Fostering Business Growth Through Strategic Planning

Having a clear vision and plans is necessary for any organization to grow and succeed. When communicated clearly to every team member, the vision can unify all organizational levels. Each employee can then understand his part and role, and focus on efficiently delivering his tasks.

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A common vision and set of goals can also prevent any perceived interdepartmental competition, and fosters solidarity across the entire company. Flow of information can also be increased, as well as the pooling of resources from the different silos in the organization; thus, coordination will be seamless.

The definition of the vision, direction, goals, and tactics can be specified through the regular conduct of strategic planning. The management initiates this activity, and in coordination with the entire organization, uses this to tackle fundamental decisions and actions that determine what should be done – and why – in the foreseeable future, as well as the adjustments needed to respond to the changes in the environment.

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Strategic planning follows no single framework. However, it typically involves the following phases:

•   Assessment of the organization’s current situation, as well as the trends in the environment

•   Vision casting, and formulation of short- and long-term strategies in every level of the organization

•   Creation of action plan on how to execute strategies, and how to evaluate said strategies

Patrick Dwyer of Merrill Lynch understands that education is needed for entrepreneurs and managers to survive the harsh and often complicated world of business. For more of his insights, follow this Twitter page.

Leadership Best Practices: Pave The Road For Employees' Career Advancement

A leader plays an important role in talent management. Only when those at the top help people at the bottom rise can a business succeed. An efficient organization is when every single unit is working in a skillful manner to help the whole achieve its vision. And one of the ways employees stay motivated collectively is when they see promise in their future by working with the company.

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Employee development can come in the form of personal coaching or mentorship from the leader, or by outsourcing training programs. Not only will the business benefit from the enhanced skills of employees, but it also nurtures commitment. As reports have shown, turnover or attrition is a costlier expense than investing in people's talents.

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By investing in people, an organization can also uncover hidden potential and discover future leaders. A business may save on resources for hiring officers by tapping its current pool of talents. Recruitment also becomes more effective because the best people always look for organizations with a strong reputation for developing talent.

In summary, a business that gives importance to employee development attracts the best talents, drives performance, engages and retains its employees, and maximizes the individual contributions of its members.

Patrick Dwyer of Merrill Lynch advises that for a business to succeed, leaders must always look for ways to improve themselves and their team. Follow this Twitter account for more advice on achieving success in business.

Innovation: How This Separates Great Business Leaders From The Rest

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Innovation is the ability to adapt to the changing climate while still being able to predict future trends. While there are many ways to define innovation, this is the simplest when discussing business success. Aspiring entrepreneurs should always seek to improve themselves by reviewing other successful business people. Dozens of business studies conclude that a single defining characteristic among financially successful people is their ability to innovate.

Yet, many people still confuse the concept with creating new things. This is not necessarily the case. Innovation in terms of new products or services only make sense in certain industries. Instead, economic professionals further define innovation as the level of adaptation with creativity. Innovative people are those that constantly look at current procedures and protocols and compare that with KPI and KRA (Key Performance Indicators and Key Results Areas, respectively). Regulations that are not in line with the business person’s goals are either removed or changed. This is not enough, however.

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Successful entrepreneurs are also those that have imagination. Their adaption of rules are also projections of trends. It is best to compare this to a chess game; where every move is thought of five steps in advance. Innovation allows business people to stay ahead of the game while still continuing relative comfort in the present.

This, of course, requires striking a delicate balance between what is workable right now compared to what could be in the future. Starting entrepreneurs should not be daunted by the prospect though; with enough education, practice, diligence, and persistence, innovation can be learned.

Patrick Dwyer from Merrill Lynch understands the importance of constant education in gaining financial and business success. To learn more about him, view this LinkedIn page.

How To Read Body Language For Effective Business Communication

All business deals and workplace operations involve communicating with another person. Technology might have allowed for dialogues to take place in an online environment, but personal contact is still the name of the game. Knowing how to effectively communicate a message involves different aspects. One of them is understanding body language.

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While a subtle art, body language can be easily read – as long as one remains observant to small movements. Some of the more obvious gestures are explained below.

Crossing of arms and legs: This is a defensive position and signals that the person is not interested in the conversation or wants to change the topic. This is usually the stance employees take when they are being criticized. Leaders should watch out for this and adapt their communication strategy to encourage relaxed dialogue.

Eye contact: Stable and constant eye contact is a good sign. This means the employee is being honest and is interested in what is being talked about. During one-on-one sessions, maintaining good eye contact signifies sincerity. If an employee is avoiding such contact, it could mean that he or she is uncomfortable with the situation. Take note that intense staring is also not good; it could signify a subconscious need for intimidation.

Twitching and other nervous gestures: Talking about business deals is a stressful situation, especially if it involves a lot of money. To gauge sincerity, nervous behaviors such as twitching, biting nails, constant movement, or rapid blinking could be taken as signs. There could be other reasons for the nervousness, but these show that the person is not relaxed.

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Learning these body language signals can determine the flow of business relations, and subsequently, success. These are cues that can lead to better communication.

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Three Ways To Improve Time Management Skills

Time management is a skill all effective business leaders develop. This particular skill helps entrepreneurs with their workload demands, allowing them to make decisions better and faster. Time management skills are traits that are honed and perfected through practice, yet there are three general tips to remember when deciding which strategies to use.

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The importance of lists and deadlines: Time management is simply learning how to prioritize. However, deciding which activity to do first may be daunting. It doesn’t have to be. A good way to lessen anxiety is to list down what needs to be done. Business professionals say that things seem overwhelming when it is all in their head: the act of writing makes tasks easier and less intimidating. Once this is done, tasks can be ranked in terms of importance. Setting deadlines for each is also a good recommendation.

Multitasking does not work: It is tempting to do several things at the same time, but many experts discourage this. This is why making a list is important because it allows one to focus on a single task. Mistakes are less likely, and quality of work is assured.

Know one’s limits: Jumping from the previous point, it is important to know when to stop. There are days when one has to accomplish dozens of tasks on the same day. For these cases, it is best to delegate responsibilities. This is a time management skill most people do not recognize. Knowing one’s limits is also an important aspect.

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Further details on how to use these strategies can be found in various financial education programs. It would be wise to constantly learn how to improve these skills and diligently practice them.

Patrick Dwyer of Merrill Lynch understands the importance of education in business success and health. Follow this Twitter account for similar updates.

The Idea Of Thought Leadership: How The Strategy Helps Achieve Business Success

A thought leader is someone with a credible image, thus producing significant influence over people. If he’s an employee, he is most likely the go-to individual for his expertise. This characteristic of a thought leader is the thing that companies are after. The type of recognition that people give to thought leaders is what brand or companies strive to accomplish.

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So, how do brands or companies apply the principle of thought leadership to achieve success?

Business owners must remember that a person doesn’t acquire the image or title of a thought leader overnight. Thought leadership requires perseverance and consistency. That said, a business must exemplify the same level of diligent effort.

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The credibility seen in thought leaders is translated through strategic communication. They do not speak of their brilliance; they show it. Such as with business, hard selling is a thing of the past. Entrepreneurs can empty the bank by marketing a product. But does the product really depict what the promotion says it is? Is it really the best in market, or is there a better alternative? Strategies like these do not work anymore. Often, people shut these promotional strategies. In cases as such, entrepreneurs may apply thought leadership by providing customers more than what they expect. It isn’t about what the products are all about, but how the products can help them, and more. Businesses should take advantage of technology by providing useful content to people. Marketing emails that go directly to the SPAM folder should be avoided.

Through this strategy, businesses can also establish better relationships with customers. Applying thought leadership can bridge new relationships and enhance old ones. Thought leaders know how to design messages and effectively direct them toward their desired audience. Businesses must also know how to do this, and also how to reciprocate to their customers’ feedback.

By caring less about self-promotion or hard selling and focusing more on engaging into dialogue with their customers, businesses become unique. They transform into the thought leaders of the industry, and when this happens, people will recognize.

Patrick Dwyer of Merrill Lynch strongly advocates education as a tool to achieving success in business. More helpful article are featured on this blog.

Filling in the Gaps: Education as a Capital Asset

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The world of business is both amazing and perplexing. While well-educated tycoons mostly dominate it, the business world has also been shaped significantly by entrepreneurs who have not even finished college. But regardless of whether they have an impressive academic background or are college dropouts, they will still have some areas where they struggle to be a master of. That is why business education becomes crucial as it enables entrepreneurs of all types to fill in what was originally not there.

Knowledge is primarily what formal education provides to business professionals. For a person to do his job excellently, prior knowledge on what to do and not to do is essential. On hand knowledge can also give the person a sense of preparedness for the upcoming tasks. With preparedness comes confidence to do the job well.

In this age of information and high technology, acquiring knowledge has become much easier than it was several decades ago. Sufficient know-how in certain fields has become a necessary capital asset. Education is also a gauge on how qualified a person is for specific roles. It is held as an important indicator by most employers of the person’s abilities. Lastly, entrepreneurs who undergo formal education will be able to benefit from the networking opportunities that it can offer. Coffee tables or lunches in seminars and conferences are great places to expand one’s network. Networks provide a sturdy support base that helps businesses succeed over the long term.

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Patrick Dwyer of Merrill Lynch believes that education is a key to building strong skills that are crucial to many aspects of life: personal values, business, social relationships. For more insights, follow this Facebook page.