Monday, 9 November 2015
Monday, 22 June 2015
The Monopoly of Agile
The Monopoly of Agile
Over the years, agile has grown from a small movement in the developer community into a mass trend that brings results and productivity to every team it touches. Various applications of agile methods exist today and as the idea spreads further more are coming about. At this point there is really no questioning of the possibilities and value that agile approaches bring to the right teams and because of that most are starting to consider agile as one of the traditional project management approaches instead of a novelty.
Due to this acceptance, agile is now being applied in fields that would have never even considered the practice before - accountants, marketers, government officials and even families are using it to manage their tasks in the most effective ways. Which is something that could not have been even imagined couple of years ago, when agile was seen as designed and helpful solely to developer teams creating specific software products. However, as more and more true life success stories regarding other agile applications surfaced, this perception has changed significantly.
Due to this new acknowledgement and applications that we have in the agile field, the number of practitioners is ever growing as well. Furthermore, it is not only that the number of new practitioners is rising, the number of the experienced and knowledgeable people is rising as well. Agile community is now for the first time ever filled with such a big base of people that have over 5 years of experience in the matter and truly know and understand the practice to its core. Which means they are the ones that know firsthand what are its main benefits and shortfalls.
So will the changes come? Or will agile become the monopoly practice? Well, the premise for change is there already. Agile has been used for quite a while now and for all of that time it has been tweaked and improved to fit the requirements of each team applying it. Whether it was small things, like modifying the concept of backlog or bigger things, like mixing two different approaches to come up with a new one, the agile community has already witnessed change in search of the best process.
The case with monopolization is a bit different, until recently agile was still fighting for its place under the sun. However, once that place was established, it started to become more and more of a monopoly. At the moment, agile is easily swallowing up any and all similar practices, almost not letting them see the light of day, before they are gone. It is simply easier for people to refer to a methodology as agile, thinking they are describing it as something new, while in reality they are dooming that practice for extinction while established and tested agile applications hold their place, withholding innovation and progress.
The only thing that can change this monopolization is people. To be more precise - the ever-growing agile community. Within this community, there is enough knowledge, experience and need to bring the best out of agile. Most importantly, there is enough practitioners who are not afraid to innovate and search for the absolute best solutions, which means that agile applications can not only be tweaked and reworked, but that agile itself may be innovated upon and changed for something even better. While this change may still take years to come, the community already has the capacity to understand and innovate away from the monopoly. Therefore the time to step up and realize the potential in new and different approaches is now!
Source: Link
Author: Dovile Miseviciute
The 5 Scopes of Agile Planning
The 5 Scopes of Agile Planning
In its essence agile is built to cater the environments with constantly changing requirements and goals. Which means that the traditional planning model, of just setting something in motion at the beginning of the project, is no longer viable. Instead, the planning needs to cater to the changing circumstances and help the team navigate them in the best possible way. To achieve this, the agile planning is organized in different scopes, where each of them are equally important and carry value towards the end goal.
First comes the product vision. This is the largest scope of the project planning and is usually handled by the management. They have to define what the project is all about, what is it they are trying to achieve and for which purpose. While this may seem perfectly clear for the top management, without communicating such information to the people involved in a simple and concise way, the project may run off the desired course very quickly. Therefore to have a clear product vision is essential to any agile team.
Second - a product road map. The next largest scope of agile planning, helps to clarify which steps need to be taken to achieve the defined product vision. Simply put, the product roadmap is made up out of all the features that are required out of the finished project. Based on their importance and priority they are put in a specific order and represent how the product will be built. This planning scope is particularly important for products that span over a longer period of time and have multiple releases.
Similar to the product road map, the next scope of planning is all about the release plan which defines how many releases the product will have. The release plan is not focused on features or dates, but ties directly with the scope of work to be completed. This planning step is important as it gives the teams more incentive to finish a specific product version, ensures the management of the progress and allows for larger fund and effort allocation.
After defining the vision, roadmap and the release plan for the project, the agile planning turns back to the teams completing the work. The next planning scope is on them, with a commonly known sprint planning. Contrary to the previous planning scopes, this is done more frequently and directly relates to the day to day tasks of each employee. With that, it is also a more flexible planning event that (within the allocated borders) allows the team to react to any changes in requirements and circumstances and move forward to the project completion.
The fifth and the absolute smallest scope of agile planning is the daily stand up. While some may see it just as an update, this is a planning event as well, defining the goals for the next day. This small planning event helps to ensure that the sprint plan is being executed well and that the team is not forgetting the overall vision of the product.
The planning of agile projects is different from the traditional waterfall planning we are used to having. Just like the methodology it is designed for change and for frequent updates. The different scopes of this planning approach ensures the team has clear goals set for the overall project and can easily plan their day to day work.
Source: Link
Author: Dovile Miseviciute
Why Every Company Should Invest in Time Tracking Software
Why Every Company Should Invest in Time Tracking Software
Reducing errors and time theft
By utilizing time tracking software, organizations and businesses are able to cut down on employees claiming incorrect time and hours worked. This may be an innocent act done on the part of the employee, but the company will still pick up the bill, which can lead to a large amount over time.
There are always going to be employees who will try to deliberately claim for time that they knowingly did not work, but with the detailed and reliable reports generated by time tracking software, organizations are able to be provided with a clear picture of the exact time spent on work premises.
Increased efficiency and lower payroll costs
With an automated system comes an increase in efficiency, as well as a more streamlined payroll system. Numerous branches or different areas of the business are also able to centralize their payroll, allowing just one team to account for the entire organization. Time tracking software also cuts out a great deal of administration for the accounts team, freeing up time for them to assist with other areas of their work.
Able to spot trends
One of the really powerful features of time tracking software is being able to spot trends among employees. This may be noticing that a certain team are working extra hours at a particular time, or it may be noticing that one employee continually has to work overtime, perhaps without even notifying their manager.
Lower compliance risk
With a growing amount of government red tape around surrounding which working hours are permitted, time tracking software allows you to have a greater control in reducing the compliance risk to your business or organization, ensuring that the hours worked by employees stay within the legal limits.
Cloud based
Much of the time tracking software on the market at the moment also boasts cloud based functionality, giving employers and managers the opportunity to access the software from anywhere that has an internet connection. There is also the ability to set up email and SMS alerts, notifying you if a certain scenario occurs, allowing you to have a much greater control and regulation over the workforce.
Source: Link
Author: Richard Lofio
How Do Product Managers Prepare For A Marketing Disaster?
How Do Product Managers Prepare For A Marketing Disaster?
What Is A Marketing Disaster?
The first thing that a product manager needs to understand is just exactly what a marketing catastrophe is. If we don't know what they look like, then there is no way that we're going to be able to recognize it if it happens and that won't look good on our product manager resume. A marketing catastrophe is any event that could negatively impact the profitability or reputation of either your product or your company.
The world that we live in today is unique in that the arrival of advanced technology tools allows for stories and rumors about products or companies to travel very quickly. No matter if the story has to do with a misstatement by a member of your company's management or marketing team, a product defect, or a court ruling that goes against your company, your potential customers may be aware of it before you could say "Twitter".
As a product manager you need to understand that a marketing calamity could happen at any time. The most important question that the rest of the company is going to be looking to you to answer is going to be "how big of a deal is this?" You are going to have to be able to quickly and efficiently evaluate the severity to of the marketing calamity so that you can make a recommendation to the company as to just exactly how many resources they need to dedicate to dealing with it.
What Is The Best Way To Gage The Severity Of A Marketing Disaster?
Product managers need to create a way to evaluate just how severe a marketing disaster is. The good news is that we are not alone in having to do this. The experts who work in the field of creating disaster recovery plans have been doing this for years. We can build on their work when we are creating our tools to evaluate the severity of a marketing disaster. When creating a marketing severity tool, there are three things that a product manager needs to keep in mind:
Limit The Number Of Categories To 5: It can be far too easy to get carried away with creating a large number of different marketing disaster categories. Don't do it. Instead, try to limit yourself to creating no more than 5 different categories that run the range from "no big deal" to "may cause the company to go out of business".
Determine "Impact": Every marketing disaster will be different. As the product manager, it is going to be your job to create a way to evaluate the impact that this event is going to have on your product and on your company. Keep in mind that the intensity / firestorm that may accompany an event may have nothing to do with its long-term impact.
Create An Action Plan: Make sure that you have an action plan created for each category of marketing disaster. This will help the rest of the company to understand what they are going to need to do once the current marketing disaster has been placed into a category.
What Does All Of This Mean For You?
As though being a product manager was not hard enough, it turns out that another thing that needs to be added to our product manager job description is the ability to understand that in the world that we live in bad things can happen. Specifically, marketing disasters can happen. A marketing disaster puts our product's reputation at risk and can impact the future success of our product.
Product managers need to realize that it is their responsibility to create the tools that their company is going to need in order to gage the severity of any marketing disaster that strikes them. These tools are going to have to limit the number of different categories that marketing disasters get classified into, determine the impact of the event, and identify what action plan will need to be executed.
The good news is that when (note that I did not say "if") a marketing disaster strikes your product or your company, if you have a tool that will allow you to judge the event's severity, then you'll be well suited to deal with it. Product managers who can evaluate how important a marketing disaster are the ones who will be best suited to guiding their products through it.
Source: Link
Author: Dr. Jim Anderson
When the Business Negotiations is Over. What to Do?
When the Business Negotiations is Over. What to Do?
What Was Achieved?
The most important thing to realize is that you need to get together with your negotiating team as quickly as possible after the negotiation is over. Our memory of what happened starts to slip very quickly so speed is of the essence. One of the most important things to discuss is a review of whether or not you got what you wanted.
If you had taken the time to define your objectives before the negotiations started, then you'll be well positioned to evaluate the outcome. If it turns out that you were unable to meet your objectives, then this is the time to delve into why that happened. Your goal needs to be to learn from what happened and improve your odds of meeting your objectives the next time that you negotiate.
What Happened?
In every negotiation, there will be both good things that happen and bad things that happen. What you and your team are going to have to do is to sit down and come up with answers to questions such as what did you do that worked out? What went wrong? What could have been handled better?
Your goal in doing all of this is to learn from what happened. Your goal has to be to use this knowledge to improve how you go about negotiating. You'll also want to talk to your negotiating team and get their feedback on how things went - what were their impressions?
How Have Your Assumptions Changed?
When we walk into a negotiation, we bring along our set of initial assumptions. These are effectively our best guess at where we think the other side is coming from and what they'd like to be able to achieve by negotiating with us. These assumptions are not always correct.
You may need to be open to letting your assumptions go. At the very least, you will probably find yourself having to either modify or eliminate some or all of them. It will be the additional information that you have picked up during the negotiations that will guide you as you evaluate your assumptions. Keep in mind that one of the worst things that a negotiator can do is to hold on to assumptions that are wrong!
What Does All Of This Mean For You?
It is a very natural tendency to want to take a break once either a complete principled negotiation or at least a part of it has wrapped up. It turns out that this is exactly the point-in-time that you need to be at the top of your game - there's work to be done here!
The very first thing that you need to do is to meet with your negotiating team and review what has been achieved by your participation in the negotiations. How does this align with the objectives that you had mapped out before the negotiations started? Next you need to review how the discussions went. What was good about how things unfolded and what did you think was bad? Was there anything that you could have done differently? Finally, based on what has happened so far, how have your initial assumptions had to be changed?
I have often found that I've learned the most from my negotiations after they are over. It's only when I have time to reflect on what has happened that I am able to understand how things fit together to lead me to the results that were achieved. The next time that you are involved in a negotiation, when it's over take the time to review what you've learned and you just might be surprised!
Author: Dr. Jim Anderson
Source: Link
Monday, 8 June 2015
The Eagle's Dynamic Strategy
The Eagle's Dynamic Strategy
In order to develop that edge, you need to identify a competitive advantage and develop your business strategy around it. Once you have done that, you need to sustain that advantage. Simply put:
Business strategy is the process that allows you to leverage, develop and sustain a competitive advantage over other companies targeting a similar market. The problem is sustaining that competitive advantage over time.
Can you sustain your advantage?
The problem is that we no longer do business in a bubble. Therefore, your competitive advantage can be enjoyed only for a short period of time. Modern business strategy must be a continuous process evolving with new competitive advantages. One must build their business on the basis of moving from one competitive advantage to another as smoothly as possible. This is a continuous process and one that is critically important to long-term success.
In general, you can only depend on new innovations giving you an edge for a year or two. For example, lower cost of base elements and new configurations can last a short period of time, sometimes as little as one-quarter of a year. These are tangibles that will impact your current edge. There are intangibles that must be paid attention to as well including how you are perceived by your customer base. This includes issues like how satisfied your customers are, how strong your brand is nationally and in some cases, internationally, how strong your distribution channels are and whether they can be expanded. The best part of the intangibles is they are far more challenging for your competition to duplicate without a significant investment in time, energy and in some cases, money.
What is the bottom line?
In short: your overall business strategy and the competitive advantages you develop and nurture have to be more dynamic than ever. You have to identify a business strategy that works for you, analyze your competition's responses to your advances and work out your next steps. Stop and think about it like an eagle on a migration route: The eagle already knows where he is going and how he is going to get there. However, his decisions remain dynamic, responding to altitude, air currents and stops. There may be other factors that come into play including the weather and his need for food and shelter. Simply put: The eagle is always on the lookout for a new competitive advantage and he has developed a dynamic strategy to ensure he reaches his destination regardless of the circumstances he is facing. Without this type of dynamic strategy, the eagle would quickly exhaust himself; he must always be ready to adapt to changing conditions along his route.
While this may seem like an oversimplification of the problem, business strategies must have a competitive advantage roadmap. This means determining early on how long we will have a competitive edge once we have a new innovation and being able to jump to the next area that will provide us that competitive advantage once again.
If it were only that cut and dry
One of the biggest obstacles that a company has with maintaining a competitive edge is internal issues. One has to be poised to extract maximum value from each advantage and have the flexibility to adapt to new advantages nearly immediately. For most companies, this means having a continuous process of innovation and research and development.
Competition within the industry is not always the main competitive threat; in fact, there are far more significant threats that most businesses face like new business models, new technologies or new companies. You might be surprised to find out that the least of your problems is current competitors; there may be others waiting in the wings to pounce at an opportunity. These "nonobvious players" may be a more significant threat than your current competition.
This means you have to be constantly looking out for ways to keep your brand in a competitive model and be prepared to address changes nearly immediately. This is why businesses are now dealing with what we identify as "transitory competitive advantages". If your strategy for staying on top is not flexible and easily maintained through a dynamic strategy, you will lose any competitive advantage you have quickly and may not have an opportunity to regain your position.
What is the new approach?
Whether you are operating a small company, a business unit inside a major corporation or a medium sized company, we all have to change how we look at how we develop proper strategies. Successful companies may have a static strategy that allows them to focus on a single, sustainable competitive advantage. While this may work in the short term as new competitors arrive in the market, prices erode and our products become more mainstays, we will lose our competitive edge. Today, business strategies are far more complex and a product roadmap should be drawn up that includes the potential that another player is going to step into the field and how long you will have the advantage both prior to their involvement and immediately following the involvement.
"Yes, God plays dice with business"
Albert Einstein in a 1943 conversation with William Hermanns said "God doesn't play dice with the world" refer to quantum mechanics. He was not happy with the idea that probabilistic interpretation of Quantum Mechanics where identical measurements get you different outcomes. While we want to stay away from these complicated theories, they can be helpful in some manner. Bad strategies will produce bad results and a good strategy will produce good results.
The take-away is simple: A good strategy is important and critical for long-term business success. Your outcomes may not always be exactly what you anticipate but if you have a plan in place for dealing with both positive and negative outcomes, you should be able to succeed. Never forget about "probabilistic interpretation": The strategy perhaps does not deliver the outcome you expect but the end result is close enough. When developing your strategy in the end, this must always be taken into consideration.
Gaining a competitive advantage in today's marketplace means not only being able to bring new products to market but it also means tamping down the ability of your competitors to imitate your success. It also means being flexible enough to move onto the next project that will keep your business, brand strong and your competitive advantage high.
Only when you combine the right business strategy with a history of strong innovation and keep your competition at bay can you hope to maintain a competitive advantage. This may be done by keeping your company's internal and external successes from becoming formulaic which could increase competition. Today's business markets are more challenging than ever, once you have developed a strategy for "staying on top" you need to have the tools, talents and financials to stay that way. And do not forget your strategy perhaps does not deliver the outcome you expect but should be close enough.
The challenge in the current business world is not just to develop a competitive advantage. The main challenge is to sustain that advantage. Can we really sustain today a static strategy focus on a single, sustainable competitive advantage? Or do we really need a new approach to develop our business strategy?
Author: Miguel Amor
Source: Link
Author: Miguel Amor
Source: Link
Should You Cut Marketing Expenses During the Recession?
Should You Cut Marketing Expenses During the Recession?
I dislike basing marketing expenditures on what competitors are spending. It's not relevant for budget decisions during "normal" economic conditions and it shouldn't matter in a recession. You should increase or decrease your marketing budget solely on the basis of what maximizes operating income - based on your own measurement systems.
Certainly, if your competitors are dramatically reducing spending and therefore giving up sales opportunities that you can exploit, then you should go after those sales, provided you maintain your required level of profitability. However, it is more likely the case that your competitors are cutting back on their marketing right now because there is less total demand in the marketplace - not only for them but also for you.
The purpose of marketing is to maximize the long-term profitability of the enterprise. If you are managing marketing effectively, you have measurement systems in place both to determine the return of past marketing programs as well as to help you predict the return of future programs. Economic trends are inputs into your models and will help you determine how much to invest in marketing. Most of the time, an economy that is slowing rapidly will result in your analytical models advising you to spend less on demand generation. Besides, how much do you know about your competitors' spending on marketing?
While some types of expenditures like advertising are highly visible, you have no way of knowing what competitors are spending on most types of communications, like database marketing, SEO, direct sales, etc. You could waste a lot of resources trying to figure out what your competitors are spending and still be way off.
To make your marketing efforts profitable, you need sophisticated analytical systems, and a comprehensive understanding of integrated marketing communications. You don't need to know what your competitors are spending, regardless of the state of the economy. So don't listen to the advice of experts who tell you when you should increase or decrease your marketing expenditures. Constantly improve your modeling capabilities, find the best data you can and spend marketing dollars in ways that maximize your bottom line. Any other approach is likely to waste your money - and will waste your time for sure.
Author: Ian Heller
Source: Link
Business Strategy Lessons From Apollo 13
Business Strategy Lessons From Apollo 13
If you've seen the movie Apollo 13, you might remember that early in the crisis, Gene Kranz, the flight director, gives assignments to his engineers. He cautions them to rely on data, telling everyone to "work the problem," and not make things worse by guessing.
Throughout the crisis, the astronauts and the team in Houston study the data, perform calculations, conduct simulations, observe the results and then calculate again. They never guess when they don't have to - they obsess over data to ensure they understand the whole problem and the entire range of possible solutions.
Creating a great business strategy requires the same obsessive attention to data. You have to base your solutions on statistically valid and comprehensive information about your company, your customers, your competitors and your industry.
Whenever you start a strategic planning process, every member of the planning team brings his own paradigms to the discussion. People make assumptions based on their experience, anecdotes and "corporate urban legends" that exist in every company.
Generally, we've found that 80% of these assumptions are relatively accurate, but the rest are not. That sounds like a good success ratio until you realize that if every executive is 20% wrong in her assumptions, then the team is seriously misaligned in their views of the current business situation. There's just no substitute for good data. It level-sets the team and equips them to make decisions with facts instead of hunches.
Another great lesson from Apollo 13 is how the engineers dove into the details to develop and implement solutions. One of my favorite examples is when they realize that they need a round air filter to fit into a square filter box. They don't waste time discussing it theoretically - they simply gather up everything that they know is available to the astronauts in the spacecraft, and they build a prototype solution. They hand-write detailed instructions about how to use a sock and some duct tape to solve the problem. Then they radio the instructions to the astronauts who implement the solution. This situation models the second characteristic of a great strategy - your plans must be detailed enough so that everyone knows exactly what to do. Getting very specific is challenging for a visionary executive team that's used to operating in the stratosphere. Some strategic plans fail at implementation because the strategy team doesn't agree on who will do what by when - and with which resources.
The movie "Apollo 13" depicts one last extremely important strategy lesson. The flight director knows his team faces huge risks and that the outcome is uncertain, but he refuses to water down the goal. He doesn't say, "Wouldn't it be great if we could save the astronauts?" or, "Let's try to save two out of three." He says from the start that failure is not an option, and he deals with every situation assuming his team can overcome every obstacle. He won't allow anyone to think otherwise. At one point, a White House representative asks the head of the Apollo program what he should tell the president. The NASA chief gives a dismal assessment, saying, "This could be the worst disaster we've ever faced."
Flight Director Kranz overhears the comment, faces the two men and says, "With all due respect, I believe this will be our finest hour." Let me ask you: If the flight director didn't send this strong message to his team, if he showed any signs of doubt, do you think his team might have believed just a little less that they could save the astronauts? Do you think the outcome could have been different? A great strategy is bold, clear and uncompromising; it energizes your whole company around significant and vital goals. And remember, your people want to be on a winning team - your strategy must convey that you are serious about beating the competition.
So there you have it - three lessons from the Apollo 13 mission that will improve your strategic plan. Remember to base your strategy on data, develop detailed action plans, and set goals that build excitement and conviction across your company.
Author: Ian Heller
Source Link
Friday, 5 June 2015
The Five Components of a Business Strategy
The Five Components of a Business Strategy
Can you define exactly what makes up a business strategy? Some people say no, but we think you can. In fact, we believe a valid business strategy has five components:
- Your company's current or desired core competencies
- A description of how you will differentiate vs. competitors
- The industry or industries in which you intend to compete
- The initiatives you plan to implement in the areas of marketing, operations, information technology, finance and organizational development
- A financial forecast that shows how your plans will meet stakeholder requirements over the next three to five years.
The first component of a valid business strategy is a clear description of your company's current or desired core competencies. You may be thinking, "Great, but what's a 'core competency?'" While there are many definitions.
Here's a good one from Wikipedia: "A core competency is something that a firm can do well and that meets the following three conditions:
- It provides consumer benefits
- It is not easy for competitors to imitate
- It can be leveraged widely to many products and markets.
A core competency can take various forms, including technical/subject matter know how, a reliable process, and/or close relationships with customers and suppliers. It may also include product development or culture, such as employee dedication."
For example, we could say that Southwest Airlines is a reliable airline that offers low fares. But in order to provide those benefits, it has to have certain "core competencies," important capabilities that enable it to have low fares and to be reliable. We believe that Southwest Airlines has four core competencies that it executes so well that it regularly beats all other US airlines in terms of profitability.
These core competencies are:
- The lowest operating costs per plane
- An economical point-to-point airport network
- A fanatical culture focused on customer service and cost savings
- An ability to keep planes in the air more of the time than its competitors.
Southwest airlines couldn't offer the benefits of low prices and reliable service if it didn't master these core competencies. What key benefits do you want to offer your customers? What core competencies do you need to master to provide them?
The second component of a valid business strategy is a description of how you differentiate vs. competitors. In our experience, differentiation is about being the best at something. This should be encapsulated in your mission statement - what are your company's aspirations and how are you going to beat the competition? We just talked about how Southwest Airlines differentiates -- what are you going to offer customers that will make them choose your products or services so that you can grow your business?
It takes a lot of hard work to come up with a great answer to this question and even more work to make that differentiation real. It's easy for us to say that Southwest is the best low-cost airline in the US, but it's extraordinarily difficult for them to pull it off.
The third component of a valid business strategy is a description of the industry or industries in which you intend to compete. You need to be able to define just what kind of company you are - are you a furniture manufacturer? A gift card retailer? A consulting firm, a bearings distributor, a toy importer, etc.? This step sounds easy but we find that companies are often so concerned about getting too narrow in their focus that they fail to become really clear about what they want to do. A company with a good business strategy will have thought through these issues and made the hard decisions necessary to clarify its identity. If it has, it can easily pass the litmus test of identifying the industry or industries in which it operates.
The fourth component of a business strategy is the set of initiatives you plan to implement in the areas of marketing, operations, information technology, finance and organizational development. These are the plans that guide your company's focus and resource allocation over the next several years. If your business strategy is specific enough to be relevant, you will have detailed plans in all of these areas.
The fifth component of a business strategy is a financial plan that forecasts the results you expect to get from your plans and illustrates how they will meet stakeholder requirements over the next 3 to 5 years. Your strategic planning process cannot be separated from your annual budget process. In the vast majority of companies, if it's not in the budget, it doesn't exist. That's why you have to have a very senior financial person on your strategic planning team, preferably the CFO. During the planning process, your team must compile a financial plan that estimates the results of implementing your strategy.
This plan needs to earn the approval of your company's management and board and should be reviewed on a regular basis to track results and make refinements. So - those are the five components of a valid business strategy. Good luck planning your success. And succeeding because you plan.
Author: Ian Heller
Source: Link
Wednesday, 3 June 2015
3 Ways to Improve Your Company's Security
3 Ways to Improve Your Company's Security
You must try to address all potential security risks in order to ensure that your business and your customers' information are safe. Here are a few ways you can improve your company's security and protect your business.
Surveillance System
Installing a business surveillance system can help protect you from both internal and external threats to security. When thieves are choosing a business to target, they are looking for buildings that don't have a security system of any kind, and most especially ones that don't have cameras; being caught on a security camera is a quick and easy way to end up in prison. If would-be thieves see that you have a surveillance system in place, they will likely pass up your business and find an easier target.
The surveillance system also acts as a deterrent against any internal theft or illegal activities. When employees know that there are cameras throughout the office, they are going to be much more hesitant to steal cash, products, or client information. The last thing they want is to be caught stealing from the cash register or copying confidential documents on tape.
Go Paperless
Today, the most secure way to handle documents is to not actually handle them at all, especially if those documents include valuable, confidential information like clients' Social Security numbers or credit card information. Rather than keeping hard copies of these kinds of documents in your office, you should have digital copies on a secure drive, and that drive should only be accessible to those employees who really need access to that information.
By going paperless, you decrease the odds of losing information or having it copied or stolen. There are a lot of secure, paperless systems for sharing documents out there, so look into them and find one that's right for your company. And if you do happen to have hard copies of important documents, make sure you shred them as soon as you no longer need them.
Electronic Access
If you want your building to be secure, you should use an electronic system that only unlocks the building for those with an access card. These electronic access systems are a lot harder to break into than simple lock-and-key systems, so you don't have to worry about any common criminal being able to break into your business.
These types of systems can also be used to restrict employee access to certain areas, or to limit the times at which certain employees are allowed to enter the building. Each access card can be coded to only open certain doors during certain hours so that you can ensure nobody is going somewhere they shouldn't or entering your business during odd hours.
Additionally, these systems can track what cards are being used to access which areas. If something goes missing, you can look at the history in the system to see which employees' cards were used to enter the building or access the area where something went missing. This can be a valuable feature to have, and can be a deterrent for internal theft.
Author: Sarah Wilson
Source: Link
Supply Chain Management in Retail
Supply Chain Management in Retail
Previously, individual activities of the SCM process were warehousing, distribution, transportation etc. done separately. Later, the process moved on to logistics where every activity was carried out in a logical sequence following a specific timetable. Now, an information backbone supporting the SCM process has helped retailers in greatly reducing cycle times and attaining efficiency.
SCM MANAGEMENT DECISIONS
There are three levels of decisions-strategic, tactical and operational. The strategic level decisions are long-term decisions about location, production, inventory and transportation. Location decisions include size, number geographic location of supply chain entities. Production decisions determine what to produce, where to produce, which suppliers to use etc. Inventory decisions decide the way of managing inventories throughout. Transport decisions decide the mode of transport. Tactical level decisions are medium term decisions such as weekly demand forecasts, distribution planning production planning, material procurement planning. The operational level decisions are of short-term decisions concerned with day to day operations
Efficient Inventory Planning: Efficient inventory planning enables the retail organization to achieve its strategies and benchmarked standards of customer deliveries and thereby reducing supply chain expenses. Forward planning is done by forecasting sales and Beginning of Month (BOM) and End of Month (EOM) inventories for specific periods, and preparing the OTB (Open to Buy) plans. Efficient inventory planning optimizes purchasing controls through OTB so that the planned stock turns are achieved for the store with just-in-time inventories for freshness and achieving customer satisfaction through the seven 'rights' of merchandising –right product, right place, right quantity, right quality, right price, right mix and right time
.
Pre-Purchase Order (PPO) and Purchase Order (PO): The PPO is an instrument through which the tentative plan of order placement to the vendor is done for the whole season as soon as the inventory planning is completed. The Purchase Order is the confirmed order for supply.
INTEGRATION OF SUPPLY CHAIN
The end-to-end integration of all supply chain elements and functions are achieved by applying interlinked packages. The integrated supply chain starts from the design stage at the vendor level to the time when there is consumer response at the retail stage. The benefits of having an integrated supply chain are best delivery performance, reduced inventory, faster cycle time, accurate forecasts, lower supply chain costs, improvement in overall productivity, improvement in capacity utilization, and so on.
Vendor Management: Efficient vendor management involves selecting the right vendors capable of giving the right quality of merchandise and to deliver the right quantities to get the right 'hit ratio'. The right hit ratio measures the gap between delivery and purchase orders and helps eliminate backlog in deliveries. In a chain store scenario, vendors’ direct delivery to stores is an important element in attaining good supply chain efficiency.
The vendors directly manage inventories in a few retail organizations. Vendor Managed Inventory (VMI) is ideal for retail organizations as it totally eliminates inventory-carrying costs. The vendors manage the inventory at every store, monitoring the flow of information and ensuring just-in-time deliveries. The vendors are able to take back slow-selling and non-moving merchandise, thus reducing the scope for mark-down losses for the store.
Electronic Data Interchange (EDI) helps in establishing an efficient information flow on stock movement, and the vendors can know sales and inventories instantaneously. Reorder supplies are immediately planned and executed by the vendors. The time taken to exchange documents for placing orders is eliminated thus achieving just-in-time inventory management. EDI is done with the help of the organization's ERP package that interacts with the vendors' systems.
Warehouse Management The retail warehouse or the distribution centre receives the ordered stocks; checks for the right quality, quantity and price; stores and tags the merchandise with both the MRP and security tags; prepares the merchandise; transports the merchandise; receives goods returned from retail stores, if any; and sends returned merchandise ‘to vendors back as returns..
A Goods Received Note (GRN) is prepared when the merchandise received at the warehouse from suppliers is checked and matched with the relevant purchase order after certifying all the elements of quality, quantity, etc. The GRN is then automatically recognized by the system after authorization for payment to the vendor by the accounts department. The merchandise is then docked and tagged with bar codes and price tags if applicable.Inter-Transfer Note (ITN) When the prepared and readied merchandise is supplied to the retail stores ITN is prepared. The reverse ITN (ITN out) is prepared when goods are sent back to the warehouse by the retail store. Goods that are returned to the warehouse are then sent back to the suppliers and vendors. The system recognizes the same and raises a debit note to the vendors.
Transportation is done according to timely delivery schedules so that replenishments are delivered as per the plan. Cost efficiency and reduction in delivery time are critical success factors in transportation.
Efficient docking with a plan ensures the best utilization of space. Docking ensures that the First in First out (FIFO) delivery plan is followed so that ageing of merchandise in the warehouse is kept to the minimum.
Material Handling Equipment in the warehouse should be tailored for specific varieties of merchandise. At a micro level of handling, most of the time garments are delivered by hangers and sometimes by the browser itself in a ready-to-sell state.
Value Chain The entire SCM process is a value chain where bottlenecks, value-adding factors and liability factors are identified and addressed, thus enabling the retail organization to have an efficient supply chain. The entire process needs to be audited to meet timelines, and may be reengineered to achieve cost efficiencies and reduce cycle times.
Efficient Consumer Response (ECR) This is a replenishment system designed to link all parties in the logistics channel to create a massive flow-through distribution network. Replenishment depends upon consumer demand and point of sale information. In a retail organization, an integrated supply chain — with the right application of packages enabling the free flow of information and consequently merchandise and services elicits the greatest response from consumers since it addresses their needs appropriately.
PROBLEMS OF INVENTORY IN SCM
While oversized inventories are a costly inventory management strategy; low fill rates are also costly. Therefore the company’s interest to balance inventories holding cost and the cost of imperfect satisfaction. The main pitfalls in inventory management are:
- Inappropriate information system
- Incorrect delivery dates
- Organizational barrier
- Incomplete supply chain
- Failure to account uncertainties.
RETAIL AUTOMATION AND SUPPLY CHAIN MANAGEMENT
The challenges that a retail organization include huge stock-keeping units (SKUs), seasonal variations of product lines necessitating the introduction of new SKUs, complex tax structures, the sheer geographic spread of the country, changing consumer demands, etc. A retail organization has to plan perfectly to satisfy the needs of every customer. Automation through the implementation of ERP systems has helped many organizations improve their efficiency and helped them grow.
Author: Dr.L.Lakshmi
Source: Link
Tuesday, 2 June 2015
Impacts Of E-Commerce On Business
Impacts Of E-Commerce On Business
E-commerce has made a profound impact on society. People can now shop online in the privacy of their own homes without ever having to leave. This can force larger brick and mortar retailers to open an online division. In some cases, it can also force smaller businesses to shut their doors, or change to being completely online. It also changes the way people look at making purchases and spending money. E-commerce has changed the face of retail, services, and other things that make our economy work. Undoubtedly, it will continue to influence how companies sell and market their products, as well as how people choose to make purchases for many years to come. The following are the impact of e-commerce on the global economy.Impacts on Direct Marketing
Product promotion E-commerce enhances promotion of products and services through direct, information-rich, and interactive contact with customers.
New sales channel E-commerce creates a new distribution channel for existing products. It facilitates direct reach of customers and the bi-directional nature of communication.
Direct savings The cost of delivering information to customers over the Internet results in substantial savings to senders when compared with non electronic delivery. Major savings are also realized in delivering digitized products versus physical delivery.
Reduced cycle time The delivery of digitized products and services can be reduced to seconds. Also, the administrative work related to physical delivery, especially across international borders, can be reduced significantly, cutting the cycle time by more than 90 percent.
Customer service Customer service can be greatly enhanced by enabling customers to find detailed information online. Also, intelligent agents can answer standard e-mail questions in seconds and human experts' services can be expedited using help-desk software.
Corporate image On the Web, newcomers can establish corporate images very quickly. Corporate image means trust, which is necessary for direct sales. Traditional companies such as Intel, Disney, Dell, and Cisco use their Web activities to affirm their corporate identity and brand image.
Other Marketing Impacts
Customization E-commerce provides for customization of products and services, in contrast to buying in a store or ordering from a television, which is usually limited to standard products. Dell Computers Inc. is a success story of customization. Today, we can configure not only computers but also cars, jewellery, gifts, and hundreds of other products and services. If properly done, one can achieve mass customization. It provides a competitive advantage as well as increases the overall demand for certain products and services.
Advertisement With direct marketing and customization comes as one-to-one or direct advertisement, which is much more effective than mass advertisement. This creates a fundamental change in the manner in which advertisement is conducted not only for online trades but also for products and services that are ordered in traditional ways.
Ordering System Taking orders from customers can drastically be improved if it is done online. When taken electronically, orders can be quickly routed to the appropriate order-processing site. This saves time and reduces expenses. So sales -people have more time to sell. Also, customers can compute the cost of their orders, saving time for all parties involved.
Markets The physical market disappears as does the need to deliver the goods to the marketplace. In a market space, which is an electronic market, goods are delivered directly to buyers when purchasing is completed making markets much more efficient. For those products that are digitally based-software, music and information-the changes will be dramatic. Already, small but powerful software packages are delivered over the Internet. This fundamentally affects packaging and greatly reduces the need for historical distribution.
New selling models such as shareware, freeware are emerging to maximize the potential of the Internet. New forms of marketing will also emerge, such as Web-based advertising, linked advertising, direct e-mail, and an increased emphasis on relationship marketing. Customer’s convenience is greatly enhanced, availability of products and services is much greater, and cheaper products are offered. All these provide EC with a competitive advantage over the traditional direct sales methods. Some people predict the "fall of the shopping malls," and many retail stores and brokers of services are labelled by some as "soon to be endangered species."
Impacts on Organizations
Technology and Organizational Learning Rapid progress in E-Commerce will force companies to adapt quickly to the new technology and offer them an opportunity to experiment with new products, services, and processes. New technologies require new organizational approaches. For instance, the structure of the organizational unit dealing with E-Commerce might have to be different from the conventional sales and marketing departments. To be more flexible and responsive to the market, new processes must be put in place. This type of corporate change must be planned and managed.
Changing Nature of Work The nature of work and employment will be transformed in the Digital Age; it is already happening before our eyes. Driven by increased competition in the global marketplace, firms are reducing the number of employees down to a core of essential staff and outsourcing whatever work they can to countries where wages are significantly less expensive. The upheaval brought on by these changes is creating new opportunities and new risks and forcing us into new ways of thinking about jobs, careers, and salaries.
The Digital Age workers will have to become very flexible. Few of them will have truly secure jobs in the traditional sense, and all of them will have to be willing and able to constantly learn, adapt, make decisions, and stand by them.
New product capabilities E-commerce allows for new products to be created and existing products to be customized in innovative ways. Such changes may redefine organizations' missions and the manner in which they operate. E-Commerce also allows suppliers to gather personalized data on customers. Building customer profiles as well as collecting data on certain groups of customers, can be used as a source of information for improving products or designing new ones.
Mass customization, as described earlier, enables manufacturers to create specific products for each customer, based on his or her exact needs. For example, Motorola gathers customer needs for a pager or a cellular phone, transmits them electronically to the manufacturing plant where they are manufactured, along with the customer's specifications and then sends the product to the customer within a day.
Impacts on Manufacturing
E-Commerce is changing manufacturing systems from mass production to demand-driven and possibly customized, just-in-time manufacturing. Furthermore, the production systems are integrated with finance, marketing, and other functional systems, as well as with business partners and customers. Using Web-based ERP systems, orders that are taken from customers can be directed to designers and to the production floor, within seconds. Production cycle time is cut by 50 percent or more in many cases, especially when production is done in a different country from where the designers and engineers are located.
Companies like IBM, General Motors, are assembling products for which the components are manufactured in many locations. Sub-assemblers gather materials and parts from their vendors, and they may use one or more tiers of manufacturers. Communication, collaboration, and coordination become critical in such multitier systems. Using electronic bidding, assemblers get sub-assemblies 15 percent to 20 percent cheaper than before and 80 percent faster.
Impacts on Finance
E-commerce requires special finance and accounting systems. Traditional payment systems are ineffective or inefficient for electronic trade. The use of the new payment systems such as electronic cash is complicated because it involves legal issues and agreements on international standards. Nevertheless, electronic cash is certain to come soon and it will change the manner in which payments are being made. In many ways, electronic cash, which can be backed by currency or other assets, represents the biggest revolution in currency since gold replaced cowry shells. Its diversity and pluralism is perfectly suited to the Internet. It could change consumers' financial lives and shake the foundations of financial systems and even governments.
Author: Dr.L.Lakshmi
Source: Link
Supply Chain Maturity
Supply Chain Maturity
What are those Critical Dimensions or Key Performance Indicators that drive the agility and maturity of a supply chain? Most of them are quite obvious and most of the organizations keep a religious watch on this but even then those companies make only the 10% of all those organizations that can benefit much more if they streamline their processes, capabilities and compliance related stuff connected with SCM. Let us look at some of the critical dimensions in this respect:
Supply Chain Visibility: End to end supply chain visibility is the first major need to make it more agile and mature. It is highly recommended to use a commercially available best of breed (or ERP) solution to monitor line level statuses in orders, on hand inventory and those assets that are not stationary and this includes field inventory, service equipment, containers etc. Certain visibility initiatives like financing triggers, warning alerts on events that drive inventory stocking, tracking actual total landed cost as sales order progresses etc. are the hot initiatives in this area
Automation Level: It is not just automation of order entry to picking to shipping and from forecasting to demand to plan to build/procure but also end to automation of all systems that complements your main system of reporting and transactions. It includes systems like PLM or B2C order capturing portals that are input systems as well as Business Intelligence tools that act as the output systems to your main transaction system. The more the automation, more mature and agile is supply chain
Logistics Agility: Processes such as using nearest warehouse to the customer, supplier drop ship, transit order re-direction or grouping shipments in same route play a major role in streamlining the supply chain. Organizations need to keep on thinking on new actions in this space and plan to execute them frequently.
Business to Business Collaboration: Customers and Suppliers are to businesses that one must collaborate with. This will not only keep the inventory to the minimum level but also will help in improving fill rates and reduce stock-outs. Identify the processes where collaboration will help the organization most and take actions accordingly.
Risk Management: Supply chain resiliency is one of the most critical factors in maintaining the agility of supply chain and it is seen that though most of the organizations are worried about this but do not take substantial actions in this area. It is important to manage supply chain resiliency to risk related events. Also, employ network design and inventory optimization tools to quantify supply chain risk and create short-term and long-term crisis response plans.
Compliance in Trade: The more manual hand-offs are present in the processes, more are the chances of inconsistency in compliance of trade laws. Also, not having a single source of truth and independent databases for import and export data per country will also contribute to non compliance ultimately impacting the supply chain processes. It is high time to have one single enterprise wide trade compliance platform that is automated and integrated with all the related processes.
Competitive Resourcing:The times of in-house resourcing are now ripe and the success of outsourcing story has proven that while the in-house resources in certain areas are more costly, they also are less efficient that their BPO counterparts. Need is to evaluate carefully, where exactly this initiative is required and what are the tangible or non tangible benefits expected and take an informed decision. The good part is that most BPO's come with their own collaboration and visibility techniques and also share their best practices that they picked from their customer across the globe and this makes move a "check and mate" move to improve the supply chain maturity.
Author: Puneesh Lamba
Source: Link
Basic Small Business Marketing Principles
Basic Small Business Marketing Principles
What is marketing?
Marketing is defined in many different ways according to who you ask, but all responses usually are part of the same answer: marketing is a combination of all of the activities you implement or participate in which help promote, brand, and sell you product, service, or business.
Why is marketing important?Many small business owners feel sales is the most vital part of their business. Sales are very important, but your brand, image, and, ultimately, marketing determines your customer loyalty and growth of your business. Marketing establishes the basis for your sales strategy and how you will close sales.
What does marketing cost?
Small business owners are confronted ever day with sales pitches for various costly marketing activities. Most small business owners see marketing as an expensive business component they just can't afford. This is not true. In fact, small businesses can't afford to overlook marketing, and it doesn't have to drain the bank account either. One of the best forms of marketing that is very affordable is a consistent and professional image. Elegant business cards, matching letterhead, and an informative and effective website are just a few pieces of a small business' tool box that can do much more than a high-dollar advertising campaign.
How do small business owners create a consistent and professional image?
The first thing a company will create is a name. There are many steps before this point, but this is the first product. Next, comes a unique logo that conveys the right image. Once the marketing package has these two pieces, consistency becomes the primary focus. Small business owners usually put off the rest of the basic building blocks until they can put it off no more. At that point, professionalism and consistency goes out the window in favour of a quick answer.
The right way to approach this issue is to prepare on the front end. Following the name and logo stage, the small business owner must push on. Create the right business card, elegant letterhead, useful brochure, and quality website. By creating all of these things at the point in the start-up process, all of the basic components of your marketing become consistent, professional, and effective from the start.
Author: Nate Stockard
Source: Link
Monday, 1 June 2015
Business Etiquette
Business Etiquette
When a person gets into employment for the first time he gets confused with the corporate culture and finds it very difficult to learn the corporate etiquette which is otherwise also known as business etiquette. There will be vast cultural gaps from the background from where the individual has come and that of the organization he enters. He finds it very difficult to get along with new cultures, customs, norms and rules. There would certainly be a gap. It takes certain time to get adjusted and adapted to the corporate culture and learn the etiquette.
Every one knows the meaning of etiquette. Etiquette is nothing but manners to be followed in a given cultural environment. Every culture has its own etiquette. But overall the etiquette is universal with certain characteristics and qualifications that run across all people like a common thread. Business etiquette is also an etiquette that has to be adopted in every business keeping ethics and integrity in view. It varies from culture to culture and from country to country and from industry to industry. All the differences are only superficial in nature with the commonalities of basic business etiquette being at the core level.
Etiquettes are of different types. It is desirable to focus on a few basic etiquettes which collectively constitute the corporate etiquette. They are Hand shake, Interview etiquette, Mobile etiquette, Telephone etiquette, Office etiquette, Dress code, Giving business card, Dining etiquette, Handling people, International business etiquette, Email etiquette, etc.,
HANDSHAKE:
When two men meet each other they shake their hands as a symbol and sign of meeting. There is a right manner in handshake. There has to be firm handshake that represents the confidence level of the persons. If a person presses down the palm of the other person and shakes his hand it indicates that the person is dominant in nature. On the other hand, if the person allows his own palm pressed downwards and lets the other person's palm upwards it indicates the submissive style of the person. In the third scenario if both the persons keep their palms perpendicular to the ground and if both persons plays neutral neither being in the dominant level nor in the submissive level then it is the right method of handshake and it indicates win-win or assertive handshake. A person's nature can be easily judged by the way he shakes his hand with others. It becomes the core part of any corporate culture.
INTERVIEW ETIQUETTE:
When going for an interview, the door is to be knocked, and after seeking the permission the person should enter the interview room. The person should greet the interview panel member like ‘Good morning Sir/Sirs' depending upon the time of interview and wait for the permission to be seated. If there is a woman Interviewing Officer(IO) it is etiquette to greet her first followed by male members as it is part of the Indian culture to respect women.
After getting the permission to sit, the person should sit with straight posture at the back with his back touching the chair and without dragging the chair or dragging the feet. No attempts should be made either to lean forward or to lean too much backward or to sit in totally at an ease position. The person should sit straight and be alert by keeping both the legs together with both feet touching on the ground.
When the question is posed, the person should fully wait till the completion of the sentence by the IO and then reply. No attempts should be made to interrupt or interfere with the conversation of IO. After listening carefully the person should analyze, process with in his mind and then should reply appropriately with clear cut thoughts. In case if there are any differences of opinion, the same should be handled with tact and diplomacy. In case if there is a need to clarify anything, the same can be asked with a request to speak the same. After the completion of the interview, thank them and exit the room smartly without any unnecessary noise.
MOBILE ETIQUETTE:
Now days, mobiles have become both a boon and bane. Whenever there is an engagement or any hectic or important activities are going on, the mobile should be kept in a silent mode. It is not proper to talk over the phone when important discussion or meeting is in progress. After the completion of the meeting the calls can be attended as unattended calls are reflected in the handset. These days, marketing calls do come frequently and it disturbs the mood and also the precious time. These are known as unsolicited calls. The best thing is to cut short such calls by saying, ‘I will get back to you' or ‘Can I call you back?'
TELEPHONE ETIQUETTE:
It is more or less like mobile etiquette only. The caller has to identify himself first, and then should confirm whether he is looking for the concerned person and then should start conversation. Even if you are interrupted, exercise patience to the caller and respond. Radiate energy and if it is not possible, at least exercise warmth so that the caller feels comfortable and convenient to communicate. Do not keep the caller on hold without asking ‘Say like, may I put you on a hold for a moment?' and then put the caller on hold till you connect the right person or to give the correct information. Personalize the conversation to make it polite and presentable. If the concerned person is not there and if the caller provides the information to pass on, then note down on a paper or a note pad, sign and make it accessible and reachable to the concerned person. Small things make major differences in telephone etiquette. Ensure that your voice mail system is working properly and is not full of messages to prevent incoming calls.
OFFICE ETIQUETTE:
When you visit to somebody's office, do no roam around as though it is your own office. When you are a stranger to a place maintain and behave like a visitor or as a guest not like a host. Do not disturb the receptionist with too many queries. When you are asked to work in your cubicle stick to that only and do not encroach into others' cubicles.
You can call person by name at the corporate world but politely. There is no need to call ‘Sir' or ‘Madam' frequently. The body language must be positive and assertive it should neither be aggressive nor submissive. While addressing a woman if it is not clear whether she is married or unmarried, you can use Ms as that can convey politely for both married and unmarried woman.
Personal space from person to person needs to be maintained properly. It is known as proxemics. You should not behave with unknown people by being too close by maintaining intimate distance as it creates discomfort for others.
DRESS CODE:
For men the shirt should be in light color with a tie. There should not be any cabbage socks. The socks need to be changed regularly. Avoid wearing white socks. The body can be applied with light perfume. It is essential to wear tie for formal meetings. A few companies have separate and specific dress code to its employees on specific days. There is a traditional formula for male attire. BBTTSS is the acronym for Boot and Belt which must be of the same color, Tie and Trouser should preferably match with each other and Shirt and Socks should match with each other. There is no hard and fast rule to accept this formula but it all depends on the situation and occasion. Ultimately the dress code should be pleasing, neat and clean and presentable.
Dress code for women is a very complicated one. It differs from region to region and from country to country based on their cultural background as well as their tastes and temperaments. They should not dress like a Christmas tree. There should not be any hanky panky costumes. Don't decorate with excessive jewellery or ornaments. The dress should match as per the corporate culture and values of the organization. The clothes must be positive and presentable and not of tight fittings, no obscene clothes or revealing clothes etc.
BUSINESS CARD:
When business card is given, it must be taken with the right hand in India. It must be read with details like name, designation and other details and then it should be kept in a visiting card holder. Always give fresh cards and do not give the cards that look dirty or old or faded cards.
DINING ETIQUETTE:
• Wait for your host to ask you to sit or else sit after the host sits.
• Keep solids of the food on the left and the liquids on the right side.
• Keep the napkin folded towards you on your lap.
• If you have any food allergies tell the same in advance or to the server and if it is already served leave it on the plate.
• Don't fill your plate with entire food at one go. Fill little by little as you consume.
• If you have any doubts regarding the starting of eating food or about the chronological order of eating food, observe your host closely and follow.
• At the time of eating, keep the knife across the top of your plate when you are eating, blade facing towards you.
• It is formal to leave some food on the plate at the end.
• If you are a slow eater and the host has completed eating food, you leave the food and catch up with the host.
• If the food is not good and if the host enquires how is the food, say politely, "Fine, thank you".
• Once the meal is finished your silverware should be parallel to each other in the ten and four O clock position with handles at 4.00 and tops of the utensils at 10.00. The knife blade points towards you.
• The amount is usually paid by the host.
• Thank the host for your meal at the end.
HANDLING PEOPLE:
Every business person should learn basic etiquette to deal with people. Of course, there are number of written and unwritten rules and guidelines and when in doubt stick to the basic and follow.
• Build good relations with peers and subordinates.
• Never differentiate people based on designations and rank.
• Memorize the names of the people. If not, then correlate the name of the person with that of your previous acquaintances with in your mind for effective retention. Make a good practice of collecting the names of the people with their phone numbers, date of birth, family details. This will help you to build strong relations with them.
• Learn to appreciate people sincerely. If it is essential to criticize, do not attack the person rather attack his behavior as it takes the matter away from person-centric to problem-centric or behavior-centric.
• Never surprise your boss. Always keep him informed about the work related activities and try to be in the good books of your boss.
INTERNATIONAL BUSINESS ETIQUETTE:
With the rapid growing technology the globe has become smaller. As a result, there are plenty of opportunities since the communication has become easier. Employers began thinking broadly and are trying to set up their ventures at the global level. Along with that the employees have opportunities to work with the people across the globe.
It is necessary to know the basics of international etiquette such as the multicultural issues, different time zones, different workings hours, holiday patterns, table manner etc., Mr. Laxmi Niwas Mittal the global steel czar has clearly mentioned about the significance and importance of multicultural issues so as to succeed in the international business.
EMAIL ETIQUETTE:
Paper correspondence is gradually losing its relevance. In every business there is growing significance attached to Email and it is necessary to dwell at length about email etiquette in this context.
The subject matter should be simple, specific, short and identify yourself. It should not be like compound sentences. The receiver should be in a position to identify its source and the objective behind it. In the ‘To' address column put the main addressee and if the same is to be informed to other addresses you can add those emails in the ‘CC' column. It is usually considered unethical to use the BCC column. If the mail is not to be known to the other addressees and in extreme cases you can use ‘BCC'.
Personalize the mail to create bonding with the reader. Dear Sir/Madam, followed by the name of the person with designation as it impresses the reader for the significance you have accorded to the designation and also for having made it personal.
Follow proper alignment and the margin on the left side. Write the contents in simple, straight and short manner. The contents must be concise, crisp and clear. Put across all the points. At the end, you may conclude with ‘Regards', or ‘Best regards', or ‘With regards', or ‘Best wishes' followed by your signature. Before sending check for grammar, syntax, sentence format, punctuation. Read and reread the email before hitting the ‘send' button as it becomes an evidence for future records.
While replying to official mails do not check ‘Reply all' button as the confidential information, if any, will be known to all. Never type the contents in capital letters as that indicates that you are shouting at others. And also avoid using lower case. As far as possible the business letter should not last more than a page as it is an official document. Do not visit pornographic sites as every company has an internal scanning system to check the same. And ultimately you will be in deep hot water. Try to use soft, polite and neutral words and avoid using un-parliamentary language.
CONCLUSION:
Etiquette and business etiquette is essential to survive and succeed both at the personal and professional level. It has paramount significance and importance at the corporate world either to make or break the business deals. Therefore, it is mandatory to stick to the basics of all etiquettes to become a successful professional. To conclude, the business etiquette is essential from peon to principal and from employee to employer.
Author: Professor M.S.Rao
Source: Link
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