2. No Accountability

The key defining element of accountability is answerability – the requirement to provide information and justify one’s decisions. A common mistake made by managers is to either delegate blame or simply not accept responsibility for that which happens. Being in charge means taking responsibility for whatever happens. Accepting responsibility for mistakes is a crucial part management and shows a willingness to act in good faith by being fair and open.

3. Hiring Poorly
The skills that a potential employee may bring to your company are important but it is also important that the people you hire will work together well as a team. Too often an employee is hired on the basis of his CV alone or on the recommendation of a recruitment agent. Getting your team involved in the hiring process is one way to ensure that the candidate has the requisite skills and relates to the other staff. Always make sure that there is some sort of temporary position available before any permanent role is offered. This is the best way to ensure that the employee will be a good fit with your company and if it doesn’t work out, you can both walk away with relative ease.

4. Lack of Planning and Organization
Effective planning is the key to preventing errors in the future. Too often managers do not have all the checks and balances in place before embarking on a project and then when something unforeseen happens, the whole project becomes unstable. A well organized and thought out approach before starting any new venture is essential to keeping a business on a smooth footing. With good planning, projects can run on time and everyone involved can understand what is wanted, what their individual roles are and emerging problems are dealt with long before they cause damage.

5. Unrealistic expectations
Before stressing your team out with a whole lot of project goals and timelines that are impossible to achieve, discuss with them clearly what their capabilities in terms of the project are. Think about breaking the project down into short and medium term goals and focus on what will constitute success. I find that it is always better to overestimate the time a project needs in case your team over promises and under delivers.

6. Lack of communication
The health an organization depends on the widespread dissemination of information throughout an organization and the communication that enables this dissemination to happen. There are many different forms of communication (both verbal and non-verbal) but in order to be effective in management it is most important that you work on the interpersonal communication. A good channel of communication between and employee and employer leads to stronger relationships and less chance of misunderstandings.

7. Never change
Management often fears change of any kind because they are worried about it ruining the things that work and the habits that we have grown accustomed to. Although this might be true, letting go of old practices can revitalize a business both in terms of the product and the employees. Being adaptive and open to change can give the business the boost it needs in a changing technological and competitive environment.

8. Failing to delegate
Some managers take the approach that it is easier and better to certain tasks by themselves rather than getting someone else to do it. Whilst it may indeed be quicker and easier to undertake some tasks on your own, there are benefits to training someone to do them for you. First it means that your skills can then be used in some other area and it frees you up to pursue these things, and secondly it means that you are developing the employees skills and abilities so while it may mean that it takes a bit longer the first time, in the future, the project can be delegated with some degree of confidence.

9. Not recognizing employee achievements
Appropriate praising and commendation helps to build the culture of teamwork and striving for excellence that all companies want. Recognition can motivate your team members to do an even better job in the future, since they know you appreciate their efforts. Not only is recognizing the skill and dedication of employees one of the most effective ways to boost morale, implementing a creative employee recognition program is one of the best ways to spread best practices throughout the company.

10. The ‘Quick’ Fix
A quick fix is not really a fix, it may work but it is really a temporary measure before the problem needs to be resolved properly. Real long-term solutions take time and commitment and sometimes removing the quick fix in order to implement the proper result can be more time consuming than if the problem had just been fixed correctly in the beginning. If a solution is water tight from the beginning, then long term problems are better avoided.

(c) Aniket Tapre 2010. All rights reserved. For copyright enquiry, contact Aniket Tapre

Consequently, one of the main business uses of mind maps is for brainstorming. The natural layout of Mind Maps ensures that the overall goal is kept in view all the time, and that the main objectives are always naturally being supported by the sub-branches which break things down into sub-objectives until finally you get to task level. Jotting one of a number of sub ideas that generate from a single central idea can help you better define your goals and objectives.

Brainstorming using mind maps can also be used to evaluate the various risks involved in the project. Because all the members of a team can contribute to the mind map, and each visualizes the map in a different way, potential problems can be discovered before any strategy implementation is done. The energy that comes from having a group of people getting together to create a mind map for strategic planning ensures a lively discussion and a free flow of ideas and thoughts. When you make use of mind maps extensively, it also enhances the team’s communication skills. Communication problems which are the core cause of many of the problems in management are reduced as people are able to express their ideas better.

I also find that there are a lot of other uses for mind maps in business as well. A well-structured mind map can help meetings be managed more efficiently and I find mind maps a great way to manage clients’ accounts and keep an eye on the status of each deal. Mind maps can be used to make your presentations more effective and to help them stand out from the rest.

But overall I think the other most important way that a mind map can be used in business is for project management. It is an easy way to get input from project partners, define milestones and assign tasks. It allows you to breakdown complex problems into more manageable parts and makes it simpler to keep project completion records with links to invoice files or to related documents. It allows you a big-picture view of the problem, although you can zoom in on details as well.

There are almost no limits to the uses mind mapping can be put to in the corporate world. Mind maps can be very simple or extremely complex which makes them highly versatile. There are many tools available for download to help you create mind maps but they can be equally effective jotted down on a piece of paper. Ultimately a mind map ensures that everything is done in a systematic and organized manner which can be a huge time saver and they can help a business to make full use of their mental facilities to find simple solutions to complex problems.

(c) Aniket Tapre 2010. All rights reserved. For copyright enquiry, contact Aniket Tapre

It is important to remember that the outcome of a business valuation is fairly hypothetical and that in reality when it comes to buying or selling a business the real amount may differ greatly from the valuation due to negotiations and the reasons that the business is being sold, but ultimately a good business valuation serves as a guide that may help to provide a basis point for any negotiations. Business valuations are also important in other areas besides supporting merger and acquisition transactions. For example, business valuations are now being used by financial institutions to determine the amount of credit that should be extended to a company, by courts in determining litigation settlement amounts and by investors in evaluating the performance of company management.

There are three main ways to valuate a business. Choosing the correct method is dependent on the size of your business, the reason for the valuation and the way in which revenue is collected. Ultimately whichever way you choose should have solid data that can be shown to the relevant parties so that the valuation process can be verified as an accurate estimation. These three main methods are income valuation, asset valuation and market valuations.

Income valuations are the mostly widely used type of valuation. They are based on the premise that the current value of a business is a function of the future value that an investor can expect to receive from purchasing all or part of the business. They are generally used for valuing businesses that are expected to continue operating for the foreseeable future. In these valuations the expected returns from investing in the business and the risks associated with receiving the expected returns are evaluated. The appraiser then determines the value whereby a hypothetical buyer would receive a sufficient return on the investment to compensate the buyer for the risk associated with receiving the expected returns. To work out an income valuation, a formula is used that combines the company’s profits, owner benefits, adds back certain expenses and then applies a multiplying factor to this number to establish the price.

Asset valuations consider the business to be a collection of assets which have an intrinsic value to a third party in an asset sale. Asset valuations are typically used for businesses that are ceasing operation and for specific type of businesses such as holding companies and investment companies. In simple terms, value is attached to all of the assets of a business (machinery, equipment, etc.).

Market valuations are used to place a value on one business by using valuations that have been established for comparable businesses. This method is difficult to use properly because no two companies are exactly the same and no two transactions are completed for the exact same reasons.

If you are looking to buy into a business, looking at the valuation data which the business has created is critical to ensure that you are buying something which will ultimately become an asset to you. This means that any data that you receive should be verified independently before negotiations begin. This data should not be limited to financial statements but should include a thorough investigation of the business’s past activities, its operations, its current status, the competition, the industry and its future potential. Obviously then, if you are the one selling the business, having all of this information available is vital to ensure that you get a fair price.

To me, a business valuation is a useful tool though, not only for buying and selling but it can also help put a new perspective on the profitability of a business. Whatever the reason for the valuation, it is important to choose the correct method and use the most current data available with respect to the internal finances of the business as well as the greater global perspective.

((c) Aniket Tapre 2010. All rights reserved. For copyright enquiry, contact Aniket Tapre

The first is mobile marketing. With the introduction of the iPad and the wider adoption of devices like the iPhone and the Google Android phone, more people can be reached using mobile marketing solutions such as text messaging, mobile email marketing, mobile websites, mobile application development and location-based marketing. The introduction of downloadable mobile phone applications has facilitated the use of mobile Web sites and the ability to purchase online products using cell phones. Even more exciting though are the possibilities of targeted and location specific marketing. For example if you own a bicycle store and you have several customers signed up to your mobile marketing campaign. Using GPS integrated tracking technology; you could possibly detect when a subscriber is in the vicinity of a particular branch of your store and send them a sms detailing specials on at that store at that time.

Following on mobile marketing, I foresee the use of email marketing becoming even more powerful as e-mail service providers improve social media integration, search engine access to archived e-mails, auto-responders and new integrated applications. Just remember that in order for email marketing to be regarded as useful and not ‘spam’ it is important that your subscriber opt in to the emails and that they have the choice of unsubscribing as well. Any emails that the customers receive should be useful, informative and make them want to stay on the mailing list.

Lastly the big trend that is becoming more popular is online video, radio and podcasts. Online video is interactive, memorable, widely accessible, cheap to create and highly shareable. There’s also a lot of investment happening around video, which is sure to create even more low-cost opportunities for small businesses to participate in video promotions in 2010. The rules for creating podcasts or videos is the same as it is for blogging, keep the information up to date, and don’t replicate other people’s work.

The broadcasts should be regular and they should be entertaining. Straight up sales pitches are unlikely to capture people’s interests and make them return to your site. The key is to provide something different from your competitors and to investigate who your audience is likely to be. Once again search engine optimisation comes into play because in order to establish a rank it is best to provide a transcript of the podcast so that keyword searches will find it. Videos can be linked into your website, your email marketing and your mobile marketing campaigns.

It is important that all the steps above are seen as parts of a whole. They can be implemented individually but in order for them to be most effective, they should have a relationship with each other. So your blog should link to your podcast, your video, allow people to opt in for email updates and of course all other social media networks should be utilised as well, such as Twitter, Facebook, LinkedIn etc. Forming a cohesive unit this type of marketing campaign will target a larger number of people and can help you stay ahead of the pack of marketing for this year and into the future.

(c) Aniket Tapre 2010. All rights reserved. For copyright enquiry, contact Aniket Tapre

If you have a bad client, analyse what clues there were that it was going to go bad. See the things they do, how they approach you and the type of demands they make, this is something that you can learn from and avoid in the future.

The worst client of all is probably the one that doesn’t pay on time or at all. These types of clients are terrible because of the strain they put on you in time and resources and mostly on your bank balance. Hiring lawyers to track down debts can end up being more costly than the amount owed. Depending on your type of business this problem can be lessened by asking for a partial payment or deposit midway or at the beginning of the project. Alternatively it is always worthwhile to do research on your client first before taking on a project. Living in an age where almost every company has an online portfolio can help you to investigate what exactly the reputation of the client is beforehand.

Another type of ‘bad client’ is the one that changes his mind all the time and even more irritatingly, changes his mind right at the end of the process. This is why it is important that a strong contract in place before starting any work. The client needs to be given a time frame and a chance to review the work at set intervals to avoid this happening. On the upside, this type of client does make you work harder and can make your job a lot more interesting. They may have terrible ideas that you would never have thought of but learning how to implement these ideas can teach you new skills which you would not have had otherwise.

One of my worst client types is the micro manager. These clients want to oversee every little thing you do whether it is something they know about or not. They like to test every aspect of the job so that there can be numerous time delays and may rack up unexpected expenditures. These things test our characters as professionals. How we deal with them tells us a lot about ourselves. The best way to deal with the micro manager is to realise that he is approaching the project from apposition of fear that the project is not going to go well. It is up to you to allay these fears and find ways to set his mind at ease. Giving this type of client regular updates and having your own testing strategy in place beforehand can do a lot to allay fears and make these clients easier to deal with.

Having challenging clients is one of the downsides to most businesses but they do at least make life a little more interesting. Having a few bad experiences along the way put you in a stronger position to deal with other similar challenges in the future. The most important thing though is to recognise that these types of clients exist and rather than always avoiding them, try to anticipate ways to make dealing with them a lot easier. Drawing up solid contracts, creating timelines and providing regular updates with tests in place are some of the ways that these types of clients can be best managed. Just remember the saying, “ fool me once – shame on you; fool me twice – shame on me”. Learn from your mistakes and the bad experiences will add to both the company’s way of dealing with problems, as well as to your own character as an individual.

So can we all agree that at least sometimes bad clients are good for us? That they make our lifes a little more interesting?

If you know of anymore reasons bad clients may be good for us all, please add your comment below and I will post them in any future follow up articles

((c) Aniket Tapre 2010. All rights reserved. For copyright enquiry, contact Aniket Tapre

The first step to boost your business is to firmly establish what it is that your customer or client wants from you. There are several ways that this can be done but the most direct and simplest way is simply to ask (either directly or by using online forums or forms). Once you know what the customers’ needs are you can use this information to create a targeted advertising campaign or a direct sales drive. Every customer will have different needs and consideration will have to be taken of whether you have a small business with a niche market or a larger business with a bigger customer base. Armed with this information, you can then create a database of the customer requirements and identify what they want from you whether in the form of bulk deals, discount vouchers or a rewards program.

Following on from the idea of getting to know your customers is implementing a social media strategy. It is far better to do more networking and less paid advertising. The cost will be less and the return will be greater because people buy predominantly from people they know. Find a social media site that pertains to your niche, sign up, make a business profile and participate. Creating a useful and relevant blog with up to date information is also an important way to connect with your audience and boost your business. Make sure that the content you post on your website, blog, and social networking sites are search engine optimized because then your site’s traffic and rankings will increase which will lead to more revenue for your company.

It also helps to read up other people’s blogs who have similar or complimentary blogs to your own. You can then look for opportunities to form mutually beneficial online partnerships for example creating articles for them in return for online advertising or for recommendations.

Besides finding new customers, social media is also a great way to retain existing customers because client retention is one of the best forms of marketing. Stay in touch with previous clients and build your relationship into a solid friendship. Their referrals and future purchases are your very best asset.

If your business has started to stagnate, one of the most effective ways to boost the business quickly is to rewrite your business plan. This will enable you to assess your company’s performance and may help you to identify factors that could be hindering development. It’s important that you review your business plan after every six months (or fewer) so that you can respond quickly to customer needs and keep your plans up to date with the industry. Think about whether it’s time to add a new product or service to your portfolio.  A good business plan can inspire confidence in both employers and employees.

Employees with high moral perform better and will boost your business if they believe in the product. The best way to improve employee morale is to implement training and performance related incentives. Make sure they feel appreciated and recognized for their work. It can also help to tackle the problem of underperforming staff and remember that it is always worthwhile hiring experienced staff rather than training from the ground up as they can more quickly and effectively help your business to grow without having to spend precious time and resources.

Finally the best way to boost your business is to make sure that you keep a positive mental attitude. Keeping positive and believing in your service or product will inspire those around you to do the same and help keep you focused. Believing in yourself and your product is the first step on the road to a successful and profitable venture.

(c) Aniket Tapre 2010.  All rights reserved.  For copyright enquiry, contact <a href=”http://www.anikettapre.com/blog/contact-2/”>Aniket Tapre</a>