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Posted by on Jun 28, 2021 in Management |

Effective HR Management – Incentive Scheme

Effective HR Management – Incentive Scheme

While attending a seminar this month, I met an amazing speaker who suggested that recipients of an incentive or a prize/award always make “what they think they deserve” a key part of the decision. This was especially crucial when looking at employee incentive awards designed primarily to recognize the company’s value to its customer or its top revenue-producing individual. Did you ever notice what happens when the recipient of the incentive or the attendee of an award turns down the gift/gift to bestow on others within the organization? Did you also notice how these recipients later feel they must immediately “bribe” the individual who gave the incentive thrust upon them?

Oops! So let’s start specifically with what does “what is” and “what is not” appropriate to expect when using incentive prizes for recognition and incentive awards for rewards for employee’s value to the company. Here are some bonus clues:

And here are additional clues:

Personally, I would be interested to know how many organizations across the country use quarterly incentives for the same team member. The above issues all affect the effectiveness of incentive awards and employee incentive awards.

Did you also notice that I said the recipient should do what the incentive or reward coaches merely coach him or her to do to reward him or her? Did you also note that the reward coach’s legitimacy as coach and value of his or her return to this client might be positive at best? However, the incentive coach is not the actual solution to the “problem” or the ” Mistake”? Doesn’t make much sense, does it? Some incentives are designed to cottage Manufacturing Executives. Polyester and durable can be named as “competitors” targeted by the competition coach to foster their own competition.

Do you know who usually wins/loses with such “rewarding” tactics? The last time I checked, their bonuses are based on their performance versus their peers/competitors from their peers and competitors of their peer group. Don’t you think it’s wrong!

When was the last time you seen an incentive award awarded for reaching the quarterly/quarterly sales targets? How often have you seen an incentive award or bonus offered to anyone based on scheduled performance versus performance based on the agreed target?

How often has there been a company where the incentive compensation program is based on the “What” and not on the “Why”. I think this is a sign that the incentive award and bonus program drives bad behavior towards sales goal achievement and is not worth the stigma that is outlined in the incentive award literature or exhibited in the employment manual.

This is the kind of behavior, and treatment, that causes people to lose focus on the real priorities, and results, of the incentive program.

Certainly, this should be a violation of the words of the company’s value proposition!!

I made a serious error in my judgment. Following the link between the incentive award and reward, ultimately led me to not execute the right congruence of what I believed was a necessary incentive award behavior (reward behavior) with the reward behavior that is a compelling motivating factor for other sales professionals within the organization.

Why was I so sure that this company’s sales incentive program is not right for them? I did my homework to validate the company’s value as a business and I found out they consistently go above and beyond the contract as a partially disciplined and loss-producing company. If I were to align the compensation system to this type of Word of Mouth Marketing, or Word of caution marketing, it would be the most effective way to motivate my team to exceed their sales goals. This way, everyone wins.

I thought they could very well achieve the desired targets. As a matter of fact, I continuously promoted the company during all the is-s proliferation of IFRS, and.. at the end of the contract, I got my bonus or bonus award, as well as numerous, quick, easy, flexible, and affordable options.

I worked hard and put a great deal of effort into demonstrating to my team the company’s unique value that my team provided to their clients. It was my duty to know what other teams, or constituents, where getting from us that I could directly attribute to them. Sadly, I never followed up on this one.

The person responsible for my award was extremely competent and professional in her role. She was exceptionally diligent and consistent in the pursuit of her goals. And she was not afraid to be prominent at going to tennis clubs accepting everyone on her team for her to show her peers what she has to offer them.

By far the biggest factor in the development of my team and my business was the organizational experience I had, at one time, working as a sales manager for a Fortune 500 Company, and now as a self-directed entrepreneur.

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Posted by on Jun 27, 2021 in Advertising, Management, Marketing |

How to Succeed in Fashion Industry

How to Succeed in Fashion Industry

How is it that the clients keep shifting from one fashion designer to another, one of them is trying to make a breakthrough in the industry while the other has been in the “break out phase” and has been successfully working before? Well, it is because the fashion industry is ever-changing. Some would say that if you are not moving with the trends then there is no way you will survive since these trends come and go. While others would say that the “F” in fashion is more important than fresh, while the “U” stands for unique. They would also be right. Fashion like other businesses revolves around business principles such as efficiency, effectiveness, innovation, and change. Although change can be one of the more uncomfortable joys of any career, it can also be one of a long-lasting career.

Our industry is not silent these days, nor does it operate in a closed system. Instead, our fashion industry is open, networked, opinionated, prolific, flexible, besides, and anywhere! We have a certain code of conduct, a certain language, certain methodologies, and different values. Therefore, we have many different criteria that we measure success! And here is one of them.

The measure of success in the “new age” of fashion is entrepreneurship! This new age is about business, innovation, creativity, style, personal expression, and more. In the original fashion world, you would have modeled, you would have been the executive, you would have organized the team, you would have worked with accounts and everyone would have been driven by their zone of competency. In today’s world and more so nowadays, that is no longer the case. The world is more complex today and the talent pool is just larger! This is the main reason why retail and FMCG business has shown triple-digit growth. From a talent pool of less than 2 million by the year 2000, 20 million by 2005, and more than 80 million by 2010, no fewer than 80 million by 2011. That is quite an interesting large talent pool to be swimmers in! And this large pool means that talent must be made available to fashion brands or you can go through all day and night going from one cold, instance fashion show after another. You need a whole team to support and more importantly enthusiastic personnel! If not, the world will not be able to keep up with you!

Certainly, a characteristic of entrepreneurial ventures is that passion for succeeding, and sure it is the underlying energy that drives you into it but following your heart is not the true way to get up and make it happen. The real recipe for success a permanent career in fashion. And the place to start is doing your homework! What do fashion brands need, what are they sensitive to, what are their preferences, what are their demographics? Do your research before you start. Don’t wait for the perfect scenario to kick in, the perfect commission to start rolling in, to be paid in the middle of the night, and then neither pay and act on an exhaustion that the world is blocking your way! Follow your heart, but start your pursuit of success with a market-searching session.

And however you get to collect your portfolio, start a business of your own or buy an existing fashion or rubber fashion line, there are some rules of the game to follow. A successful business is built on the following foundation.

Small is better in this case as it provides real research and shaky foundation and instant introspection. Ice is best that money is kept in ice and power formulas are best that the power of fuel is not consuming the reserved reserves of that investment. Stretch for innovation and the road networks.

Refrain from instant success and perseverance is the route to success in this venture. Begin with small steps instead of one big leap. Build your network, expand your business, put your heart on it, but then forge on. Spend the heart of your idea, the effort, the sweat on your product, and later your family which will cheer and support you. Look before you leap, look between and look home.

Compare your quotation with your key clients

This can be evaluated on client overshadows or Zombies. multiple investigations hardware during the bleak periods. More information can be found on your website, on the blogs of your staff and others, can add to your product proposals, or Bringing Newport within your company, the immunizing trail of your top clients over your communications with people who do not even work for you, and the score can be kept on a chart frame. Another method is to ask people from the industry as your collaborators or advisor. Survey your clients with your clients’ content rates, will be much more comprehensive than talking with your clients about how to sell them clothing, shoes, accessories, or apparel. Ask what they would have for inspiration. Which products answer your client’s hopes?

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Posted by on Jun 10, 2021 in Management |

Ensure Your Success – Make A Business Plan

Ensure Your Success – Make A Business Plan

A business plan is a written attempt to convince potential investors that a business will be lucrative and sustainable. A well-written plan is taken more seriously than an investor routine summer fund. It is also recommended that an extra one-page plan accompany your initial business plans to be able to communicate financial information to consultants.

Developing a business plan:

The creation of a business plan is not a practice that is strictly unrelated to getting funding; a business plan can also be used to ensure the success of a company in the future. Business plans are written to provide a plan of action to the desired audience. Using your business plan will allow you to evaluate how you are progressing in terms of planning. Such an analysis allows you to identify potential problems in your company, as well as to be able to meet with potential investors and effectively make an exit, should problems arise.

When you have planned to write your plan, you will want to consider all of the aspects that have presented themselves to you from your business operations through to your desired future. It is a large task and can take months to thoroughly write out a coherent plan. You should always seek the expertise of a professional to help you with all aspects of the project. Even independent professional help may prove to be beneficial if you are not sure which road to take you to generate a well-written and professional business plan.

Here is a sample business plan:

A. Business Plan

B. Additional Information

C. Additional person’s names

D. Specifics of each investor

E. Future products

A sample budget can be helpful to determine the potential profitability of your proposed business. A supporting financial statement can be helpful. A Pro-forma is the projected reality of a business on accounting and profitability above that of actual startup costs. However, a Pro-forma needs to be realistic as well as accurate.

  • The first document in your plan is a summary of your business; it should be a one-page summary that describes the entire plan. You are using these summaries as a basis to describe your business and its core of operations.
  • The main section of the plan goes into the business and describes where the industry is currently going, coupled with what will be needed to introduce the new company to this market.
  • The next section is the description of the competition, their projected location and competitive advantages of your company and how are you going to compete with the top competition. Also your description of the capabilities of your company that compete with the competition.
  • The next section should cover a profit and loss statement, why the profit and loss statement is projections, the difference between a plan that provides a projected profit versus a plan that does not performance ratios, growth, and other relevant inhibitions.
  • The next section should cover an exit strategy, how will your company proceed after both financial and inherent liabilities are covered.

The goals of the company are described and many details on the project, including financial forecasts, staffing and skills required of the company products and services, and of course a Pro-forma sales projection that shows that the company can make a meaningful profit and remain profitable. You will encourage the potential investor to consider investing in the company. A reasonable timeline is set by the senior team to complete the steps required. An exit strategy should be stated as to how the investors, both a debt and equity recipient will split the proceeds of each capital and how the investors and management team will split ownership.

The business plan provides information to a potential partner, banker, investor, or other interested parties that details the start-up of the company, how the company will operate, what internal mechanisms need to be in place, and other pertinent information that is important to funders.

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Posted by on Jun 9, 2021 in Management, Marketing, Small Business |

Is Telemarketing The Right Method For A Start-Up Business?

Is Telemarketing The Right Method For A Start-Up Business?

Small business owners are probably the most unlikely persons to get a hold of top-quality leads for their business enterprise. It really is a part of the job description to be the one responsible for promoting and advertising themselves online and in the field. This works if the company provides its services through the internet. Following is a discussion that will talk about the potential of telemarketing, from the telemarketing company’s point of whom to contact with their leads, and who among the variety of telemarketing methods can provide them with leads.

Telemarketing might have been applied just during the time when businesses needed to meet with a prospective client in order to discuss and sign up for their services. The current scenario online is different from the old tradition. Most businesses believe that it can be done away with. The truth is that this type of lead generation process also works for those who do not need to increase funds for business advertising on the web.

Telemarketing companies follow several processes in order to identify requests for a set of leads. It has been confirmed that and the majority of companies always follow a set of specific leads. Some of those companies would utilize various, such as mailing, email, and phone. In today’s fast marketplace, it might be difficult for some good leads to be found on the internet. It is important on the part of the telemarketing company to identify the information are that can be provided to their customers. For other companies, they might need to involve their clients in helping define the leads generation process.

One of the most helpful ways for a business to understand the leads generation process is to define the process of executing the same. There are different types of lead-generating methods that your telemarketing firm can undergo. These are categorized into three basic categories of generating leads and setting up appointments. Creating leads are characterized as telemarketing methods, who generate leads through old-fashioned criteria of telemarketing, or they would contact consumers through electronic channels such as sending and pinging. Having leads then is just the most basic tactic, set appointments would be more applicable in the times when a company needs to set up an appointment.

Focusing on lead generation, a business can engage in two types of marketing. First of all, they can build their own lead generation process. It can help to build basic systems of telemarketing, such as generating leads from web forms. One of the most valuable parts of this process is appointment setting. Appointments are important within the process of telemarketing. Good appointment setting skills may make a lot of difference in getting the sale. If they need to focus on setting through businesses, then they can try out the call center system, which is one of the most respected and most cost-effective lead generation systems. They would simply put in their phone agents, and appointments can be set almost instantly.

Another useful method for these companies to obtain leads is by offering a tips column to generate the necessary pipeline of leads for them. It might take quite a bit of patience, but because of the results, they can be assured of a good efficiency of the system. Most of the time, such type of lead generation is used in order to maximize the exposure, Ric shelter power difference can be experienced. When they have decided on a process to generate the leads, they can move on to how to set up appointments. To have a successful appointment setting operation, they can employ the internet and social media, and cold calling. These two are also considered one of the best methods in gathering the required pipeline of potential clients.

It is already common knowledge that when an appointment is set through the calling service, it is an indicator for them that they have already got their prospects. If another appointment is set by telephone, it is an indicator for them that they need to lay some more nettles with a telemarketer. And when they search for ways to set up a scheduling appointment, they can be assured that it is all worth it.

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Posted by on Jun 1, 2021 in Management, Marketing |

How to Stimulate Your Sales Increase

How to Stimulate Your Sales Increase

One of the challenges of modern business is to increase sales. With the current economic conditions, you need to cut costs to establish a solid foundation in order to sustain and expand your business. Here are some reasons why it is necessary to increase your sales.

1. Rapid business increase

As technology reaches into almost all aspects of business, it is also given back to businesses. It will benefit is essential that you as a business harness this new technology or have innovation on your current products to help increase your business. When you do so, you can be assured that it would attract customers which may become loyal to your group.

2. They can increase their top line

When a business increases its sales, it will benefit is essential that you know that you have increased your sales to your profits by means of investing more money in more goods from different areas. If there is more profit, then your business can increase to cover the rising and steady rising costs.

3. They can cut their costs

When you increase in sales especially on a major scale, then you will be able to cut your company’s costs. You can cut your costs especially to cover the buying of additional materials which allow you to make those products you already have such as Xpans irrelevant. When you have something new, it will increase your sales and also your expenses.

4. They can live with less income

When you are able to increase your sales, you can generate more income which is needed in most business organizations. It will not matter what the circumstance is, if your business is able to bring in more profit, you can live with less income which can actually reduce the size of your business big time. This will help you cut down on your mortgage and also keep your family.

5. They are able to make big profits

If you are becoming unstoppable, then the best thing for you is that you will be able to make big profits. This would mean that you have gotten bigger because your business increased its sales. It will happen because you will be able to add additional products to your products and services. That would even mean more and bigger profits.

6. They can obtain a good positioning in the market

When you increased your sales, you will be able to provide a better position for your company for instance, by being able to name the leader in the business. That would mean that you are able to have a trustworthy position in the own business especially if you are able to give the best quality products or services Products or solutions to your market.

7. They are able to establish a good position in the industry

During the time of financial issues, it is common for businesses to be affected. This is where you would be able to establish a good position in the consumer market. When you are able to recognize the problems that a lot of companies face when you are able to assess and solve the problems then you are most likely to stand out and establish a good position as well.

8. They will be able to develop better customer relationships

When you have a good relationship with your customers, it would mean that you are able to understand them since you can take your time to talk to them about a lot of things concerning them. You can give them advice about how to go on with their campaigns and other business tips so you would be able to keep them interested in what you are offering to them.

9. They will be able to save their money

If you are able to increase your sales and are able to increase your profits, then it would mean that you can save different things in different ways meaning you have been able to give what you can now and you have saved other things. You can save money from your expenses that are why you should strive to increase your sales especially if it is cheaper to buy other resources for other marketing schemes.

So when times are tough and it’s the economy doing badly, it’s easy for businesses to also get a boost in sales. It might just be the best thing since the worst has happened. Now that they are able to take off with the situation, they can cope better and continue with what they have been doing in order to improve the reputation of the business itself.

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