Business Goals – Dutch Uncles

What are The Components of Entrepreneurship?

Vaishali Das — Thu, 29 Apr 2021 07:35:04 +0000

The concept of entrepreneurship has been changing over the time. It is a specific sort of mindset, an extraordinary perspective of the world that builds a successful entrepreneur. At the core of a business venture lies the desire to accomplish, the enthusiasm to make, the longing for opportunity, the drive for freedom, and the exemplification of enterprising dreams. A successful entrepreneur is the one who dares to dream this and puts her/his entire life’s hard work to make it come true.

What is The Entrepreneurial Mindset?

An entrepreneurial mindset is an attitude that relegates different values to assets and openings than the rest of the crowd. It is basically the ability to turn problems into opportunities. A particular arrangement of convictions, information and perspectives that drives pioneering conduct, an outlook that encourages innovativeness and advancement, changing the game and being exceptional.
Entrepreneurial skills like creativity, critical thinking, problem solving and communications are must to become an entrepreneur in today’s cut-throat world. Moreover, young people need to develop an entrepreneurial mindset that will enable them to be successful. An entrepreneurial mindset is actually critical to success in this rapidly changing world. Those with an entrepreneurial mindset tend to have:

A problem solving capacity, not waiting for someone else to come and fix the issue rather taking ownership of their problems and their lives.
A very experimental type of mindset which is not scared of failing but rather is self-directed and future focused.
An idealistic understanding of unfavorable occasions and then challenging themselves to come-up with more right ideas, being resourceful and solution-oriented.

‘‘

An entrepreneurial mindset is actually critical to success in this rapidly changing world.

Key Components of Entrepreneurship

Innovation

In the concept of entrepreneurship, innovation is the key factor. An entrepreneur adds to the economy in terms of innovation and variation and the degree of these guarantee a positive outcome. They carry out imaginative and unique thoughts on the available situations and bring out something new. It can be in terms of new product, technology, production technique, marketing strategy and so forth.

Organization

Being an entrepreneur is basically a one-man-show and in order to run a business smoothly one should have the option to oversee and sort out his funds, his finances, his representatives and his assets. To manage all this, the entrepreneur needs to have organizational skill as a major component.

Risk

In order to facilitate both business and economy, one has to take risky decisions and in entrepreneurship the load is generally upon a single person. Not taking any risk can deteriorate the business whereas taking not so much calculated risks, can cause misfortunes.

Vision

An entrepreneur should be future-focused. If there is no vision, no goal, then the business will not move forward and it will not be profitable. Having a vision gives a future framework to the business – the assignments to finish, the risks to take, the way of life to build up and so on.

How can small businesses use these concepts and help their businesses grow?

Small businesses transform and create networks. Entrepreneurs not only work for themselves but they also are the assets of the nation for its societal and economic growth. Having great knowledge about the key elements can improve living status and bring more income and stability in their ventures.

The post What are The Components of Entrepreneurship? appeared first on Dutch Uncles.

How to Write a Business Plan?

Aakash Sharma — Tue, 20 Apr 2021 01:35:05 +0000

A business plan is the first step in starting a business, whether it’s a start-up, a retail store, a Kirana shop or an e-commerce site. A good business plan will lead you through every step of starting and running a business. It is a practical roadmap for planning, managing and developing new channels along with expansive strategies.

Let’s look at the details of creating a business plan and its main features.

Choose the Business Plan that Suits you

An essential part of creating a strategy is that it must meet the needs of your business. Remember, there is no right or incorrect way to create a business plan.

Traditional Business Plan

Traditional business plans are more popular. They are developed as standard structures in business models. This strategy helps you focus on all aspects of your business. The time needed for this stratification is more. It can span dozens of pages. Hence, it is a complete and integrated system used at the fundraising and investor levels.

Lean Business Plan

Usually, most start-ups go this way for the briefing of the entire business strategy. This is a comprehensive, high-level critical plan with only points of interest. This approach aims to summarize only the main points of the most important aspects of a business proposal. If creditors and investors ask for more information, this plan is accompanied by a detailed traditional plan for reference.

‘‘

Your business plan is the tool that helps convince people to invest in your idea and work with you.

Determine Your Target Audience

Targeting a broad audience does not usually allow a business to hone in on customers who genuinely need and want its products or service. Instead, you should limit your target audience to two or three main types of buyers when creating a business model. For example, outlining each category’s demographics, common challenges, and the solutions your company will offer can be an acceptable strategy.

Important Business Resources

What does your business need to carry out regular processes, find new clients and reach business aims? You should have the necessary business resources documented to ensure your business model is ready to answer these questions. To satisfy your business needs, you can start by collating resources such as websites, funds, inventory, intellectual property, as well as customer records.

Strong Value Proposition

To keep your business contentious, it is vital to provide modern services and innovative products or add to existing services. As we saw recently in retail and edtech sectors, this is true for almost all businesses. Discovering what individual output your company can offer and why it is better than its contenders is the origin of a definite value proposition.

Create Space for Innovation

When you start a business and develop a business model, your business plan is based on several assumptions. But until you begin welcoming paying customers, you honestly don’t know if your business model can meet current market needs. Therefore, it is essential to leave room for future innovations. Instead of developing a static business plan, you should adopt a dynamic long-term review strategy.

The post How to Write a Business Plan? appeared first on Dutch Uncles.

Bill Gates Think Week Will Make You Think

Tripti Nath — Sat, 10 Apr 2021 00:35:04 +0000

I have vivid memories of school when my father, a legendary journalist, would check us if he would find us studying nonstop and urge us to step out to play badminton or go cycling. If he found us immersed in books at midnight eight hours before an examination, he would switch off the lights. We were told not to overload our brain with information lest it reach the Plimsoll line.

We know that The Plimsoll line is a reference mark located on a ship’s hull that indicates the maximum depth to which the vessel may be safely immersed when loaded with cargo. The example was to ensure that we did not strain our brain with gluttonous curiosity and last-minute reading. Instead, he advised us to appear in the examination with a fresh mind.

Habits of highly successful people continue to inspire generations and 65-year-old American business magnate Bill Gates is no exception.

What exactly is Bill Gates ‘Think Week’?

In my understanding, Bill Gates concept of Think week is also aimed at giving the brain much needed rest for optimum results. Gates takes a self-proclaimed ‘Think Week’ break twice a year. During this time, he spends time in solitude in a cabin in the forest away. By keeping himself away from the distractions of daily life, Gates is able to sit down and think. Gates has said that it is during the “think week” that he comes up with his best ideas.

The Think Week is worth exploring as it can be a game changer for productivity and career focus. The health benefits of having a cabin in the woods are enormous. According to studies, tree therapy enables individuals to inhale negatively charged ions which are believed to boost serotonin, alleviate depression, reduce stress, get much needed doses of Vitamin D away from the comfort of air-conditioned offices, enhance day time energy levels and prevent burnout. Another study found that hikers who disconnected from technology and took a break in natural surroundings for four days were able to improve creative thinking and problem solving by a full 50 per cent.

‘‘

I would literally take boxes out to a beach place and sit there for a week reading them day and night and scribbling on them to put it entirely online.

- Bill Gates

It is said that Gates began taking think weeks in the 1980s with quiet visits to his grandmother’s house.

Gates, a Harvard dropout with an IQ test score of 160, became the richest person in the world in 1995 at the age of 31.

As the boss of Microsoft, Bill Gates would escape for a week to a secret cabin somewhere in a cedar forest in the Pacific northwest. He would arrive by helicopter or seaplane. During this week, he would read papers written by Microsoft employees presenting ideas for new innovations or potential investments. He read as many papers as possible, sometimes doing so 18 hours a day, staying up until the wee hours of the morning, according to The Wall Street Journal.

″…I would literally take boxes out to a beach place and sit there for a week reading them day and night and scribbling on them to put it entirely online,” Gates said in a 2008 video of Microsoft’s CEO summit.

Visitors were not allowed to Gates’ cabin during Think Week. Exceptions were made for anybody delivering two meals a day at the cabin. One year, an exception was made for a Wallstreet Journal reporter who saw the cabin stocked with Diet Orange Crush and Diet Coke.

Work accomplished during one Think Week eventually led Microsoft to launch the Internet Explorer in 1995.

Laura Stack, President and CEO of consulting firm The Productivity Pro, endorses Gates “week in the woods’ idea as “smart’.

She says, “People should have a third place’ that isn’t work or home, where they can find focused time to think and create and clarify their strategic thinking.”

Backers of the Think Week

The Think Week idea has many takers. Canadian writer Chris Bailey who has written extensively on the subject of productivity, has summed up how he benefited by taking a Bill Gates-inspired “Think Week.”

Bailey who has authored two books ‘Hyper focus’ and ‘The Productivity Project’ shared last year in an article titled ‘A life of Productivity’ the gains that he made by spending seven days all by himself in Jamaica. He said, “I learned five key things: the more time we spend keeping up, the less time we spend getting ahead; that we need to strike a balance between reflecting and doing; that stepping back from our daily grind helps us to be grateful of the lives we lead; that our lives need more solitude; and finally, that we all need to take more think breaks, regardless of their length.”

Bailey went on to say that while few of us have the flexibility in our home and work schedules to take a full seven day think week. He suggests ways to bring the values of a think week into our lives. “We can do this by finding more solitude in our lives. The first comes in the form of small blocks of reflection time (waiting in line without your phone, quietly sipping your morning coffee). The second is the extended periods of reflection time where we get to disconnect for the weekend or take a temporary digital detox during a long flight, we need more of both.’’

Harsh Goenka, a fifth-generation entrepreneur from one of India’s best known business families, has hailed the idea of a Think Week. In a tweet, Goenka who is listed as the 77th richest Indian, said, “Twice a year, Bill Gates goes into seclusion to have a “Think Week” with no communication with family, friends and employees. He reads books, comes up with new ideas and works on personal development. A lot of breakthroughs at Microsoft stem from these “Think Weeks”. A good idea!”

It is up to individuals to try the Thinking week concept that Bill Gates has been practising for more than two decades. It is important to block off time for the event well in advance so that meetings and deadlines don’t come in the way. Anybody who wants to try the Thinking Week must know what he wants to accomplish from the think week. It is a good idea to carry along inspirational books, white papers, notebooks and pens, to encourage the flow of ideas. It is important that any individual who tries the Think Week must come back refreshed and recharged.

In his bestseller- Stillness is the key, noted American author Ryan Holiday argues for a break from work. He writes, “Yes, we have important duties- to our country, to our co-workers, to provide for our families. Many of us have talents and gifts that are so extraordinary that we owe it to ourselves and the world to express and fulfil them. But we’re not going to be able to do that if we’re not taking care of ourselves, or if we have stretched ourselves to the breaking point. Man is not a machine. Work will not set you free. It will kill you if you’re not careful.”

‘‘

People should have a third place’ that isn’t work or home, where they can find focussed time to think and create and clarify their strategic thinking.

- Laura Stack, President and CEO of consulting firm The Productivity Pro

I have distinct memories of reading in my college textbook an essay titled ‘On doing nothing’ by British author, novelist and broadcaster J.B. Priestley. The title appealed to me not because I found literary justification in being “delightfully lazy” but because his lucid humorous prose actually made a lot of sense. “All the evil in this world is brought by persons who are always up and doing, but do not know when they ought to be up nor what they ought to be doing,” wrote Priestley.

I now hear my friends talking of taking a break from super addictive social media platforms and mobile phones. They call it detoxification from the cacophony of disturbances. We are leading stressful lives. The Corona pandemic has posed fresh challenges. Lockdowns and restrictions on mobility have made us bigger addicts of Facebook, Instagram and Twitter. For a long time now, doctors have been warning against lifestyle diseases caused by sedentary lifestyles. Most people rush to the office in their private vehicles, take the elevator, use remote keys to open car doors, order junk food using mobile Apps, work on their laptops and are addicted to checking messages on several media platforms. By the time they drive through patience testing traffic and reach home, it is time for dinner. Add to this the job pressures and domestic obligations which hardly leave most office goers any time for physical activity. A journalist friend working with a foreign newspaper which has no culture of holidays tells me that the only time she gets to introspect or reflect on her life is when she travels.

It is important for us to realise that our health is more precious than our job and managers in workplaces must not expect workers to work like robots without legitimate breaks.

Mark Zuckerberg, internet entrepreneur and co-founder of Facebook, also takes regular think week to invigorate thinking. Many super successful people including top entrepreneurs and investors have begun to swear by a regular week off the grid.

Blaise Pascal, 17th century mathematician and philosopher said, “All of humanity’s problems stem from man’s inability to sit quietly in a room alone.”

One has heard of weekend getaways. These are necessary to reflect. Retreats after summits of world leaders are not uncommon in diplomatic planning.

Takeaway

In an article titled ‘Benefit from a Think Week, Just like a CEO’ Hongkong based journalist Michele Koh Morollo, writes that Bill Gates, Mark Zuckerberg, and Steve Jobs popularized the term “Think Week’. She noted, “But something changed after I embarked on my first Think Week. By physically extracting myself from life-as-I-knew it and from the distractions of my hyper-connected urban environment (I live in Hong Kong, a city that I’ve heard described by Manhattanites as “New York on steroids”), I began to see which goals and projects best aligned with my values, interests, wants and needs, and found the momentum needed to move forward with them.’’

Michelle is convinced that anybody who wants to live with more purpose can benefit from a think week. She however warns that persons trying the think week must be prepared to face challenges. “Think Weeks require that you get comfortable with your own company and strike the right balance between doing and being. You might feel lonesome at times.”

She also says that during the think week, she resisted an overpowering urge to play ‘Candy Crush’ or watch “Old Saturday Night live’’

YouTube clips. Instead, she would do some stretches, ten sun salutations or go for a brisk walk around her cottage.
Michelle has drawn attention to the American essayist Henry David Thoreau who published Walden: Or, Life in the Woods in 1864. He chronicled his time away from civilization, living deliberately, and fronting “only the essential facts of life” in a self-built cabin near Walden Pond in Concord, Massachusetts. “I did not wish to live what was not life, living is so dear;” wrote Thoreau.
She says when people return from Think Week, they know where to focus their energies.

The post Bill Gates Think Week Will Make You Think appeared first on Dutch Uncles.

Richard Branson’s success order: It boils down to Family, Friends, Fun, Purposeful Work and Money

Santosh Mehta — Sat, 03 Apr 2021 00:35:03 +0000

Sir Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate, investor, and author. In the 1970s, he founded the Virgin Group, which today controls more than 400 companies in various fields. Branson expressed his desire to become an entrepreneur at a young age. His first business venture, at the age of 16, was a magazine called Student. In 1970, he set up a mail-order record business. He opened a chain of record stores, Virgin Records (later known as Virgin Megastores) in 1972. His Virgin brand grew rapidly during the 1980s as he started Virgin Atlantic airline and expanded the Virgin Records music label. He founded more companies such as Virgin Airlines, Virgin Express, Virgin Mobile, Virgil Hotels, and Virgin Cruises.
In 2004, he founded spaceflight corporation Virgin Galactic, based at Mojave Air and Space Port in California, noted for the SpaceShipTwo suborbital spaceplane designed for space tourism.

In March 2000, Queen Elizabeth knighted Branson at Buckingham Palace in London for “services to entrepreneurship”. For his work in retail, music and transport (with interests in land, air, sea and space travel), his taste for adventure, and for his humanitarian work, he has become a prominent global figure. In 2007, he was placed in TIME magazine’s 100 Most Influential People in the World List. In February 2021, American business magazine Forbes listed Branson’s estimated net worth at US$6.5 billion.

One can get inspired by the real story of a successful business entrepreneur like Branson who wanted to be an editor or journalist and was keen to join the media profession. He was not interested in becoming an entrepreneur. But to get his magazine running successfully, he needed money. Thus, he took an interest in business entrepreneurship so that he can earn money and can survive as an editor.

One can easily read and understand the fascinating example of Branson, who is not only a multimillionaire but famous business guy who launched his first business when he was just a teenager. He started a mail-order record business and after two years he was running a chain of record stores at the age of 22 years. He then went on to found many companies.

No doubt, he had exceptional qualities along with self-confidence. Having the ability or knowledge to create entrepreneurial success sets him apart. Branson seems very happy. During his busy official schedule or working along with his team, he makes it a point to spend quality time along with his family and friends. He always takes his time and does some efforts to utilize and utilize his precious time for positive thoughts.

‘‘

Dream big and you will be presented with the opportunity to lead the world on an incredible adventure.

- Richard Branson

Just keep going until you succeed

Richard Bardson says: “Creating such a life is pretty simple. You can love others and be grateful for all you have in your life and also kind and be mindful. Above all, never say no. Don’t give up. Just keep going until you succeed.” That’s great advice by a successful business entrepreneur.

It’s important and necessary to take some tips from the successful master, who shares some valuable ideas for upcoming business entrepreneurs so that those people can benefit and implement his ideas while starting or launching their businesses.

Don’t measure your success by the amount of money you make.

It’s quite common that most of the people always measure their success by the amount of money they are having by their business. It does not matter how much money you are making. Branson says that having fun while working with good people or having a peaceful environment is also important. Then, money will come automatically.

As a millionaire and popular entrepreneur, Branson felt very uncomfortable when people measured their success with the amount of money they have, or are making. It’s totally wrong and a misconception.

Success is a moving target.

No matter what you have achieved in life, you should always feel there is more to be done. Success is a moving target: it’s about striving to continue growing, but also appreciating what you have in the moment. And he believes in face-to-face conversation.

Secondly, most people love modern technology. So does Branson. However, he sees its limitations, especially when it comes between him and those he cares for. He focuses on face-to-face dialogues or meetings with people. During such meetings, one should keep one’s mobile phone on the side, just to avoid unnecessary disturbance during the meetings.

Branson focuses his attention on whoever he is listening to. He takes notes during his conversation or meeting with that particular person, and he makes it a point to put his phone aside. While having family get-together or dinner along with his family members, he also encourages other people to put their technology down. “People who are busy and stuck to their cell phones ruin their family life and being constantly glued to your phone can have a big impact on your relationships,” Branson writes.

Instead of working to live, you should live to work!

The third important thing is that whatever you are doing, it should be fun and you should really enjoy doing it.

If you aren’t having fun, you’re doing it wrong. In everything you do, you should find ways to enjoy and appreciate your life, says Branson. In other words, instead of working to live, you should live to work. Because work is fun and enjoyable.

Says Branson: “Fun is one of the most important things in your life. When you no longer enjoy a project, it’s time to move on. If you’re not having fun, then it’s probably time to quit and try something else,”. There is no point wasting time doing things you hate or dread, as that will only suck the joy and happiness out of your life.

Find a hobby that gets you outside.

A major key to happiness, Branson says, is finding hobbies that encourage you to spend more time outdoors. Being outside can help you deal with stress and anxiety, and it has a way of recharging your batteries. “It’s a great way to boost your mood and feel more in control.” One should have passion or hobby besides his business or work which keeps that person growing and happy.

Having passion for biking, or hiking and windsurfing are some of the ways Branson is energized by connecting to nature, but you can also do something as simple as taking your dog for a walk, or even spending time gazing into the night sky.

Dream big.

Branson once tweeted: “Dream big and you will be presented with the opportunity to lead the world on an incredible adventure.” Branson’s success started with an audacious dream that seemed out of his league. He was in his early 20s when he launched Virgin Records and took on the music industry.

Everyone told him it wouldn’t work, but he ignored those. There was no guarantee he would be successful, but his belief in his dream fuelled his motivation to keep pushing through. Our dreams are what make us who we are. If you never have the courage to see them through, you’ll never know what you’re capable of.

‘‘

I know I’m fortunate to live an extraordinary life, and that most people would assume my business success, and the wealth that comes with it, have brought me happiness. But they haven’t; in fact, it’s the reverse. I am successful, wealthy and connected because I am happy,

- Richard Branson

Learn as you go.

Life should be one big learning experience. We should always seek to broaden our minds and increase our wisdom and knowledge. Branson never went to any university for his formal education and he left high school early. But he never stopped learning. He looks at life as one long university course, and seeks to learn at least one new thing every day.

Branson has launched a wide variety of ventures over the decades, often in areas he’s not familiar with. The key is: When you dive into a new area, you need to learn quickly, but you also should be motivated to do so, he says.

According to Branson, if you see a great opportunity, go for it, even if it’s not in an area you are familiar with or specialize in. Focus on learning as you go and embrace the chance to make new connections. Push yourself to make the most of opportunities when they present themselves. “It’s really important to realize that it doesn’t matter if you don’t know. Because you can always find out. Seize opportunities and don’t give in to self-doubt.”

Branson has never been afraid to say yes to new concepts, ideas and pursuits. This is a big reason why the Virgin Group is now an empire of over 200 diverse companies. He hasn’t limited himself to one area; he’s branched out and is open to trying new things. He encourages everyone to push themselves outside of their comfort zone. It’s the only way to truly see how far you can go.

Make happiness a habit.

Take time to find a bit of happiness each day, in each moment if you can. Happiness isn’t the result of success, but happiness from within can support you in becoming successful, according to Branson.

“I know I’m fortunate to live an extraordinary life, and that most people would assume my business success, and the wealth that comes with it, have brought me happiness. But they haven’t; in fact, it’s the reverse. I am successful, wealthy and connected because I am happy,” he wrote in his blog.

Branson encourages us to stop chasing after happiness but happiness is right in front of you; you just need to recognize it and seize it. “Stop and breathe and be healthy. Be around your friends and family. Be there for someone, and let someone be there for you. Be bold. Just be for a minute.”

Branson says his mother was passionate and determined to make all of his family members independent when he was just four years old. She would stop her car from some distance to reach their home and make him walk around the fields.

As a business tycoon or entrepreneur, never be disheartened by your failures. When at one time you don’t get success, try again. Never give up and chance may favour you. Do Not be embarrassed by failures.

Branson says that his definition of success is that the more you are actively and practically engaged, the more successful you will feel. As a successful business person, he is open to new ventures, new concepts and always anxious to take and learn new ideas which he can take and implement in his work. He was prepared to achieve great success by just being confident and having great vision, and focussing on whatever he does.

Success does not just mean making pots of money, or enjoying luxuries. It means the person who is making and creating opportunities for others and giving his workers and co-workers a peaceful atmosphere or comfortable lifestyle – good living and healthy conditions – is also successful.

The post Richard Branson’s success order: It boils down to Family, Friends, Fun, Purposeful Work and Money appeared first on Dutch Uncles.

Everything you need to know about business objectives

Tanisha Achrekar — Mon, 29 Mar 2021 04:35:05 +0000

I once observed my local grocery vendor pushing all his customers to buy rice. He said that he was determined to sell the rice and finish half of his stock. With this objective in mind, he started offering a free soap on purchasing a kilo of rice and a detergent box on the purchase of five. Lured by his offers, the customers ended up buying rice including me. This got me thinking about how objectives are set by different businesses differently. His objective here was to sell as much rice as possible to achieve his goal of finishing his stock.

Defining business objectives

The textbook definition of business objectives is simply a result that a company aims to achieve. Any business sets objectives and strives to achieve them within a stipulated time and available resources. The business objectives of your company paint the picture for you on how you can achieve your business goals. When you are setting a business goal, the next step would be breaking it into objectives. It is essential to ensure that the objectives are in alignment with the goals and do not clash in the long or short term of the business. People often use the term goal and objective interchangeably. However, in the business world, their meaning differs a lot.

‘‘

It is essential to ensure that your business objectives and goals are aligned.

Business goals vs objectives

In the business world, a goal is quite different from an objective. The goal of your business will be the vision of where you want your company to be and it will provide you with the direction. While objectives will help you take actions and steps that will help you achieve those goals. Goals are usually long-term in nature. On the contrary, objectives are usually mid-term or short-term that help to achieve goals in the long run. To make the goals set by you actionable, they need to be broken down into objectives.

Fundamental types of business objectives

Objectives reflect the reason why the business started. They reflect the results a company wants to achieve. With time, the objectives of a business evolve as well. There are several types of business objectives to keep various business units satisfied. The obvious one is making profits. However, profits cannot be achieved and sustained in the long run when the interests of various components of a business are ignored. Read on to know about the fundamental types of business objectives.

Economic objectives
Anything and everything that has to do with making money in the business will fall under economic objectives. Profit is the crux of any business, without which it cannot survive. Profit-making is a primary objective of any business. Without profits, businesses cannot sustain, grow or expand. Gaining enough profits will help you meet other objectives of your business too. Another economic objective is generating customers. To run a business, the products or services are needed to be sold. To achieve this objective, quality products should be available at reasonable price points. Apart from profits and getting more customers, continuous innovation is much-needed to survive in any business. To have a competitive edge over others, improvements and innovations are needed in the production, distribution and marketing channel.

Social objectives
A business uses various resources of the society and in return, some objectives are needed to be set for benefiting the society. The goodwill of a business is directly related to how in harmony it functions with society. Customers are a part of society, the products and survives bought by customers should meet the quality standards. Selling adulterated or products with harmful ingredients will hamper the community at large. Adopting fair trade practices is another social objective that cannot be ignored. Adhering to fair trade practices is non-negotiable if you want to sustain your business. Also, using the revenue earned by businesses for the development of the community is another social objective. You can contribute to the general welfare of society by donating to schools, colleges or hospitals. Having plantation drives, beach cleaning or visiting old-age homes are some great ways of involving your employees in the welfare activities of your organisation.

Human objectives
Human objectives refer to the human aspect involved in your company, your employees. It is essential to provide fair remuneration along with a good work-life balance. Along with that performance incentives, medical facilities and provident funds are some additional ways to keep the employees satisfied. Employees are the asset of any company, the more satisfied they are with their jobs, the better they perform, the more the business grows. It is important to allocate the right job to the right person along with training to harness any skills if needed. Taking employee feedback seriously and addressing their problems will lead to employee satisfaction.

National objectives
The objectives of a business should be on the same lines as national objectives. Providing employment opportunities in the country is one such prominent objective. When a business expands be it by having more business units or expanding markets, more people are needed. Here again, the business objective of making profits directly impacts the national objective, As funds are needed for growing and expanding any business. Social justice is another objective a business must adhere to. This is in regards to treating all employees equally irrespective of their caste, religion or socio-economic background. Paying taxes and dues with utmost honesty is another national objective a business must adhere to.

‘‘

Your goal is like your destination and objectives will show you the steps to reach that destination.

Global objectives
Whether a business is small or a multinational corporation, it does have a global impact on some levels. As every small business in a region functions, in the same manner, pooled together these small businesses will have a huge impact. Also, every small business has the potential to be global eventually. A global objective of business should be to make products and services that can cater to the international market. Also, businesses should be focused on reducing the global disparity between the rich and the poor along with raising the overall standard of living.

Organic objectives
Organic objectives are those which will help the business to expand and grow in the long run. Strengthening the business by reducing debt and raising self-reliant capital is an objective one can set. Implementing schemes of growth and expansion, carrying research and development for innovation, enhancing the image of the company, and expanding business units are examples of organic objectives a company may set for itself.

How to set objectives for your small business or start-up?

The business objectives you set should be aligned with the core values and goals of your business. Without having clear goals for your business, you cannot set objectives. Your goal is like your destination and objectives will show you the steps to reach that destination. Your business goals should drive you towards relentlessly working towards them. The goals cannot be vague or without any stipulated deadlines.

Once the goals are clear, it is time to take action. Here is where the objectives are set. When you are starting a new business or functioning an existing one, here’s how you can set objectives for it:

Consistent with the value and goals of your business
You don’t want to set objectives for your business that do little or nothing with your goal. It is easy to get sidetracked when several things need your attention. As an entrepreneur, your plate is always full. An easy way to determine if your objective is worth your time and energy are simply by observing if it brings you closer to your goals or not.

Create a detailed plan
Planning is the foundation on which your implementation depends. Think of all the actions you need to take to achieve your objectives. Brain dumping is of great help here. Also, think about several ways to achieve the same objectives. Now that you have listed it all, think over it. Choose the best action plan that suits your objectives and keep it as detailed as possible. The more details you map out, the easier it would be to implement the action plan.

Put everything on the calendar
If things are not time-bound and lack deadlines, slacking off and drifting from the tasks is easy. If you want to achieve your objectives, you need to schedule an action plan with a set timeframe. Having timeframes gives a much-needed sense of urgency. As objectives and goals evolve with time, it is potent to schedule the action plan.

Getting into action
Once you have set the objectives, it is time for action. Anyone and everyone in the organisation involved in the action plan should complete the tasks and duties in their hand. Teamwork plays an important role here as effective action is needed towards every step of the plan. Without the right actions, the action plan is a mere piece of paper.

Business objectives reflect how a company meets its goals. The more precise and well-identified your business objectives are, the more likely your business will grow. When your objectives are measurable and you are tracking progress, you will know how much you have progressed. This will help to know the areas that need attention and areas that are your strengths.

The post Everything you need to know about business objectives appeared first on Dutch Uncles.

The 5 Ms of Management: Key Components of Every Business

Tanisha Achrekar — Mon, 25 Jan 2021 03:53:31 +0000

Cooking is an art and science at the same time. Even though two people are cooking the same dish with the same ingredients, the taste of both might be different. It is because the way the ingredients were used and the way the food was cooked has a personal individual touch to the dish. Management systems across organisations may function like that. Every organisation has access to a set of standard resources, the outcome of which depends upon how effectively they are managed. Management is the catalyst that plans, organises and directs all resources to achieve the company’s goal. It is the centre around which the factors of production revolve. The key factors of production that revolve around management are known as the 5 Ms of Management. They include – Manpower, Money, Materials, Machinery and Methods.

‘‘

If I have one skill as a manager, I can make things extremely clear.

- Ben Horowitz

The 5 Ms of Management

Manpower

Be it modern-day corporate high-rise or an ancient monument like the Taj Mahal, neither would be complete without the aid of manpower. To make the raw materials into a structure, an effective team of workers is needed. Similarly, an organisation can have the best of raw materials but without any manpower those fancy materials are useless.

Management is often referred to as the art of getting things done by people. Manpower is a vital component of any organisation as no other resource can function without it. Managerial and non-managerial people who are part of the organisation fall under this category. Having a qualified and competent workforce drives the success of any organisation.

A manager must ensure that his team is functioning smoothly by resolving conflicts promptly. Fair remuneration, work-life balance, sustainable working environment and adequate resources helps in gaining an employee’s loyalty in the long-run.

Money

Money is an all-purpose resource. A business needs capital to manufacture products or provide services. It is required for procuring raw materials, hiring staff, buying machines and the several other expenses that a business incurs. Availability of funds ensures smooth functioning of a business. A business requires adequate working capital and fixed capital.

Having inadequate capital can hamper the functioning of a business or in some worst cases, shut it down completely. Having enough money ensures that you can hire the best people, the finest quality raw materials and well-functioning machines. This, in turn, will ensure that your end-product or service meets the quality standards and offers value for money.

Several people quit their jobs when they are paid inadequately. Factories lose their orders if the machinery they have is outdated compared to its competitors. Lack of quality raw materials can cause a reduction in sales. For any start-up, it usually takes around two-three years to start making money. It is essential that a start-up has enough capital to cover all the expenses for at least two years.

Material

The materials are those products which are utilised for creating the final product. Materials can be raw or even semi-finished products that are used for making the end-product that the company sells. In cotton mills, cotton is considered as raw materials. Yarn or cloth sheets derived from these factories are then sent to the clothing factories. These sheets of cotton are viewed as raw materials in the clothing factory. The cotton is sewed, tailored and altered to make a desirable outfit. A final product for one factory can be the raw material for another.

Raw materials are the primary building blocks of any production process. The management has to ensure that the quality and quantity is enough to meet the demand. They also have to note the transportation and conversion expenses of these raw materials. Quality and inventory checks determine if the company has an adequate amount and desired quality of raw materials.

Raw materials can be direct or indirect. Direct raw materials are the ones that are a part of the finished product. While, indirect raw materials are those who were a part of the process but not directly included in the final product. The steel used for manufacturing kitchen units is an example of direct raw materials. While the oil used in machines from which the steel cabinets are made is considered as an indirect material.

Machines

Machines are used for converting raw materials into finished goods. There can be several machines involved in the production process depending on the products the company is selling.

Purchasing modern machines helps in improving the process of manufacturing. The upcoming technology in machines plays a key role in production. Having well-functioning machines leads to quick production and may offer a competitive advantage over others.

Method

The method, being a way of getting things done, definitely does revolve around management. Method is all about the time efficiency. There are several methods a manager can use to get the same thing done. Getting from point A to point B may have ten different routes, it is a challenge here for a manager to choose the best one. The best method usually is the one that is cost-efficient while meeting the quality standards.

Also, different methods require different time for the completion of the same tasks. Two managers can be given the same raw materials, machines, staff and budget but still, the result produced might be different. This is because every manager has his own way of getting things done.

For the smooth functioning of your business, you need to ensure that the best resources are hired or bought across all the 5 Ms of Management. These 5 Ms of Management are interlinked and dependent on each other. In order to make a business successful, all the five components are needed to be utilised to their maximum potential. That’s what a manager does.

Management does have its set of theories that back it up as a science but still, the execution varies from person-to-person which makes it an art as well. To ensure that the factors of production above are well-curated and established, management systems are set in place. These management systems monitor the entire process and conduct evaluations accordingly. To know more about it, read our article on the ‘Management Systems’.

The post The 5 Ms of Management: Key Components of Every Business appeared first on Dutch Uncles.

Management System: Know How To Go About Your Business

Tanisha Achrekar — Wed, 30 Dec 2020 05:58:16 +0000

Do you know that feeling when you finally clean your room after weeks and everything is exactly where it belongs? The way it soothes your eyes and calms your soul. Humans inherently love order and well-managed systems. The difference between how you feel in a well-organised grocery store compared to the other one where products are simply piled is quite prevalent. Having a system ensures the smooth and steady functioning of a business. An effective management system has that process thoroughly integrated and aligned with the strategy and objectives of the company. It acts as a map, guiding and empowering both employees and managers.

‘‘

Management is, above all, a practice where art, science, and craft meet.

- Henry Mintzberg

Five Stages of Management System

Building an effective management system is similar to creating a closed-loop system where all stages are interlinked and interdependent for a great business outcome. A closer look at the five-step process will help you understand how it keeps the workflow rolling without any glitch.

Objectives

Objectives remain the groundwork stage of a management system. A company’s objectives should be aligned with its mission, vision and value statements. While framing its objectives, a company should also consider its strengths, weaknesses and competitive edge. Once the objectives are in place, things can be conducted smoothly.

Strategy

After determining a set of objectives, business owners or managers devise suitable strategies to fulfil those objectives. Strategies are the pathway of how a company wants to achieve its goals. With the strategies mapped out, a manager will know what is needed to be done and how.

Apple executed its ‘followers’ strategy well in 2007 when it launched its first iPhone. The Cupertino company opted out of the ‘first-mover’ status and waited long enough for the technology to evolve. The tech giant realised that being the first in business would not always guarantee success. Instead, the product needs to be fine-tuned and the initial technical glitches must be ironed out to ensure the great customer experience. Once household names like Kodak and Yahoo, who were the first in their businesses were unable to succeed in the long-run. Their competitors like Apple, Google, and Nikon simply waited for the right time to execute their ‘followers’ strategy.

Validation of strategy

If you have ever played football, cricket or any other sport professionally for that matter, you would have come across trails. Similarly, trials are also held by organisations to test their strategies and analyse their performances. A trial run gives a good estimate of how the strategy is likely to perform in the long run.

Operations

Operations are created to achieve the objectives and strategies established by an organisation. It covers the different departments and teams of the business that are working towards the same objectives and implementing the same strategy. While conducting operations, the improvements in the process, the sales achieved through it, and the overall expenditures are targeted. We see banks conducting operations every day where the different departments work towards the same goal.

Execution

This is the final stage where the plan is put into action. Execution reflects how effective the strategies are and how well the objectives are being achieved. All the planning in the world will be useless without execution. Smooth execution is essential to improve one’s performance.

Management System Standards

Management system standards (MSSs) are guidelines used by organisations to ensure that the management activities are performed in a systematic, legal and formalised manner. MSS encompasses a wide range of business activities and the number of companies adopting MSSs has only been growing. Back in school, there were certain disciplinary standards accepted by students to adhere to. Similarly, there are certain management standards that businesses adhere to, to functioning properly.

The first MSS was created in the field of quality management. It originates back in the 1950s where the US Department of Defense felt the need to ensure that the products it purchases meet a certain quality required. It also leads to a decrease in dependency on the suppliers’ inspection programs. The first MSSs has created monitoring and inspection of the quality while further making purchases from the suppliers.

The ball got rolling after the first MSS, and different management system standards were developed by different countries for different industry segments. For instance, CSA-Z99 standards were announced by the Canadian Standards Association for electrical and nuclear industries. The U.S. automotive industry also came up with noteworthy standards such as Ford’s Q101 standard. In the late 1970s, several organizations created certifiable MSSs in the field of quality management. Another popular example is the BS5750 standard, developed by the British Standard Institution in 1979.

What is ISO?

The International Organization for Standardisation (ISO) is an independent and non-governmental international organisation. In 1946, delegates from 25 countries gathered to discuss the future of International Standardisation. The ISO was officially launched with 67 technical committees, each containing a group of experts dealing with a specific subject. Since the launch, the ISO publishes monthly information about its technical committees, its standards, and any administrative changes that are made within the organisation. The ISO is a globally-accepted management system standard. ISO standards are working in the background of our day-to-day lives. It helps in the betterment of things by making it easy and safe.

How Your Business Benefits from Management Standards

If a management system is well-implemented, it strengthens the organisation. The International Organization for Standardisation (ISO) being an internationally recognized and accepted management standard, it brings economic, technological and social benefits.

A strategic approach

The updated business standards compel companies to adopt more strategic based thinking. The system highlights how, where, and why actions are performed. It should define objectives for the improvement of its products, processes, organizational structures, and its management system through the analysis of data.

Growth and better returns

Standards derived from the ISO contribute immensely to an organisation’s growth and economic sustainability. Several manufacturers and traders are not willing to work or deal with products that have no ISO Certification especially in industries like automotive and healthcare. Having an ISO certification leads to an increase in the profits of the business and the company’s overall growth. If a company is growing overall, it will provide better returns to investors and lead to overall development.

Increased confidence in processes

The relationships are different among the reliability and trust in a business. An ISO certification ensures that your suppliers are following proper business practices. This leads to an overall boost in confidence in the entire process.

The business standards that a company adheres to keeps evolving as the business grows. When you start a business, the supply chain is quite simplified compared to when the same business goes international. With more steps involved in the process, the more business standards are there to be met. The strategies also evolve as your business develops and play a key role in determining the company’s future. Read our article on ‘business strategy’ to find more about how to strategise your business effectively.

The post Management System: Know How To Go About Your Business appeared first on Dutch Uncles.

Business Goals – What Sets Apart the Doers from The Dreamers

Tanisha Achrekar — Wed, 23 Dec 2020 06:37:51 +0000

The more we read about successful people in various fields, the more we find that most did not “just get lucky.” Most of them had set goals for themselves and worked relentlessly towards it. It is not just in business, even back in school the topper usually didn’t accidentally top the class. Even though the toppers may have studied differently, they all had one thing in common: the same end goal.
Goals can literally be anything. People set different goals for themselves in personal and professional life. Getting a promotion, losing weight, investing better, having an emergency fund, or getting married are all examples of goals.

What are business goals?

As an entrepreneur, having business goals is like having your priorities straight. Your goal will form the basis of how, when, and at what pace you get things done. It is a primary step as without goals a business is directionless. What planning would you do if you don’t know where you want to be?
If the business goal of a clothing brand is to have a five crores turnover by the end of five years. You can take steps from the start on how you plan to do that. As the goal is pretty specific, you can plan accordingly how you will increase the sales, how you will cut down the costs, and how you will get more customers to get the turnover to five crores in the future. Without goals and going with the flow you wouldn’t know how to go ahead. Even a simple goal to make a certain profit is still a goal. Going with the flow is what leads some businesses to bankruptcy. Goals are a fundamental part of the business.

There are several ways to establish your business goals. The two popular ones being – SMART and FAST. Each having benefits and setbacks. Know about both of them below and make your own choice.

‘‘

The trouble with not having a goal is that you can spend your life running up and down the field and never score.

- Bill Copeland

What are SMART goals?

SMART goals are one of the popular frameworks used to establish business goals. It is a very careful manner of planning your goals and tracking progression.

S – Specific

The business goals you want to establish and achieve cannot be vague. The clearer and more specific they are likely you will plan and execute better to achieve them. Saying something like, “I want to make more profit.” is as vague as it can get. It needs to be more specific like “I want to focus on increasing my sales to make more profits.”

M – Measurable

How do you track your progress when you don’t know where you were? Measuring the progress on your goal gives you a reality check of where you are. It keeps you motivated and is also a sign that you are on the right track. You should know when you are reaching a milestone in your business.

If your business goal is to simply sell more. It should be specific. How much more sales do you want to make? What is the time frame to achieve it? Having a target to increase sales by 10% within twelve months is a measurable and specific goal.

A – Achievable

People who tend to over-commit end up exhausting themselves and even having breakdowns. This is because when they had established their goal, they did not think how realistic those goals were. It is essential to step up your game but in a realistic manner. You cannot expect yourself to run a marathon when you have been jogging only for a while. Similarly, in your business also your goals should be realistic and achievable.

Say you are running an event management business. It is unrealistic to expect to be flooded with clients within the first year or two. When people set unrealistic goals and fail, it breaks their motivation to go ahead further.

R – Relevant

The goal and vision of your company should be on the same page. Your goals should be relevant to how you want your business to function. It should be also tied towards the core values of your business. Your goals should have a meaningful impact on your business and contribute towards its growth.

T – Time-based

Time is a limited resource. Setting deadlines in allotting yourself a specific time to achieve your goal. This ensures that the business decisions are accordingly made proactively and with a sense of urgency. It eliminates the option of being laidback. If you fail to achieve a goal within the time frame you had allocated, you need to consider what challenges did you face? How realistic was your deadline? What challenges hinder your progress?

One of the most common goals people generally have is to lose weight. Most people tend to set unrealistic deadlines for it. Expecting to lose 10 kgs in a month, can happen also sure but not in a healthy, sustainable manner. It is important that while setting deadlines we do not overestimate or underestimate ourselves.

Smart goals will help you know exactly what to do, how much to do, and within what time to do it. It works for many entrepreneurs as it helps them know exactly what they want to achieve, how much time they want to achieve it, and how far they have come.

What are FAST goals?

Different things work for different people. The same goes for business goals as entrepreneurs have a different framework of setting the same business goals. It simply depends upon what works for you. FAST goals are one such way to go about it.

F – Frequently discussed

It is always important to keep discussing your goals to remind your mind constantly of it. If you don’t often tap on your goals, you are likely to lose sight of it. That is why many people also practice having a vision board or a list of their goals in a place where they see it every day. This is a constant reminder of what is the end goal and a motivating factor on those tough days.

If you are frequently discussing your goals, you will know what is working for you and what isn’t. It will help you to make alterations right in time and look for alternatives. Frequent discussions also provide everyone involved in the goals a better idea about what they are doing, why they are doing, and how they are contributing towards it.

A – Ambitious

Business goals should have a zest and a rock-solid ambition. Ambition motivates you to be on your ‘A game’ and give your best performance. Especially, when you are starting your business, you are yet to achieve things to feel motivated. Your ambition and drive is your motivation.

A new business requires commitment and relentless hard work. Without being ambitious towards your goals, how can you passionately work towards them? People who usually have a list of why they want to achieve their goals are quite passionate about them.

‘‘

If you don’t know where you are going, you will probably end up somewhere else.

- Lawrence J. Peter

S – Specific

Goals should be tangible and measurable. This can only be achieved when you specifically know what you want to achieve. Any person is more likely to be focused when they know exactly what they are working towards. The more specific your goals are the easier it is to track them and measure your progress. To achieve any goal in life, undivided attention is needed and that can be done only when you know exactly what is your goal.

T – Transparent

It is vital to keep your business goal as transparent as possible. The more clear and vivid it is, the more it can play a motivating factor for everyone involved in achieving it. If an employee knows the significant impact of his/her work, it will motivate him/her to give the best performance. Transparency promotes the trust and integrity of any organization.

Transparency of your business goals as an entrepreneur will also give you an overview of the things you are working towards. Keep your long-term goals in your office on a board or as a poster will keep everyone on their toes and uplifted.

What next after framing your business goals?

After you have your business goals all figured out, the next step is having things mapped out. It is the time for execution by first planning how you are going to achieve your goals. Some of the popular brainstorming techniques being –

Mind mapping

Mind mapping is a liberating brainstorming technique. Simply write your goal in the middle of a paper. Now simply start surrounding it with anything that comes in your mind regarding it. Be it any words, images, random thoughts. Do not overthink this. Just simply map everything out.

List-making

List-making is a simplified and effective technique for brainstorming your goals. All it requires you to do is write your goal on the top and a list of things you need to do to achieve it.

Brain dump

A brain dump is the least structured way to go about brainstorming. It is as raw as it can get. It is basically writing your goal on a piece of paper and then just dumping all your thoughts and feelings regarding it.

Brainstorming is a great way to empty your mind especially since goals can feel overwhelming at times. Business goals give clarity to your dreams and are the roadmap of your vision. It is much more than just wishful thinking. Read our article on ‘SWOT Analysis’ to get a better understanding of how your business is doing and how it can progress further.

The post Business Goals – What Sets Apart the Doers from The Dreamers appeared first on Dutch Uncles.

Project Management in the Modern Workplace: Building Towards Something Better

Kiran Kennedy — Wed, 23 Dec 2020 03:18:06 +0000

Ever hear of the ‘Seven Wonders of the World’? Well, you know that most of those are man-made, that does not take away from the wonder of it, rather, it adds to it. There was a time in history, long ago, when we did not just build office complexes and skyscrapers. There was, in fact, a time where we built monuments to civilisation and human ingenuity with nothing but the most basic of tools and our bare hands. How was this possible you ask? Simple; we were great at project management. It may seem like a term to be thrown around the office, but it is much more than that. It lives in our DNA; it is who we are. We build things together; we always have and probably always will.

Understanding What Project Management Is All About

The definition of what it exactly means has varied over the years. The common origin is agreed to be one that originates in the 1960s, when businesses were looking to unify their workflow into something more compound and efficient – a project. Despite the different forms it has taken over the years, communication and collaboration are key elements in a project and essential to the project management approach.

If you want to get scientific about it, it can be described as a combination of practices or steps that have been taken to deliver a final work output. It is a scientifically-proven approach to executing a certain task or set of tasks for the business or a certain goal. It is not to be confused with running the business itself.

This modern-day definition allows it to include other theories and methodologies in parallel, such as leadership and management approaches. In fact, project management is simply a very niche management style that takes care of very narrow but important business functions.

‘‘

Though it may have its origins in business and science, it would serve well to keep in mind that at the end of the day, it all comes down to human communication.

What Is The Point Of It?

Like any other business model or management concept that was developed over the last two centuries, it was meant to increase efficiency, to be frank. This approach allows the upper management to have more control over the business processes and gives them a clear view of the goings-on.

As mentioned earlier, it is not the business itself, just bits and pieces, individual projects that together make up the inner machine of the company’s beast. In that sense, it is a tool rather than a full-on plan, thanks to its defined nature of having a fixed beginning, middle and end. A step-by-step guide if you will. In today’s economy, a clear-cut path to success is a valuable commodity.

Where It All Began

The concept of managing projects has been around since early civilisation and has contributed to many great monuments throughout human history. One such example is the construction of the Pyramids of Giza, an undertaking so massive in comparison to the level of technology available at the time that it defies reason. One thing that historians do agree on is that it serves as a prime example of what can be achieved if human beings get organised.

As for the modern rendition of project management, that was born around the 1950s. In 1956, ‘The American Association of Cost Engineers’ were formed and they formulated project management to help run cost estimates and schedules. Later down the line around 1958, the U.S. The Navy invented ‘Program Evaluation Review Technique (PERT)’. It was formed to analyse the different tasks involved in completing an overall project and the minimum time needed to do so.

This is as far as the early forms of the project management went, purely used for its efficiency in saving time and money, as well as some degree of coordination for tasks. Then in the 1960s, the moon landing happened – the first large-scale modern achievement of humanity. The successful execution of this brought people to the realisation that large-scale project management skills were a benefit to society.

With the advent of globalisation and technological development in the 1980s and 1990s, like e-commerce and the internet, it became much easier for businesses to readily integrate project management as a working principle in a more widespread manner.

The Different Phases Of Project Management

As a project manager, you need to ensure certain steps are taken in the setting up of the project and how it is going to be approached. Here are some of the building blocks and stages you need to address moving forward:

Initiation

Before starting, show your organisation and higher-ups that there is, in fact, a need for the project and that they will see a return on their investment should it be launched. You need to build a ‘business case’ – a fancy term that tells them why the project is needed and do an assessment of the project in terms of the cost needed to achieve the goals.

Planning

This is where you make sure you have all the schedules, payment systems, communication modes and reporting formats are laid out for easy access after the launch. Make sure that you have the funding ready and in place before-hand.

Execution

Getting started on the project won’t be easy. You will have to track and assign tasks to team members and different departments, do all the paperwork and account for any initial slip-ups. Call it, ‘growing pains’ if you will.

Monitoring & control

Just observing and fixing problems over the duration of the project. It is just maintenance if you think about it.

Close

Once the goals of the project are achieved, plan the next one. Project management does not end with one project, it ends when the business has what it needs. This could mean multiple projects.

‘‘

Project management is a role of supervision and dialogue, It is not a dictatorship.

Best Practices For The Best Chances

Communication

In business, it is never a monologue, or rather it should never be like that. Yes, there needs to be a hierarchy in the company but keep in mind that your employees have just as much invested in the company. Keep the channel of communication open for any and all feedback from your team. It not only brings a sense of equality and involvement in the business, but it also helps you identify which are the weak spots in the workflow that you need to fix.

Analyse

Going over your initial plan and revising it over and over, for the course of the project benefits the end goal as it refines the quality of work. This is where all that feedback is helpful. Another good way to do the analysis is to make use of tracking and business management software. There are so many on the market these days and they need only the basic understanding of technology.

Flexibility

If you have ever worked directly with the clients in your line of work, you know what it is like. Some tend to push for an earlier deadline, trying to save money and time, but all it ends up doing is affecting the result and the quality of the process. Push back against premature deadlines, as a project manager you have to maintain that quality till the end. Convince your clients to try to be a little more flexible so that the project can happen as it is supposed to.

Goal setting

Set realistic goals when you start a new project. Don’t try to overachieve. If there is time later down the road, you could attempt something more. It is best to avoid overwhelming your team right out the gate as this can put unnecessary pressure on them. Goals should be set as an indicator, not as a work instruction. Not every step of the work process has to be micromanaged, so long as the final result is on track to be completed.

Using IT

Make full use of the digital and IT resources at your disposal. The IT department has the best understanding of the business’s layout and how the project fits into it from a digital and technological standpoint. Rely on them to regularly assess your efficiency and allow them to automate as much of the project as possible.

Remember, these are just broad guidelines as to what you might want to consider doing, but as the project manager, it is your call. That said, there are a million ways in which management can be done, but only a few ways in which it can be done right. Check out our article on ‘management’ to learn how to be all that you can be in business.

The post Project Management in the Modern Workplace: Building Towards Something Better appeared first on Dutch Uncles.

Mission Statement: Everything You Need to Know

Kiran Kennedy — Wed, 23 Dec 2020 02:16:30 +0000

Say there’s a job that you want to apply to, you will need a CV, something to tell them what you’re all about. Some background on the skills, values and purpose behind the reason you are applying to that specific job will also be needed. A company’s ‘Mission Statement’ performs a similar function by telling people what the purpose of your company is, the core values you possess and the skills that will benefit them – should they choose to invest in your brand.

What Is A ‘Mission Statement’?

A mission statement is a short, all-encompassing statement, that defines the purpose and core values of a company or organisation. It is a summary of what your company does and how it does it. The benefit of having a good mission statement is that it helps communicate this summary of your values to clients, investors and employees.

It is generally a very short statement, usually around one or two lines. In some cases, it can be a paragraph. The mission statement may even go beyond explaining what the business does as an entity. Elaborate on how it helps the community grow or how it is useful to the customer. Give people a reason to invest in your brand and the values you propose.

The ‘Mission’ Is Not The ‘Vision’

The key difference to note between the mission statement and the vision statement is the fact that the mission remains the same for the most part. Throughout the company’s lifecycle, the core values and what it strives to be every day stays the same, more or less. The vision statement, on the other hand is more encompassing of the future to come, the goals the business is aiming to achieve, and it can change several times.

While the two look the same and sound similar on the surface, they are very unique when it comes to their individual purposes. Think of a mission as the manifestation of the company’s values. An identity of sorts.

‘‘

The mission is a constant in the life-cycle of a company. So, make every single word count for something.

Things To Know Before Jumping The Gun

A mission statement helps the company achieve a certain level of transparency with customers, stakeholders and investors, all the while making it very clear what the goals are. It helps keep things on track and keeps them going by providing a sense of direction. The vision statement is something that a company can work towards – the end goal for a fixed timeframe if you will.

A mission will help the brand stick to the core values as the company works towards those goals. It is a guideline of sorts. Another advantage is the reliability it brings to the table. If a company is facing a large-scale restructuring and is looking down the barrel of a significant change, the mission will help keep things smooth, as it reminds everyone of what they are working for.

Though they are short, crisp statements, they pack a punch and serve a crucial role in building the foundation of the business. The time and money you spend developing your mission statement could be significant if you want it to stand apart from the crowd.

How To Write The Perfect Mission Statement

The length and size of a mission statement can vary vastly from company to company. It just depends on the message you want to communicate with the audience, to get them to invest in the brand. Some of the biggest companies often have the simplest of statements.

With all those websites and articles out in the digital world, there are a million different ways and tips on how to write your mission statement. For example, PayPal has a crisp and to-the-point mission statement that reads: “To build the web’s most convenient, secure, cost-effective payment solution.” This is a perfectly acceptable approach should you prefer the short and sweet message, but regardless of the different styles, the fundamentals will stay the same across the board. These are the things you need to grasp to get started, so here they are:

First of all, ask yourself: What does my company offer? It could be goods or services, whatever the case, start there. Next step is to outline how you offer it to the customer, highlighting the convenience that your brand offers the customer that is superior to the competition. Be careful, you need to say it in a way that doesn’t come off as boastful. Just state the facts of why they should go for your brand.

The technical aspects aside, the audience wants to see the core of the brand. It could be top-of-the-line customer service or satisfaction, giving them the most value for money or how green your business is. Make it something that gives everyone a reason to pause and invest in your story, rather than just scroll over it like another sales advertisement. Give the audience a human moment.

At this point you are probably thinking: That is a lot to fit into a few lines! Do not worry, these are just some of the main points to include in the outline of your statement. Subtlety is key here.

Finally, consider hiring a professional writer to help narrow the focus of the mission statement. It will cost you a bit, but it is worth the extra effort. A polished and perfected mission statement can work wonders for the brand. Having said that, it is important to note, that you don’t have to stuff everything you think of or every point mentioned above, into your statement. Use what works best for the brand and the goal you have in mind. The simpler, the better.

Examples of Great Mission Statements:

LinkedIn – “To connect the world’s professionals to make them more productive and successful.”

Amazon – “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavours to offer its customers the lowest possible prices.”

Alibaba Group – “To make it easy to do business anywhere.”

Twitter – “To give everyone the power to create and share ideas and information instantly, without barriers.”

‘‘

Do not underestimate the importance of these few lines of text. They represent all that you stand for and want to achieve as a business.

It Is Not Permanent!

Mission statements are not set-in stone. Yes, they remain the core of the company’s values for years to come and serve as a guide to achieving the vision statement’s purpose, but even core values have a limited shelf-life in today’s economy. A business needs to grow and evolve with the times. This is especially true of the mission statement as it forms the core values of a company.

As society, politics and belief systems change and morph, the mission statement will also have to change with that to stay relevant and relatable to the audience. A mission statement from the 1950s, will not be applicable, or in any way relatable to today’s customers because their personal values have changed so much over the generations.

Don’t be afraid to change things up now and then to keep things light and fresh, even top companies change their mission statement, once every 10 years or so. Check out our article on Organisation Culture, to learn more on how to implement all these tips and tricks effectively into your business’s work-flow for a smooth and easy transition.

For every good mission statement, there can always be a poorly written one on the other end as well. If it is too fancy and unrealistic, employees and management alike will experience friction trying to stick to those values. It could also send across the wrong message about the brand’s core values to the customers and employees. If that happens, the damage is nearly irreversible.

For example, let us take a look at MGM Resorts’ mission statement: ‘MGM Resorts International is the leader in entertainment & hospitality-a diverse collection of extraordinary people, distinctive brands and best in class destinations.’ This is nothing more than a well-worded pat on the back. The self-flattering nature of the statement fails to deliver any valuable information to the consumer about the company’s values, goals or directives. Avoid this at all costs.

The post Mission Statement: Everything You Need to Know appeared first on Dutch Uncles.