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.

 

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 to Increase your Hotel Digital Visibility?

How to Increase your Hotel Digital Visibility?

The more your hotel appears in search results the more you are likely e to increase your bookings. In this blog I will provide you with 6 Tips  that will enhance your hotel digital visibility and presence.

1-Data Providers.

Team up or partner with : Data providers or apps to provide you with flights that are early booked or cancelled or delayed or people who want to change their travel direction and people contact info.  to connect with them  . In order not just to boost your ads exposure but also connect with them directly, personalize your connection ,by calling them or contacting them via whatsapp…Partner with Google flights, momondo , ITA matrix, Hipmunk, flight search direct ,skyscanner, Airhelp, Destigogo , flymble live…And do not confine your hotel to be an airport hotel to do this type of action.

2- RankBrain by Google.

Optimize for Rankbrain by google through creating  unique content that are relevant to your target audience; it’s  good here to target women , solo travelers , older people….

3-Sharing.

Share your content  with websites like smartertravel.com , jetsetter.com, crooked-compass.com , travelblog.org, Taptag

4- ???

Don’t forget to use these apps in your ads campaign so you can target millenials everywhere. Use Line , shots , kik and Viber also to post your ads to public..

5- Team-Up with these apps.

If you team up with these apps you can enrich your ads campaign.

  • Room8app.com for finding your next room mate.
  • Hitlyst for twitter  to know more about people interests trends and verified accounts and influencers.
  • Babbler to get to know more about influencers.
  • Whatrunswhere.com to know everything about your competitors.
  • You can check OTAs  and competitors website closely like to know unsatisfied guests and connect with them directly on their whatsapp…again not just emails or …..

6- Locate your Hotel indirectly

And to Increase your hotel digital presence indirectly locate your hotel by locating its restaurant,ballroom ,spa , beauty salon,Meeting room… like; Zomato , localeats, and also yelp, spafinder.com , enterprise.com ….

 

Remember you can always consult me at any time about your hotel or business .You are more than welcome . Let me share you your success story.

Drsalamamin@yahoo.com

Whatsapp 00962795116324

Skype Dr.Salam Amin.

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

 

 

5 Amazing Tips For Hotels that will Radically Increase their Profits.

5 Amazing Tips For Hotels that will Radically Increase their Profits.

Hotels & Resorts

These Tips should be added on  each and every hotel or accommodation provider postings via their social media channels or can be placed on your hotel website or your Advertisements.These tips and messages should result in :

1- Better Market Position .

2- Gradually Minimize your rely on Online Travel Agencies.

3- Radically increase your hotel Profits .

The 5 tips are :

A- Unique Selling Points (USP).

Talk about your hotel or resort unique selling points that will distinguish your hotel from other competitors.In your posting communicate things most of people care about and of great interest to them; like

  • Serving organic food .

 

  • Specialized people dedicated to help people with disabilities or special needs.

 

  • A team or a accompany mate for solo-travelers who want  to enjoy trips with people who share relevant  interests or  a companion who can provide them with great experience.

 

  • Providing special tools and high tech ones  for older people that would enhance their stay and make it enjoyable.

Ofcourse, thoughts are endless but these are some to enrich your posting exposure. Please keep in mind that you as a hotelier should  progressively Add and change in your hotel USPs.

B- Your Loyalty Program.

Always and on a  continuous basis communicate your loyalty program benefits and privileges to win over other rivals loyalty programmes and their privileges .And here it’s good to mention that don’t just stick your outstanding privileges to discounts like 20% but broaden them …

C-  24/7   .

In our current era and strong competitors you should be available at any point of time to serve people. So state that in your posts; tell them that you have 24/7 service.You can answer their inquiries , help them in the booking process and  respond to their requests ….

D- Fast & Secure.

Everybody likes to see this message because we all care about time and secure payment.It will also stop shifting guests from going to an opponent or leaving your site.

E- Direct Booking.

It’s been so clear that people are heading to make their bookings via online travel agencies like Tripadvisor , Booking.com , Priceline , Tablet ,Trivago , Expedia, Orbitz…It’s because they lack the information that if they book directly through your hotel website they will get the same price with extra amenities and they will also become a member of your Hotel loyalty Program that has exclusive privileges or additional privileges….

Note: if you are as a hotelier not using the mentioned strategy or a different one I advise you to start applying it due to its powerful results.

These were just some tips out of  multiple and multiple tips and messages that should me added to hotels and accommodation providers postings to strengthen their market position and to profoundly increase their direct  profits.

Remember you can always consult me at any time about your hotel or business .You are more than welcome . Let me share you your success story.

Drsalamamin@yahoo.com

Whatsapp 00962795116324

Skype Dr.Salam Amin.

 

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

 

Best 7 sectors For Investing…

 Best 7  sectors  For Investing…

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 :

♥Inventions….¸for more Information Contact us.

♥Specific types of Raw Materials & Trading…

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.

♥Aviation Sector…..For Consultations.

♥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.

Please don’t Hesitate to Contact us

Dr.Salamamin@yahoo.com

www.sosyourbusiness.com