Planning When There Is No Plan

“Luck is when preparation meets opportunity” - Seneca. How many times have you found yourself unprepared or grossly underprepared? Everyone who has been there knows that it is a gut-wrenching feeling. It reflects a lack of professionalism or care for the responsibilities you’ve been given. 

But wait, unless you simply didn’t put in the time to prepare yourself, how did you end up here? There are many instances when we are given a lack of direction or misunderstand what is expected of us. When this is the case, the plan has failed and it is best to have an alternate route that will guide and help you succeed. 

Here are some common symptoms of a failed plan and poor guidance:

1. Procrastination

2. Frustration

3. Fear of asking questions

4. Poor quality work

5. Making excuses/blaming others

The commonality with all these symptoms is that none of them move you forward. It’s never the right course of action to sit still when faced with complexity. We must look around, identify the priority, and make a call. 

Now, this is of course from the perspective of someone being led. We’re looking at it from here because communication typically starts at the top of the chain and then issues arise as it trickles down. In this instance, it is in the best interest of the organization to have someone good at managing up. 

If you’re a leader, this concept still applies to you as you can and should have an understanding of how to best deal with a failed initiative. If you’re in the mid-level and need a problem-solving boost or are experiencing a leader who needs guidance, these skills should help:

Proactive, Not Defensive

It is entirely natural to resort to defensive behaviour when something has gone sideways as nobody wants to see themselves in the wrong. Additionally, things can happen beyond the control of people (Example: The Covid-19 Pandemic). Ideally, you realize that not accepting the circumstances or finding ways to overcome them is how businesses go under. 

Collaborating with the team and agreeing on an ideal outcome produces the opposite effect. The best companies in the world keep communication transparent and have contingency planning that everyone is aligned with.

Constructive, Not Offensive

The reality of business is that people are going to make mistakes at all levels. Now, these mistakes need to be measured, say for instance if someone is proving to be detrimental to the company. Certain things will require members to put their pride aside and tend to the needs of fellow members. It can be hard to approach, which is why you should have a specific outcome in mind with the actions you take. 

If you have someone in need of an ego check, then explaining incentive to them is critical. Nobody will be able to effectively follow instructions unless they understand why they need to. This is where constructiveness comes in. Being able to approach people and situations like this is an executive skill that once developed will be used forever. 

Conducive and Embracive

Most of the issues companies face can be answered by reviewing what the long-term good of the company is and how to make moves in the short term that invest in it. Getting someone to believe in what you’re doing requires some level of results. Results (no matter how significant) materialize a plan and inspire others to get involved. 

This ultimately comes down to leading by example. If you want 5 friends to go on a run, you don’t sit in a fold-up chair and watch. You lead and express enthusiasm which is contagious to those closest to you. 

What’s Next?

Action is the only source of production for results. Businesses need to understand that changes are inevitable. Additionally, it is important to note that the most intimidating form they come in is when they are unexpected. By collaborating to tackle these instances, your organization can have a far more tight-knit community. 

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

Fintech Branding: What You’re Missing

This is an era where branding is more powerful than ever. No matter what industry you’re in, connecting with the public is what’s going to set you apart from the competition. As a business, you want to reflect an image that embraces culture and enthusiasm for your industry as well as an appreciation for your consumers. As an individual, building an image in the public eye is important for gaining trust. 

Thriving in your branding initiative is giving an image and voice to your organization and profession. Talking about what services you offer and what needs it fills doesn’t cut it for the new age of consumers. There needs to be something people can connect with.

The new era of the fintech industry is still new to people, with the success of PayPal setting the standard for many companies. Consumers want something they can materialize or else there will be uncertainty and hesitation. Branding is the formula to override this, though it takes effort along with trial and error. 

The main focus of branding in the fintech industry focuses on two key areas: one is trust and the other is empowerment. People need to trust fintech companies and feel like they are ahead of those still using traditional banking. 

With that in mind, here are some things your organization can try:

Content With Value

A large portion of the millennial generation does not have investment goals or even know how to properly invest or build a portfolio. Utilizing social media or apps, companies should take time to develop educational and engaging content for these areas. This move checks both boxes, it builds a trusting connection and empowers people by learning. 

Everyone wants to make the most informed decision possible when it comes to their finances. You can invest in all the advertising you want, but the most valuable content to your audience is based on your knowledge.

Go Mobile 

The average person spends around 5 hours per day on their phone and some as high as 12. There is an enormous window for advertising real estate on mobile platforms. Of course, many companies are riding this wave nowadays by building a social media presence and developing advertisements for mobile platforms.

App development is another major player in the mobile landscape. With an easy-to-use app, you can channel your advertising efforts to promote it. 

Transparency

Directness in your messaging strategy with a clear definition for what purpose your business serves is a far easier and less stressful way to market. Overcompensating will never pay well in the long term. Over-delivering on the other hand is sure to gain attention and build a supportive community around your brand. 

With finance, people need someone they can trust. Learning about a banking system that is ahead of its time will get people talking. The engagement aspect aside, innovation is always a driver of excitement. 

What’s Next?

Branding should be a fun part of constructing the layout for company culture. For fintech companies to consistently engage more users, finding ways to appeal to new audiences is crucial. Like anything, there will be things that work and things that don’t but the key is to find what suits you. 

Your business isn’t unique because of the industry, it is unique because you offer X Y and Z that others don’t, or because your long-term goals as a business means X to your customers. Try things, learn from them, try again and discover what about you as a company is going to be relevant to your audience's future.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

What To Do Before Expanding Your Business

As an entrepreneur, it’s exciting to think of all the great things that your business could do. As a business grows, continuing to plan and develop is important as you never want to find yourself at a standstill. However, to do this effectively, you must operate within your means. 

This does not mean limiting yourself or being frugal, businesses should always look ahead to see what they can add and improve on. What it does mean, is reviewing your resources and responsibilities before investing in expansion.

This may seem straightforward but any entrepreneur will attest that the temptation to expand is inevitable. The value is knowing what is necessary to expand on and when it’s appropriate to do so. Now what’s also important to note is that running a business will not be smooth sailing. An entrepreneur must be willing and able to handle and plan for contingencies.

This is a complex concept, but there are some things you can do to be prepared:

Vision

Visualizing where your efforts are taking the organization is essential, and making sure everyone is aligned with that vision is just as important. This is what you base your efforts on to legitimize expansion. Now, this may not be some big ultimate vision with flying car parking in your office complex. It starts with short-term goals, where you want to be this time next year or what you need to be prepared for in the next 6 months. 

Having small goals not only pulls you in the right direction, but it also gets everyone in the habit of and hungry for accomplishing tasks. 

Assess Who Is Helping

Organizations should consistently dedicate time to assess how well their needs are being filled by vendors. How are they helping production? Are they reliable? Is there anyone else offering something better? These are the kinds of questions a business needs to have answers to when it comes to where they’re allocating their resources. 

If your business wants to move forward, you need to be working with businesses that want the same. You become more than a client to your vendors, they become your partners. Partners are major players in the performance of your business so choose wisely. 

Team of Ambassadors

Brands with employees who promote the organization are an attraction for consumers and talent that could work for you. If you are working for a brand, why wouldn’t you promote the services you offer? This will also be beneficial down the line if better job openings come up. If you want to move up in the organization, this could be something that separates you from the rest. Recruiters will be sure to check your social media and if you show that you are passionate about who you work for, that will make them likely to choose you.  

A team is what makes an organization thrive, with the right leadership people can feel empowered by their role.

Adaptation

With every innovation or even unexpected change, there needs to be level-headedness. There are two types of issues, one can be controlled by your behaviour and the other is out of your control. What’s important is only focusing on what can be controlled by behaviour and action because that is how you later influence the outcome of what can’t be controlled at the moment. 

Giving up or holding back due to circumstances is not how a business grows. It grows by paying close attention to what’s going on around your industry and preparing to conform to those needs.

What’s the Takeaway?

Running a business takes a lot of willpower, it becomes like a child. This is why entrepreneurs have to be intentional with every decision made in their business. Deciding to expand is a step to a new level with more opportunities. But this is only the case when that step is taken after concluding it is in the best interest of the company.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!