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 .

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 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.

 

How to Increase Hotel Occupancy Rate During All Seasons ?

How to Increase Hotel Occupancy Rate During All Seasons ?

   

High season, low season, shoulder season, weak season , or we had a bad season…. I wonder tell when we will keep on operating and pricing according to seasons , and thus occupancy is defined accordingly ?

Why don’t we as hoteliers create  our seasons ?Why don’t we make all seasons a high season?or in other words why don’t we create one time profitable season ? especially that seasons model isn’t always profitable, isn’t it?!

 

The objective of this blog is to delete types of seasons and create only one season that is a profitable season at all time frames.The goal of this new business model for hotels and accommodations is to profitably operate all the time and to create a solid position that withstand  in a dynamic international market. So in this blog  I will write some tips and moves to achieve this model. More information will be in my coming webinar that will provide you  with a Profitable Comprehensive Business Model for Hotels .

Lets start with some moves and tips like:-  

  • ♦ Diversify types of accommodations at your hotel ;

It shouldn’t only be few days or you shouldn’t have another type of hotel for an extended stay.And I know that many hotels try to apply that but still not in the right method with the right services ,privileges and prices. Instead at the same hotel provide diversified types of  accommodations for; microstays-extended stay- short stay- medical stay-fun and educational stay. Investigate  the reasons behind your customers stay and excel there. So it will help you in crafting not only special offers but in designing and providing exceptional service. Also to dedicate rooms for them with great strategic competitive offers.

♦ Diversify your NICHE audience and destinations locally and globally.

As a hotelier you should work on this strategy all the year and by targeting your diversified niches all together . Like work on targeting older people with people who quit smoking and couples celebrating their anniversaries …. Ofcourse, with designing very much smart and competitive offers and packages that are transparent with no hidden expenses.In this area you can be very creative to attract different types of customers from different destinations.

Below I will put for you some ideas that will help your hotel broaden its niche streams, it will also showcase some caring and social responsibility  and at the same time increase the hotel exposure.

  • Followers on our social media.
  • The most follower who makes likes.
  • People with disabilities.
  • It could be women lawyers or week of lawyers from all over the world.
  • Influencers in your targeted societies.
  • Students excelling in their grades at schools for local people.
  • Hotel and Travel Bloggers.
  • Chocolate lover…
  • Family nights …
  • Golf players… 
  • Chess players…

 

No need to remind you that when crafting the offers, prepare new  activities and communicate this in the offer, in your ads and on the hotel’s website.

Partner with financing companies;     banks locally and internationally and even digitally so you will delete the need of disposable income in order to travel .This will help you in the  offerings you make so guests can pay the bank in one year or less as an example…And the same with airlines .  

The choice of partnership or agreements depends on your plan and strategy of targeting. MAKE it end-to- end,  simple effortless hospitality experience.

♦ Partner with beauty ,tech, men clothing, entertainment companies to prepare your gifts for the guests. How awesome it will be for a  potential woman guest that she will get a package from lancome. Or for millenials samsung latest phone when they stay at your  hotel and make the booking from your website.    

  • ♦ Use all means of communications  ( calling , social media groups and ads , Hotel website , ….). 
  • ♦ Sending messages directly on people whatsapp through agreements with telecommunications companies in the targeted countries.
  • ♦Create whatsapp or viber broadcast lists  for potential and repeated  customers then broadcast them with your offers according to interests, behaviors and demographics.

Use what I mentioned in my previous blog about creating ads and optimizing on the strength of direct booking.

Always and at all time frames make live chat available and easy (simple and quick to reach) through whatsapp number , Hotels website , app…

♦ Send people through broadcast lists messages from different types like;

  • Make Videos on rooms that are in your offerings to them.
  • Create Pictures, more and more short videos on amenities and other facilities or trips that you will provide in packages.But please stop delivering old idea messages like a pool with playing kids or someone swimming there or for bringing a reputable chef   it’s really boring and you are making no discretionary .You need to create posts, images , videos that magnet people .That would urge them to come to your hotel for at least one night.
  • Send unique messages to your broadcast lists and place it on your site such as “ send us your needs, interests ,your capabilities of money and time and we will craft an offer for you”…This message has a special touch on increasing number of customers and repeating them . Ofcourse, this message can be written in other words that are more attracting to reach different types of prospects…And there are always more and more tactics, actions,moves,strategies to increase occupancy at all time frames…In my coming webinar I will be providing some secrets on achieving and maintaining Profitable season.The idea as I mentioned early in this blog is to create one profitable season at all time frames. Change the rule of the game …Create your own way..
    Let’s remove the state of declining demand or low season or even shoulder season. It’s only One season that is a Profitable season for all types of hotel and resorts .

    Inject a new type of management in your hotel and boost your Hotel  Performance Results  

    by contacting me Dr.Salam Amin on my whatsapp:  +962795116324    or via email : Dr.salamamin@yahoo.com  .