MBA Geek

It’s been said time and again that communication is the root of a successful relationship and that certainly applies for the business world too. It’s imperative to maintain contact with your clients, colleagues and even prospectives. It’s cheap to do nowadays, especially with technologies like VOIP and Skype; but it’s also important to keep in touch in multiple ways. For example, sending cards at Christmas is a great way to remind your clients about your services.

Again, this doesn’t have to cost the earth. You can get your greeting cards online for a fraction of the cost it used to cost in the past; and you can also get them on recycled card, if the environment is a concern of yours. In the meantime, it’s a way to ensure you’re always in touch with your clients and they always know who you are.

I came across a great article the other day called So, You want to be an Entrepreneur. It raises the question of what sort of person you need to be to be a successful entrepreneur. Given that a number of people are being made redundant based on the current climate, it’s only natural for people to apply themselves to the possibility that they may be able to set out on their own. But there are a number of questions that one should pose to oneself before going down that path. If it’s something you’ve ever considered, have a look at these questions:

• Are you willing and able to bear great financial risk?
• Are you willing to sacrifice your lifestyle for potentially many years?
• Is your significant other on board?
• Do you like all aspects of running a business?
• Are you comfortable making decisions on the fly with no playbook?
• What’s your track record of executing your ideas?
• How persuasive and well-spoken are you?
• Do you have a concept you’re passionate about?
• Are you a self-starter?
• Do you have a business partner?

There are some interesting questions there and a good way to focus your brain on the task at hand. The great thing about them is that they can be applied to any business, from a consulting firm specialising in high-end IT systems, to a web enterpreneur selling magformers on eBay; from reselling holidays at extended stay hotels to setting up a network of nannies across the country.

So, are you ready to take it on? What would your answers be?

Do you have a good grasp of what has caused the current economic crisis? If you haven’t here’s a great video to watch:

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

It’s an excellent video called The Crisis of Credit Visualized produced by Jonathan Jarvis as his thesis for his Media Design course. The graphic instruments used are great, but I particularly like it because it explains the current problems we have succinctly and elegantly. So if you don’t know a derivative from one of these industrial clamps, check it out, as it will help shed some light.

I was reading an article in Computer Weekly by Robina Chatham where she talks about the rise .. and fall (!) of IT representation on company boards. It talks about some research she has done into the subject and also includes a set of key messages which I wanted to share with my readers. Here’s what she recommends:

• Sort out your service and project delivery. Recruit first-rate people beneath you who are team players; then delegate and let go
• Nurture and reward talent. Exercise consideration, compassion and sensitivity in your dealings with people and hence engender trust and loyalty
• Win friends and influence people; build relationships upwards, downwards and sideways. Build trust and respect; generate goodwill and take the opportunity to learn from this diverse network
• Develop your business knowledge and political acumen. Learn the art of influencing, make yourself useful and get noticed. Be passionate and inspirational.
• Take an interest in the wider world. Have an opinion and contribution to make in relation to every item on the board agenda and demonstrate original “out of the box” thinking
• Do now wait to be told what to do; take the initiative and be prepared to make “bold” decisions based on your heart and your gut instinct. Have the courage to challenge authority and accepted wisdom. Remember, it is better to ask for forgiveness than to seek permission.
• Ultimately, become one of the new generation of chief transformation officers who have the ability to give their organisation a competitive edge and to become role models who help others follow in their footsteps.

There’s some great advice there, which would apply to anyone I think. Regardless of whether you’re the IT manager in a small firm of Seattle injury lawyers or an IT executive in a large multinational organisation, focusing on your softer side and having a wider view than just the IT department will hold you in good stead for your future.

photo credit: lumaxart

Interesting post about how simple measures to keep your customers engaged can work wonders for your business. Here are some options to keep in mind:

• Actively promote recommendations
• Promote your business through networking
• Build ‘host relationships’
• Create a newsletter

These are all relatively cheap options that can help you give your business a boost in the time it needs it. Remember, you don’t need anything sophisticated like live video streaming solutions to get people interested in what you do. All you need to do is remind them every now and again that you’re still around.

Woolworths has announced that it’s starting it’s closing down sale in a bid by tthe administrators to try and raise as many funds as possible for creditors as possible. One year shy of it’s centenary there doesn’t seem to be much hope for a retailer who’s name has become synonmous with the British high street. It’s a great shame, but a lesson for all that without continual reinvestment in a brand, failure is the only option.

I blame the demise on a 2 factor theory. The biggest problem in my eyes was the attempt to cram everything under one roof. Consumers nowadays are much more picky and prefer going to a specialist to ensure quality in their purchase. This has let to Woolworth’s market share being eroded by a multitude of specialist stores which have a more defined identity and segmentation strategy. The other factor, obviously, was the economic climate; credit is harder to achieve and the pre-Xmas pressure was just too much.

It’s the end of an era for the UK High Street, but how many will mourn Woolworth’s demise?