Tag Archives: business strategies

Business trends that are on the rise in 2017

Industry reports indicate that more than 3 million bosses are going to retire this year. It’s not surprising then that recognizing that more and more millennials in the workforce is an important trend. They now make up the largest slice of the industry pie, and mentoring them for leadership positions is of prime importance for the future.

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                                                        Image source: entrepreneur.com

Aside from the increasing number of young faces, there will be an increase in customer engagement for the rest of this year and 2018. As more and more businesses embrace digital-based models, the need to maintain good relationships with customers is more important than ever. Many companies are investing in personalized customer experience, investing in things such as instructional sessions for clients instead of just selling products.

With the rise of the Internet of Things (IoT), collecting data from customers has likewise seen improvement. This allows for higher levels of service and stronger brand-customer relationships. Better data on customers allow companies to now make improved decisions from a wide variety of channels, offering more personalized and real-time involvement and service.

Crowdfunding, once relegated to artisan projects and specialty endeavors, is starting to play a bigger role in validating company products in the market in 2017. It has proven to be a very useful method for engaging customers and gaining insight on products. Crowdfunding actually raised $34.4 billion for businesses in 2015.

Businesses are also seeing the importance of automating things, as evidenced by the inclusion of chatbots in company websites. Voice-based technologies like Siri or Google Assistant are being intertwined with smartphone services, and it won’t take long before even more immersive innovations like holographic computing become the norm and redefine market interaction.

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                                                                                 Image source: due.com

Steven Rindner is a business and corporate development executive with experience in media, technology, real estate services, and healthcare businesses. He is currently leading a number of corporate development initiatives. For similar reads, drop by thisblog.

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REPOST: What Great Leadership Training Does Now That It Didn’t 10 Years Ago

What is the best leadership strategy to-date? Kathy Caprino, a contributor to Forbes.com, shared this interview she had with Ray Carvey, Executive Vice President of Corporate Learning at Harvard Business Publishing in this article below.

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Do a Google search on “Leadership Training,” and you’ll find over 100 million results – academic programs, management training series, white papers, leadership “gurus,” articles, resources and more. Those of us in the leadership space are inundated with new-fangled approaches to understanding leadership, and teaching and training leaders today.

Through working with emerging women leaders at Fortune 500 companies and in academia and non-profits, I’ve formulated my own views about what goes into the making of a truly great leader – one who is capable of articulating a powerful, positive and compelling vision for organizational and individual growth, and who can generate the trust and support needed to execute on this vision.

To learn more about the best of the best in leadership training today, I was excited to catch up with Ray Carvey, Executive Vice President of Corporate Learning at Harvard Business Publishing. Harvard Business Publishing Corporate Learning division partners with clients to create world-class leadership development solutions for managers at all levels in global organizations and governments.

Image Source: forbes.com
Image Source: forbes.com

I asked Ray all about what top-level leadership training does now that it didn’t 10 years ago:

Kathy Caprino: What lessons have you and Harvard Business Publishing learned recently about employee training that you didn’t know before?

Ray Carvey:  We’ve learned that there are several key dimensions of leadership training that must be present in all the programs we deliver, if we’re to help organizations thrive and succeed in today’s environments. These key dimensions are:

Developing a leadership mindset.

To evolve as leaders, managers have to internalize the idea that leadership is fundamentally different from managing tasks. Being a great leader means both managing tasks and functions well, but also understanding how to behave and “show up” as a leader. It can be hard to grasp for some, but it can be learned.

There’s a big difference between a learning organization and a training organization.

It surprises me how many training programs exist in a vacuum. They might focus on training on specific skills like time-management, budgeting and coaching, for example, but they incorporate very little business context into the design of their programs, and they measure metrics such as “usage,” rather than real business impact. Top-level training organizations move beyond abstract learning to understand how to align what they’re doing with key business objectives.

Our clients who really do this well speak in business terms, not in training lingo. For them, learning and development initiatives start out with what the business is trying to achieve.  Some business goals we’ve helped clients achieve are building stronger capabilities for innovation, improving client/supplier relations in high-growth emerging markets, or shifting what has been a single-country headquarters mindset to a global one.

If content is king, then context is queen.

Context is so important for effectively incorporating learning into an organization. For learning, getting it right in the context of your organization’s needs is what makes it relevant, meaningful and “sticky.”

Leadership development doesn’t and shouldn’t look the same at every organization. For example, how leaders make decisions at a start-up in a high-growth industry is going to be quite different from decision-making at a 100-year-old organization in an established market.

Read the full interview here.

 

Learn more about different leadership strategies by following this Steven Rindner Google+ Page.

Startup success: Tips on development and marketing

At the onset, building a startup seems simple: take a great idea, put it into practice, and wait for investors. But complications, arising from an economic climate or internal problems, are bound to show up. Before the tech bubble burst, lazy development strategies passed muster, but investors today are smarter and wiser.

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Image Source: personaltrainerguru.com

According to research by Shikhar Ghosh, a senior lecturer at Harvard Business School, three out of four startups fail. A possible reason for this is a lack of strategy: entrepreneurs are too focused on building their product and neglect building a strategy to grow and market their business.

It’s important to create an incisive business development strategy in order to raise a startup’s chances of success.

The following are some practices that entrepreneurs can incorporate into their business development plans:

Cut costs, not quality

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Image Source: fundinggates.com

Entrepreneurs should forgo the corner office with a view until they could actually afford it. Rent, for a small startup, is an unnecessary cost: a home office will do until needs cry for expansion.

Entrepreneurs should also consider other ways to cut costs without compromising quality. For example, instead of having full-time employees for non-essential tasks, entrepreneurs should consider outsourcing them to freelance workers.

Startups should consider a “release early, release often” approach. Minimum Viable Products (MVP) have only the necessary features needed to earn money and get constructive feedback from early adopters. This is more cost-effective and less time-consuming than creating a product with the maximum number of features on it and hoping it appeals to customers.

Create a marketing plan

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Image Source: businessmarketingblog.org

A good marketing plan will build awareness, create and reinforce the company’s image, and develop a solid customer base. It also differentiates a startup from the competition and provides reasons for potential customers to choose its products or services.

The above two tips are just the tip of the iceberg: there are many other things that entrepreneurs need to incorporate into the business, marketing, and financial sides of their business plan. Beginners to the world of business will benefit greatly from the guidance of an experienced business development leader.

Steven Rindner is a business and corporate development executive with experience in several industries. For discussions on business growth strategies, follow this Twitter account.