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You are browsing the archive for April 2017 - MANCER Consulting Blog.

This is the Most Critical Decision That You Need to Make Today!

April 25, 2017 in Careers

006 Don't Blame Others

The most important decision of your life is not related to your academics or profession. It’s related to your life. It’s a simple choice that has a profound impact. You need to choose whether you’d continue blaming others for all the miseries of your life or will you stand up and take responsibility for everything that has happened to you or is happening to you?

One thing that a large number of people have in common is that they always find someone to blame for their miseries. It may be their parents, siblings, friends, bosses, or colleagues. The list goes on. For them, accepting that only they’re responsible for everything in their life is virtually impossible.

You need to stand up and make a decision that you have the complete ownership of your life, and you won’t blame anyone else.

This is the most critical decision to make. And, if you want to turn around your life, you’ve got to make it right now. Once you’ve decided to take the ownership of your life, you’re in a much better position to take control of it and steer it towards your goals.

So how do you go about it? The below steps will guide you.

Don’t blame others

First thing first! Stop blaming others. It won’t help. They have their lives to live; you have yours. So, take complete responsibility and starting living your life independently without the approvals from others as well as without pointing fingers at them.

Be decisive

Indecisiveness is the biggest productivity killer and time waster. You can’t just avoid taking decisions or depend on others to decide for you. If they fail, you will blame them rather than realizing that it was you who sought their decision rather than weighing the pros and cons yourself and then deciding. Whether right or wrong, you need to take the onus of making decisions for your life. Others can merely guide or suggest. But it’s your life and your prerogative to decide.

Find ways to do things not to avoid them

There are hundreds of ways to do something, and there are thousands for not doing it. Blaming others is one of the most common methods to convince yourself that luck doesn’t favor you or that God is against you. Once, you change this mindset and start looking for ways to do things; there’ll be more positive outcomes from your efforts.

Take action

Instead of waiting for something to happen or someone to help you and then blame them for not being there for you, take action immediately. Don’t be bothered about others. It’s your life, and you need to take affirmative actions to achieve your goals. Blaming others will only be a waste of your efforts and energy.

The above factors will help you in making the most critical decision of your life which is to take complete responsibility for every aspect of your life, whether good or bad. You might succeed or fail, but ultimately you’ll have the satisfaction of trying your best rather than pointing the finger at others for your misery.

Can You Succeed in the Corporate World, If You don’t Drink?

April 24, 2017 in Services

mug of beer

Consuming alcohol with colleagues and clients is as common in professional echelons as reviews and goal setting meetings. It’s something that’s considered to be a default part of a professional’s life, and people are ready to jump the gun when they say you can’t succeed in professional life without drinking.

Those who support drinking will claim several reasons as to how it helps you climb the corporate ladder and build strong bonds with bosses and colleagues. They almost make drinking sound directly proportional to success.

But is it the social “ritual” of drinking that makes you successful, or is your success inherent upon you?

Let’s find out!

Success is NOT inherent upon drinking

If the consumption of alcohol is directly proportional to your success, every drunkard would be a millionaire. It might come as a surprise to you, but several top CEOs and billionaires don’t drink. According to a Forbes report, several wealthy and successful people, don’t consume alcohol. They’re teetotallers! Warren Buffet has invested in several liquor companies in his life, but he doesn’t drink. He says consuming alcohol is a weak link which can bring the downfall of a person.

Steve Jobs, didn’t drink alcoholic beverages even when he was healthy. Chairman of Dole Food Company, David Murdock also abstains from drinking. Tyra Banks, never drank even when she was an actress and even now when she is a Media Mogul. And, the most powerful person in the world today, Donald Trump is also a teetotaller.

Trump is not just a successful entrepreneur; he’s also the President of the United States, something no other entrepreneur or CEO has ever achieved. If he can abstain from drinking, so can anyone else.

What determines success in corporate life?

The above examples of the prominent personalities give a clear indication that there’s no connection between drinking and success in the corporate world. Those who love alcohol will find a reason to drink and will also find a reason to force you to drink. After all, corporate parties are the best places to get a free drink or two. And, a meeting with a client at a bar is a nice way to get something to drink and reimburse the bill under the head of business expenses.

But, drinking is not something that will get you success. It might to a certain extent help you socialize with your colleagues and clients. However, there are other ways too for socializing without drinking.

Success in corporate life depends on several factors. It depends on your skills, knowledge, competencies, work ethics, integrity, creativity, innovativeness, and ability to learn and apply your learnings. You need to be good at what you do, maintain good relations with clients, colleagues, and bosses, and offer exceptional service to your customers. Alcohol is not one of them.

You can succeed and will succeed in the corporate world if you set specific professional goals and give your best to achieve them. Drinking doesn’t have to feature in your professional life if you don’t enjoy it.

CEOs Who don’t Win Awards Acquire More Companies

April 18, 2017 in Leadership

CEOs who don't win awards perform better

Being at the topmost level of the corporate hierarchies, it’s easy to presume that CEOs are the most aggressive, assertive, and competitive professionals. And, this notion is correct. CEOs are indeed the most competitive.

But, they display their competitiveness in different forms. While some of them win the awards, the others who fail to win the awards acquire more companies! No matter how counterintuitive it might sound, this is true.

A research conducted by Harvard Business Review have revealed some startling facts about the CEOs who fail to win awards and their acquisition spree.

Let’s “review” the review from Harvard Business Review!

About the research

Harvard Business Review conducted an analysis of the CEOs from S&P 1500 firms that won awards between 1996 and 2000. It identified 200 CEOs who won various awards from prestigious institutes such as Forbes, Harvard Business Review, and Business Week. These 200 CEOs were classified as the superstar CEOs who were highly popular, received wide recognition, and also had higher salaries than their counterparts who didn’t win awards.

According to the research, for ever superstar CEO, 24 competitor CEOs didn’t receive the same level of accolades as the superstars. Thus, in the phase of the research, HBR identified 1450 non-superstar CEOs.

More awards and accolades don’t mean more acquisition

The research yielded the result that just because a CEO was a superstar, it didn’t mean he or she also acquired more companies. Rather, their competitors bought more businesses in this phase. The research highlighted a crucial fact that the competitor CEOs who didn’t win any awards increased their acquisition activity by 22% post losing out on the awards.

HBR analyzed the data for the four years preceding an award and four years post awards. It identified this 22% increase in the post-award period by the CEOs who lost to their competitor CEOs.

Acquisitions are inversely proportional to awards

The analysis and the conclusion of the research suggest that acquisitions are inversely proportional to awards. Those who won acquired fewer companies than those who didn’t. The CEOs who missed out an award actually increased their acquisition after missing out an opportunity to win an award.

Although this fact might seem self-contradictory, a psychological analysis will shed more light on it. The assumption stated at the beginning of this article suggested that the CEOs are the most competitive professionals. So, those CEOs who lose to their contemporaries in winning the awards become more competitive and aggressive.

They want to prove themselves in the real world of business that not winning an award isn’t going to put them down. Rather, they aim at proving that awards are mere trophies and certificates that don’t matter to them. Instead, they win in the real world of cut through competition, and their success manifests from the number of companies they acquire.

Concluding Words

Losing an award matters a lot for the CEOs. They take it as a challenge and a driving force for success. To prove their worth, they acquire more companies than their award winning competitors. It also shows that success and failure are in mind and those who put all their energy after a defeat emerge on top.

Five Sales Strategies Every Entrepreneur Should Follow

April 17, 2017 in Leadership

Sales Strategy

Entrepreneurs have very limited resources and need to manage everything within them, including finances. Thus, framing effective strategies for optimising their business is critical. Below are five sales strategies that every entrepreneur needs to follow to derive the best results from their efforts.

Develop a niche product or service

Philip Kotler said that all a business has to do is to identify the needs of the customers and offer solutions those meet their needs. To succeed as an entrepreneur, it’s imperative you’ve got to find out what do the customers require and develop your product or service that provides them value faster and cheaper than the competition. Thus, you have to develop niche solutions. Once you’re successful at developing the niche product or service, all that’s required is to position it to the consumers and that’ll boost your sales.

Identify your sales funnel

Every sales strategy is built around the nature of the product or service. Some products have low conversion to lead ratio while some others may have higher. For the former offerings, it’s vital to have a large number of leads for few successful conversion. As an entrepreneur, you’re required to minimise the cost by developing a sales funnel tailor-made for your business. Don’t replicate a funnel from other organisations or even your previous organisation where you were employed. Identify the one most suited for your needs, resources, and budget.

Offer an experience not a product

People buy something because they feel it’ll meet their needs, wants, or other goals in lives. So, they aim at experiencing something or satisfying their requirements through the experience. This is a notion well understood by experiential marketers. This is exactly what you must do. Position your product by talking to your customers regarding the experience they’ll derive from buying it. People don’t buy a car. They buy the experience they’ll have from driving it. Same is true for every other product. So, focus on experience and your sales will increase exponentially.

Need analysis

Not every product is suitable for everyone. There are specific segments of customers who’d want your product. Focus only on them. Analyse their needs and educate them how your solution will enable them to derive value. Link your product to their needs as well as the value they seek. This will make them your repeat customers, which will ensure a consistent increase in your sales.

Customer engagement

All of the above wouldn’t work if you don’t engage with your customers. Continuously communicate with them even after you have sold them the product and they are not likely to buy it again. You never know how many references they can give you, so be in touch with every one of them. It’ll also help you understand the changing dynamics of the market so that you can improve your solutions.

The above five sales strategies will help you establish the reliability of your business and enhance your credibility among the consumers. Ultimately, it will culminate into more sales.

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