4 keys to Effective Crisis Management

“The secret of crisis management is not good vs. bad, it’s preventing bad from getting worse.”

crisis-management

A crisis can occur anytime. There are no tools to completely safeguard an institution or a business from a crisis. However, one can develop effective crisis management practices to bring situations under control at workplace before they become catastrophic.

Check out these 4 key ways to manage crisis effectively and restore balance at workplace:

1) Timeliness

“It wasn’t raining when Noah built the ark.”

The first step to crisis management is having a crisis management plan ready beforehand for exigencies. You won’t have the time to formulate one when trouble starts.

Do not delay responding to the crisis. Don’t assume it will blow over because it won’t.  Respond quickly and factually.

2) Handling Information

“In absence of information, we jump to the worst conclusion.”

Information is the key to managing any situation. Without ample information, the team involved will be handicapped or worse, misguided, when it comes to doing damage control. Hence, pass all necessary information about the situation and its background to core team promptly and properly.

At the same time, snub out any inaccurate information that might be circulating, by responding to it.

All stakeholders, media, and public should receive information on a regular basis too. Keep it simple with no room for speculation.

3) Communication

“Problems can be solved just by communicating.”

Assign a spokesperson representing the organization till things settle down, All communication beyond your core team should go through this single channel.

Don’t be afraid to communicate empathy and concern towards those adversely affected by the crisis.

Don’t dodge questions, if you don’t have an appropriate response or information, say that you will get back on that.  Avoid the ‘no comment’ approach – it’s murky.

It is better to reveal the bad news yourself, instead of trying to hide it and letting an external source discover it.

4) Ownership

“Keep calm and take Ownership.”

Probably the best thing you can do to salvage a situation and your reputation, is taking ownership. If you have made mistakes be courageous to acknowledge it than evade the same.

The dynamics involved in effective crisis management can be learnt from experiences and also management training that uses interactive workshops. Adopt such innovative learning methods and excel in your crisis management skills.

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5 Essential Tips for Effective Time Management

Time management is a much talked about, yet, one of the most overlooked managerial attributes.

As a manager, a professional’s key responsibility is to manage his/her time while helping the team to manage their own. Not only is effective and efficient time management beneficial, but it is also critical to an individual’s and organization’s success.

Here are 5 essential tips you would want to follow for effective time management:

PRIORITIZE:

clipart-to-do-list-256x256-3150There will always be multiple things to be done together. But by understanding what is most critical and of the highest importance, that you, as a manager will be able to allocate time to tasks. With proper prioritization and careful management of deprioritized tasks, you can bring order to chaos, reduce stress, and manage time smartly.

ONE-THING-AT-A-TIME:

Remcanstock8695141ember when our teachers in school used to reprimand us for trying to do too many things at a time? We need to recall that and implement it in our professional lives too. As a manager, you are expected to do multiple things like answering emails, making proposals, reports, attending calls etc. – all at the same time. Hence it is highly essential that you handle one type of tasks at a time and move on to the next, only when you finish the previous one.

SET SPECIFIC GOALS:

images (1)Effective and efficient time management calls for setting ‘smart’ goals. It motivates you to work in a time-bound manner. However, ‘goal-setting’ does not merely end with setting goals. You need to chart out a plan of action to realize these goals. And most importantly, you should stick to the action plan that you have created. That is when you would know if you are able to accomplish it in a timeline you have set.

COMMUNICATE:

k5164735At times, when you are trying to accomplish multiple tasks, you might not be able to communicate in an ideal manner. But effective communication is indispensable for managing time efficiently, especially for high priority tasks where you must set aside time to communicate with the people involved. Consequently, you would realize that just by communicating at the right time, with the right people, you are able to manage your time.

TAKE-A-BREAK:

SometiTime for a Breakmes, when we try to handle a lot of responsibilities, fatigue gets to us. Hence, it is necessary to take a break and refresh your mind so that you come back recharged with more productivity. Experts believe that more you space out your thoughts, the better you are able to think and with clarity. This not only helps you achieve your goals but also instills positivity within your team.

As a part of management studies, aspiring managers, executives and professionals are taught about time management. Online Hybrid PGDM programs impart training to enhance time management skills through various interactive workshops, simulation exercises, experiential learning and so on.

So learn to value your time just as you would value your money. After all, “time is money”, essentially, isn’t it?

TRENDS IN BUSINESS SIMULATION – LEARNING THE UPS AND DOWNS OF REAL-LIFE WORK

Theoretically, there is no difference between theory and practice, so goes a witty saying. We might as well say, no theory is complete without practice. The real-world situations always turn out to be different than expected, and that’s where business simulation comes in.

With business simulation, you can expose yourself to real scenarios that are encountered in practice. This helps in developing and strengthening teamwork, learning different styles of management and forming decision-making capabilities.

Asking ‘what if?’

When applied in business education and learning, simulation sets up real situations, explores ‘what if’ scenarios, and helps in finding out how certain changes in circumstances can affect the system and how to tackle these. Some typical areas of application include business strategy, financial and market analysis, marketing, operations and teamwork, and honing leadership skills.

The ‘what-if analyses’ help in the following ways:

  1. Understanding strategy implementation and performance objectives
  2. Speeding up innovation and strategy execution
  3. Building business acumen and financial decision-making
  4. Developing leadership qualities
  5. Assisting in enacting complex value-chains for collaborative cost elimination
  6. Promoting interaction and engagement through teamwork

Those pursuing PGDM distance learning or Distance MBA and others can thus get a taste of real-life scenarios typically found at the work place even before they step into it.

Top trends and innovations for business simulation

The following are some simulation trends that support goal-oriented management learning process:

  1. Customized simulation: Customized simulation processes are deployed for specific outcomes or application. Besides reducing the time spent on the enactment process, they also cut down on the budget.
  2. Focus on immediate application: Corporations and management education organizations have realized the growing need for using simulation for immediate application in real-life scenarios.
  3. Immersive simulation games: Using simulation software, business games allow participants to learn through exploring, experimenting, competition and co-operation. Based on the educational curriculum, they can thus test their strategies and intended business outcomes in a risk-free environment.

Check out how Welingkar’s  Hybrid Distance Learning Program uses business simulation workshops here:

Be a part of such interactive learning sessions with Welingkar’s workshops.

TO WIN, STAY IN THE GAME

Here is a well known but oft neglected truth: it’s not dreaming to win, but staying in the game that makes winners. If you are ambitious to step up the management ladder, or just plain curious to learn and grow, expanding your knowledge quotient is a big ally.

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It’s never late to opt for a different career path. Not when you can train yourself for something better, something that you find interesting.

And that’s the case with distance learning.  It is your customized platform of learning, your ally in need.

Technology has turned access to virtual classrooms easier. That, in turn, can accelerate your speed of learning, even when you’re hung up with your everyday job or responsibilities. International degrees can now be delivered at your doorstep without you having to go through the pains of acquiring a visa and other stringent regulations.

It all started when people started seeking alternatives to night schools and education for those having mobility issues. So education is no longer out of reach, with e-learning coming to your rescue.

If you think online learning is also stuck with school courses for elementary training, here is a surprise. It has evolved to offer you competitive degrees which can give that additional push in your career. Whether it is in the form of retail management courses or PG Diploma in Finance, distance education can bring a formal degree to add more value to your resume.

Besides increasing your field of expertise, distance education also provides an upper hand amidst the cut-throat competition in professional scenarios where ‘survival of the fittest’ is essential. Pursued through well set-up institutes, the courses can develop not just your know-how, but also focus on strengthening your analytical and creative problem solving skills. Supported with industrial visits, brainstorming sessions and allied activities, these online courses can help you win races.

The courses help equip professionals with knowledge of ongoing market trends, and can also meet the transforming needs of entrepreneurs. Virtual classrooms can thus be your window to growth. The best part – they allow you to sharpen your skills at your convenience.

With time, the demand for distance learning courses in India has increased. As professionals seek to acquire that winning edge over their colleagues, the field has also grown so much that you will be spoilt for choices.

Equip yourself with a qualification through distance learning, and see yourself counted among the winners, because you stayed in the game.

Advertising for a Retail Store

Once the long awaited store is open, it is just the beginning of a whole line of activities to gain recognition. It is vital to make people aware of its existence. Advertisement plays a critical role in attracting customers to your store. It will create an image for your store and establish an identity for you in the market.

Use all available options that you find feasible to advertise your store. It could be:

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Print: Newspaper, magazines, catalogues and journals come under print advertisement. This source reaches a large number of people and is a very effective mode of advertisement.

Television: Television reaches a wide audience. This mode of advertisement has the advantage of picture and sound, which allows you to illustrate information creatively.

Radio: This is an excellent source of advertisement. Radio reaches a large number of people and is comparatively more economical than other sources.

Social: Social media as a source is the most famous one now. Open a website where people can learn more about your store. Facebook, twitter, blogging, LinkedIn and other social networking sites will encourage communication with customers.

Word of Mouth: This is one of the oldest forms of advertisement and is still effective. Mouth-to-Mouth is the most sought out way of advertising for small retailers.

There are two main objectives for advertisement. One is to attract customers and the other is to make them aware about you. So be clear and don’t confuse your customers. Besides that, be creative and come up with innovative ideas to keep the customers coming. As you progress, retail marketing plans, sales promotion ideas, branding and advertising resources, media buys and sales events will benefit your retail store to be in the public eye.

Click here to know more about Welingkar’s Hybrid Learning PGDM Management Programs.

Eight Important Factors to Run a Retail Store

The Retail sector in India has seen a dramatic upsurge in the past decade. Growing purchasing power of consumers has encouraged the retail business to flourish. From adopting new marketing strategies to diversifying into businesses, companies have tried all gimmicks to impress the customer.

Retail management, therefore, requires a full awareness of formalities, brands, marketing strategies and retail philosophies behind winning the customer.
Here is a check list which will help while venturing in the Retail Business.

Business Plan: A Business Plan is a road map for your business. It should have the name, amount of capital invested, polices and goals for the business.

Knowledge: be alert to the vagaries of market trends.

Legality: Be aware about laws regarding permit, license, leases, taxes, ownership and other formalities.

Location: For a retail store to run successfully, location plays a key role. Strategically placing the store in the area it is required is very important.

Employees: Hire according to your requirements. Keeping the employee motivated is equally important to run business.

Inventory: Categorizing products and price will ensure a smooth run of the business. A properly maintained inventory will help in boosting sales.

Display: Use store space wisely. Creative Display of the products will attract customers.

Advertising: Advertisement of the store is an absolute necessity to build awareness.

Everything said and done, running a successful retail business requires skills, strategy and a healthy dose of luck.

Learning in Virtual Classrooms

The virtual classroom is just what it sounds like. You “enter” the classroom using your computer and a headset equipped with a microphone. Since the class takes place in real time, the instructor and all the students attend classes at a set time and date. Students can raise their virtual hand to ask questions and interact with fellow students. The instructor can show videos, break students into small groups for exercises and conduct facilitated discussions…. Just about anything you can do in a traditional classroom you can do in a virtual one!

Welingkars Virtual Classroom

Traditional education is slowly being replaced by a wide range of technology-enabled learning modalities, from podcasts and webinars to formal, one-on-one coaching and a range of e-learning platforms via virtual classrooms.

The virtual classroom environment is flexible and convenient in its approach and encourages freedom of expression enabling students to communicate and express opinions openly in these environs.

Online courses support critical thinking skills, leadership, communication, problem solving and ethics. Often students’ prefer the delivery mode and work at their own pace and take the time to analyze and synthesize the learning materials.

Research has shown that students take online classes because they are able to get the course schedule they want to fulfill their degree requirements. Moreover, multimedia use has made virtual learning more interesting and lively, thus paving the way for fulfilling the emerging needs of higher education in 21st century India.

The Future

The advances that have been made in the quality and sophistication of the virtual classroom learning platform ensure that it is no longer a technological promise, it is a mainstream reality.

Click here to know more about the Hybrid Distance Learning Program offered by Welingkar’s Distance Learning Division.