Business Archives

Anticipating Industry Change: The Earlier, the Better

Do you keep up with industry trends? What type of industry change do you anticipate in the near future? Do you have an action plan on how to reorient your organization accordingly? As technological, political, and economical landscapes change, so too do the industries that operate within them. Fundamental changes to an existing industry structure can upend existing competitive dynamics and create valuable opportunities for those who are tuned in and ready to exploit them. In this article, we’ll take a look at the common sources of industry change (rising resource costs, deregulation, and technological advances) and how to anticipate

Why Job Engagement Is Crucial to Performance

What does it mean to be engaged at work? In what ways do engaged employees do better? How can you increase your workplace engagement? According to Paul Marciano in his book Carrots and Sticks Don’t Work, employee job engagement is essential for your employees to produce their best work. However, studies show that most employees feel disengaged from their work. Here is why job engagement is so important and steps you can take to increase your employee engagement.

The 2 Major Benefits of Capitalism: More Than Money

The 2 Major Benefits of Capitalism to Building Wealth

What are the major benefits of capitalism for building wealth? Why is freedom an essential part of a capitalist system? The major benefits of capitalism are the freedom to own property and the freedom to choose your profession or business. Freedom makes a capitalist system work. It ensures talented people from different backgrounds can freely come together to drive societal progress. Read on to fully discover the benefits of capitalism.

To Bring out Leaders, Delegate Responsibility

As a leader, are you delegating responsibility to develop more leaders? What are some practical ways to delegate responsibility? Captain David Marquet learned the power of delegating responsibility when he commanded the USS Santa Fe. He found that, when he communicated the goal in addition to (or rather than) giving orders, officers and crew were more involved in making decisions. When Marquet stopped providing solutions, his team found them on their own, and new leaders were born. Read more to learn how to develop leaders by delegating responsibility.

Business Strategy Design: A Holistic Approach

What makes a good business strategy design? What elements should you take into account when designing a big-picture strategy for a business enterprise? A good strategy is a well-integrated, tight design made up of parts (divisions, resources, initiatives, and so on) working together to form a coherent whole. Good performance is the result of a clever business strategy design efficiently harnessing an organization’s resources and capabilities to produce a competitive advantage. Read more about business strategy design from a holistic perspective and consider the consequences of a lack of a well-put-together strategy on a real-world example.

Strategic Goals of an Organization: Management Basics

What’s the main strategic goals of your organization? Are you clear about the direction in which you want to develop your company? According to Richard Rumelt, the author of Good Strategy, Bad Strategy, when it comes to setting big-picture strategic goals of an organization—no matter how large—it’s best to choose one or two narrow goals and abandon other goals that will only serve to spread your resources and focus. Further, don’t mistake growth as a goal: growth is a sign of a healthy company but it’s not a strategic goal in and of itself. Then, choose feasible objectives that you

The Value of Praise and Recognition in the Workplace

Why is it important to provide praise and recognition in the workplace? What are the most common excuses for not giving recognition? In his book Carrots and Sticks Don’t Work, Paul Marciano discusses why praise and recognition in the workplace are so important. When employees feel like their work is valued, they’re happier, they perform better, and the workplace becomes a more positive environment for everyone. Continue reading to learn the benefits of recognizing your employees’ work.

Transparency in the Workplace: Embrace the Auditors

How can you leverage transparency in the workplace to strengthen your organization? What if you created an atmosphere of embracing outside oversight? It can be tempting to handle organizational problems in house and keep them out of the view of auditors. David Marquet chose not to go that route. Instead, he embraced the inspectors, which necessitated transparency in the workplace. In this case, the workplace was a submarine. Read more to learn how transparency in the workplace can move your organization forward.

Organizational Weaknesses: Watch Out for Weak Links

Do you want to take your business to the next level? What are the main weaknesses your organization is facing? When running your business, you must not only focus on your strengths, but you must also be aware of your weaknesses. These weaknesses might be a weak link in your operations (a department that’s not functioning properly or a product that’s bleeding profits) or it may be the development of organizational inertia or entropy (stasis or disorganization). In this article, we’ll discuss common organizational weaknesses—inertia and entropy, and how to prevent them from compromising your business at its core.

12 Actionables for Cultivating Trust in the Workplace

What does it mean to have consideration and trust in the workplace? What actions can you take to be more considerate to your employees? The simple act of acknowledging an employee as an individual can go a long way in terms of their job performance. These acts of consideration can be as small as asking somebody how their day is going or trusting them with ownership of a project so they don’t just feel like a cog. Here are some steps you can take to make your employees feel like their job isn’t just a paycheck.