Mistakes Businesses Make When Faced With Uncertainty

Let’s be honest, no matter who you are or what you do, when things are going well it can feel like they’ll never go bad. You’ve made it! The peak of the mountain top! Then you realize that the mountain is a volcano and it’s time to move. This metaphor sounds more like something out of a movie, but any entrepreneur will be able to connect it to experiences they’ve faced. 

When a situation becomes volatile, there is guaranteed to be scenario-building and anxieties that follow. What is specifically important to focus on is the fact that unexpected change and downturns can be discouraging, steering you away from your goals. Additionally, it can lead to making rash decisions that don’t support an optimal future for you or your company. The list of issues is long, and businesses certainly do not want any of the symptoms on it.

So what does someone do here? Is this leading into a cliché “never give up” speech? No, we are talking about fight or flight with your business here. When there’s an inability to continue with current methods because of change, it means the organization needs to make its changes. This is when professionals need to perform and adapt to the situation. If you think about it, every business model stems from a problem that needs solving, but all problems are subject to change.

The most effective tactic in times of uncertainty is to prioritize and execute. This is a straightforward concept used to handle overwhelming situations. The concept involves evaluating what the most pressing issues are, ranking them, and then handling them one by one. By doing this, you avoid the trap of multitasking which tends to result in subpar performance. You also avoid worrying about the things you can’t control while actively working to handle the things you can.

Whether your uncertainty is regarding the economy, consumer interests, internal decisions, or fill-in-the-blank, here are some mistakes to avoid:

“This is how we’ve always done it” 

This is a very toxic statement when it comes to change, take the fallout of Blackberry (then RIM) not moving to touchscreen phones for example. It’s normal, especially as a business owner, to want to stick with the course of action you’ve envisioned. However, a true professional understands that aspects of plans will inevitably change. Realistically, what’s most important is meeting the goal, everything in between is a game of trial and error.

Handling Problems Individually

Remember that companies consist of numerous departments that allow the business to function as a unit. Everyone will have their say when dealing with problems as everyone has things they need to do their jobs effectively. When times of uncertainty are not communicated to the team or if their needs are not taken into account, this starts a domino effect of problems. The same concept must be applied to consumers. If issues are pressing and they will disrupt the production of services, this should never come as a surprise to your clientele.

Ignoring Competitors

When external factors create uncertainty in the market, paying attention to where the industry is focusing efforts is important. Again, the example of Blackberry acting confined to their ways when there’s changing consumer interests is a perfect example. This is not to say companies must copy each other (though they often do), rather, teams should pay attention to the storms facing their industry and find ways to navigate. Of course, organizations can also use competitors as an example of what not to do. Everyone wants to stand out from the majority; the ones who succeed in this never take their eye off what’s going on in their market which leads to the next point.

Ignoring Consumer Behaviour

What your company offers is not one size fits all nor will it ever be. There will always need to be tweaks to products as people’s interests change constantly. Examples can be seen with Coca-Cola. They have a variety of products to tend to people’s interests (eg: lose weight = Coke Zero). Another one worth noting is Taxi services. The game was changed with things like Uber or Lyft which cater to the desires of mobile convenience.

Takeaway

It’s important to realize that there will always be a change in your business, the economy, the political spectrum— you name it. The future has never been and will never be the same as the present. To thrive as a business you must not run in times of uncertainty but rather stand by it and serve as best you can. Uncertainty is present every day, you don’t know what will happen 15 minutes from now! All you can do are the things that you believe are preparing you for what's to come.

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!

Why NFT’s May Come Back to Branding in the Fintech Industry

In today’s world, a digital record is key to materializing statements, ideas, and especially status. If you didn’t track your run on your apple watch, did you really go? If you didn't take pictures of your vacation, were you really there? If someone has a hundred thousand followers without a blue check mark, are they really that famous? There is a pattern here, digital tracking is becoming more important to us when determining legitimacy for just about anything. As we’ve let it enter our personal lives, we see it influence investment decisions. 

You’ve likely heard about “NFTs” and people making absurd amounts of profit from them. If you’ve dug further into the topic, you may have seen pictures of cartoon monkeys and thought “how is that expensive '' or “it’s on my screen now, why would I have to buy it”. Rightfully so; if you’re going to understand what NFTs are, you first have to know why the concept is valuable. 

NFT stands for a non-fungible token, the “non-fungible” part means one of a kind and cannot be stolen or copied. An NFT can only be bought using cryptocurrency, when the transaction happens the following information is recorded: sender, time, asset, and owner. That information is then stored in another familiar term called “blockchain”, essentially a virtual list of all that information for every cryptocurrency transaction. 

With everything in the world today being virtually transitioned like school, banking, and even work, why does it seem crazy that the selling of art has joined the trend? Think about how much physical paintings go for. What purpose do they serve other than aesthetics? Additionally, they can be replaced or replicated which makes them fungible, they can even be destroyed. NFTs are the innovation aiming to change that market and bring it to its inevitable virtual home. 

Though the boom of NFT has slowed down significantly, this doesn’t mean the technology will not return and play a significant role in the future of the fintech industry. With that being said here are some reasons why NFTs can be important to you or your business in the future: 

Smart Contracts

With the sale of an NFT comes a “smart contract” which is an agreement between the buyer and seller of the artwork. This contract can have just about anything in it and it has concurrent agreements between the two parties. For example, famous entrepreneur Gary Vaynerchuk (who is a big promoter of NFTs) uses the example of NFTs being used for ticket sales. Essentially, because these tokens are one of a kind, they give the holder status. This status can then be used to validate access. The instantaneous NFT transaction and verification system are thanks to the blockchain which has data readily available. 

Exposure From Creation

You don’t have to be a professional artist to create an NFT. The process of creation is not as complex as one may think. Brands can make tokens that would represent buyers being a part of an exclusive community. It’s not outlandish to think that there could be communities built around brands that utilize this technology. Additionally, this would enhance the connection between sellers and holders which would continue growing the community. For there to be an incentive for consumers to spend their money with your brand, you need to offer something unique. 

Uniqueness

If you’re a start-up following the same layout as everyone else, seeking out business will be difficult since people tend to go with who and what they know. On the other hand, if you come to the table with something people haven’t seen before (for example: making your token accessible to a limited number of holders) you can stand out. An NFT collection is a great way to do that. Well-known brands are looking for ways to utilize this technology and you’ll likely see the results soon. 

You want to generate a sense of FOMO (fear of missing out) in the public when describing what your collection offers. Otherwise, the value of the tokens you create will not rise at all. Anyone can make an NFT— the real value is being able to promote it, and that starts with demonstrating what is special about your offer. This creates the buzz around your brand which will earn consumers' attention as well as investors. 

What’s Next? 

What things do you value? What makes your interests unique? Do you think your career will look the same forever? It’s wise to evaluate the conditions of your industry and reflect on them at a personal level. If you’re a decision-maker, plan for the inevitable. If you’re lower in the chain of command, don’t be afraid to voice your findings or opinions. The virtual shift is nothing to turn away from, in fact, it should be a primary focus for any and every industry professional. 

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!

Mistakes Made in Hybrid Work Onboarding

This week at work is nothing like last week, you’ve got new fires to put out, a fresh schedule, and a balance to meet. Hopefully, you’re navigating all of this from a space that you feel most productive and accommodates your personal and professional needs. Now, what does this space look like? And If you had to put a percentage on it, how much of your work week is through a screen? How much is in person? 

The reality of many people’s work-life today involves virtual connection and communication. While it feels like we’ve had this technology forever and just never utilized its capacity to build an online work environment, this is not exactly the case. Remember, hybrid work models are a result of the world’s adjustment to the Covid-19 pandemic and it is certainly an adjustment that has not come to pass.

With many people feeling empowered by this change, it has diminished the stereotype of mundane work culture. As a result, hybrid work is now a motive for job searchers today. However, companies can run into struggles introducing new employees to their culture in a virtual environment. 

People may be anxious to hit the ground running but there is a benefit to understanding corporate culture and building the relationships necessary to succeed. Fortunately, companies can use plenty of efforts to mitigate this risk.

Hybrid work culture is still new to the corporate world and failure to keep up with the times can leave your organization behind. With that being said here are some common mistakes to avoid:

No In-Person Introduction

While hybrid work is of course great for work-life balance and giving employees space to be productive, there is a limit to the connection that can be built here. This will of course be subjective, for example, if someone lives in another country. Nonetheless, ensuring there is facetime with employees is crucial to developing trust and bonds. 

Waiting For Day 1

New staff should never come into the first day without an understanding of their tasks or insight into the company culture. Giving new hires time and resources to research the company and develop an understanding is sure to boost their confidence. Additionally, this will mitigate the risk of staff rushing through introductions. It’s understandable to want to handle the onboarding process personally, but new hires need to learn to be competent within the organization.

Role Not Clear

When someone begins at a new company and they are doing tasks but don’t see how those tasks formulate an outcome, it lowers fulfillment. For example, imagine you have a new hire develop a report of the top companies they think would benefit from your service. They spend a couple of days developing the list and reasoning then submitting it. 

If they never hear “hey that report was a great insight for where we’re going to target leads” or “this was a good start but here’s a more specific example of what we want” then how valuable will their time feel creating it? It’s good to have tasks that gauge people’s capabilities and test their skills but be clear that this is the purpose. Otherwise, there will be a downward trend in their satisfaction with work.

So What?

Onboarding is not just a formality of telling someone what they’ve been hired to do, it is where you show them why they picked your organization. Onboarding is where you excite employees by showing them the opportunities they’ll have because they work with you. A hybrid environment is a great way to do this as it again, allows for further autonomous learning. 

Learning to utilize the days in person will help with productivity and time management. The days out of the office are additionally good for new hires to feel comfortable while adjusting to their new position. There needs to be a balance that is met, only then can an organization effectively introduce new blood to their team.

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!