wikimedia Commons – https://upload.wikimedia.org/wikipedia/en/4/46/Blockbuster_logo.svg, Public Domain, https://commons.wikimedia.org/w/index.php?curid=51335969
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
Image 11 – wikipedia.org, By Joi Ito from Inbamura, Japan – Eric Schmidt, Sergey Brin and Larry Page, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=4083860
Image 12 – wikipedia.org, By The original uploader was Andrewpmk at English Wikipedia – Transferred from en.wikipedia to Commons by Codename Lisa., Public Domain, https://commons.wikimedia.org/w/index.php?curid=26299991
Image 13 – wikipedia.org, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=593445
Image 14 – wikipedia.org, By News Corporation – Extracted from creative.myspace.com/dk/dma/downloads/DMA08_Program.pdf, Public Domain, https://en.wikipedia.org/w/index.php?curid=17531495
Image 15 – wikipedia.org, By Unknown – Ohio Department for Natural Resources – see [1] (copied from n.wikipedia.org), Public Domain, https://commons.wikimedia.org/w/index.php?curid=1048454
Image 16 – wikipedia.org, By Source (WP:NFCC#4), Fair use, https://en.wikipedia.org/w/index.php?curid=47174120
Image 17 – wikipedia.org, By Atari, Inc. – Atari, Public Domain, https://commons.wikimedia.org/w/index.php?curid=21030954
Image 18 – wikipedia.org, By CBS Television – Transferred from en.wikipedia to Commons by We hope using CommonsHelper.(Original text : eBay item photo frontphoto back), Public Domain, https://commons.wikimedia.org/w/index.php?curid=16354650
Image 19 – wikipedia.org, By Source (WP:NFCC#4), Fair use, https://en.wikipedia.org/w/index.php?curid=46273286
Image 20 – wikipedia.org, By Kmart – Extracted from [1] by Kalel2007, originally hosted at the English Wikipedia., Public Domain, https://commons.wikimedia.org/w/index.php?curid=4652461

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Education

How to Improve Employee Development

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How are you developing your employees? Hiring and retaining the right staff is a top priority for most businesses, and the process needs a failproof plan.

Employee development should also be part of your HR strategy and include online training for your remote workers. Plus professional development should commence from the moment staff are hired and continue throughout their employment.

If you’re wondering if your employee development program is up to scratch, don’t worry, we can help, and there are some straightforward steps you can take that will improve it immediately.

Below, we look at what employee development is and what it takes to make it successful.

Employee Development Explained

Supporting your staff to develop their skills is not solely about their current job. Nor is it just about where they can progress within your organisation. Staff development is about providing a series of training and knowledge programs and workshops that develop the employee.

Hard Skills

The training should include on the job training, and ‘hard skills’ pertinent to their ability to perform their current role and move up the ranks in their profession. For example, a cybersecurity analyst will undertake certifications, and industry recognised training or learn a new skill like pen-testing.

Soft Skills

The training also should cover soft skills which are transferrable to other roles. Every employee needs to develop their social and communication skills. Emotional Quotient (EQ) or emotional intelligence, will play a role in the hiring and promotion opportunities for all staff.

Now we know the basics of professional development let’s look at how you can improve your program.

How To Improve Your Employee Development

Immediacy

Employee development should begin from the moment that your new member of staff steps through the door. This means coming up with a training program that gets them up to speed with the company and how it does business at the earliest possible opportunity.

Not only will this help your company, but it will also show the new employee that you are committed to their development right from the get-go. As a result, they are more likely to stay with your organization as it improves their career prospects in the future.

Run Regular Programs

Running a series of mandatory and voluntary employee development programs that take place throughout the year ensures that your staff members are always learning something and never stagnating. The programs could focus on their soft skills, particularly communication, or focus on something that is altogether more technical and specific such as looking at their Google cloud abilities.

Plus when there are some assessment and certification at the end of each program, the employee keeps it. Plus exams or tests are evidence the knowledge has been properly absorbed and retained.

Create Individual Development Plans

The general training programs that you put into place also help if you make some of these more specialized and personalized for each employee.

Usually, the setting of goals and targets can take place at each employee review. As well as the setting of targets, you also need to go back and check that everything has been followed up effectively.

Make sure that each employee is closely involved in their own development plan and that they agree to the targets that have been set for them.

Give Constructive Feedback

The art of giving feedback is a difficult one to master. Essentially, it should involve ensuring that any advice you give to your employees is constructive. If it’s too critical, it can have the opposite effect on the one you were intending. This is also the case if you make it too vague with no actionable steps that the employee can put into practice.

There is a balance to be struck along the way, and you may not be able to get the hang of it straight away. Over time, you will be able to put your finger on which feedback is constructive and not.

Use Certified Trainers

While you may want to take care of some of your own training in-house, there is a lot to be gained from getting in touch with certified trainers and bringing them in to manage some of the programs.

They are experienced in the sector and have specifically designed their classes to get the best from the people who take them. However, make sure that you read all the reviews and hire a team that knows what they are doing and talking about.

Summary

Hiring is costly and retaining the right employees can be even more expensive if your only option is to pay them more.

Improving employee development should be a reason staff stay, and it can end up bringing all sorts of unexpected advantages to your organization beyond staff retention. So, now is the time to put some of these techniques into practice.

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Education

5 Steps You Can Take To Become A Successful Business Leader

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Do you want to know five steps you can take to further your career as a business leader?

Getting ahead in any career is challenging and in leadership more so as this discipline requires soft skills that are harder to obtain from your usual tertiary qualification.

If leadership is your thing, you’ll need to take roles and opportunities to improve year upon year, so you’re not stagnating but climbing up the management ranks.

In this article, we look at the fundamental steps you can take to hone your leadership acumen, to give yourself a fighting chance to secure roles that are developing you as a leader.

Understand the business from the inside out

If you’re to find solutions to break down resistance to change as a leader and get more productivity from your people, expanding your thinking and attaining a wider skill-set will never go a miss.

For example, you may be managing a customer support team. Your direct knowledge and accountability are within customer support. However, this current leadership role is not the end game for you.

To be an effective business leader, you’ll need a working knowledge of the business as a whole, including operations, sales, technology, finance and so on.

Thorough knowledge of your business as a whole will make it easier for you to plan your rise up the ranks of leadership and management. How do you get it? This is easier than you think.

Form close alliances with other leaders in the company and suggest working together on projects that allow knowledge transfer. As the saying goes: a problem shared is a problem halved.

Your peers will be experiencing some of the same people management issues so you can learn a lot about their departments with closer associations with them.

Further education can deepen your knowledge

It sounds counter-intuitive, but further education is a powerful way to lead by example and thus become a role model in business. You may feel you left education behind years ago, that the only learning you need is outside the classroom, on the job – this is a grave mistake.

After all, you wouldn’t just be learning about your own business and colleagues, but the bigger picture. A deep understanding of how to manage and motivate those around you and organizational techniques is crucial. So, studying a degree like the BSBA degree will act as a springboard for your business leadership career.

Share what you’ve learned

Now that you’ve gained a deeper understanding of business administration and a grasp of relevant skills outside your area of expertise, it is time to solidify your newfound knowledge so you can implement it when you need it.

A great way to understand what you’ve learned is to teach it. Why not offer your advice to colleagues who need guidance or speak at seminars and events?

By teaching others, you can better understand what you’ve learned yourself.

Building the confidence to teach and learn from others will also sharpen your leadership skills further still.

Widen your network of contacts and your visibility

Attend in-person events and speak to as many attendees as you can. Turn up early and leave late, so you get ample time to circulate and introduce yourself to like-minded peers.

Get your profile set up on business networking sites such as LinkedIn and regularly post interesting, relevant information, so your network grows.

All leaders need to be confident communicators so improve your public speaking skills by joining seminar groups and putting yourself forward as a speaker.

Widening your network isn’t reserved for networking events either. Simple, everyday acts can help, too.

Make time to chat with your colleagues daily. You’ll stay engaged with what’s happening in different areas of your business and the wider industry. It will also keep your name at the front of people’s minds and stop you from slipping out of touch.

Have clear achieveable goals

Understand where you’re going in your career and how the role improves your leadership acumen. Having a clear business goal is a proven method for furthering your business career.

Where do you see yourself in a year? Or five years? If you can picture what you want to be doing in the future, it is easier to organize the ‘now’.

With clear, reachable goals, you’ll be inspired and motivated to work harder, smarter, and smash through any ceiling of resistance.

Summary

Strive for more in your leadership career using these five steps to deepen your knowledge and experience. Then use your network of contacts and goals to acquire new leadership roles that challenge you and are rewarding.

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Management

Business Tips You Need To Know As a Small Business Owner

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There are various strategies that business owners embrace to stand out in the market. From staying focused, getting creative, and finding ways to surpass competitors, these strategies boost businesses to greater lengths.

When it comes to operating a small business, you need to adopt a flexible approach as customers build trust with you. Thankfully, due to an upsurge of digital commerce platforms, it is much easier to get valuable business tips online. Let’s discuss some prominent business strategies you should consider for repeat success.

6 Tips For Growing Your Small Business

Make Realistic Goals

The biggest hindrance that pulls down businesses is lack of practical objectives. Sometimes, in the excitement of a new business, owners come up with huge, unattainable goals. The best approach to use is to break down your progress in a matter of months and years. For instance, you can forecast the number of followers you want to attain on your Facebook page after a month, one year, or even a decade. When you understand what you want to achieve, it is easier to navigate your business operations as you pursue it.

Concentrate on Your Strengths

There is a history of companies using different approaches to success. The strategy may work better with big companies that can afford diversification but may fail with small enterprises. As a small business manoeuvre through the growing process, it is wise to concentrate on one thing at a time.

Remember that each specialization costs money, for example, you will need to invest in marketing and advertising and if relevant, also branding and packaging. The best thing to do is to focus on a profitable niche and work around it for your breakthrough.

Understand the Legal Requirements

In any business, there are various government rules stipulated based on size, industry, and location. There is a high chance of facing heavy penalties if one fails to follow the rules to the letter.

The laws start from the business launch where you have to register with the state. You then have to pay your taxes on time and keep records. When you start hiring your employees, there is also a list of regulations that you must follow to protect both of you.

Keep in mind that as your business grows, some of your workers may violate some of these laws. For example, by illegitimate means, they may try to embezzle funds from your company. In such situations or any other instances that involve the law; your business will benefit from engaging a reliable lawyer to handle it for you.

Learn to Delegate

As you start running your business, you may find it convenient to handle all departments. However, as the business thrives, it is a struggle to balance everything without burning out.

When you are not in the right state of mind, you may not manage to push your business to the success you desire. As a result, your reputation may get affected as you head to losses. That’s the worst mistake for any type of business and especially a growing one.

As a business entrepreneur, you should introduce a tradition of effectively giving instructions to your juniors and partners. By using that approach, your business will progress well, even in your absence.

Surround Yourself with a Reliable Support System

As a business owner, operations may isolate you from what is happening around in the market. The main focus of keeping in touch with other business owners within your niche is to share in-depth information beneficial to all. From such interactions, you may learn the techniques they used to enhance their operations.

Sometimes, you can also seek advice on the best suppliers or vital documentation processes when branching out. Do not fear to share your failures with dependable people who can help you out. It might not be easy to get time to network, but if you manage to maintain trustworthy contact, your business will thank you for that.

Strive to Satisfy Your Customers

As much as you invest immeasurable time and money in your business, without customers, everything is a waste. A happy customer will always come back and refer to others. For a satisfying experience for all, you should initiate fulfilling approaches in all departments. Start by coming up with a customer care desk that handles queries and complaints.

Take advantage of online platforms to reach out to your old and potential clients. You can also get out of your comfort zone and introduce creative and amusing ways to attract more clients. For instance, if you are running a hotel, you can give discounts on specific menus or introduce a happy hour.

Make it a habit to follow up on your customers and confirm their satisfaction with your services or products. In the end, your customer-focused approach would pay off as you significantly reach out to please them.

Did you enjoy our exhaustive guidelines on how to run your small business effectively?

Follow our future advice on how to enhance your business while avoiding grave mistakes within your industry.

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