Every type of business needs a leader whose thought process must be followed. These leaders can be either pragmatic or idealistic. You can choose which approach you want to follow. Idealistic approaches could be great but at the end of the day, one could be burned out from being too idealistic. Typically, in businesses, the pragmatic approach seems more effective as opposed to the idealistic approach. There are times to be idealistic, but day to day business operations requires a more pragmatic approach.
Pragmatism refers to being able to derive results using practical and logical actions. The main focus of this ideology is to get to the result and answer questions regarding how to get certain things done. There are certain ways how you can practice pragmatism for your business and how it’s beneficial for you.
How can you be pragmatic for your business?
Advantages of practicing pragmatism for your business
Many people believe that pragmatism is not an effective approach to take on when conducting business. They might be right because a pragmatic approach is a system. It is a system to get things done while your idealism is used as motivation to get you there.
In this fast-paced world, we need to solve our problems quickly so we could move on. If there is one thing that could help us to solve our problems quickly and thrive is great customer service. Many businesses invest in other things to attract buyers when the real investment is having a customer service that compels buyers to remain loyal to your brand. After all, your business should be there to solve a problem for your customers.
Instead, businesses seem to be in a constant rat-race, overlooking customer satisfaction and trying to bring new customers to buy their products when really their focus should be retaining the ones they have. Here’s why customer service should not be given the backseat and why it still matters:
Customers Will Come Back
Customers tend to come back when they are satisfied with their purchases and their complaints are heard. Great customer service will lead to a relationship of trust between the seller and the buyer and so loyalty of customers can be easily won over by satisfying a customer. A company with good customer service compels people to continue investing in their brand which is also less expensive than trying to acquire new customers each time.
Higher Quality of Product
When customers trust a brand, they are likely to become a recurring customer allowing you to put their money for product development. Companies usually emerge with newer products when their roots have become strong and they have many loyal customers. When this happens, customers tend to buy from these brands even if they become pricier because they become convinced that these brands will always deliver the best without disappointing and fix anything that is less satisfactory.
As a Medium of Communication
Customer service is usually the only medium of communication between the buyers and the sellers and therefore often a customer’s opinion and judgment are formed by the customer service provided by a company or brand. When customers know they have an avenue where they can voice their complaints and they will be heard, they feel more secure and so have a positive perception about a company.
Customers Will Unconsciously Advertise
When customers are happy with a brand and feel comfortable voicing their queries and complaints, they tend to refer other people to brands with better customer service as well, unconsciously or consciously promoting the said brand and bringing more customers to buy from them and hence widening the business and prompting more people to purchase from those brands.
Minimizes Chances Of Business Failure
When businesses fail, one of the largest contributing factors is poor customer service. Customers stop buying from and coming back to brands when they are responded to very late when their requests and suggestions are disregarded or their problems are left unanswered. On the other hand, good customer service will leave the customers happy and therefore chances of complete failure will be close to none.
Hence, customer service is a vital part and determines largely the success of a business as it helps retain customers, creates a good impression of a brand and maximizes success. Moreover, it urges customers to be loyal and is the backbone of most businesses.
by Paula Lee
Before starting a business from scratch, bear in mind that startups have so much on their plate. The to-do lists of the startups you get to see around are heaped with things like:
How To Set Up Communication Strategies In A Startup
There are ways in which these entrepreneurs can take up communication in their newly acquired business. Some of the steps include:
Depending on the type of target audience you have, every one of your communication tips should be tailored according to the audience.
This is because, the way you communicate with your investors, will not be the same way you will communicate with your staff.
This is very important as some entrepreneurs forget about their styles of communication with different groups of people. The way of communicating with different groups should be unique. After all, you wouldn't call your investor, "Baby" would you?
For example, if you are selling adult diapers, and you are utilizing TikTok, you might be wasting your time and energy.
Also, you should try deciding if you will want to pass through the classic media which means anything and everything been written by reporters or the new media which entails online advertising and social media
Although most things are moving rapidly to the new media, the classic media is still relevant to its particular audience.
Crisis communication is for that type of situation.
Major Aspects Of Having A Communication Plan
There are some aspects to having a highly effective communication plan and they include:
To Wrap It Up
Additionally, you should try measuring all of your communication activities as some forms of media are expensive. With this, have in mind that you must know how to make use of communication efficiently as it will go a long way for your startup.
Open communication is key in every team no matter what type of organization you are running. Having bad communication in your team could be more than disastrous.
What is open communication?
Open communication is when everyone on the team has access to information happening at the company.
How does it help with the company culture?
This could establish trust among everyone on the team as there is open access to everyone in the same. It also establishes a sense of belonging and motivation for the team.
Every team should have an open communication flow that entails sharing:
The concept behind open communication is simply to enable the members of your team to freely speak and provide suggestions in areas that the leader may be wrong as a feedback system. However, there are diverse ways to effectively promote open communication.
While the majority of it comes down to nothing else but behavior, it is still shocking to know that some leaders unintentionally act in ways that go against any form of open communication.
Nonetheless, open communication can be encouraged by:
Most leaders have this open-door policy yet, there is a huge difference between people walking inside such an office and having an open door. The fact is that there are little signs that show that you are paying close attention.
Whenever a person in your team has any suggestions, you should try to accept it in areas where it is needed. This creates a feedback system that is needed so we are not operating in a fantasy land that only exists in our fantasies. This is why every team needs a realist.
Although it is crazy to make use of every idea that your team brings forward, showing your team the part of you that is willing to transform your approach based on their ideas is a strong reinforcement of free and open communication.
Also, should someone come up with a suggestion that you know will not work out, do not shut them down but explain politely why it might not work out.
If a person in your team has a great concept and it is fully implemented successfully, you should give them their credit publicly. This will allow them to have more passion for their work and even bring more ground-breaking ideas.
To Wrap It Up
Communication within team members cannot be overemphasized. You can always encourage your team members to be open when you easily accept their feedback. You do not just have to accept it, you should also act on it where necessary.
Originally posted on http://www.wynd.hk/all-you-need-to-know-before-starting-up-in-hong-kong/
Considering one of the best cities for building your own business, the number of registered local companies in Hong Kong has approached 1.4 million in early 2018 while around 43,000 newly registered companies are added to the list during the period of 2016 and 2017. The statistics are stunning, and it has proved the attractiveness of Hong Kong’s business environment. Further to the government resource, nearly 160,000 local companies have been registered in 2017 and the result matches the third position held by Hong Kong in the World Bank’s report on “starting a business” internationally.
Isn’t it exciting to start a new business in Hong Kong? If you have a fantastic idea wanted to start with, don’t wait until the last moment, come to know more about how to start your own business in the most competitive city in the world.
Company Name and Type
Well begun is half done. A good business always starts with a great name which is better to be precise and easy to be familiar with. You should be careful with the duplication issue and you have to check through the Companies Registry’s Cyber Search Centre or the Company Search Mobile Service to ensure the legality of your chosen name. You should also make your consideration according to the guideline from the official.
Besides, depending on your needs and requirements, you need to consider the business entities of your company. In general, there are several types of entities available in Hong Kong, including limited company (public or private), sole proprietorships or partnerships. You may select the most suitable type for your start-up after clear understanding and careful consideration. Our team (WYND Co-working Space) is always ready to help with if there are uncertainties or confusion with the registration process.
Company & Business RegistrationThe application of a company in Hong Kong has been simplified throughout the years. The following required documents can be hand in via, the online E-Registry, “CR e-Filling” mobile application in App Store or Google Play Store, or in-person to the Shroff on the 14th floor of the Queensway Government Offices :
** Details of the business registration fee can be referred to this link for further information.
Further up-to-date information for both registration processes can be found in Company Registration as well as Inland Revenue Department or you may hold a meeting with WYND team, we are eager to help and explain all you are not clear with.
After Successful Registration
With well-prepared planning, the online and mobile application for company and business registration can be completed within around an hour. Once the request is approved, the certificate can be downloaded and printed accordingly from the email received from officials.
With the hard copy application, the process of evaluation will take 3-5 working days. Moreover, the corresponding certificates will be issued or faxed out within 4 working days. If you are WYND‘s member using our address for business registration, our team can help to collect and display the certificate to avoid any delay or legal issues.
Rules and RegulationsConcerning some special business forms sat, specific permits or licenses may be required for your company, more details can be found in import and export operations or other business operations.
For start-up operators, you must be familiar with the taxation system and labor legislation in Hong Kong in order to make sure that your business is legally running with proper management with rules and regulations specified by the Hong Kong SAR Government.
Although setting up a new business in Hong Kong is relatively easy compared with other cities in the world, there are still basic responsibilities and duties needed to be understood and followed, for instance, Intellectual Property, Code of Practice on Employment or MPF system, you can find out more detailed information on GovHK. Moreover, as a start-up founder, you can also easily have the administrative assistant in a co-working space, like WYND to have professional consultation services for any problems with a start-up business.
Hong Kong as the Pearl of the Orient has its own attractiveness for start-up entrepreneurs who wish to become the most outstanding one. After your completion of the registration process, you have now become a newcomer to the Hong Kong market, yet you still have a lot of challenges needed to be faced and solved respectively.
About the Author:
WYND Co-working Space is located in Central district, in Lan Kwai Fong and near SOHO. The vicinity is the most diverse and vibrant neighborhood in the prime core of Hong Kong. It is the stronghold of international corporations and distinguished local businesses. A place where top talents worldwide gather to live their dreams in career and leisure. Wynd is a platform to synergize the talents and opportunities offered by the city for entrepreneurs, innovators, and pioneers alike.
Being the leader of a company that has so many potentials of growing and doing your best to stay in the path of this growth, you get to face some kinds of anxieties that hang under the surface of your daily tasks
You probably are already treading the water regularly and you do not have the mental energy to deal with another thing, but one thing you need to consider is where do you want your company to work from? After all, unless you already have robots running your company, your company is built by humans, but even West World robots need a place to be based out of, so maybe your team of robots and humans need an office. However, having an office lease is a big commitment.
Bear in mind that, any bad office lease decision will waste no time in killing the dreams you have of your startup before killing the startup in real-time.
Although, when you need the space, it seemed like a wonderful idea it is likely not beneficial to your company over time.
Tips To Avoiding Office Lease Issues
In a bid to avoid all of these office lease issues, there are tips to take along with you for you to keep your startup dream alive. These tips include:
Always have an idea of what your next move will be even though it will happen either in some years to come or even months. Especially in San Francisco where permits process takes an unusually long amount of time. Plan plan plan!
The fact is that a good broker will work with you in a bid to be aware of your priorities when seeking out an office space and also understand your business plus its space needs.
Moreover, the ideal broker will have an idea of the buildings available in your area and have a good relationship with some of the owners plus an insight into the exact time that space will be vacant.
All of this will make things easier and less of a hassle for your business at the main time.
Too much space or even a space that is little can turn out to be a killer mistake. This happens most especially when you have not negotiated the ideal terms on the office space lease.
Also, you should embark on learning about what is known as a target amount of people to hire and try applying it to your educated guess.
This is because you could land on the hook for thousands of dollars worth of repairs or maintenance should anything go wrong in the space you occupy. A good broker will help you avoid such trap terms as well.
To Wrap It Up
As mentioned earlier, an office lease can contribute to killing your startup before you even think of making necessary expansions. The amount of liability is huge with a traditional office space. A useful tip to consider is to consider some of the shortest lease terms deals possible. Or you can try coworking! Whether if you are a solo founder who just needs a desk or a small startup seeking a private office, or a corporation needing a satellite space, we might just be the perfect choice for you.
Choosing Treehouse Society means that you can save time thinking about office space for your team and focus on what you do best. Take a tour today!
Although lots of companies have all of the ideas on how to collect feedback from their customers, the actual struggle is knowing how to build diverse feedback loops that will provide both actionable and valuable information.
You may be wondering what feedback loops have and why is it that some product teams must make use of them.
What Are Product Feedbacks?
According to Eric Ries. author of Lean Startup, the fundamental activity of a startup simply centers on tuning, ideas, and concepts into products, measure just how the customers will react and then learn if at all to persevere or to pivot.
However, bear in mind that the product feedback loop is referred to as the process of taking customer feedback from time to time and improving that product but it will be based on the opinion of the customer.
The creation of early-stage ideas can assist in creating product feedback. According to Ben Garner, there are some cost-effective ways to go through this and they include the use of brochures, UI mockups, and even datasheets.
Furthermore, if your goal is simply to test out the functionality, you will have to create just enough in a bid to deliver the sort of outcome that your users can react to.
Nonetheless, if your goal is to test the product’s fit and finish, you need to create the product to be close to its intended design.
At the end of the day, the goal is practically to build something to place at the front of users.
Measuring Your Product Feedback
There are ways in which you can successfully collect customer feedback and start your feedback loop on your product. They include:
However, the actual value of all these interviews simply lies in the difficulty of the feedback you will get to receive.
Additionally, there are diverse types of customer surveys you can make use of. They include:
1. NPS SurveyAlso known as the Net-Promoter score, this survey is used in measuring the loyalty of customers. It is, however, the most popular survey type.
2. CSAT SurveyKnown as the customer satisfaction score survey, it is used in measuring nothing else but customer satisfaction.
Nonetheless, in creating the best product for your consumers, you will need to verify diverse solutions based on your feedback. At the end of the day, you are brought right back to your feedback loop. The process is non stop.
But if surveys are too official and costly for your startup, consider adding a feature request option. Many startups now offer their customers an option to send in a feature request. Your customers should be the ones who know what features you need to add to your product. After all, they probably spend more time with your product than you do.
At the end of the day, feedback loops are very vital for your product development. Also, feedback loops that are well developed will help you in storing highly valuable information, administering important changes and even building a product that consumers will utilize and love.
Content marketing goes further than being just a buzzword. It is a very important part of a highly successful marketing strategy.
The buyers we have today usually demand not just creative but also compelling content from companies and brands that they like.
This is where content marketing comes up as it is capable of filling this need through the creation of highly effective content. It goes further to optimize its distribution all across a vast range of customer reach and channels.
At a point in time, content marketing was only used as a way to set your brand apart from the usual competitors but now, it is necessary for any brand.
Note that, content marketing is being placed at the heart of some of the most successful virtual marketing campaigns.
While you may be wondering if your company needs this, we are here to let you know exactly why you do.
Your company or business need content marketing because:
When you build trust, it can aid your business in establishing a brand reputation that screams positivity.
The fact is that content marketing aids in creating and optimizing the ideal kinds of content, it amplified your business’ presence online among the audience segments.
Also, content marketing is a great vehicle when you need to grow the thought leadership agenda of your business and to position your brand like nothing else but an industry leader.
Nevertheless, lots of brands have a hard time struggling to gain a powerful foothold in these social media channels. However, content marketing can assist your business in creating very relevant and highly compelling content that is not only good enough for social sharing, it is also good for the advocacy of your brand.
To Wrap It Up
Some of the best content marketing firms have a deep understanding of the diverse roles that different types of content play at certain stages of their sales cycle. For example, Jotform has one of the best content strategies out there. Their content feels down to earth and relatable to their customers.
If the needs of buyers are being aligned with content at every stage of the journey, content marketing makes it much easier for them to easily navigate the road from potential to happily satisfied consumer.
Creative leaders are like prized possessions for their organizations. They are commonly known as innovative leaders or innovators who are the masterminds or creative thinkers of leading industries. Who are these leaders? What kind of attributes, attitudes, skills, and qualities do these personalities possess? What drives them to be innovative within an organization? Creative leaders not only think out of the box but envision a path that leads their followers to take big, bold steps to turn an innovative idea into stark reality. It is a famous quote that the creative genius comparatively holds less significance in an innovative leader’s success than the ability to form an insight around an idea or set of ideas. So before we go on a hunt to find out the topmost creative leaders of recent times, let’s first discuss what distinctive behaviors set this group apart: They
The word scrappy might sound like it is a hard and negative word but in a real sense, “scrappy” associates with companies or organizations which have been just launched and have been growing very quickly. On the other hand, the word, “startup” can be defined as the enthusiasm enjoyed by a company due to its successful fight and struggle. If a company is started to solve a problem with the implementation of the right strategies, there are high chances that it will be successful. If could be turned from a scrappy startup to a great company rather soon. There are a few ways to grow fast from a scrappy startup to a great company.
Solve a Problem with Your Startup
Your startup needs to solve a problem. Let it be an efficiency problem in an industry or climate change. Your company has a better chance to thrive if there is a real market for the product or service you are making.
Make sure the market likes the way you are trying to solve the problem so your company could be growing. You could always do a quick customer survey or an easier way to test it would be your website retention rate or your subscription rate.
Design efficient but relevant strategies
As a scrappy startup, you don't have the resources big companies have to push out a product and push for a product launch only to watch it fail. Make sure you design a strategy on how to enter a market before you launch. If a design fails, you can always rip up the piece of paper. It is a lot cheaper than having a failed product.
Encourage teamwork tradition
Starting a company the scrappy way needs a culture where teamwork is the basis of things. As there is a limited amount of resources in a scrappy startup, you need to make sure your team is not filled with divas. Make sure your team is willing to get down as there could be a problem with cashflow in a startup. Working as a team ensures that all the strategies are put into tasks and that every bit of the startup works harmoniously to meet a particular goal. Same Team, Same Dream. A scrappy startup simply can't afford otherwise.
Proper and efficient leadership
Leadership makes a good team a dream team. Leadership is very important as an effective leader would strategize, eliminate problems, guide the team in the right direction toward a goal within a set timeline, pivot when necessary, and charismatic. A scrappy startup highly depends on proper leadership.
Every entrepreneur should want to start a scrappy startup in his/ her lifetime. Leading a scrappy startup could be such an accomplishment especially when it becomes a successful company with the start of zero. It is important to value and cherish whatever little you have. It is important for you to remember that everything starts small and in order to succeed as a scrappy startup, you need to be enthusiastic and keen to detail even if you may not like the humble beginning.