This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Conclusion:
To conclude, this is an opportunity for the beginners and small time folks to make it big. Open your eyes and study the environment you are in. You have got everything to gain right now. It is all in your hands. Take the plunge. Remember the Lord and go forward in what you do. Nothing is too late for you to do anything about it if you are doing something about it right NOW!
Showing posts with label analysis. Show all posts
Showing posts with label analysis. Show all posts
Thursday, August 13, 2009
Root Step 10- Final decision on Staff Requirement:
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Root Step 10- Final decision on Staff Requirement:
The crucial decision for any organisation is always regarding the cutting of jobs. But here, I have given this the last priority because if the above steps are followed as mentioned, then by the time you reach the 9th step your door to a smooth business operation in this crisis situation is wide open and you need not even think of making this kind of a decision. You still have your employee family with you. But one in ten, if you still happen to find yourself in a situation where you have to go forward with this decision, then please do it with utmost respect.
Like I said earlier, unless not in a one day emergency, first give a 6 months’ notice period to the staff in those positions which you feel has to be removed from the company. No biased decisions please. Conduct a performance appraisal based on the actual performance of the employees, announce the entire process and then make the decision. But as you do this, please give them your full support that they will be given offers again as soon as the company pulls up its socks. Also you can use your influence and refer them to various Human Resource Consultancies so that it will be an encouraging factor for the employees.
And while this happens you run the risk of creating insecurity in the minds of the rest of the employees. Once again, I urge you to explain the entire reason behind this move but also tell them the truth that it’s fine if the remaining is willing to stay back even though they just witnessed what happened, but there is very little possibility of a huge salary hike during this period. At the same time, if the company comes up, then a salary hike with the dues and perks should be assured to those remaining.
Let’s face it, the majority of the remaining staff are bound to leave despite the promises because the times are uncertain and to them a recovery may not be possible at all, especially after seeing their colleagues being shown the door, and even if there is a recovery it may take a long time which is a very long wait for them. No one can be blamed here. Neither the management nor the staff. But don’t fret, because even if they leave you can always hire freshers who are ready to work for entry level salaries. So in this way, staffing problem can also be solved. But this is a decision only to be taken in the worst of the worst times.
Root Step 10- Final decision on Staff Requirement:
The crucial decision for any organisation is always regarding the cutting of jobs. But here, I have given this the last priority because if the above steps are followed as mentioned, then by the time you reach the 9th step your door to a smooth business operation in this crisis situation is wide open and you need not even think of making this kind of a decision. You still have your employee family with you. But one in ten, if you still happen to find yourself in a situation where you have to go forward with this decision, then please do it with utmost respect.
Like I said earlier, unless not in a one day emergency, first give a 6 months’ notice period to the staff in those positions which you feel has to be removed from the company. No biased decisions please. Conduct a performance appraisal based on the actual performance of the employees, announce the entire process and then make the decision. But as you do this, please give them your full support that they will be given offers again as soon as the company pulls up its socks. Also you can use your influence and refer them to various Human Resource Consultancies so that it will be an encouraging factor for the employees.
And while this happens you run the risk of creating insecurity in the minds of the rest of the employees. Once again, I urge you to explain the entire reason behind this move but also tell them the truth that it’s fine if the remaining is willing to stay back even though they just witnessed what happened, but there is very little possibility of a huge salary hike during this period. At the same time, if the company comes up, then a salary hike with the dues and perks should be assured to those remaining.
Let’s face it, the majority of the remaining staff are bound to leave despite the promises because the times are uncertain and to them a recovery may not be possible at all, especially after seeing their colleagues being shown the door, and even if there is a recovery it may take a long time which is a very long wait for them. No one can be blamed here. Neither the management nor the staff. But don’t fret, because even if they leave you can always hire freshers who are ready to work for entry level salaries. So in this way, staffing problem can also be solved. But this is a decision only to be taken in the worst of the worst times.
Root Step 7- Formulate ‘Need of the hour’ Distribution Channels and Transport Routes:
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Root Step 7- Formulate ‘Need of the hour’ Distribution Channels and Transport Routes:
The statisticians and analysts should formulate the best distribution channels for your products to go out. The best channels are those where the demand is high or still maintaining the balanced mix. Don’t go anywhere near the demand diminishing areas unless you have a well prepared strategy for them. Once the distribution channels are fixed, the transportation routes must be coordinated in such a manner that the products reach their destinations with the least minimum cost. The Admin department can be reeled in for this purpose as they are the ones who always perform these kinds of tasks and so the transport routes are known to them just like the back of their mind.
Root Step 7- Formulate ‘Need of the hour’ Distribution Channels and Transport Routes:
The statisticians and analysts should formulate the best distribution channels for your products to go out. The best channels are those where the demand is high or still maintaining the balanced mix. Don’t go anywhere near the demand diminishing areas unless you have a well prepared strategy for them. Once the distribution channels are fixed, the transportation routes must be coordinated in such a manner that the products reach their destinations with the least minimum cost. The Admin department can be reeled in for this purpose as they are the ones who always perform these kinds of tasks and so the transport routes are known to them just like the back of their mind.
Root Step 6- Select the Best Model:
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Root Step 6- Select the Best Model:
Come together with the Board, Managers and functional heads and discuss the pros and cons of each business model provided by the Strategic Management. At this point of time it won’t hurt to even invite key performers of your company and hear their opinions as well. If they feel that you are giving them equal importance as to the amount of hard work they put in, they may think twice before leaving you. That’s why they are the key and high performing employees of your company. Set practical examples for each of them and forecast on the sales and compare them one by one. Accordingly select the best model ensuring that majority of the forum has vouched for it.
Root Step 6- Select the Best Model:
Come together with the Board, Managers and functional heads and discuss the pros and cons of each business model provided by the Strategic Management. At this point of time it won’t hurt to even invite key performers of your company and hear their opinions as well. If they feel that you are giving them equal importance as to the amount of hard work they put in, they may think twice before leaving you. That’s why they are the key and high performing employees of your company. Set practical examples for each of them and forecast on the sales and compare them one by one. Accordingly select the best model ensuring that majority of the forum has vouched for it.
Root Step 5- Prepare fresh Business Models based on your probing and findings:
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Root Step 5- Prepare fresh Business Models based on your probing and findings:
With the findings of the strategic management, you can now prepare some new and fresh business models. When I say new and fresh, what I mean is that your product can still be the same, but prepare models keeping in mind the present economic scenario. They should be tailor made to survive presently, so as to ensure that you will not worry anymore about your ‘once fully bloomed business not doing good anymore’ but you may accept it as though you are a fresher starting your first business all over again.
Root Step 5- Prepare fresh Business Models based on your probing and findings:
With the findings of the strategic management, you can now prepare some new and fresh business models. When I say new and fresh, what I mean is that your product can still be the same, but prepare models keeping in mind the present economic scenario. They should be tailor made to survive presently, so as to ensure that you will not worry anymore about your ‘once fully bloomed business not doing good anymore’ but you may accept it as though you are a fresher starting your first business all over again.
Root Step 4- Segregate the problematic areas to the Strategic Management:
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Root Step 4- Segregate the problematic areas to the Strategic Management:
Once the research is looked upon and the various issues and problems and probable solutions have been analysed, it can now be broken up based on the company’s portfolio and each division can be passed on to the respective Strategic Management heads who can take on from there. Each of them can be responsible for the division they work in. They can further probe into the problem concerning their department and come out with different ideas so as to solve the problems they are facing. Maybe there may not be a solution but at least strategies to minimise the issues can be found out. This is where they can use their experience and expertise to come out of the box with some really creative and innovative thinking to see that the ship sails smoothly during the raging storms and not abandoning it.
Root Step 4- Segregate the problematic areas to the Strategic Management:
Once the research is looked upon and the various issues and problems and probable solutions have been analysed, it can now be broken up based on the company’s portfolio and each division can be passed on to the respective Strategic Management heads who can take on from there. Each of them can be responsible for the division they work in. They can further probe into the problem concerning their department and come out with different ideas so as to solve the problems they are facing. Maybe there may not be a solution but at least strategies to minimise the issues can be found out. This is where they can use their experience and expertise to come out of the box with some really creative and innovative thinking to see that the ship sails smoothly during the raging storms and not abandoning it.
Root Step 3- Research & Analysis:
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Root Step 3- Research & Analysis:
Get your research team to conduct a detailed analysis of the entire country where you operate in. Research and find out which locations have the economic crisis hit hard, do the company have any operations in those areas, If so, or not, what may be the secondary reason as to why the products are not selling, find out also which areas the products are still doing good business, what category of people still use these products, what more do they expect at this point of time, how much cost is incurred in distributing the products to areas where demand has diminished, what is the transportation cost being incurred, and so on. This report can be submitted and discussed with all the key board members or working committee.
Root Step 3- Research & Analysis:
Get your research team to conduct a detailed analysis of the entire country where you operate in. Research and find out which locations have the economic crisis hit hard, do the company have any operations in those areas, If so, or not, what may be the secondary reason as to why the products are not selling, find out also which areas the products are still doing good business, what category of people still use these products, what more do they expect at this point of time, how much cost is incurred in distributing the products to areas where demand has diminished, what is the transportation cost being incurred, and so on. This report can be submitted and discussed with all the key board members or working committee.
What you can do as a Small Business Firm- get back to your Root Steps
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Root Step 1- Change your mindset- See the market situation as an opportunity from a fresher’s eye:
Leave your office for a moment and drive away to your favourite place. It could be a restaurant, a park, your bedroom, whatever. But just go away from your office and sit down in a place where you don’t have anyone to disturb you so you can think peacefully, and see the entire world system revolving around you, from a whole new perspective. Close your eyes and forget that you are the CEO or Manager or Director. Start imagining yourself as a fresh college graduate who wants to make his/her mark in the business world.
You’re fresh, the world is old and the events are new. What are you going to do now? How to start a new business? Which product would you like to invest in? Where are you going to find lenders? Which area do you have in mind? Do you think it would be wise to start an ice cream parlour just because you love ice cream? Or would you open a financial consultancy firm so you can sell your financial wisdom to the investors who are worried sick during this crisis time? Or perhaps you may want to start an agricultural farm because you know how the prices for vegetables are soaring each day and maybe you can be the person who sells it at subsidised rates thereby ensuring daily customers.
It’s your call. Which industry is booming now? Which is slumping? What do consumers want? Which product is required most at which area? You think about it and take the decision. There’s no point looking back and worrying now. But look back if you want to take something useful like the courage you had the first time when you stepped out to do something new, to take the venture into something which you never did and to take the risk when you knew that you were still inexperienced- a fresher. Start thinking like a fresher and you will be surprised at the fresh ideas that come into your mind.
Root Step 1- Change your mindset- See the market situation as an opportunity from a fresher’s eye:
Leave your office for a moment and drive away to your favourite place. It could be a restaurant, a park, your bedroom, whatever. But just go away from your office and sit down in a place where you don’t have anyone to disturb you so you can think peacefully, and see the entire world system revolving around you, from a whole new perspective. Close your eyes and forget that you are the CEO or Manager or Director. Start imagining yourself as a fresh college graduate who wants to make his/her mark in the business world.
You’re fresh, the world is old and the events are new. What are you going to do now? How to start a new business? Which product would you like to invest in? Where are you going to find lenders? Which area do you have in mind? Do you think it would be wise to start an ice cream parlour just because you love ice cream? Or would you open a financial consultancy firm so you can sell your financial wisdom to the investors who are worried sick during this crisis time? Or perhaps you may want to start an agricultural farm because you know how the prices for vegetables are soaring each day and maybe you can be the person who sells it at subsidised rates thereby ensuring daily customers.
It’s your call. Which industry is booming now? Which is slumping? What do consumers want? Which product is required most at which area? You think about it and take the decision. There’s no point looking back and worrying now. But look back if you want to take something useful like the courage you had the first time when you stepped out to do something new, to take the venture into something which you never did and to take the risk when you knew that you were still inexperienced- a fresher. Start thinking like a fresher and you will be surprised at the fresh ideas that come into your mind.
Current Economic Downturn
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Current Economic Downturn
The current economic downturn is not a permanent one. It’s only one of the many falling leaves flying in the wind and on to our face. Just reach out your hand and brush it away because this period is what I would call a situation where Strategists, Analysts and Managers can come back to where they started from.
True, we are now terribly involved in a hit and run economic scenario. But picture this; we have also passed early moments in history where economic depression was its worst at that point of time. And leaders worldwide feared that hope was far away. But this is year 2008 and the world market is 1000 times stronger than what it was when we were really in lack of resources to counter attack those early hits. So now, this is also just one of those times where we have to face the sudden drops and wipe it away with what we have got.
Current Economic Downturn
The current economic downturn is not a permanent one. It’s only one of the many falling leaves flying in the wind and on to our face. Just reach out your hand and brush it away because this period is what I would call a situation where Strategists, Analysts and Managers can come back to where they started from.
True, we are now terribly involved in a hit and run economic scenario. But picture this; we have also passed early moments in history where economic depression was its worst at that point of time. And leaders worldwide feared that hope was far away. But this is year 2008 and the world market is 1000 times stronger than what it was when we were really in lack of resources to counter attack those early hits. So now, this is also just one of those times where we have to face the sudden drops and wipe it away with what we have got.
Data and Sales Analysis
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Data and Sales Analysis
The Crisis Scenario
What times are we businessmen living in right now? Are we happy with the stock market reports? Are our financial institutions lending a helping hand? What are the returns we are now getting? Just what are we going to do about all this?
Data and Sales Analysis
I’m working as a Data Analyst in a media company, one of the world’s largest online stock photography companies. Though I am responsible for the reporting and sales forecasting with data analysis, I have also conducted a personal analysis on the current economic crisis that has hit our planet and has been a bit of a bother for a pretty long time now. I also heard about a man in USA who shot his whole family before taking his own life, all because he lost his entire savings in the stock market crash and was declared bankrupt.
What is happening here? Is there nothing left for the common man? Is this the kind of fear that is in us right now? Well, take a look around you. If you are a person like me, then let me tell you that this is the beginning of something wonderful for a new entrepreneur and especially for small business firms.
Data and Sales Analysis
The Crisis Scenario
What times are we businessmen living in right now? Are we happy with the stock market reports? Are our financial institutions lending a helping hand? What are the returns we are now getting? Just what are we going to do about all this?
Data and Sales Analysis
I’m working as a Data Analyst in a media company, one of the world’s largest online stock photography companies. Though I am responsible for the reporting and sales forecasting with data analysis, I have also conducted a personal analysis on the current economic crisis that has hit our planet and has been a bit of a bother for a pretty long time now. I also heard about a man in USA who shot his whole family before taking his own life, all because he lost his entire savings in the stock market crash and was declared bankrupt.
What is happening here? Is there nothing left for the common man? Is this the kind of fear that is in us right now? Well, take a look around you. If you are a person like me, then let me tell you that this is the beginning of something wonderful for a new entrepreneur and especially for small business firms.
Subscribe to:
Posts (Atom)