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What Makes You a Bad Manager ?

What Makes You a Bad Manager ?
“Never waste a good opportunity to learn from a bad manager.” Employee turnover is maximum attributed to bad management by managers and it is crucial for the managers to learn to be emotionally emphathetic. What makes a great manager? Great managers exhibit the following traits: Connect people to purpose – They create a clear line of sight between the work of the individuals, the team and the larger company vision. Give feedback – They give timely and impactful feedback by emotionally investing themselves in the employee growth. Support career development- Follows a tailor made approach to suit the needs of each employee, guide and support them to grow into a better individual personally and professionally. Communicate effectively – Through open communication they inform, connect and engage team members. Try to first understand why your employees aren’t motivated They aren’t tied to the visionThey don’t know how their work has an impact on the big pictureThey aren’t clear on expectationsThey aren’t getting consistent feedbackThey don’t feel like a part of the teamTheir passions/strengths don’t align with the work they doThey don’t feel trustedThey are not good fit for the company cultureThey feel burnt out What makes you a bad manager ? Don’t micromanage – Micromanagement takes away the enthusiasm and energy from employees by creating the impression that they are not be trusted, valuable or even in control of their own projects. Don’t be a bully – Don’t publicly humiliate or privately threaten your employees. Don’t be a saboteur – Don’t take credit for others’ ideas and blame others while jobs are not done well. Give a fair share of recognition and appreciation to employees. The cost of a bad manager – Employees with a negative impression on their managers leave the company at the rate of 56% more than the usual. Okay, now, here are some really useful tips to handle a toxic work environment for employees who suffer under the influence of a bad manager! How to Handle a Toxic Environment ? Plan an exit strategy even if it is not tomorrow. Make plans to get the ball rolling. Keep your space positive– be it your desk, wall, cabinet or locker. Create a list to help you stay focused – this will help you to create a plan so as to avoid negative situations as much as possible. Leave work at work – leave the negative energy at work. Try to create healthy habits and routines along with coping methods to replenish your energy Keep a log of things that are happening – you might not know when you might need them as evidence, such as emails, screen shots etc., Stay away from the drama– don’t get swallowed up in the toxic energy. Talk to a trusted friend or co-worker about what’s going on, but don’t ever get caught up in the...
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Does Your Business Need a Facility Manager?

Does Your Business Need a Facility Manager?
You’re probably not losing any sleep over facility management if your business fits into one small office. But, if you plan on growing your business, your small office will eventually grow into a whole building. This is where facility management comes in. The job of a facility manager is to ensure a well-organized environment in which you, your team, and your whole business can thrive. According to Transparency Market Research, the North American facilities management market will be worth about $340 billion by the end of 2024. So, facility management services are not something you should underestimate. Read on : Optimoroute has come out with a resourceful article on Route Optimization Software that sheds light on creating efficient transport plans using app or software to cut costs, save time, and utilize resources.Why Use Route Optimization Software? The Basics of Facility Management Facility management is a profession that focuses on utilizing a company’s buildings and equipment in a way that offers the best value. Facility maintenance is just one part of facility management. Strategic facility management ensures functionality, productivity, and safety in the built environment. Facility management is also key to ensuring that your company’s buildings and equipment comply with existing legal requirements. If you are wondering if or when you should hire a facility manager, here are some telltale signs: Your Maintenance Costs Are Escalating As your business grows, so will your maintenance costs. But, if these costs start running down your company, you have a problem. Some common money-wasters are likely to blame If you can’t figure out why your servicing and repair costs are increasing each month. These can include unused office space, wasteful stocking of spare parts and inventory, and under-utilisation or abuse of existing equipment. According to a 2013 report published by Wired, the U.S. had added about 2 billion sq. ft. of office space to its existing stock over the previous 30 years. Today’s mobile workforce doesn’t require so much space. The way you manage maintenance personnel and other staffing expenses also has an impact on your bottom line. The costs quickly pile up if you frequently have to call in heating engineers, electricians, plumbers, and other contractors. When you are operating in multiple locations, or have a very large facility, it’s hard to keep track of all maintenance tasks. Many business owners are in the habit of tracking everything manually. This can get messy really quickly. Moreover, if this is something you don’t have experience with, you can’t know whether the maintenance workers are carrying out their tasks properly. This is why facility managers rely on facility management software. Such tools allow them to make sure that every contractor and maintenance employee is doing the work they are being paid for. You Need to Expand Your Facilities to Accommodate Growth Let’s say that your business is expanding and you need additional storage space for your data. To handle the growing needs of your company, you need to build an effective data centre infrastructure. Naturally, this is a huge investment, and you don’t want to bite off more than you can chew. A facility manager can help make sure your new data centre can handle the evolution of your company. Using their experience, they can vet and hire a data centre construction firm. Their job would also be to manage the service contract you have with the firm, help ensure data centre security, and manage periodic upgrades. Even though your facility manager may not be an authority on the subject, they will know how to find and work with people who are. A good facility manager knows how to take care of quality control when engaging...
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How to Protect Three of Your Business Biggest Assets

How to Protect Three of Your Business Biggest Assets
When running a business, you might think the most important thing is the number at the bottom of the profit and loss sheet at the end of every financial year. Whilst it’s important to work on making that number as high as possible, it’s more important to protect those assets that help you earn money. Here are some top tips to protect the three most important assets of any company. People Your staff is the lifeblood of your company. They’re the ones who come up with new creative ideas and then help you implement them in the best way possible. The best employees care massively about the success of your company, so it’s important you also care about their own success. Make sure all your employees feel valued for their work. If they don’t, you could find them putting less effort into their day to day tasks or even find they want to leave the company. It’s important you also look after your employee’s health. Encourage healthy lifestyles by providing nutritious snacks, time for exercise and regular breaks throughout the day. Sickness can cost businesses thousands of dollars every year, so try and do everything you can to protect their welfare. IT   A decade or two ago, some businesses may have been able to run without an IT system. These days, even if you run the most traditional of businesses, like a horseshoe fitter or even a cobbler, it’s almost impossible to run it without the help of IT. Your computer can help you complete so many tasks. It enables you to organize your team’s work schedule, your business’ finances and even helps you communicate with your customers. That’s why when your IT system is down, it could bring your whole business down with it. Your productivity could ground to a literal halt, wasting your colleagues’ time and valuable opportunities to make revenue. IT is so important that big companies employ a member of staff or even a whole team whose sole purpose is to keep their computer system up and to run. If you run a small business, you might think this is a luxury you could never afford. The reality is that even if you can’t afford to employ someone full-time, it could be extremely cost-effective to employ a support agency to look after your IT systems. For example, outsourceIT have a team of expert technicians who won’t only offer support when things go wrong, but also maintain your systems, back up data and even protect your company from hackers. For a small fee, they could be on hand whenever you need them. Brand As well as the people and the equipment, it’s important to protect your company’s brand. A bad story in the press, or even a negative post about you on social media, could lose your customers. Try and deal with any disputes as quickly and fairly as possible before they have time to go viral on the internet. As well as protecting your brand when things go wrong, there are lots of things you can do to enhance your image. For example, consider working with charities and community organizations to show you don’t just care about making a...
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How AI Is Changing the Financial Industry

How AI Is Changing the Financial Industry
Artificial Intelligence (AI) is transforming industries across the board, and financial companies and institutions are moving fast to keep pace. AI is changing the way we apply for loans, file insurance claims, invest our money, and interact with our banks. Here are some of the most prominent AI trends that are making inroads in the finance industry. Fraud Detection and Management As e-commerce is rising in popularity, so is online fraud. To prevent frauds, many e-commerce platforms and card issuers have been forced to decline transactions too aggressively. According to a study by Javelin Strategy, retailers lost almost $118 billion in 2015 due to false declines. Moreover, more than a third of cardholders abandoned their card because it was falsely declined. To detect fraud and prevent loss of revenue, many financial institutions have turned to AI. Machine learning algorithms can reduce false declines and improve the accuracy of real-time approvals because they can identify fraudulent activities that would go unnoticed by humans. Recently, Mastercard has launched its own AI-based fraud prevention system. Mastercard’s technology gleans patterns from the historical spending habits of shoppers. It uses this data to set a behavior baseline that allows it to score and compare new transactions. It is not limited to predetermined rules. Traditional fraud detection systems, on the other hand, use a one-size-fits-all approach when evaluating transactions. Since Mastercard processes countless interactions each year, they have plenty of quality data they can use to hone and train its AI fraud prevention system. Thanks to machine learning, AI fraud detection systems learn on their own and improve themselves over time. AI systems can also automate AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance. Virtual Assistants and Chatbots Thanks to machine learning and natural language processing (NLP), chatbots and virtual assistants can deliver human-like interactions. There are more and more virtual assistants that are designed for various niches within the finance industry. Banks and other institutions use virtual assistants and chatbots to offer personalized conversational experiences to their clients. Unlike human agents, virtual assistants can juggle multiple accounts at once, and they are always available. They allow customers to get assistance outside of office hours. Banks, brokerage firms, and insurance companies can use chatbots to reduce the workload of their call centers. By offerings comprehensive self-help solutions, clients can successfully apply for loans, get personalized financial tips, or file claims much faster. For instance, the AI Insurance Claims Assistant can help and re-engage with customers throughout the complete claims process. It can gather the required information for processing and update the customers on the status of their claims. They also have digital workers that can automate the onboarding journey, help customers figure out their coverage needs, update their information, or make policy adjustments. Banking bots, on the other hand, can help customers optimize their financial plan by intelligently tracking their income, spending habits, and essential recurring expenses. They can also help customers open an account and remind them to pay their bills. Risk Assessments As mentioned, one of the strongest features of AI is its ability to learn from past data. Since records and bookkeeping are an essential part of financial services, AI and finance go hand in hand. Credit cards are a perfect example. To determine if someone is eligible for a credit card, card issuers use credit score. But, business-wise, it doesn’t always make sense to group customers into “haves” and “have-nots.” Instead, financial institutions can use each customer’s data, such as the number of credit cards they have, the number of loans currently active, and information on loan repayment habits, to customize the interest rate on the card they have issued...
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How to Improve Digital Customer Retention

How to Improve Digital Customer Retention
To turn a one-off customer into a lifelong customer in brick-and-mortar stores you need to pull out all the stops to make a person feel welcomed and at home. People are creatures of habit. If they find a store that they enjoyed being in, chances are they will return when they are in need of your particular service or product again. Online, it is entirely different. You don’t just have the sellers on your street to worry about, you have the biggest giants and countless newcomers to deal with. Building longstanding, digital relationships is very different, but done right can actually prove more fruitful than traditional customer retention methods. Appeal to Customers at Every Stage of the Buyer’s Journey Customers always go through the same journey. This journey may not occur in the same places, and the timeframe will vary dramatically from one customer to another, but the overall structure remains the same. First, they have a need. They may not recognize they have this need right away, but you or some other company will make them aware of it. They may see inspiration on social media that informs them naturally over time, or they may actively go out looking for more information. After they understand what they are looking for, they’ll want to find the best option. This could be the impulse buy that captures their heart, or the informed purchase done online after reading buying guides for the better part of the afternoon. Introduction, inspiration, information, comparison and purchase – sometimes customers go through more steps, sometimes they go through less. You need to have content ready for them at every single step. Follow these tips from Web Presence to make the most out of this content, so you can appeal to your customers best. Stay in Touch with High Quality Content Your newsletter and social channels are two very powerful tools you can use to stay in touch. Try to create content that will appeal both to new customers and loyal ones alike on these channels for the greatest success. New customers should be introduced to your products and service, and they should also have a glimpse at the ongoing value you can offer them online. Offer Loyalty Rewards A great way to keep customers in touch with you and encourage them to buy and buy again is to offer them rewards for their loyalty. Some examples of how you can reward their loyalty include: Buying Rewards For every $1 spent on your site, offer them points. $1 spent could give them 10 points, and 10 points can equate to 10¢ off, for example. It’s a very simple reward that encourages people to buy more and gives them a pat on the back every time they do it with you. You will need them to have their own loyalty card, even if it’s just a digital one, to facilitate this. Birthday Rewards If they set their birthday on your site, offer them a birthday discount! Alternatively you can offer them an anniversary discount if they have been signed up to your newsletter for over a year, and so on. These sort of rewards feel personal, and are a great way to make people feel good about themselves and your relationship while simultaneously encouraging more sales. Your Milestone Rewards Is it your company’s birthday? Offer a sale! Launching a new product? Offer loyal or existing customers exclusive chances to pre-order or have access to last season’s sale first. These small rewards make customers feel like they are valued, and entice new customers to sign up and become part of your...
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