Posts Tagged ‘Business’

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5 lessons to learn from Salesforce about making business changes

Monday, August 31st, 2015

Salesforce.com is one of the biggest businesses in the world. When it comes to IT solutions, this presents one of those companies that will always be at the top of the list. The company has been around for a very long time now. However, it has not always been as successful as today. The quality of its work saw a serious development in 2006. This is when it changed dramatically to different and outcome-focused, customer-driven management practices that were more responsive. In the software development circles, it is known as Scrum or Agile. Many are the businesses that adopted these new practices as well but few had as spectacular results as Salesforce.com.

 

business

It is speculated that more than 70% of Agile or Scrum implementations fail to achieve their projected benefits. What is it that Salesforce.com did that these other businesses or failed to do that led to their failure?

Five things Salesforce.com did not do:

  1. Skimping on training and coaching

This comes in at the top of the list. Trainings and coaching sessions tend to be quite costly and therefore many businesses will skimp of them to cut costs. However, when the future of an organization relies heavily on success skimping on training will be detrimental to the growth of the business. It is also a very counterproductive form of saving on money. Salesforce.com placed a lot of emphasis on the training and coaching. It sent a large team of people primarily comprised of functional and program managers for training. It also bought training books for all staff members.

  1. Keeping management decisions a secret

Openness is important and that is what Salesforce.com has always been about. This is not something that is common to all businesses as they want to keep the decisions of the management to themselves. This is very unhealthy for the growth of the business. The company wants to make some change to the Saleforce metadata API?They will make sure that everyone in the company is aware of this change. It is important for the people working in a business always to stay up to date with goings-on in a business.

  1. Apply foreign methodologies rigidly

It is one thing to learn something and another totally different thing to ape it. When you apply rigidly methodology that has been conceived somewhere else to your business, then you will have serious problems. You need to be flexible with things that you adopt from another place. Improving on them by making a few changes will make them more suitable for the immediate needs of your business.

  1. Introducing changes like any other business process

In as much as change is always constant, every change that you make to a business should be ideal for the running of the business. This is easier said than done. Salesforce.com understood that adopting Scrum would not only involve adopting new business processes but also transform the management of work in the business. Introduction of such changes like any other business process would most probably cause some kind of shock and disorientation.

  1. Committed right from the start

Salesforce.com did not take up the traditional ‘wait and see’ method of implementing change. Most companies will do this, if the change works out they will adopt it. The leadership at Salesforce.com made it clear that they were committed to making sure that change worked out. Few companies are willing to do this.

Bio

Daniel Wellington is an IT consultant with years of experience in executive IT management. He also has experience with the Salesforce metadata API, which he writes about on his blog.

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Posted in Guest Post, small business, Tips & Tricks | 2 Comments »

8 Rules That Will Help You Create a Successful Business

Sunday, August 16th, 2015

More and more college graduates are opting to cope with the uncertainty of the job market by launching directly into business after graduation. Most people in employment are also opting for a side business to provide extra security should they lose their job or should they have to contend with a salary cut.

The threat of losing one’s job, or even becoming indigent, was bona fide by the 2008/09 financial crisis, as many people lost their homes and other property following the collapse of banks and companies from different industries.

Emerging world trends are also beginning to render most job posts irrelevant. For instance, most companies are fast becoming reliant on the internet for selling and marketing. This threatens the position of employees in sales and marketing positions. The same thing applies to software design jobs, where most companies are beginning to crowd source their ideas, thereby needing their software designers less and less.

With such trends, even those who still hold jobs find themselves in underpaid positions or find that their wages have stagnated. What’s more, the cost of living is not adjusting downwards to cater for these changes in the work environment, hence people have to work more to get more money to feed their families and maintain the standard of lives that they are used to.

Whatever your age, motivations for going into business, or the line of business you want to go into, your rate of success will be shaped by the same factors. Whether you are opening a physical store or an online business, there are some rules that apply in all lines of business and these rules create success.

Business Success

  1. Define what motivates you

Most people find motivation when they are at the lowest point in their lives. In every economic recession, there are those around you who usually seem to emerge unscathed. Most of these individuals tend to be very successful entrepreneurs, who have experienced firsthand what it feels like to be on their last dollar and have vowed to themselves never to go through the same experience again.

You too could find motivation from similar situations. If you have a family, the thought of what could happen if you are laid off could spur you into action. If you don’t have an additional source of income, it could mean that you might have to lose your home and have your family live on the street or in the basement of your parents’ house.

To prevent such a scenario, investing your time and money in creating additional income sources should become a priority for you.

  1. Go into a line you are interested in

Starting a business in a line of work that you understand is one way to guarantee success. This is simply because you understand the inner workings of your industry and are less likely to make mistakes.

Starting a business in another industry could mean having to upgrade your credentials by getting some form of education. This will cost you money and time. Not to mention, your full time job is already time consuming and draining, therefore having to switch your mind to a different line of work will require a lot of mental effort.

  1. Live within your means

If you like spending, you will have a hard time building a successful business. You will find that the less you spend, the more money you will have to inject back into your business to make it grow.

Avoid getting loans to buy things which will not make you money. Also, if you can, get rid of credit cards.  Once you succeed, you will afford any car you want and you can get credit cards.

  1. Surround yourself with the right people

You can learn a lot from the people you surround yourself with. Social media platforms serve as a meeting place for people, where plans are made and ideas are shared. If you have the right people in your network, you will find solutions to most of your problems from them.

Technology designers or application developers, for instance, help each other to develop useful applications without stealing each other’s ideas or competing with each other. Participants in such projects see this as an opportunity to learn new things.

  1. Learn to promote your brand

The only way others will know what you are up to is if you aggressively promote your brand. You have to develop a maximum of three key selling points for your products or services, then market them based on those selling points. Your marketing efforts have to be convincing enough to make people want to buy.

  1. Learn to manage your time

If you are poor at managing time, you will find it extremely challenging to juggle your full time job and a side business.

You can find a few hours a day to build your business by waking up early in the morning. If this is not possible, you can dedicate your weekends towards your business.

  1. Learn to take setbacks in stride

Any business will have set backs. You might find that your sales are not coming in as you expected or that customers are giving negative reviews to your product.

Instead of giving up, such challenges should motivate you to find solutions.

  1. It shouldn’t be all about the money

Money is good because in an economy that is driven by money, it gives you the ability to afford things. However, don’t go into business just to make money.

A sense of accomplishment and satisfaction are equally, if not more, important as money. Knowing that you created a product or are providing a service that people would pay money to use is indeed a big achievement and should not be ignored.

If you take the above into consideration when building your own business, you will not only become financially secure, but you will also build a business that is relevant to people’s lives. More so, if you are persistent in your efforts, your business could succeed to become your full time job.

About the author

Noella Tesi started a successful business after getting out of debt. Her past experiences in debt give her motivation for succeeding financially. Read on for more.

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Posted in Entrepreneur, Financial Intelligence, Guest Post, small business, Tips & Tricks | 9 Comments »

8 Points That Could Save a Start-Up from Messing Up

Thursday, February 20th, 2014

This article is built on the experiences of entrepreneurs who had fallen flat on their faces while trying to manage and host their start-up ventures.

We think of a mind-boggling business idea and expect it to spark up as soon as we prepare a proposal. Well, it never works that way. However good or bad an idea is, there are certain steps that need to be followed.

Before putting your idea into a set of plans and procedures on paper, here are a few things that need to be understood.

Business Startup

Business Startup

Is my idea functional?

Before getting caught in the excitement of your brilliant idea, spare a thought: can the idea be put into execution?

The concept needs to be grounded in bigger ideas for you to be able to sell it. Don’t tangle up too many ideas, focus on one at a time, and build different techniques to make them happen.

The objective here is to make sure that your idea can be pinned down to work out for the market.

Scoring funds isn’t easy

Take my word; capital will not come to you effortlessly.

You may have to pitch time and again to win investors to your side. Pitching is extremely significant. The dumbest idea can pass if the pitch is awesome.

Do thorough researches, take your time to prepare each slide to be presented, and propagate how unique your business proposition is.

If you feel it is taking too long to get funds and time is running out, pitch in your investments. It can help your business, and play the credibility factor when pitching to investors at the same time.

Be prepared to touch the highs and lows

The business is not going to flourish as soon as you start. It will take time to accomplish each milestone.

Additionally, it is important for you to be prepared in case the plan doesn’t work. Amend your strategies, be focused and push your organization to reach the targets.

If every move is drawing the results you desired, you can go for that extra mile to make your business better. But don’t be too hard on yourself or your employees.

Hire carefully and appreciate candidly

Only a good team, which believes and backs your idea, can let you take over the market.

Hence, hiring is going to be a challenging job for you. Ideally, your team should have skilled professionals, men and women with industry experience and members who have prior understanding of successfully managing a start-up.

Employees at every level need guidance, assurance and motivation, which are to come from you, the person who leads. A lot of effort is taken to build a start-up, so don’t miss out on appreciating employee efforts.

Work individually, but work more as a team

Needless to say, your team is vital to the success of your business.

The objective of the business can be reached faster and smoother if you are held together as a team. Organizational growth comes through sheer team work, and hence it is important to keep your employees as content as your investors.

Hear out the needs of the employees, provide them with adequate requirements and channelize them to use the limited resources available.

Bring the focus to limelight

With a considerable amount of work being allotted daily, it is easy to get carried away and slip into a whirlpool of confusions and heated exchanges.

It is definitely better to acquaint each team with the other ones, mainly to have them understand where they are heading in the middle of a mission. As a leader, you should take up the responsibility of constantly reminding (of course not nagging) them about the objectives of the business.

Time is precious – start acting!

When you are done with thinking and researching, the next step is to start acting, whichever small way possible.

It takes quite some time to build the brand; the earlier the better. You don’t need to wait for investors to fund in order to start your business. Begin with limited costs and resources.

Build networks and relationships

Bond with everyone – investors, employees, suppliers and stakeholders.

Start-ups usually tend to make mistakes or face hurdles frequently. Be it with resources, technology or monetary issues, it doesn’t matter. Building reliable relationships can actually help your company cope with such setbacks.

Most of these tips might have passed your thoughts, but it’s easy to forget them. To keep it simple, make a journal of everything that you did and things you have to do.

Your start-up can go terribly wrong if you don’t have these pointers on your mind. These are simple steps. Without them, you will end up pushing costs too high and fail to impress.

Author bio:-

Matt Davis a partner at Empire commercial Finance, a firm specializing in business mortgage Chester seeking to serve client of UK with ease.  A company with expert professional commercial finance brokers providing financial support for all start-up business 

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Posted in Entrepreneur, Guest Post, small business | 2 Comments »

Why Economists Love Cloudsourcing

Saturday, April 6th, 2013

“The cloud” is the phrase on everyone’s lips this year, but not all new ideas stick with us—Segways, zip drives, and HD-DVD were all the hot new tech at one point, and they’ve all gone the way of the dinosaur. Will cloud computing wind up on the scrap heap of tech history? We don’t think so, and neither do many economists. Here’s why:

1. Cloud computing massively lowers fixed costs

Drumming up initial investment is one of the biggest hurdles that small businesses face. The larger fixed costs are, the harder it is to get started—and the more likely entrepreneurs are to get stuck in an exploitative contract with investors. All startups endure a zero-profit phase while they build customer base and pay down their fixed costs, and the longer that period is, the more likely a business is to fail. Cloud innovations like virtual desktops, storage, and money management lower the need for startup cash, shortening the window of zero-profit, and allowing more good ideas to turn into successful businesses.

2. Global cloud networks spur investment in developing countries

Until quite recently, people in developing countries had very few opportunities to connect with the world of global business; if you couldn’t afford to go to college overseas, you were stuck. Now, cloud networks connect hospitals in Europe with x-ray technicians in Bangalore, and American corporations consult with engineers in Nigeria; the human capital of the entire planet is increasingly connected in an efficient, wealth-generating network that is far more than a passing fad.

3. Cloud services give small firms access to economies of scale

Most production processes get cheaper as they get larger, and in the past, that fact has strangled small businesses who attempted to compete with the bigger players in their industries. A mom-and-pop grocery store simply can’t match the massive, fine-tuned supply chain of a global supermarket franchise. For services like data storage, web hosting, and accounting, the cloud has given small firms the same “bulk discount” that big companies receive—which makes markets susceptible to disruption and innovation on an unprecedented scale.

4. Comparative advantage is everything

Comparative advantage is the first principle of economics: it states that economies run better when everyone concentrates on their strengths, instead of trying to do everything themselves. Until recently, most entrepreneurs would have to serve as accountant, lawyer, analyst, customer service, and IT, all at once—a very inefficient and exhausting way to do business. Today, cloud services allow entrepreneurs to focus on idea-creation and execution where they have expertise, and use cloud services to store their data, track financial goals, and hire customer service and tech support at minimal cost.

5. Cloud networks broaden the labor market

Only fifteen years ago, companies were limited to the workers they could hire in-town, or persuade to move. Now, about three-fourths of businesses in the US hire part or full-time telecommuters, meaning they can select the best employees from all over the world to meet their company’s needs. Cloud file structures like Dropbox and Google Docs allow firms to collaborate seamlessly across the world. Not only does this allow for firms to save money and run more efficiently, but it also allows workers to find employment without the massive cost and commitment of moving across the country or the world.

 Tara Wagner is a staff writer for TechBreach. She has worked from home for over a decade, and loves sharing news and advice with fellow telecommuting moms and dads. She’s fascinated by new tech and new ideas; and when she finds time to unplug, she enjoys long hikes in the mountains near her home. She lives in Denver.

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Posted in Entrepreneur, Guest Post, small business, Tips & Tricks | 1 Comment »

Swim, Bike, Run: How Starting a Business is Like a Triathalon

Thursday, December 27th, 2012

Halfway through the triathtlon’s final leg, a 26.2-mile run, your body begins to break down. By now, you can’t even remember why you decided to do this in the first place — your weekly hour-long bike seems far superior to this misery, but now even that may be in question. In some small cavern of your mind, behind the voices telling you to quit, you remember the thought the birthed this idea: “I want to push myself, and I think I have the potential to do this.”

Business Challenge

That same thought leads to entrepreneurial minds to leave their cushy nine-to-five jobs and launch businesses of their own. Much like running a triathlon, the rigors of running a small business can discourage owners from the vision that drove their actions. But those who are able to push through the seemingly insurmountable struggles will receive a hefty payoff at the finish line.

Preparation

No matter how inspired you feel, it’s almost impossible to finish a triathlon without significant training. You know how to swim, bike and run, but unless you condition your body to perform all three activities efficiently, you don’t stand a chance. At first, training is rewarding. After a while, it becomes a nuisance. As you approach the race, it’s downright frustrating.

Starting a small business follows a similar curve. In its infancy, all the funding requests and paperwork seem like wheels turning, but that sentiment usually wears off. Still, thorough preparation prepares small businesses for the struggles of the marketplace. Whether you’re registering your business as an LLC through SBA.gov or setting up a meeting with Capital Processing Network to arrange credit card equipment, small preparations that happen long before a business opens can determine whether or not it succeeds when the doors open.

Stamina

Short of breath, thirsty and weak in the knees, you never thought it would be this difficult. Thoughts of crossing the finish line are long gone. You’re just focused on making the next stroke, peddle or step.

In 2010, more than 550,000 small businesses decided to join the race, but more than 660,000 took their last step, according to SBA.gov. No amount of encouragement will change the fact that more than half of small businesses in the United States fail within five years. Success will find those who know how to keep going. It may be reverting to your college diet or working weekends, but small business success is rarely found without struggle.

Addicting Success

Triathletes describe the feeling of finishing a race as immense pain coupled with sincere gratification. After months of training and hours of agony, most have a similar sentiment: Let’s do it again.

Small business success may not have a finish line, but when owners are able to take a step back and declare that they’ve met goals, they should take a cue from these inspired athletes. Reaching goals and financial success in small business is an ongoing process. If you’re lucky enough to make it to your finish line, enjoy it, say thanks and get to setting new goals. That’s the mark of successful entrepreneur.

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Posted in Entrepreneur, small business | 1 Comment »

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