Whether it is in the form of a natural disaster, an armed conflict, a stock market crash or a pandemic, a crisis is bound to happen, and often when we less expect it. Rather than be caught off guard, such as how other businesses were during the recent events, it is better to familiarise yourself with various scenarios and know the strategies on how to cope and survive them.
Supporting your team during a crisis
The pros and cons of serial entrepreneurship
There are entrepreneurs and there are serial entrepreneurs. But what is the difference between the two? Both start a business from an idea. While a typical entrepreneur may opt to stay to run their venture, a serial entrepreneur may pass on the reigns of managing the business to someone else and moves towards starting another one.
When to partner with a competitor
Tips on doing niche marketing
Dealing with high emotions at work
Organisations and businesses are composed of people. Emotions are part of our human nature, and they may intensify when we interact with others. When you are working as a team, and there is so much energy, pressure, egos and excitement in the environment, it is unavoidable that emotions may run high, which can lead to conflicts or friction among colleagues.
How to sell your business
Selling a business, big or small, is not something that happens overnight. If it is part of your exit plan, you need to outline how to go about it so that when the right time comes, you can easily start the ball rolling. Whether it’s the point when you feel you need to move to another industry or retirement, attend to other personal matters or navigate through a crisis, such the pandemic that the world is experiencing, selling a business is always an option that an entrepreneur can consider doing.
The need for concept testing
Good ideas can raise your business to greater heights. Whether it’s a brand name, logo, packaging, new product or service, promotional design or marketing campaign, concepts help your venture grow and thrive. But how do you know if your brainchild is indeed a good one? Some may seem brilliant but they don’t necessarily translate to sales or profit.
Mentoring your team effectively
Benefits of business collaborations
Companies, big or small, sometimes work together for a common goal that will mutually benefit each party involved. Collaborations are not uncommon among brands and organisations, especially if this can lead to increased knowledge and sales. Such partnerships may occur through joint projects in developing new products and services, enhanced processes, training and upskilling of people, sales and marketing initiatives and so much more.
Dealing with angry customers in your business
At some point in your business, you might encounter unhappy clients or customers. It could be that a fault in your product or service was found, a mix-up took place or an unexpected misfortune occurred. Whether the concern was caused by internal or external factors, businesses have the responsibility to look into the complaint and even appease the customer.
How to pivot a business
During interesting times, such as a global pandemic and an economic crisis, some industries and businesses suffer due to little, no or negative growth. It often happens during normal days as well, when the market does not seem to be enthusiastic about a brand or certain products or offerings. There are several moments when a business hits a plateau or reaches a downward slope. When this occurs, maybe it’s time to revisit your goals and if you need to do a pivot.
Data vs gut-feel in decision-making
Letting go of employees
Certain circumstances may cause you to rethink your current organisational line-up and let go of some people in your team. Staff members performing poorly at work, acquisition or merger that may result in redundancy or financial difficulties or disasters that force businesses to downsize. Firing an employee is not always easy and may sometimes be unpleasant.
The 5 C’s of PR Crisis Management
Unforeseen circumstances are not uncommon in any business and industry. You may not fully prepare for it but you can somehow mitigate the ill effects of a crisis if you just know how to handle it. There are many aspects of crisis management. Some may be working directly in the frontline to lessen the problem, others may be looking for a concrete solution, while others may be tasked to face and update the public.
Practising hygiene and sanitation at work
With the rise of so many illnesses and the world coming face-to-face with a pandemic, it is high time that we revisit our sanitation and hygiene practices at work, whether you do it from home, from the office or at the field. Nevertheless, it is a must to observe cleanliness at all times to keep you and people around you healthy and fit and safe from infectious diseases.
8 things to do while in isolation
The current global health situation has forced people to stay in their respective quarters, halting many activities around the world. But it is not only during times of quarantine when one has to go into isolation. There are many instances where one has to be on his own, may it be during travels or even to take extreme measures.
An entrepreneur’s daily checklist
The life of an entrepreneur is demanding. It means facing risks, meeting challenges head-on, taking responsibility for lives reliant on you, and dedicating yourself to bring the business forward towards your goals. If you take a look at it, it is not an easy role, but the emotional, financial and social gains of its success are tremendous.
10 Biographies to Inspire Your Entrepreneurial Journey
If you’ve got some “me” time or when you’re stuck indoors for some reason, why not spend it by poring yourself on reading materials that will inspire and energise you to keep going in your entrepreneurial journey? A good start is to look into the life stories of business leaders who withstood adversities and exhibited determination and persistence in achieving their dreams.
Skydiving your way to the entrepreneurial path
Skydiving is an activity that may not be for everyone. People with a fear of heights may be averse to jump from a high altitude into the unknown. It takes knowledge, presence of mind and courage for one to do so. This is what many business owners stand out as they are ready to take the risk just to achieve the goal they have in mind.