Great Companies continue to fail and end its existence in the business world due to actions that drive failure in its various forms like bankruptcy, selling business , divestiture , spin-off …
As a Turnaround Professional and because business owners mostly come to me at late stages, I have seen many of those cases and I even can project who are on that same road of getting out of business.
Let me share with you 17 actions that will lead any business not just to under perform but to get into a crisis mode that would probably end its existence unless quickly corrective actions are undertaken to turnaround the collapsing business to a successful one.
Here are the actions :-
1- Not creating products and services from the customer perspective.
2- Operating within the constraints of the industry without giving a deep thought of possible hidden opportunities beyond these constraints or borders.
3- Being always reactive instead of being insightful , researcher and speculating what might happen and prepare your business accordingly ( proactive mode).
4- Blaming rules, regulations, governments for losses instead of trying to take advantage or trying to figure out solutions to overcome obstacles.
5- Giving Credits.
6- Late to act .
8-Trading-off quality with price.
9- Wrong Targeting .
10- Relying on previous success stories this will help you in gaining strong market position for some time , but it doesn’t guarantee business sustainability.
11- Not being updated with the trends and taking necessary actions to move your business in the right direction.
12- Not available in the right time and place , so customers can’t reach out to you or they may even not aware of your business existence.
13- Not closely monitoring the market so as to be aware of changes that might affect your business like a breakthrough or a new entrant.
14- Sticking to old mechanisms .
15- Being Fearful which will make you settle for the status quo and will also end your business life especially in our current dynamic era.
16- Employees Dissatisfaction.
17- Settling down enjoying current success and exaggerating your rate of optimism .
These are some critical actions that caused businesses to get into hardship and then a shutdown. So, let’s be aware , be attentive and keep moving , changing taking smart well calculated risks and dedicating all the effort needed towards thriving our businesses.
And its my job to thrive your businesses despite any hardship that your business are suffering from, just don’t hesitate to contact me to save, boost and thrive your business.
Contact me via email : Dr.email@example.com or Skype : Dr.Salam Amin .
How to generate profits in a highly competitive market ? Well, the answer is simple DON’T COMPETE.
Competition implies consuming time, effort , resources , value diminishing and decreasing profit margins.So, do you still want to compete ???
Ok then let’s face it ! why you want to compete ?is it because you are pursuing larger market share and thus increasing your profits. Or is it also about dominating the market so you can impose your own prices.
What really happens most of the time when you compete is that you get to increase your cost structure trying to serve more or saturate the market or serve the current customers better ….And then you will try to create those desperate market offers or discounts or differentiate your service or product .
Let’s say you dominated the market and you achieved the largest market share possible. BUT, does that mean you are a winner? maybe yes , but for how long? especially in our extremely dynamic era with its surprising trends??? What is dominating today may be swiped away with with a new trend or new invention.
I think you need also to ask yourself that if I had the largest market share would that mean or guarantee higher profits than everyone else?
Actually, there is a false understanding that the larger the market share the more profits you gain!!!
The truth is the more you are niche-focused the more the profits you earn. Let’s take an example from the auto industry; Toyota globally have a higher market share than Bentley while Bentley generates more profits than Toyota.
Another example from the hospitality industry four and five stars hotels exist everywhere much more than luxury resorts like the ones in Maldives or in Santorini , but still the luxury resorts make more profits, they are even less likely to suffer from seasonal variations.
Another example from the aviation and airlines industry there are airplanes that anybody can go for and there are private jets.
What does this tell us ? or What does niche focused mean? When you are Niche-Focused you will : 1-Earn more Profits and and have higher profit margin . 2-You will need to sell Less. 3- And your cost structure will be Lower .
But how can you be niche focused ? I will give you 4 Tips out of 12 to put you on the correct track to choose your niche; 1- Study the process that your targets experience with a certain product or service. like before using the product or service , then during using it and after using it. You will get to know a lot of gaps that competitors aren’t covering and that would be a great Niche opportunity to utilize. Like when you do your daily workout or when you read a book , or when you use your laptop or even use your toothpaste. Study the journey and tap the un-tapped needs . Look for Pain Points. 2- Explore what issues are prohibiting your targets from buying a certain product in your area of interest. Like why aren’t they using Paypal services as a payment gateway? 3-Ask Influencers ( could be a parent or buyer or a purchasing director or financial manager or a retailer or dealer …) what are the problems when buying a certain product or service, you will reveal a lot , you will get to know many pain points that are uncovered. 4- Think of people who might have an interest in common life aspects and would love to have and satisfy but can’t for different reasons. Like older people who would like to have a bachelor degree or a high education certificate in a certain field.
In addition to those 4 tips please keep in mind these extremely valuable directives :
1- Do not pursue incremental improvements because they will not distinguish you nor you will be providing a real value to your targets but you are only pursuing contemporary gain . 2- Do not benchmark your service or product with industry key players or major competitors because you will limit your thinking of finding your creative targeted niche. 3- Do not Pursue price competition because you will decrease your profit margin and increase your costs.
Please understand that competition is against business solid successful continuity , because you will be draining your resources , efforts, money , time and the most of all you are swimming far away from what customers value .
If you want to master tactics and mechanisms in achieving Niche-Based Businesses (Extremely Profitable Zone ) then please feel free to contact me via email: Dr.firstname.lastname@example.org or via Skype : Dr.Salam Amin .
Gaining , acquiring or getting new clients is one of the most fearful topics to too many businesses. While it shouldn’t be , especially if you get to know and understand your target customers pains, needs and solutions they are looking for and then craft your road map to winning them .
Before getting into the methods of gaining new clients, I would like to give you two valuable advices so you won’t waste your time, efforts and money especially if you are bootstrapping or you have a small budget or even not but to save you from frustration and thinking to give up or thinking that your business isn’t successful. The First advice is : Be patient and keep asking yourself what I should do to improve , what’s wrong and how I should fix things . The second advice : Don’t you ever depend nor think that advertisement is enough for your business to gain clients quickly.
So now let’s dive into the methods of getting new clients for a product and service based businesses. Of course, this process comes after you determine who exactly is your target market and get to know them in depth. You then can just start implementing one or two or some of these methods.
1- Search your target audience via google, social media , chamber of commerce and any other directory that they might be registered in Directly and Indirectly. And that means if for example you are targeting hospitals’ general managers in a certain location then you should search them not only by hospital in this location which is the direct way ,but also indirectly through their interests , groups ,forums, hobbies, demographics , problems they share, groups and associations they join, food they like , memberships, habits and their daily routine, apps they use and places they shop from either online or offline……Then connect with them and build a rapport ( establish an emotional relationship with them).
PS1 – If you want to go further deep step target people who are expected or qualified to be future hospital general managers.
PS2 – Use also Hashtags when searching.
PS3- Use general short and specific long tailed words like if you are in the real estate industry and you are targeting wealthy people search for people who are interested in mansions ( General ) or luxury homes with inside swimming pools .
2- Send to your potential customers gifts representing your business and products more than once because this way you will crave your products in their minds better than others and the possibility to win them as customers are higher. In case you are a service provider you can start giving practical tips and solutions and even start correcting and fixing things for them after their permission.This way you will prove and showcase how important your services are and you will outperform others because you already started working with that potential customer before them.Then your chances that they will ask for your paid services are higher than others because you already won their attention.
3- Grow your Email List and Whatsapp Broadcast lists , try to do that constantly because it will increase your number of clients in an unexpected way.Of course you should look into growing other types of lists depending on who you target like if you are targeting teens they are heavy users of KIK app.
4- Make strategic partnerships ; like if you are selling beauty products consider partnering up with hotels and with other types of accommodation providers to gain mutual benefits .You as a beauty product seller you will provide samples of well designed elegant gifts to hotels so they can surprise their guests for an exchange for hosting promotional events or the benefits even would be more than that for both partners like the beauty product seller will have guests and their networks to know them and the hotel might also think of getting the partnership to a higher level by providing more types and variety of these products to pamper their guests. Also the hotel gains a lot in this relationship its actually one way to gain repeated customers with low costs.
Again you can go more in depth with strategic partnerships to get people and businesses to know you and make business with you. Think of creating partnerships with businesses that are in the area of interest of your target market so you can show up there and offer something of value to them .Offer them something they can test and try or something they can instantly apply to sense , measure and touch how valuable your products and services are to them.
5- Running Ads but be so focused here like its not running ads anywhere on social media, adwords or on TVs, but precisely state where and when people show on different platforms on-site and off-site .Like state exactly newspapers they are interested in put an ad there in that specific time.Or if there are certain events running like conferences or cocktail parties or any type of event show up there with your ads in different ways .
6- Influencers & Decision Makers : make sure to target them proficiently when you conduct your ads or through directly engaging with them on their channels on social media or emails by comments, tweet, shares, DM or PM. Because if you are selling like occasional products on fathers day you should target wives and women not men or if you are selling basically baby products then you should target moms or if you are doing B2B make sure to contact purchasing director .
7- Least but not last buy linkedin sales or business plan, they are part of its premium at the upper right of your linkedin account page.
In every business industry there are very smart strategic methods that resonate with it to win new customers proficiently. Like in the hospitality industry there are extremely successful ways that can be implemented to win direct booking customers rather than getting them via OTAs or agents. Also the same with the aviation industry and others….
So its all about different efforts that should be taken and implemented but distinctively and at specific time frames . Engagement is a king in business. And finally create your own style to position your business in the heart and minds of people.
There is no one ultimate correct way for my business or yours to get clients, we both should always be creative and question ourselves as business owners on how and what we can do to get and win new customers .
For more deep results-driven actions feel free to contact me at Dr.Salamamin@yahoo.com or at skype : Dr.Salam Amin.
How to Successfully Setup an Online Service or Product Based Business ?
Before You start your online business you need to address the following questions as they are the foundations for your online Business. Ask yourself :
1- What kind of business I will do? Is it service based business or product based business?
2- Who is MY target market?
3- What information do I need to know about them? like their demographics, preferences, likes , dislikes, influencers ….and how I will know this information?
4- How my products or services will provide them value?
5- How to approach them ?
6- How to Retain my customers?
7- What Legal Documentation do I need ?
These questions will actually form your solid blueprint if you answer and prepare for them in advance…You will save yourself wasted time, efforts and money and you will also achieve better and faster results.
Let’s go through them :
1- Specify what exactly you will provide is it a service like; are you an e-accountant , e-legal consultations, social media services, marketing expert , gaming expert , Turnaround expert , Business consultant , designing , developing , SEO, hospitality consultations or online mentoring and training or teaching….Or are you providing a product like; digital products ( ebooks, sales pitches….) or physical ones like fitness products , handmade products, clothing , tech products, communication products, beauty products, Supplements , complimentary or manufacturing products in various fields.
OR maybe you are thinking of providing both like what I do; by providing business consultations for Hotels , Aviation,Tourism , retail , shopping Malls on how to expand their business, what are hindering their business profits or how to make competition irrelative and at the same time provide online courses and training (digital product) .
Let’s take another example in the fitness industry, where you can provide fitness tips about losing weight and getting in shape while also providing some products of different kinds like nutrition and workout products.
2- State who is your target market exactly; are they woman , men , teenagers , mid – weight people of all ages and genders or people who have relatively good weight but need to get in shape ….Here I advise you to choose a niche so you can focus and then expand within this niche. Dominate your niche you will even increase your potential profits.
3- Compile information about your niche ; where are they located , what social media platform do they use mostly , what are their pain points and needs, who are they influenced with , who have an impact on them , what are the occasions they care most about ( general and special occasions )…..
The more you know the better you can serve them and satisfy them and increase your profits . How do you do that ? There is no secret formula for that, you can do a thorough google search , go to forums ask questions gather answers, you can also use hashtags and track them look what people put images under these hashtags , who are they , what are they commenting ….you will get to know a lot .
People who comments in the youtube who watches those health and fitness products and workout videos are a valuable source for information….Sources are endless and many of them are FREE you just need to put in work and use your creativity.
4- In order to win a reward you have to provide something in return; you have to provide value to customers in order to achieve revenues and profits.
To attain the best results keep in mind two crucial points ; the first one is to fulfill a value that is not filled by other competitors or provide the same value but cover areas where competitors didn’t cover. look what other competitors aren’t satisfying as targeted people wish .
Let’s take an example from the medical industry ; regarding people who are diagnosed with diabetes who need to take insulin on a daily basis , these patients have different types of insulin offered from different types of companies that have different prices, compositions and with different impacts on the body , which all of them gained different profit margins and they competed based on incremental improvements but this is so effort consuming and constrained to limited profits and the most important un loyal customers.
Thus, other companies came with another highly profitable insulin that generated massive amount of profits by providing insulin in a simple fast painless way for patients to inject themselves with in order to mitigate their painful daily experience. Then the idea got imitated . Another company thought of producing insulin with totally different composition that will enable patients to only take it once a week without any pain plus that it will radically improve their diabetes status better than the daily insulin injection, which generated massive profits .
5- Approaching Customers online according to my experience with my clients from different industries and from different geographical areas across the globe can be best attained by identifying at the beginning only two main social media channels so you can focus especially if you are doing the whole work alone and you identify them after you gather your information , but I prefer to keep linkedin as one of them because its a strong highly essential platform for any type of business. Then you also should have a website with a hosted shopping cart like shopify or bigcommerce .
Or you can create your own shopping cart especially if you want to sell your own digital products . And ofcourse don’t forget to establish a payment gateway.
Another method is to create a profile on magazines and forums and social media groups where your potentials exist, this is so important because there you can get engaged with them know more about them and let them know about you also and what you provide .
6- Always Pamper your customers , even when they are one time customers. And there are various ways to do that by surprising them on their occasions with no sales offer just a gift this will have a huge impact on them. By giving constantly tips and advices about their areas of interest related to what you deliver. By providing a refund if they are not satisfied….Means are endless when you want to retain customers…. Again just be creative and limitless.
7- I advise you to consult an attorney who is knowledgeable about the laws regarding online business and prepare all the legal documents that is needed to protect the rights of all parts engaged in any transaction like you as a business owner or if there is a dealer and the customer or any other party that might be engaged in the process. If you can’t financially afford an attorney especially at the early stages or your attorney is in a vacation, then you can use one of these resources : Legal Match , Business in a Box, Find Law ….Also its important to have an extensive idea about legal stuff you will probably need .
At the end of this article I encourage you to plan ahead your online business to deliver and achieve the best value .Please Keep in mind to continuously learn new knowledge and update yourself with the latest industry trends and other related industries to make the necessary adjustments and improvements or it might be a radical Business Turnaround ! who knows?!
I will always be pleased to receive your comments or inquiries at Dr.email@example.com or at Skype : Dr.Salam Amin .
Businesses are getting in many hardships because they are overlooking some of these actions, or not aware of their importance for their future existence and sometimes they do not conduct it on a continuous basis.
These extremely essential actions when applied will prevent your business from entering in a setback, distress or business crisis.Even in its worst scenario you will be prepared to overcome any tough situation better than your rivals and you might even get advantage of the situation .
Let’s start with these extremely important actions :
1-Run scenarios from different aspects ( nationally, globally , digitally,…) to assess how remotely or closely their degree of impact on your business .Ofcourse, you need to embrace legal, economical , technological and societal issues into your account .It is also essential to conduct it every once and while. The core idea here is to be prepared to expect the unexpected work for the worst not the worse.Be proactive.
2-Create a Piercing Department; the mission of this department is to look beyond common needs of current or potential customers, signify their experience , create new experience for them, make it urgent, I am not talking here about a research and development department, I am talking about being pierce , innovative , inventive, seeking , exploring and experimenting results impact before leveraging them up to the market.
3-Be aware of masky numbers like GDP , sales growth rate , profit margins …
4-Stop defending your business in the face of adversity but be matchless; for example when your peers think of raising cash by selling some roots, plants, subsidiaries instead you can conduct reciprocal agreements and collaborations with key market players, suppliers …Another example instead of making discounts you can make limited time offering , instead of firing people rearrange your working hours. If you are in the aviation industry instead of cancelling some destinations operate from second cities, second airports or you can minimize your turnaround.
5- Make your incentives handsome, they proved to have magical results.
6-Before entering any segment of any kind or size think and prepare yourself how you will control it.
I urge each business of any kind or size to implement these actions consistently and constantly.
If you as a Business Owner , Director or senior looking to overcome any future setback or if you are already in one of them and want to overcome it and restore your market position please Contact me; I am Dr.Salam Amin. Let’s have a live chat .
If your Business is Profitable but still it is getting sick, then this is called the case of a profit trap that usually businesses get into unconsciously.
In this blog I will be talking about four profit traps that could lead businesses to bankruptcy.
Profit trap no. 1 : Your business is profitable but still it is not generating enough cash to grow, to invent, to innovate, to improve, for shareholders distribution, or for capital purchases…And the reasons for that vary; it might be dampened sales rate, frustrated demand , fluctuations in the commodity pricing and availability, a rival poaching your customers or a technological shift that your business is not aware of. In this case of a profit trap I advise you to consider these solutions after investigating the reasons behind your current business situation:
Broaden or shift your resources .
Conduct smart agreements with suppliers.
Creatively entice customers needs and usage.
Go for clustering…
Look for multiple niches…
Partner intelligently with key players.
Profit trap no. 2: Detrimental Profits.
And that is when your profits enchants in too many roots that are profitable and expensive but perishable and your resources are bounded and your paramount is to get the highest return out of them. So, in this case you are supposed to specify your first and foremost streams in order to obtain and recoup the highest return out of your available and confined resources.
Profit trap no. 3: Diluted Profits.
It is when your business is generating great profits but they are diluted due to over expanding .Sure, we business owners like to expand but dear you should first invest in strengthening your business and then expand wisely.
Profit trap no. 4 : Cash is not collected.
In this case of a profit trap your business is profitable and it is generating enough cash but the cash isn’t collected. If you are conducting transactions and giving credits state duration and rate limits. And I prefer if you use the cash paying privileges technique.
Please be aware of these traps they could end your business in an unexpected way or it could be sold to a competitor, remember your business is profitable.
Remember you can always consult me at any time about your business .You are more than welcome . Let me share you your Success story.
Whatsapp me 00962795116324
Skype Dr.Salam Amin.
Please after you read my blog leave a comment.I will be delighted to hear from you.
لماذا الحوكمة ليست هي الخيار الأمثل لاستمرار بقاء الشركات العائلية في الخليج ؟ وما هي الحلول؟
كلنا نعرف مدى أهمية وتأثير الشركات العائلية في الخليج على الاقتصاد الوطني وبالتالي أهمية بقاء واستمرار هذه الشركات أمر وموضوع يجب معالجته بشكل جذري حتى لا تتعرض اقتصاديات دول الخليج لخسائر ومشاكل يمكن تجنبها
ولكن المشكلة تكمن في أنه مازالت الجهود المبذولة والحلول المطروحة حتى الآن لا تضمن لهذه الشركات الاستمرار أو اذا استمرت فلن يكون لوقت طويل.
وحتى لا أطيل عليكم سأذكر لكم سريعا وباختصار الحلول التي تم طرحها حتى الآن
قد تنجح هذه الحلول لبعض الوقت فأنا لن الغي فاعليتها ومدى نجاحها ولكني أسميه بالنجاح المؤقت الذي قد يضع الشركة العائلية في غيابة الجب مع أول ريح عاتية
حتى بوجود المؤسس الاصلي للشركة وبسبب الاطماع وأحقية الخلافة وحب الهيمنة والنفوذ تبدأ النزاعات واللجوء للقضاء وأحيانا التزويروغيرها من الامور التي قد تهدد أو تنهي وجود الشركة العائلية في فترة زمنية قصيرة وبالتالي تتسبب في كارثة اقتصادية
لذلك مقالتي هذه تضع حلا من أصل 3 حلول جوهرية قد توصلت اليها من أجل استمرارية الشركات العائلية سواء في حالة وجود المؤسس أو في حالة نزاعات الورثة . فالغرض والهدف هو حفظ حقوق ومصالح الجميع دون الاضرار بجهة على حساب الأخرى
والحل الذي سأذكره في هذه المقالة يهتم بموضوع الوقت؛ أي أن لا تتكبد الشركة العائلية ولا الدولة باقتصادها ومجتمعها خسائر هائلة بسبب فترة الخلافات العائلية سواء بوجود المؤسس أو غير ذلك
الجزء الأول : هو دور الدولة و في وجود مستمر لها ودائم ليس فقط في مجلس الادارة بل في الادارات التنفيذية للشركة وبشكل يتم ترتيبه بما يتناسب مع الجهتين وهذا التمثيل يجب أن يتكون من ممثل قانوني الذي يجب أن يكون ملما ليس فقط في قوانين الاعمال المحلية بل والدولية لحفظ مصالح وحقو ق الشركة وخبير أعمال في مجال قطاع أعمال الشركة والاعمال الدولية.
هنالك فائدتين ومهمتين للدور الدولة هنا وهما : الحرص على المشاركة في تسيير أعمال الشركة العائلية بأحسن صورة تدعم فيها الدولة الشركة العائلية في نموها وتطورها وحماية مصالحها وبالتالي اقتصاد الدولة، أما الفائدة الثانية وهي دور رقابي في نفس الوقت يحمي أيضا مصالح الشركة والدولة في أثناء النزاعات.
فكما نعرف عند حصول النزاعات تبدأ الخسائر والديون بالظهور والازدياد .فتأتي الدولة لتسير الاعمال بما يحفظ مصالح جميع الاطراف حتى تستقر الأمور
الجزء الثاني من الحل : هو نظام خاص ومتطور واستراتيجي يتم تصميمه حسب ظروف كل شركة عائلية، ولكن هذا النظام في كل الشركات يجب أن يتمتع بالخصائص والمهام الاستراتيجية الآتية
ويحتاج تطبيق هذا النظام الى شرح مفصل ودقيق حتى يتم تطبيقه بشكل يضمن نتائج ناجحة وفاعلة جدا على المدى القصير والبعيد جدا
وهذا النظام يضمن حل مشاكل الشركة الحالية و المستقبلية من ( الحفاظ على الهوية التاريخية للشركة ، مشاكل الورثة والارث ، الائتمان ، الادارة والملكية ، تعاقب الاجيال ،ادارتها عالميا ، الركود الاقتصادي ، التدفق النقدي ، المنافسة …).
وأخيرا أذكركم أعزائي أن هذا الحل هو أحد ثلاثة حلول توصلت اليها بعد عملي كمستشارة لعدد من الشركات العائلية وحضوري لعدد من الاجتماعات الخاصة بتلك الشركات ودراساتي المعمقة والتفصيلية للشركات العائلية ومشاكلها في مختلف دول العالم وخاصة الخليج ، لذلك أعزائي لا تترددوا في التواصل معي من أجل استمرارية شركاتكم العائلية وتعب وجهود سنوات العمر
The Most Important Positive and Negative Impacts of Brexit on European Market, GCC & MENA region.
A lot of debate, speculations and assumptions are still going on آ regarding the huge event of Brexit because of آ the uncertainty that covers its possible positive and negative implications on the آ global economy either directly or indirectly.
In this blog I will put آ to you the most important positive and negative impacts of Brexit on European the Market, GCC, Japan ,China & Mena region. I will also put some quick tips for businesses to help them move forward.
Some countries will enjoy the positive effects of آ Brexit while others will fear the threatening challenges that might emerge and tackle their interests as a result of آ Brexit. Well, at least this is what many think of.
Hopefully, I saved you some time putting some major آ beneficial links for you to recap the potential effects of Brexit on different regions. But I also would like to mention some quick tips for every business owner and every person responsible for running a business of any kind and sector, and these are:
Broaden your thoughts and strategies and think out side the box to get advantage from Brexit impact and to turn negative effects to positive effects.
Re-build and restructure your business platforms and profits approaches…
Conduct new -creative types of arrangements, agreements ,cooperations and partnerships to gain new type of privileges that would offset any losses or disadvantages resulting from Brexit.
Expand into new lines of Business…Its a great Opportunity.
Laser -Focus and think of the unexpected implications of Brexit and start preparing …
Shift and Diversify your Business Focus.
Business success and sustainability needs smart آ work and actions despite circumstances and national or global events…So let me آ share and boost your آ business success, and please don’t hesitate to contact me Dr.Salam Amin .
The Reason I am writing this blog is because I am always asked this question by Investors : What is the best Sector to invest in?
In this blog I WILL answer the above question, but first I would like to notify every investor about some strategic Considerations to be attentive to …
I need from every investor to ask himself/herself the following questions before choosing the best sector to invest in. Thus, these questions will clarify and help you as an investor to take the right and best decision for maximizing your returns.
And these questions are :
♦Ask yourself : what type of investor am I? Am I a patient long term Investor or not ??? Am I a Risk taker Investor ??
♦Is it my first time to invest in something or in any type of sector ,,or is it a new sector for me to invest in ?am I confident and aware of the investments that I’ll go for, did I gather all the information I need and that supports my investment success.
Ofcourse, I encourage going beyond the known and expected to new type of investments and be brave enough to do so , because if you don’t you might risk what you have and in other cases you will lose opportunities, especially in our global markets.
♦Why I want to invest in the first place ; my objective; is it just profits or are you also looking forward to make something positive for society and humanity?
ً♦Who will be in charge for my investments ? is it me mainly? Do I have the qualified team to professionally handle my investments before starting , within or in process and after the investments and projects are activated…
♦Am I prepared with all the plans ( futuristic, tactical, operational, contingency ) strategies, tactics , procedures,proactive and reactive actions and teams to ensure efficient continuity of my investment.
♦How will I withstand and distinguish my investments from others.
♦Are you Realistic with your numbers and expectations ???Don’t be Over -optimistic nor Over pessimistic.
♦Am I going through a certain investment on my own or do I have partners? And How essential those partners to my investment?
♦What are my capabilities for investing like ( resources; intellectual capital ,financial and non-financial capital )?
In addition to the above questions I want every investor to keep in mind 2 important points:
♠The first one is : Even if your feasiblity study sounds positive and encouraging DO NOT OVERLOOK things; don’t rely on this positivity but expect the unexpected and prepare for it.
♠Secondly: no matter how bad or good the economic situation is, you can and you should turnaround the event or situation for your own good. Take the good and advantage from every situation. Remember you can do it if you want .
The main idea here is to be comprhensive in every detail and always be updated with The News and events that might by any way affect your investments and at the same time how you can get the best out of them.
Lets come to the main purpose of this blog ; The Best 7 sectors to invest in :
♥Health Care …this sector rather than being so profitable in almost every country and at different time frames all over the globe it adds value to the society and the investor himself.
♥Education Sector; its like the above sector in adding value , socially responsible one , and so profitable ; its profits and revenues are quickly attained .
♥Hospitality; a sector that if investments were made in it associated with excellent choice of country, type of hospitality investment ,well managed and developed….. will generate a huge amount of cash flow and great profits.
♥Creative Technology Sector…..Contact me Dr.Salam Amin.
These are extremely profitable sectors if undertaken by Professional people Advise and Management, especially in our highly competitive and changing world with lots of surprising events. But don’t worry SOSYourBusiness is your Success Agent.
I Dr.Salam Amin Save a Four Stars Hotel in Turkey from Sale
I had just recently met with the owner of a popular, Four Stars tourist retreat who was, despite all efforts, facing dire losses. Steep competition and the ever growing amount of competition had taken away revenue streams from his business. After talking with him, I told him according to my perspective as a Business Turnaround Specialist that the true cause of the business distress wasn’t only market competition. I advised him on what strategies were necessary for the hotel to be restructured and presented a plan to overcome the prevailing financial hardship.
After a highly meticulous and comprehensive assessment , I identified various reasons behind the hotel’s financial distress. In particular, -Poor Customer Service- was most evident as a major contributor to the failing corporate performance. This is a costly mistake that destroys business momentum , even without the presence of any sort of market competition. Other significant low performance factors were in the areas of – limited food variety – lack of quality assurance – inefficient and delayed Check-In -Out processes, which made a negative impact on the customers and clients first impressions.
The fact that there was only one restaurant in the hotel, resulted in slow room service at all times. There were few entertainment events. There were no hospitality practices to ensure customer satisfaction. The interior decor needed to be changed in order to give the atmosphere a sense of vitality.
As a result of the above assessment, I formulated a series of strategic actions.
Action 1. The first step, was to stabalize the hotel’s finances. Made cost cutting changes by restructuring the credit portfolio and eliminating costs for non essential expenditures
Action 2. Rebranding the Hotel starting with the modernization and decorative appeal of external visual appearances
Action 3. Improved and implemented standardized quality assurance applications and methodologies from the kitchen, i.e food and beverage, to dedicated trainings in customer service and hospitality engagement
The set of radical changes and moves I conducted were many. Here are some actions and strategies that were performed.
● An in depth intensified training course for all staff members dealing with varying areas of specializations, in order to boost customer service and pamper the guests from the minute they make a reservation until they leave . This enhanced customer focus service created the sense of loyalty needed to maintain a revolving customer base.
● Rescheduling hotel’s debt obligations with a revamping and turning around hotel’s operating strategies, policies , management, and system.
● Contacted previous unhappy guests and invited them back to experience the hotel again by offering highly rewarding gifts of up to 3 nights free. The mission helped to convert strained allegiance to loyal return customers. Our goal was to gain happy and regular customers with newer, more positive reviews.
● A major transformation was needed in catering, in both the food quality and its variety. The hotel offered especially healthy food choices for diabetics and guests with other ailments.
● A fundamental upgrade in the online presence was needed, The Hotel website was redesigned and a better user experience created more demand. The digital online marketing presence was revamped. With the improved booking access potential clients were able to access a more efficient process to make their hotel searches and decision to select this destination.
As a result hotel vacancy slots diminished, new occupancy bookings maintained a steady rate even during low seasons, yhe new online site strengthened the hotel’s profile with travel site portals like Tripadvisor, Hotels.com, Expedia.com, Booking.com, Travelocity.com and Hotereservations.com.. The hotel’s website and social media interactions were boosted with increased site traffic and search engine optimization.
● Data analytics determined that clients segmentation and demographics were under represented. We designed and offered Incentives with new customized packages for business people; for conference and meeting activities summits, and various business meetings , special offers for couples, such as memory events for anniversaries, social events , receptions of different kinds ,
● A massive architectural alteration. Exterior andinterior design upgrades were done to modernize and enhance the spacial aesthetics of the building
These business restructure and reorganization modifications along with advanced initiatives promoted an efficient turnaround from debt to surplus. The four stars hotel underwent a radical spin from recession status to being able to repay all debts within a structured financial workout agreement.
The hotel achieved an all time high usage occupancy. Guest ratings went from low to highly satisfied for most seasons, and more internet traffic brought more clients, which increased the bottom line
Hotels are a place of short stay for guests, which means a short time to impress on them a remarkable and memorable experience. When people think of hotel stays, they should be reminded of the positive experiences that were offered to them during their stay.
Turning a bad business into a great one, is hard. It takes a lot of time and can be expensive. But the long term benefits by far outweigh any possible challenges ahead. In the long haul, it’s just worth it. It is also critical to have the knowledge, expertise and professional talents that will guide your business to a successful turnaround and recovery
So my advice to any business owner, would be instead of throwing up your arms in despair, instead refocus your efforts. With a proper business plan, market research and planning, success isn’t just a pipe dream. Although it won’t be an easy mission, remedy, repair and restructure are worth it!
I was lucky enough to be at the forefront of this Business Turnaround.
Therefore, don’t hesitate to contact SOSYOURBUSINESS, SO I Dr. Salam Amin COULD lead you out of business distress or help you boost, develop and strengthen your market position.
***Note : Due to Proprietary Confidentiality Agreements names of the Business and their affiliate entities are withheld