Leadership Inspirations – The Beginning

StrategyDriven Leadership Inspirations Quote“The beginning is the most important part of the work.”

Plato (428 – 348 BC)
Classical Greek philosopher and Founder of the Academy in Athens

Why Do Good Projects Go Bad?

StrategyDriven Project Management Article‘Why do good projects go bad?’ – This seems to be a question a lot of project managers end up asking themselves. This blog post presents some of the most common project management mistakes made by companies all over the world. By being aware of these issues, you will be able to increase your chances of success with all future projects.

An organisational culture that is not ready for project management

A lot of companies initiate project management when their organisational culture is not ready for it. For instance, individuals are given special project assignments, yet they are not given the resources, training and/or tools to execute them. Such a project culture is extremely unproductive and can lead to a significant loss of money. Nevertheless, the losses are not only monetary; customer retention rates are likely to drop as well. All leading project management consultants in the UK will tell you that preparation is the key to success.

Resisting change

Yes, no one wants to make changes to a project halfway through it. However, you are going to be one of the luckiest people on the planet if you get through a project successfully without any changes at all. Projects change all of the time. The best project managers and teams know how to adapt to this efficiently.

Not planning sufficiently

When it comes to managing a project, there is simply no getting around planning, no matter how tedious or boring you may find it. Frustration will kick in without proper planning, as you will end up missing project objectives, falling short of deliverables, exceeding the scope of the project, running over budget, and missing the deadline. This is because there will not be a clear definition of overall goals, what you need to achieve, who has what role, and what they are responsible for. Planning will increase efficiency considerably, and there will be a much better chance of meeting the expectations of the stakeholders.

Being exclusive

Another big error you can make, which could cost you your career in project management, is opting to be exclusive. This type of attitude can cause risks to crop in, as it generates a situation whereby team culture is fraught with animosity and trust. There will be a disconnect between you and the team, and this is something that is very difficult to rebuild.

Failure to acknowledge employee performance

Failure to recognise employee work performance through a project review is another common mistake made. The probability of your project being a success will fall if you do not recognise, assess and appropriately reward the work of your employees. You need to get everyone on the team behind the project. Often, employee job performance only reflects the work carried out in accordance to the individual’s job description, and therefore work assigned on a project is rarely assessed. This can cause employees to treat the project as secondary in importance. Therefore, make sure each individual’s role is clear and tell each person how his or her contribution will be evaluated.

Having a know-it-all attitude

This is something that will get you nowhere. In fact, even experienced project managers could benefit from project management training from time to time. Plus, when you can do any sort of training or degree online today, even an MBA study, there is no excuse for not expanding your knowledge or the knowledge of your team. There is always room for learning and growth, and indeed possible error. A lot of project managers get it into their head that they know everything because of their significant amount of responsibility and leadership. However, this attitude can hinder projects, as team members will not receive you very well and you will struggle to get them behind you. In addition, it is not only about learning in terms of doing different training courses and advancing your skill set. It is also about acknowledging any mistakes that have been made in previous projects and learning from these for the future.

Having too many projects in production at the same time

A lot of project managers make the mistake of thinking that it is more productive to start all projects at once. However, the opposite is true. If you have too many projects in production at the same time it is counterproductive. Why? Multitasking leads to a lack of quality and slows people down. Moreover, delays caused will intensify and multiply through the organisation, as individuals further down the line must wait for others to complete prerequisite tasks.

Not having a metric in place to define success

This is another big mistake that a lot of businesses make today when it comes to their projects. After all, how are you supposed to know if your project is heading down the right path if you cannot define success because you do not have any metrics in place? You need to have a clear vision of what the end user is going to be satisfied with and you need to outline relevant goals. If you do not do this, no one is going to have a collective, clear, and consistent understanding of what counts as project success.

Being inflexible and setting overly optimistic timelines

Flexibility is imperative when implementing any project. A lot of project managers make the error of providing overly optimistic timelines and being inadaptable with project tasks and assignments. Don’t turn away new information. Listen to suggestions and be flexible in achieving your goals. When it comes to timelines, be realistic. Missed deadline after missed deadline will only cause further aggravation and distrust on the part of your client.

Setting your project up for failure

There are also a lot of businesses and project managers that set the project up for failure before it has even begun. They do this because they provide deadlines and timelines that are overly optimistic. Yes, you want to lure the client in. But if you do so under false pretenses, it will only backfire in the end.

Not communicating with stakeholders and team members regularly

When you take any project management courses, one of the first things you will learn about is the importance of communicating regularly. In regards to your team, they will feel a lack of leadership and direction if you do not converse with them on a frequent basis. Moreover, executives and stakeholders can lose faith in your ability to make and execute sound judgments.

Failure to seek expert advice

Finally, if your project is failing, don’t be afraid to seek expert help. An outside perspective is always a welcomed one. Often we are determined to put the issues right ourselves, but when you become so involved in a project it can be extremely difficult to see where the real problems lie. A leading project management consultancy will review and troubleshoot your project to ensure it gets back on track and you achieve your goals.

As you can see, there are many different reasons why good projects go bad. Some of the errors that have been mentioned above relate to individual project manager mistakes. Some of them relate to business errors as a whole. Either way, they can all have a negative impact on your projects, which is why it is important to avoid going down these routes.

How to Make the Most Out of Joint Promotions

StrategyDriven Marketing and Sales ArticleWith the market being as competitive as it is today, relying on your marketing and promotions budget isn’t always enough. You may be able to reach a lot of potential customers through your marketing campaigns, but you are competing directly with other brands targeting the same market segments at the same time.

One of the ways to get around this challenge is by joining forces with retailers in promoting your products. It is not uncommon for retailers like Costco and Walmart to promote products available in their stores and offer special discounts to attract more customers. Before you do this type of joint promotion, however, here are some tips you need to know.

Clear Objectives

With retailers like Costco, the initiative to do a promotional offer comes from them rather than from you as the supplier. You get invited to certain programs that the retailers will be running and you have little to no control over those programs.

This is not a reason to do the promotional offer without clear objectives. Before you decide to join the program, it is still necessary to understand the objectives you want to reach. The objectives are goals you can set yourself.

With clear objectives in mind, you can assess whether joining the promotional program is the best move for your business. Review the offer objectively and take advantage of the opportunity to promote your products only when you can hit your objectives.

Plan Ahead

Keep in mind that the catalogues and coupons the retailers will send out are only the first half of the promotional offer. Those materials are designed to attract customers to the stores – or the online storefront – so that they can make purchases.

The other half of the equation is making sure your products are available. You need to forecast the amount of product required to meet the spike in demand, and then ship the correct amount to retailers in a timely manner.

Planning ahead for the promotional offer is a must. You need to have enough time on your hands so you can deal with product promotion logistics and the challenges that surround shipping higher volumes of products to the right stores.

Amplify

When there is a joint promotional offer running, it is tempting to just sit back and hope for the best. This isn’t the way to fully take advantage of the opportunity. What you need to do is amplify the promotional offers so that the offers also reach your target customers.

Thanks to digital marketing, reaching potential customers directly is a lot easier than before. Use social media to deliver relevant messages that direct the audience to the promotional offers. You can also rely on advertising networks to be more specific with your targeting.

Another way you can amplify joint promotional offers is by running your own marketing campaign to support the offers. Once again, giving yourself enough time and planning ahead allows you to do more things with the marketing campaign.

Stand Out

When retailers do their promotional programs, they tend to work with a lot of suppliers and products. How your products appear as part of the bigger promotional offer matters. You want to set your products apart, and the way to do that is by offering unique benefits to potential customers.

For example, you can set discounts for all of your products. The extra discounts are bargaining chips that could win your own page in the promotional material or catalogue. Customers are more likely to see your products and react to the offers this way.

Another way to stand out is by fine-tuning the kind of special offers you make available. Instead of a direct discount or a coupon, you can try bundling products and offering freebies with every purchase. Every little tweak counts, so work on the promotional offer sufficiently.

Follow Through

A spike in sales is to be expected when you are a part of a retailer’s promotional program. That said, the programs could lead to more than just a sudden spike in sales. Retention is not an impossible objective to achieve as long as you take the necessary steps to follow through on your offers.

The simplest way to retain customers is by offering additional coupons for future purchases. For instance, customers can try your products now and get a 5% discount. If they like the products, their next purchase comes with an additional 10% discount.

The way this promotional offer is structured persuades customers to make future purchases, increasing their customer lifetime value (CLV) in the process. Since the CLV is higher, you can afford to spend more on the promotional offers, which means you can make them even more appealing.

The key to successful joint promotions is careful planning. From the five tips we covered in this article, there is no challenge that you cannot solve. Running a joint promotional campaign that wins the hearts of customers will not be difficult at all with these strategies implemented properly.

Follow These 4 Tips to Increase Your Business Visibility


 
How widespread is your business’s brand awareness? Is the general public familiar with your products and services? In particular, does your audience purchase or use these services? In order to ensure that your company ventures are successful, you must spread the message about them to your customers.

Having a strong online presence is the first order of business. When people want to search for something, they open up a search engine or go on social media. You will have to maintain engaging content, improve your searchability and keep your brand consistent at all times. For more detailed information, continue reading.

Strong online presence

A business without an online presence is falling behind its competitors. Everyone invests in a website nowadays as it is an important source of information for the general public. It can attract prospective employees, and it may even be the way that people purchase your goods, if you incorporate e-commerce with it. In addition to a website, you should also ensure that your company has an account made on the various social media platforms that your audience spends their time on. Instagram is a powerful application in today’s day and age, for instance, and so is Facebook, among others. You can keep everyone in the loop at all times about any news and promotions with these online sources.

Engaging content

How engaging is the content that you post? Your goal should be to have your audience share your business message and ideas, as this will further increase your visibility. Consider what the likes and dislikes of your target demographic are and use that to your advantage. You can also partner with influencers that your customers trust, as it will further boost your own credibility.

Searchability

It isn’t enough to have an online presence, it must also be search engine optimized. This ensures that people can more easily find you because you will be one of the first search results that come up on Google’s search engines. There are specific companies and individuals whose role it is to boost traffic, and you must use these resources to your advantage. One example is the SEO strategy provided by BCC Interactive (www.bccinteractive.com) as it is always customized to your specific goals.

Keep consistent

When you promote your company and establish a particular brand message, you must stay consistent with it. You will only confuse the public if you switch gears and do something different to what you normally do. For instance, if you are a fashion company that promotes clothes and jump into the pharmaceutical industry out of the blue, you will confuse everyone.

Growing business visibility should always be a goal that everyone in the company works towards. Any organization depends on its target audience to gain profit, and this affects your ability to expand. Determine what does and does not work, and do not continue with ventures that are not showing results. Once your promotion efforts start picking up, you will notice that word-of-mouth news about your company will spread as well.

Have You Insured Your Business Correctly?

StrategyDriven Risk Management ArticleInsurance: if you don’t have it, you’ll only wish you did if the time comes to call upon it. Indeed, it’s far safer, smarter (and sometimes more financially viable) to invest in insurance, just in case.

This protection becomes even more important when you’re running a business — you’ve certainly got a lot on the line if you fail to insure your business properly. You could lose profit, employees or reputation. Business insurance can seem confusing and over-complicated. Truthfully, it can be quite simple to ascertain whether you’re insuring your business correctly, by deciding which of the various types of business insurance you need…

Asset insurance

Commonly we think of ‘assets’ more with personal insurance, yet there are many assets that your business will rely upon, and which you’ll, therefore, want to insurance. Think specifically of any equipment — manufacturing and the like — that you depend upon for income; should any of these be at fault or be stolen, you’d be unable to continue working. Insurance can be used to defend against any unforeseen interruptions to workflow.

Travel insurance

You may not have considered whether you need professional travel insurance, as once again it’s something that’s more commonly associated with personal cover. Yet, if you or any of your employees travel for work (whether internationally or domestically) you’ll want a level of protection in place. Even if simply to cover goods such as business phones and laptops when you are out of the office. Most certainly if any of your team are flying abroad, carrying with them anything that belongs to the company, either in hand or hold luggage, you’ll want this to be insured.

Motor insurance

Do you or your employees drive, using company cars or pool cars? If so, you should also have motor insurance. This is also the case even if your employees are using the company cars for personal use — you must take out a business policy, as you’re the vehicle owner on paper. If you’re unsure of the technicalities involved in carpooling with company-owned vehicles, ask a Business Insurance expert for advice on their commercial vehicle insurance.

Personal indemnity

Many professions, ranging from doctors to journalists, would benefit from taking out personal indemnity insurance in their line of work. This policy covers the financial repercussions of a client making a loss due to incorrect information or guidance from the company itself. You may think, “Well that’ll never happen to us.” However, save your risk-taking for other aspects of the business — such as innovation — and get yourself covered as tightly as you can.

Credit insurance

Balancing the books can be tough, and especially so if you’re got invoices out that clients are unwilling to pay in a timely manner. Credit insurance can be put in place to ease cash flow issues so that even if you’re awaiting some big payments, you can still continue to invest in your supply chain and keep the business running day to day.

It really is recommended that you consider whether you’re insuring your business correctly; review whether you’re missing any of the above, and get in touch with a business insurance company today.