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2 Major Reasons Companies Die

There are two major causes of business failure that result in closure or bankruptcy. The first is a company’s inability to sell its products or services, and the second is a company’s inability to get paid on time, which leads to it running out of money.

1. A company’s inability to sell its products or services: Nothing happens in a company until a sale takes place and the sales person brings in the money that everybody can live off. (more…)

Building Profitability in a Service Organization

If there is one strategy tool for building profitability in a service organization, it is the service-profit chain.

This ‘chain’ works based on the natural concept of chains which is that a chain is only as strong as its links. Hence, to make a chain strong, all the links must be made strong. Conversely, if any link of a chain is weak, the whole chain is as weak as that link. (more…)

The Leadership Approach Managers Should Avoid

One-size-fits-all – using the same leadership style for everyone in a team. This is a flawed approach and should be avoided because every individual is different and should be treated as such.

In other words, at any point in a team, individuals are at different developmental levels. Hence managers should vary their style of leadership based on each individual’s developmental level. This approach, developed by Paul Hersey and Ken Blanchard, is known as situational leadership. (more…)

Avoiding the Urgency Trap using Eisenhower Matrix

Please look over the following questions:

  • Do you have long-term goals but no time or energy to make progress on them?
  • Do you find yourself running around putting out fires all day?
  • Are you usually busy but don’t feel like your work has a high impact?
  • Are you having a hard time delegating and/or saying no?

If you find yourself feeling a twinge of guilt at any point while working through the questions listed above, then it’s recommended that you try Eisenhower Matrix (also known as the urgent-important matrix). (more…)

Marketing in Today’s Economy: Email as a Vital Tool

No one has control over the state of the economy. Today, due to the pandemic and its resultant impacts, the aggregate consumer demand is low. We are indeed in tough economic times.

However, this is not the time to focus less on marketing, but rather the opposite. In reality, reducing your marketing efforts in tough economic times is the last thing you should do. Instead, it is recommended that you change your approach by expanding your channels of marketing so as to increase reach without spending more. (more…)

Learning Better Using ‘Scaffolding’

There was a time when what you learned in school before entering the workforce would be all you needed to know for the rest of your career. That is no longer the case. Today, skills can become outdated very quickly.

The rapid evolution of workplace technologies and best practices means you need to keep your skills current. You can no longer rely only on what you already know and must truly be a life-long learner.

Learning is the process of acquiring new, or modifying existing knowledge, behaviours, skills, values, or preferences. It is a means of honing our skills, enriching our minds, and changing the way we see things in the world. (more…)