6 Steps to Managing Your Business Finances Amid the COVID-19 Crisis

Business Finances
                    Business Finances

An economic recession is looming large on the horizon in the wake of COVID-19 pandemic and many businesses are already encountering severe financial crisis. As the authorities all around the world are enforcing strict rules and restrictions to curb the disease, entrepreneurs are growing more and more concerned about business continuity and survival. And, needless to say, until the issue is resolved the days are going to be increasingly challenging. In such dire circumstances, businesses need to understand their financial position and develop sound crisis management strategies, anticipating multiple possible scenarios, at the earliest to minimize their losses. There are glaring evidences of business failures due to financial crises in the history of mankind. The causes of financial crisis may vary but without a fair idea of how to navigate through the crisis, liquidity problems can force the companies out of the business. Running a business is always a challenging task, no matter how robust your business model is. Setbacks and challenges keep coming but a financial crisis could be one of the most damaging things.

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8 Useful Tips to Optimize Your Sales Process

Sales Process
                    Sales Process

The sales process can mean the difference between a high-performing and underperforming organization. A properly structured sales process is essential for generating revenue, as it gives the team a fair idea on how to convert leads into customers. And, for a sales process to work well your team needs to have the right skills and techniques, and must consistently perform well. It’s also important for the leaders to ensure that the team members have proper training and coaching available. However, things could go wrong amid all the right procedures resulting in your leads going cold and your organization losing opportunities. To prevent such instances, it’s vital to have a dynamic sales process which is assessed and altered from time to time as per the requirements. This is because the market trends and customer needs keep changing and so should your strategies. Optimizing your sales process on a regular basis is extremely important to maintain high performance in the organization.

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4 Critical Components of Crisis Management in the Workplace

Crisis Management
                     Crisis Management

Every workplace encounters crisis at some point or other. Be it a natural disaster, a workplace violence, accident, or the one gripping the world currently – COVID-19 disease, one thing that can help organizations cope, regardless of the nature of the crisis, is advance planning. However, many companies are usually not prepared or have a crisis plan in place and this is especially true for small businesses. Advance planning is imperative for effective crisis management. Every business should think about how a crisis can impact its employees, suppliers, customers, and the brand, and be prepared to deal with it, regardless of the size of the company. It’s the responsibility of the HR leaders to develop a strategic plan considering the safety, health and welfare of the people associated with the organization. A crisis management plan is all about building the capacity of the employees to handle adverse situations using knowledge and strategies and making the right decisions that ensure business continuity.

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Best Practices for Employee Background Check – Optimize Your Procedures

Employee Background Check
          Employee Background Check

Background screening is essential in any hiring procedure as it helps the organization protect their interest, culture and reputation, and recruit the right candidate for the job. However, it’s important to implement fair and legally compliant policies for background checks. Employment screening processes vary for different organizations and the task often becomes challenging for small businesses where there are fewer resources to take care of all the aspects of hiring. Regulations are continuously evolving and to ensure that your organization is in compliance with the law, it’s vital for the HR managers to keep the employment screening best practices on top of their mind.

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8 Must-Have Project Management Skills for 2020

Project Management Skills
                Project Management Skills

Keeping the projects on time and budget is essential not only for their efficient completion but also for earning credibility and more business for the organization. With competition becoming more intense in the business world, companies today need highly skilled project managers to meet the goals and exceed expectations. Statistics suggest that only 57% of projects are completed within budget (without any additional funding) and only 51% successfully maintain the original schedule. Project management is also one of the hottest skills in the business world today and although the number of jobs is growing exponentially, a huge number of candidates lack the crucial skills which is creating a talent gap. Regardless of the type of project, there are certain core skills needed for project management to ensure successful completion and delivery. And, when the budget is limited and timeline is short, the task becomes even more challenging.

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Build a Successful Internship Program in 7 Easy Steps

Internship Program
                      Internship Program

Many organizations these days offer internship programs to provide students with some great learning experiences. Sure they are quite helpful for the students who can develop their skills and prepare themselves for the future but unfortunately, many organizations fail to see the value a successful internship program can create for the company. Many of them recruit interns as reduced-cost labor for taking care of the time-consuming and mundane tasks, without helping them develop their skills and knowledge. A successful internship program requires a good deal of efforts from both the interns and the company. With right techniques, the companies not only can help the interns develop their skillset but can also get valuable project support and build talent pipelines for the future. Internship programs also help employees of the organization develop their mentoring skills. A successful internship program essentially creates a win-win situation for all. In fact, such programs can be immensely beneficial for small businesses that can develop the skills of the interns and prepare them to become a key player for their company. Also, when students feel like valued employees during their internship, they are likely to be more enthusiastic about joining the organization as a full-time employee.   

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How to Keep Your Team on Target – 6 Easy Techniques

Keep Your Team on Target
              Keep Your Team on Target

Keeping the teams on target is one of the most essential skills to succeed in business. However, it is also something a lot of companies struggle with. There are many reasons why teams fail to reach their goal such as the employees get distracted, lose focus, have too many responsibilities, become unproductive and more. And, when the team is not on target, it leads to missed deadlines, customer dissatisfaction and disengaged workforce. The stress and deterioration in the work atmosphere that come along only contribute to business failure. Keeping a team focussed and on target is crucial and needs to be taken care of. Employers often feel that all their employees are doing is showing up in the office just for the paychecks. However, the good news is that managers and leaders can turn them around to align them with the company’s vision and mission. When the employees believe in and like what they do, their motivation maximizes and they give their best.

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Building a Work Culture that Supports Mental Health

Building a Work Culture
                    Building a Work Culture

In the U.S. one in every five adults deals with mental health issues. Being surrounded by a lot of social stigma, mental health is often a subject that is vastly ignored or suppressed. While many organizations have started focussing on the well-being of their employees, what they offer mostly are packages that benefit the physical wellbeing. According to the reports of Kaiser Family Foundation 82% of companies, having more than 200 employees, offer health based programs like weight management and smoking cessation, without much emphasis on mental wellness in the workplace. The stigma around mental health is widespread and according to the Mental Health Foundation, 90% of people having mental health issues have revealed that this stigma affects them negatively.

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8 Steps to Encourage Innovation in the Workplace

Innovation in the Workplace
            Innovation in the Workplace

There are innumerable benefits of encouraging innovation in business. It enhances efficiency in operations, helps attracting new customers and identifying new business opportunities, improves customer satisfaction and loyalty, and the list goes on. With new technologies and inventions emerging every now and then all around us, every organization needs to nurture innovative thinking to maintain its competitive edge, grow, and prosper. In fact, many organizations these days hire chief innovation officers and/or embrace new technologies for implementing the innovation process. However, cultivating or encouraging innovative thinking in the workplace isn’t an overnight or easy process. A survey conducted by Robert Half had revealed that 35 percent of chief financial officers are of the opinion that the greatest roadblock to organizational breakthroughs is the lack of innovative ideas. Of course, it’s challenging to set up a culture where your employees think creatively. Moreover, attempting to change the workplace dynamics is often met by strong resistance due to the lack of adequate flexibility and resilience among people and procedures. However, the good news is that, it is doable with a little effort and by following these 8 steps.

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5 Steps to Building a Leadership Culture in the Organization

Leadership Culture
                    Leadership Culture

Developing a leadership culture in the organization takes time. It cannot be implemented overnight and requires efforts and resources to create effective leaders at every level of the organization. Companies that make leadership development a top organizational priority enjoy the advantage of attracting leadership talents, retaining them and staying ahead of the competition. When a leadership culture exists at every level of the company, the employees feel valued, are more committed and accountable, and deliver results that match or exceed expectations. Selecting leaders among your talent pool also ensures that your staff grows professionally and the institutional knowledge that they have gained is retained. However, there are some costs as well that add up as a result of replacements when the employees move up the hierarchy but the long term benefits outweighs those costs. A leadership culture contributes to the overall development of the organization.

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