To understand what root cause is, lets first look at how we deal with problems in everyday life. Say at work we suddenly feel unwell. We would probably take some generic medicine such as paracetamol to relieve the symptoms temporarily. If the symptoms continue, we go to the doctor to understand what the reason behind the unwell feeling is. In this simple example, the doctor performs the root cause analysis of the patient by solving the problem at its source. Many times, in both life and business, when faced with a problem, we take the paracetamol approach. Just like feeling
With growth, comes challenges for efficiency
In today’s blog we explore business growth, and the challenges it brings about in terms of efficiency. First, we will understand the various stages of a business lifecycle. A business goes through a broadly defined life cycle consisting of the following phases: Startup Growth Maturity Decline In the startup phase, businesses are focused on developing and marketing their initial set of products and on breaking even. This phase usually has businesses operating at a net loss as the cost of marketing, research and development far exceed the revenues generated. Also, startups are not overly complex in their structure and do
Adaptability – A Must Trait for Businesses
Heraclitus, the Greek philosopher once said, “Change is the only constant in life” and this stands true even today. If we can be sure of anything about the future, it is of change. In this article, we will focus on changes from the perspective of businesses. We know that most business entities do not last forever. Worse still is the fact that the average expected lifespan of businesses has been decreasing over time. A recent study by McKinsey found that the average lifespan of companies listed in Standard & Poor’s 500 was 61 years in 1958. Today, it is less
SURVIVAL OF A BUSINESS DURING PANDEMIC OR ECONOMIC CRISIS
The COVID 19 pandemic which has affected the entire world this year has been a completely new experience for everyone. We live in an age where almost all fields have reached a high level of technological advancement including medicine. Despite this it is strange to see that recovery from the pandemic has been a very slow process and is still full of uncertainties. Any economic crisis brings huge challenges for businesses irrespective of their size, whether they are small, medium or large. The most crucial thought in the minds of every business owner in such trying times is “Survival”. A
3 SKILLS AN ENTREPRENEUR SHOULD ACQUIRE
Owning a business and operating the business profitably is called Entrepreneurship. It not only involves being on your own to run a business, but it is the ability to take some calculated risks in order to be profitable. Being profitable is not a destination but is a journey, as one needs to be profitable at all times. Customer needs and demands are constantly changing and there is no business that can run without the intervention of technology. Technological changes are really rampant and radical in many of the industries. These dynamics of business poses greater pressures on an Entrepreneur. Running
Corporate Leadership During Covid 19
The Corporate World which is full of leaders with fancy C-Suite designations, fat salaries and bonuses got completely caught off-guard by Covid-19 (C19) pandemic. When the C19 was declared as a Pandemic in the month of March 2020, the entire corporate world came to a grinding halt. Photo by CDC on Unsplash Photo by Edwin Hooper on Unsplash The pandemic indeed has been an ultimate leadership test for all corporate leaders. Leaders were always aware on how businesses should be prepared to face challenges, prepared for disruptions, business continuity, disaster recovery, risk management, succession planning and so on. However,
How to Operate a Small Business in UAE – A 10-Point Guide for Beginners
Starting a small business is much easier in UAE as compared to other Gulf countries. Yet the new entrepreneurs often ask the question, “how to operate a small business in UAE?”; Despite all odds faced by the Covid-19 pandemic, operating a small business in UAE has many merits. Over the last decade, the country has been at the forefront of all Gulf countries in terms of economic growth. Resilience, innovative economic policies of the Rulers, combined with a commitment to face the change, were a few reasons that made UAE an attractive destination of capital. Since 2017 UAE has faced
Business Excellence models for Business Excellence
Excellence is defined as being outstanding or extremely good. A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. The combination of those two leads us to the derivation that the path Business Excellence (BE) is a path taken by businesses on a journey towards implementing and following outstanding business practices in the discharge of their duty. But it is much more than just having an outstanding quality process in place. It means achieving excellence in whatever the company does, from leadership to sales, and from procurement to end deliverables, all the while achieving superior
The Waiting Game
The waiting game is one where people wait to see what others do or wait for opportunities before taking any action. I see people adopting the waiting game for everything and anything. Is it smart to play the waiting game in every situation? The waiting game is interesting and fruitful only when deployed under the right circumstances. Often, it is possible that the bad habit of procrastination is being hidden under the guise of the waiting game. As a business strategist, I do advise my clients to play the waiting game but only in very select scenarios. In most cases,
Tourism Today – Crashed or Crumbled?
The biggest employer in this world is the tourism industry that has major constituents such as hotels, resorts, airline companies, ground transport fleet, restaurants, etc., as enablers. February 2020 brought a death knell to the entire industry that has put the investors, owners & employees in a state of animated suspension that is unprecedented with more than a billion people directly or indirectly depending on it for a livelihood stunned at the happening & looking into eternal darkness. For many, it sure is the end game. Has tourism crash-landed or has it crumbled to pieces? I believe the answer is both.