How Can Governments Guarantee a Successful Turnaround to Any of Their Sectors ?

Turnarounds are of GREAT importance for everyone not just for governments, but Why ?!

Let’s start by understanding what does a turnaround mean? A Turnaround is simply to turnaround from a position to another one or from a certain status to another that is supposed to be better if implemented proficiently .

A turnaround can be applied on a personal basis, community basis, or micro or macro basis…

Why implement it ?In our case since we are talking about sectors in any country, A Turnaround is implemented in order to change un-desired situation to a desired one , to move forward with the economy and nation to a better position .

What might happen if a turnaround wasn’t conducted ? Things will get worse, because not implementing a turnaround means that you prefer stability and stability leads to negative implications because everything around is changing and moving and in a fast pace, so being stable and not making necessary turnaround moves will put you in an unhappy situation that will get worse by time.

There is a false understanding that a turnaround is simply implemented by cutting costs or taxes , laying off employees, embracing technology or automating processes , maybe doing some merging in departments and so on…Which might give you a temporary relief but definitely things will end up worse than before, because this is not a healthy and a successful turnaround, those I call them just a calming moves to buy you sometime.

In this article I will provide you with 10 Actions to implement in order to guarantee a successful Turnaround for any of your government sectors, Let’s take the Tourism Sector as an example :

1- Encompass every aspect , stream, product, service and line that has to do with direct connection and strong impact with the tourism sector and should be put under the umbrella of Tourism Sector. The tourism sector encompasses ; Accommodation Providers like ( hotels, resorts, motels, hostels, vacation rentals and time shares,Boutique hotels, serviced apartments…) Alternative Accommodation Providers like Airbnb , Restaurants , Tourism Locations , Traveling , inbound and outbound tourism, also one of the important things that maybe overlooked or is held accountable by other sector although it should be under the responsibilities of the tourism industry is the aesthetic view of the country and cleaness of the country,the availability of certain products especially those local unique or handmade products production and uniqueness of local products, licences, tour operators, ….So, its not only about properties and physical locations but also about responsibilities, services and enhancements ….

2- Onsite and Offsite; there should be offsite and on site locations to easy access them for the case of performing and any transactions or connections with the governmental sector. And I mean by that if I want to take a certain license for a new property related to the tourism sector I will only have have to go to one building and complete all the transaction from there and the same thing regarding the online existence, if I am a foreigner or a even a citizen abroad and I want to conduct a transaction or make an investment or make a tourist visit , I will find all of this under one online highly easy to use platform….Of course, this might include more than that to enhance the effectiveness and aim of the process.Just be Smart and Creative!

3- Do field work to look beyond things and try to have a comprehensive updated idea on what needs to be done and how things can be utilized to its ultimate use.

4- Open a communication channel on different dimensions from the governmental side, community , people of interest, locals, employees to inform, answer inquires, and to assure the effectiveness and efficiency of the process.

5- The Turnaround process should include governmental people, from the private sector, employees from different organizations related to the turnaround sector,people from different part of the community , people whom are living in the tourists areas, people of influence in the society, and a Turnaround professional to guide and direct the whole implementation of the Turnaround process.This will help in many ways especially in easing the execution process and removing any blocks.

6- Teach and Explain to employees and people about how change will impact them positively , correct false understandings for them, teach them how services and products can be used and utilized, how the change is for them and the country not against them.

7- Conduct a continuous review and update for the process by people whom will be assigned for that mission.

8- Dedicate people for resolving any ambiguities or issues that come up through the way.

9-Make corrections instantly and figure out solutions and alternatives.

10- The LAST but NOT the least and one of the most important actions to take care of is to CREATE A BALANCE between sector streams sides and aspects ; don’t prefer or provide more and better privileges for example to the private corporates better than those for the governmental organizations….

Finally, the turnaround process is absolutely critical to conduct to move forward towards thriving the governmental economic sectors for any nation if executed proficiently. And to ensure that please contact me Now via Skype at : Dr.Salam Amin or via Email : Dr.salamamin@yahoo.com .

6 Un-Common Successful Actions to Get out of Your Business Crisis .

Many businesses fail not because they are in a deep business crisis ,but because they mistakenly react to a business crisis and they lack the right knowledge to properly take the right action at the right time and by the right person .

In this article I will put 6 actions that will help any business in any field to react successfully to a business crisis and improve its capability of recovering.

The 6 Successful Practical Actions are :

1- If you are a large business or company or even a small one as a CEO or a business owner quickly speak to the public or contact your customers directly or via your most frequent platform that your customers are used to hear from you through it.

Communicate to them a message that embraces the following ideas that you will figure out what happened quickly and investigate it, you will compensate them in away or another, or explain if you know the reasons what happened and why it happened and that you will solve things in a timely manner …….The idea here is that to appear to the public at the very beginning so prove your caring about your customers and stop speculations and fake news and other issues by explaining what happened even if you did something wrong confess it and apologize for that and try to compensate if possible because that will increase your authenticity and credibility.

2-Dedicate people to answer and communicate with customers and help them according to the type of crisis if needed through all possible platforms .This will have a great positive impact of minimizing the stress and will enhance your business reputation .

3-Shift your business model towards adding real value to your customers and not from the perspective that I want to beat other market competitors. And you can do this shift with redirecting and utilizing your current resources and capabilities. To help you implement a correct efficient shift ask your management team these questions :

-How can we provide real value with our current resources or capabilities ?

-What customers can we serve that are not served from other competitors yet with our current resources or capabilities ?

– How much time do we need to start on serving our current and new customers and thus generating revenues and profits ?

Don’t do the type of shift like blackberry did but be value focused ,you will be amazed with results that you can get in a timely manner when you do this by leveraging your current resources, you might even not need to ask for funding or loans and this is what you should always do. A successful example of what I am talking about is Marvel Comics company or IBM.

4- Quickly turn your eyes towards your strongest foundation and power which is your people ask them for solutions and suggestions, you will get shocked! Sometimes they know the business better than you do and they can really provide you with applicable solutions to get out of your crisis status.They might provide you with quick cash flow solutions.

5-Conduct quickly smart strategic partnerships or agreements exchanging and leveraging each others resources and sharing profits;it could be mission or project based partnerships or alliances, they can be temporarily.

6- Instead of going after aggressive marketing that most of the times fail, you can do one or both of these options according to your business type and size : The first option is to market through influencers targeting your customers and this is easy nowadays especially with the existence of social media platforms. The second option : is to contact some of your target customers and let them try your products and services and then record their views to publicize via press or social media platforms.

Finally, instead of thinking of taking loans , selling your business ,aggressive marketing or unwise re-modelling , or laying- off people, or shutting down your stores think of implementing these 6 actions .

Every business can be saved no matter how tough the situation might look like .As much as there could be obstacles and difficulties, there are enhancements and efficient ways to solve problems especially in our current era.

If your business is suffering and are in the middle of a crisis or close to shutdown your doors Contact me as soon as Possible via email Dr.Salamamin@yahoo.com or Skype: Dr.Salam Amin .

8 Extremely Important Actions to Prevent Business Crisis .

8 Extremely Important Actions to Prevent Business Crisis .

This article is a short powerful and successful prescription for every business to implement in order to prevent a business crisis from happening and getting their business to shutdown it’s doors.

In this article I will provide you with 8 actions that each business must undertake regardless of their size or industry and or the time they have been in business, if it’s been since a decade or just a new born business. The reason for that is that in the last few years we have been seeing many huge businesses collapse like Woolworth, Compaq, Kodak, Eastern Airlines, Blackberry , Nokia , Avon…. or on that road of failure.Also to prevent new born businesses from going into deep business crisis.

The 8 Extremely important Actions to Prevent a Business Crisis are :-

1- Creating and Forming a Piercing Department ; a piercing department is a department who is responsible of searching beyond the scenes, of searching the un-searched, of being the first to notice trends and their instant future and degree of potential impact on your business very early, expect the unexpected, always attentive and monitoring your business marketplace for any updates or movements or even possible ones and monitoring your business industry changes and other related industries , also speculating events & trends and how they can escalate or not.Then you have to conduct changes to your business accordingly.

Sometimes you have to make radical changes like cutting lines of business or minimizing them and moving to new ones or you have to quickly embrace a new technology or expand your range of services and enhance them , you might consider serving new types of customers , or conduct smart strategic alliances, any of these actions are undertaken before any possible event or a trend comes to hit the business ……

This department should consist of highly knowledgeable insightful people who have unique insights and vision and extremely high analytical skills.They could be from all parts of your company and also experts in their fields , you can also outsource trusted and proficient people to be part of this department …..These people should create scenarios locally globally and keeping a close eye on other industries or events that might impact your business in away or another . Like Brexit . Keep in mind that it might not directly impact your business but to directly impact a competitor and then it could raise a great opportunity for your business.This department is your business IMMUNITY SYSTEM.

2- Under the supervision of the piercing department form the crisis team who should always be directed and updated from their supervisors in the piercing department, whom will arm the crisis team with all the knowledge and information needed .The crisis team should have strong communication skills and are great influenceres with strong impact messages to convey to the public , also they should be highly knowledgeable of all the platforms online and offline and when to use each of them.They should be experts in managing viral content and dealing with it. Also the crisis team should include legal people and people from the organization itself whom have been known for their credibility and authenticity and also who are responsible of executing and running all the processes in case of the crisis mode or hardship one.

3- Always prepare more than one source for running your operations , if you can’t financially or its not available then figure out a turnaround there will always be a way to keep on running your operations, prepare it , make sure it works and its efficient.

4- On a continuous basis attract investors to invest with you in different ways that would really drive them to put their money like by offering them a good amount of dividend especially if you are at the early stages, or buy holding some investments for not along time in exchange for dividend and part of the investments to be returned back ….Options are wide here , just work on them….

5- Put everything in place; and things are in place when they can provide value.So make sure that you have the right people in place , the right systems, platforms ,tools, locations,time frame….And make a continuous review on that , so you can execute needed changes.

6- Always be prepared with all the legal documentation and be aware of the implications regarding every aspect of your business, and continuously review it to make necessary updates and changes .

7- Build more than satisfied customers and employees base but also happy ones , they are your loyal people who will back you up in hard times.

8- Build your Portfolio of Niches.

Finally, I urge every business owner to review their strategies and actions if they are not implementing the above actions or one of them please make sure to quickly apply them . They are the vaccine for your business; that if not prevent a catastrophe or a business crisis then will mitigate the risks to the least possible.

Not strengthening your business immunity system not will only cost you money and reputation but it might also cost you to lose the life of your business . So, don’t wait tweak and modify the above actions to match your business circumstances.

If you are looking to increase your business immunity system and prevent it from future possible setbacks then contact me please via Dr.salamamin@yahoo.com or via skype : Dr.Salam Amin .

Un-Common Causes of Business Crisis

I am sure that you all read and know about many of business crisis causes, but in this articleI will be highlighting the uncommon causes of a business crisis that any business could get into unconsciously.

But first let’s understand the fact that being in a crisis mode or having the capability to prevent it share the same root cause; that your company solid position or crisis is because from the company itself, from your business itself, from your management and teams efforts.

Now let me drive you through some critical reasons that cause businesses to fail in a very short period of time after being a giant for decades and these reasons even block the ability and possibility of helping and saving them.

1- Applying common successful strategies; this is the case when a CEO applies successful strategies that generated great amount of profits in certain types of industries or businesses and then come to apply it to different types of companies , corporates , or businesses then they put these businesses into a serious trouble.. And this is exactly what happened to JcPenny when Ron Johnson it’s CEO who has been successful in the electronics industry but failed to run the retail Stores of Jcpenny and the same issue happened with Carnival the giant cruise line company and it’s CEO Micky Arison. What each successful manager and business leader should is to understand that what works in one company may not and probably won’t work for another , so its definitely will not work for a business from radically different industry.

2- Over-Optimism : when you as a senior , manager, business owner , entrepreneur get to be over optimistic about your business you will then get to overlook things, trends, new entrants, problems, fraud, customer needs , market conditions….So you shouldn’t be over optimistic nor over pessimistic rather you should try to look at things from whats the best for your customers, community, shareholders, employees and act upon that …..

3- Ego ; seniors or business owners with high ego will definitely lead there businesses into a crisis situation because they only believe in their own way of doing business , in applying the strategies that they believe in, they are so close minded to any other strategies, solutions, insights, and most importantly they are not customer oriented , and they do not listen to any suggestions by their work force.These people are not objective nor mindful about market , industry and customer changes.They will rapidly deteriorate their businesses. I believe they should be replaced with knowledgeable open-minded people who continuously learn and develop themselves and their employees.

4-Slow pace : its when the pace of your organization development doesn’t match customer changing needs and industry trends. Here the company lacks a department that should on a continuous basis monitor market and industry trends and most importantly the quality of life and changing customers needs. Like the case of Barnes and Noble the largest retail book seller in America.

5- Masky Numbers; like high profits but not collected, high GDP or even depending on numbers just to take decisions for expanding or acquisitions without investigating what these numbers hide and other issues like do we have the necessary solid capabilities to expand, are there reputation problems, major operational dilemma, is it the right timing . Also don’t forget about high currency rate , its not the high but the variation and degree of that variation in the currency where you tend to expand or set up a new business.

6- Copying, when you imitate competitors you will lower your prices and definitely quality so you will end up with low customer satisfaction and vanishing your customers base. Be creative , not necessarily a breakthrough , but you can be niche focused.

7- Bad messaging; its like when you use sexual messages or statements to attract teenagers .Like the case of American Apparel. So be aware of the content and attitude when you deliver a message to your current or potential customers.

8- Aggressive expansion and very Fast ; it will drain your efforts, money ,resources, time and focus and you will jeopardize your business continuity and enter into a deep distress. A good example of this case is Sun Edison.

9- High Expenses and large market share with NO sufficient revenues to cover those expenses and this is the case of Amazon and Uber, which could in the very near future get them into a great business setback.

10- Stable Sales & Profits ; they get some business enjoy the feeling that everything is going awesome and there is no need to do more or we can wait for sometime before we can think of making a new development or any forward movement.Don’t settle and keep moving towards the best , the best is an abundant stream that never ends or limited to location nor time.

10- An extremely important factor that caused and continue to cause businesses from different sectors and in different sizes to close their doors is not taking care of their people; not building a relationship with them based on trust, respect and positivity .

11- Being Reactive instead of being proactive.

12- Lack of human psychology which will lead to negative communication and actions ….

13-No qualified people in place nor there are smart or strategic alliances.

14- Limitations; limiting your business to specific resources from suppliers, people, location, sources….

15-Going after customization instead of pursuing niches.

16- No balance ….it happens when you misuse some resources while over using others and pausing others…

17- Moving backward with your business; and this happens when you operate and create services and products from your perspective not the customers’ perspective.

18- Competition; because it will diminish value and you will concentrate on how to beat your competitors by providing products and and services that better in price and better than your competitors but that’s only from your own point of view !!! Well, your first priority should be is to provide value from customers’ point of view and not yours even if you think that what you do is better ….

Finally, if you are pursuing business continuity and sustainability go through these causes again and again to make sure that you are not already getting into them and even if you are then act upon that as quick as possible so you can mitigate potential risks.

If you are unsure about the causes behind your business dilemma or distress and you don’t know what you should do to specify the causes then quickly contact me , the earlier the better. I will make your business recover in a faster manner than it is supposed to take.

Contact me Dr.Salam Amin via Dr.salamamin@yahoo.com or via skype : Dr.Salam Amin.

 

Top 17 Actions that End Any Business…

Top 17 Actions that End Any Business…

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 .

7- Greed.

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.salamamin@yahoo.com or Skype : Dr.Salam Amin .

How to Profit in a Highly Competitive Market ?

How to Profit in a Highly Competitive Market ?

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.salamamin@yahoo.com or via Skype : Dr.Salam Amin       .

 

 

How to Get New Clients For Your Business ?

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How to Get New Clients For Your Business ?

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.

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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 Business ?

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           Successful Online Business 

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.salamamin@yahoo.com or at Skype : Dr.Salam Amin .

6 Essential Actions to Prevent Business Crisis.

6 Essential Actions to Prevent Business Crisis.

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 .

 

Dr.salamamin@yahoo.com

Whatsapp 00962795116324

Skype : Dr.Salam Amin

How Could Profits lead to Bankruptcy?

How Could Profits lead to Bankruptcy?

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.

Drsalamamin@yahoo.com

Whatsapp me  00962795116324

Skype Dr.Salam Amin.

Please after you read my blog leave a comment.I will be delighted to hear from you.