Advanced Process Management https://bit.ly/3wtqq0E
The best process isn’t the perfect one. The best process is one that gets used. Once you learn how to avoid the mistakes that lead to impractical procedures, you can implement steps that build a stable foundation for your company. This article covers the in-depth functions of process management and how to create successful strategies that grow with your business. Here, you’ll find out which people are involved, how to make proper documentation, what software options you have, and where to go when you need help. Now, see who you need to get your process management off to the right start. The Who’s Who of Process ManagementA team who doesn’t understand their roles accomplishes their tasks by luck at best. Without assigning someone as the driving force of the project, the project is likely to go nowhere. To understand why you have to understand a little about human nature. Humans are animals that like to do things efficiently. When we don’t pay careful attention to what we’re doing, we revert to whatever we immediately perceive as the path of least resistance. For example, if only one person is working with a process, they already understand how it works and do it just fine every day. Why would they go back to update the procedure if nothing is wrong? Imagine that they have to train someone to do this task who has never touched it before. This is where the problems begin. If they’re not sure the last time someone updated their SOP, it could involve outdated software, lack of new steps, or involve irrelevant processes that have since changed. There are a few ways to ensure this doesn’t happen, and when used in combination, they create a valuable safety net for your company. Make it publicOne way businesses can avoid outdated processes is by sharing SOPs with their entire team. Naturally, the team members working on the task already have access to their documentation. However, adding extra eyes to the mix pays off with quality and cultural gains. You’re documenting your processes to increase your team’s knowledge. Restricting access to only a few users is counterintuitive. In fact, limiting who can access the information sends an indirect message that it’s available to only an exclusive part of the team. Instead, encourage feedback from someone with a fresh take on the flow. People who work with this procedure may miss things they will notice in an instant. Open pathways for feedback and improvement create a culture of learning, access, and openness. Assign a driving forceA team with a leader is like a chicken without a head. There will be movement, but forward progress is most likely the result of luck. The best outcomes happen when one individual is tasked with ownership. This gives your team a point of contact for feedback and identifies who is responsible for periodic quality checks. As your company grows, so will your library of SOPs and documentation. You may start by documenting only a handful of procedures if your company is small. However, as you grow, that number will, too. Make sure that part of your periodic quality checks ensure there is a fair division of responsibility. The MaterialsFirst, to start modeling your processes, you’ll need a few basic materials. The first is any writing implement and a large surface where you can map out your flow. Whiteboards are the preferred choice. This is because they allow for quick edits, have ample space, and are big enough to be seen by a room of the project’s collaborators. Next, you’ll want to select a chart-making program to transfer the diagram once created. There are free and paid options, high and low-tech, and those that allow you to integrate with software you’re already using. Before choosing your software, think about how many people will be using it, your overall budget, what you need it to do, and how tech-savvy its users are. Some modeling programs come as part of a larger product, called business processes management software, or BPMS. These incorporate machine learning, data mining, and predictive AI to efficiently use your data. They make decisions using a software called a workflow engine to make decisions based on its programmed parameters. These parameters are pieces of logic called business rules. The workflow engine uses business rules to know when to make decisions and automate parts of a process. There is something to be said about automation. It is not to altogether remove a person from the process. Instead, it gives them an oversight rule to ensure that the method returns the desired outcome. Even computers aren’t 100% error-proof, so for now, oversight will remain a part of the job. Getting your Hands DirtyThe best way to start documenting a process doesn’t start with the process at all. The first thing to look at is your goal. For example, it could be to increase your leads by 150%. Or it could be to publish a podcast episode every week. Whatever it is, it will be the focal point of the process. It is much easier to get where you want to when you know where you’re going. After identifying the goal, take a look at the points marking the start and the end of the project. If you respond to customer support requests, you could define the beginning as the moment the support ticket is received and the end as when the ticket is marked as resolved. Next, think about the steps that take place between the beginning and the end. Here, it is essential to involve all of the key players in this task. Work together to identify each step to the process and the associated details. For example, what method does a customer support agent follow for issuing a return? Is there a script for their message? How do you determine when the problem is solved? Write this out in the best detail you can, including points where the person involved must make a decision to arrive at the next step. When you’ve got these pieces listed out, take a look at the other people involved. These may include the different tiers of support, other departments in the company, or outside logistics services. This gives you a good understanding of the person on whom the result depends. During the different steps of your process, information gets passed along from person to person. There help the people involved make the correct decision that leads them to the final goal. These pieces of information include the scripts that your support reps use, the CRM where they can view a customer’s order, and the details communicated to handle escalations properly. When finished, review the process with your team and check that there are no missing steps. Then, transfer the finished diagram to your process management software and distribute it to your team. Executing your processOnce you document your process, begin running it precisely as written. Don’t expect your strategy to create ideal results on the first try. Once it’s in place, set your KPIs and begin measuring success. Here, it’s crucial to think about what the authentic markets of success are for your business. While business process management software includes presets for tracking data, these are general and need to be refined to your specific goals. Once you have these KPIs listed, find out how you will measure them and implement tracking. This will give you a clear picture of how your normal operations look. After measuring them, you can set up alerts and notifications for when something falls outside of the acceptable range. Now that you know what to expect, you can set your sights higher and aim for new goals. With a library of data from your operations, you can test changes to your process within a safe environment before implementation. A Good Process Can Still be BetterSometimes, even your most well-thought-out adjustments fall short of your goals. This is a normal occurrence and brings in a vital part of process management; Re-engineering. Re-engineering usually begins when a process becomes unbearable. A team becomes so frustrated with the current method that it forces change. Thankfully, it doesn’t have to come to that. A business process review looks at existing processes to improve whether or not a company already feels its effects. Business Process ReviewsA business process review can look different across different teams. A small company might start with the most ineffective processes and work internally. Another business may hire outside help to perform an audit. Regardless, the first procedures you review should either be the easiest to change, the most flawed, or the most important to your operations. The data you’ve collected from your existing processes now comes back into play. When you draft a new method to accomplish your goal, comparing it to the old data helps you avoid making the same mistakes. When performing a business process review, the aim is to create efficient procedures and avoid further avoidable upsets. What this all boils down to is getting the most out of your business process review so you can prevent other disruptions down the road. When setting out to do your BPR, make sure you know your resources. These include your staff, their experience, your budget, and your tools. Once you’ve outlined these, you can narrow down your options and decide on your approach. Deciding Who HelpsBusiness process reviews can be done either in-house or with contracted service providers. Agencies, consultants, and even fractional chief operating officers offer business process reviews. Like any decision, each option has its benefits and drawbacks. Agencies and consultants are the most common choices for companies looking for a business process review. They offer pricing structures for all budgets, specialists in specific industries, and wide ranges of experience. A fractional chief operating officer is essentially a part-time COO. They perform the same roles as COO with more flexibility for clients with a limited budget. This option is perfect for businesses who also want other services they provide. Those services include helping the CEO manage the administrative functions of a company and helping execute its strategies. First, consider your budget and needs, listing out exactly what you expect from this process. Spend some time looking online and collecting names. Remember to compare multiple services before deciding. Interview them thoroughly, ask for reviews and case studies, and research their methods so you understand precisely what they provide. When you’re finally ready to decide, your chosen service provider will lead you through the steps to creating the right processes for success. A Word About OutsourcingOutsourcing will at some point come up when looking at ways to make processes more efficient. These days, outsourcing is more common among large and small businesses alike. Graphic design, accounting, marketing are frequently outsourced to consultants. Whether or not outsourcing is the right choice will depend on several factors. Outsourced services provide fast work for businesses and bring cutting-edge technology that a business may not otherwise have. This benefit is especially pronounced in small companies and start-ups. Without a substantial in-house team, they would have a hard time getting the same results. On the other hand, outsourcing leaves companies vulnerable to more security issues. Data breaches are far more likely when sensitive information is shared with a third party. Some steps can mitigate this risk, but it is by default higher than the risk of not sharing it at all. Overall, whether outsourcing a process to an outside service provider is the right choice depends on what you value the most. If the good outweighs the bad, then you’ve made the right choice. ConclusionDocumenting your process is the start, but not the end of the journey. Quality checks, optimization, and re-engineering maintain robust processes that accomplish your business’s goals. There are plenty of professionals who can lend a hand. With all of the current options, no company is without resources. For more tips on aligning your business’s strategy with success, read about the areas where strategy consultants and business consultants guide their clients. The post Advanced Process Management first appeared on Kamyar Shah. https://bit.ly/2L9puwa #SMBConsultants
0 Comments
Intermediate Process Management https://bit.ly/2RweX1L
Imagine that you’re training for a new role in another department. You have their SOPs, and you’re following them to the letter. The issue is that everyone else is not. What do you do when the processes are there, but there’s still something missing? Now that you’ve moved beyond the basics, it’s time to look at the deeper concepts at work. Not surprisingly, these involve psychology, sociology, and in some instances, even computing. Why do people choose not to follow the rules? And how can you create watertight processes to keep your business afloat even in the most challenging times? What does a poorly managed process look like?You’ve certainly met the person who lives life by the adage, “If it ain’t broke, don’t fix it.” While this might work if you’re striving to be “good enough,” this isn’t the model for a successful business. Business process management looks critically at processes and asks if the current way is, in fact, the best way. In 2016, a study by Łukasz Tartanus showed that 69% of the businesses he studied had documented their processes. However, only 4% had taken measurements of those processes and improved them after recording them. How do you know what is working if you don’t keep track of your progress? The costs of poor monitoring are straightforward. When flawed procedures are repeated, these processes can cost you thousands of dollars, hundreds of hours, and result in a significant reduction in your company’s growth without having an apparent reason why. How do you know what processes are hurting your company? The hallmark of a poorly managed process is that it’s not followed as it’s written. Companies grow, technology changes and procedures need to be updated. If a method is not used as intended, then it’s a good candidate for optimization. To picture the effects a little deeper, imagine that you’re looking at the standard operating procedures to post on your company’s social media. How could you work with them if they covered platforms that haven’t been used in years? Processes that are outdated or poorly maintained leave companies vulnerable to knowledge gaps and incomplete training. Old instructions don’t reflect the current or efficient method. Why do processes fail?There is no one reason why processes fail. They can fail due to technology, inadequate knowledge, lack of incentive, or culture of non-compliance within your company. The first few reasons have relatively simple fixes. If your staff isn’t using the technology that your design requires, ask them why. It may not be intuitive, require extensive manual input, or be inferior compared to other options. Teams can address problems resulting from a lack of knowledge with adequate training. Managers can adjust ineffective incentives to learn to align closer with their employees’ values (think recognition, time off, or opportunities to develop professionally in addition to your usual financial rewards). The last issue is a little more complex. How do you change a culture that says, “Processes are only followed when it’s convenient?” Start-ups, companies experiencing high-speed growth, and those with small teams are most frequently the victims. So how do you fix a cultural issue? Often, this starts with a fresh pair of eyes. The best person to identify cultural issues affecting compliance is someone from outside your organization. They can help upper management set the example and lead the team in embracing efficient procedures. When good processes go badLet’s clarify for a moment; it’s not that the processes themselves are flawed. Even methods that work perfectly on paper can change once applied in the real world. This phenomenon is primarily because of human nature. You may remember being asked as a kid if you would jump off a bridge if your friends did it too. Would you sacrifice the right choice for the popular choice? Straying from the path you’ve forged for success carries a similar risk. However, if deviance from the norm is part of your company’s culture, you may find yourself teetering on the edge of the bridge even when you know what you “should” be doing. Sociologist Diane Vaughan first explained this concept. She called it the normalization of deviance, a phrase used to describe a root cause underlying significant disasters. One example of a disaster caused by the normalization of deviance is the failed Challenger launch. In this instance, the contractor tasked with building the solid rocket boosters had ongoing quality issues with the putty used to seal the O-rings. Despite replacing it with a putty that performed slightly better, it still showed problems. However, the reason it was allowed to pass was that the company deemed it “within the bounds of acceptable risk.” What is an acceptable risk? Plainly, it is the amount of inefficiency that your organization is willing to tolerate. If this seems like a loose threshold, it is. Your organization’s overall values can define its views towards perfectionism, measurements of quality, or simply what is and is not accepted within the company. How do you fix a culture of non-compliance?A cultural problem needs a cultural fix. If you find that even your best procedures are not being followed, take a look at what is happening. Do your top-level executives follow the procedures as much as entry-level employees? Are your team members even aware that these processes exist? Thankfully, a simple approach creates a new culture valuing quality at every stage of the process. Let’s take a look at how one company made quality a core value. Toyota and the Andon Cord“Andon” was originally a Japanese word used to describe a paper lantern. It was adopted by Sakichi Toyoda, pioneer of the Japanese industrial revolution, to indicate shining a light on an issue. Early in industrial Japan, a problem early on in the production line would affect quality in every following step, resulting in an overall inferior product. For example, in textile mills, if the needle broke while weaving the fabric, every step from then on would foremost be dealing with a fragile material full of runs. Sakichi Toyoda first invented the automatic power loom in 1924, which shut off the machine when it sensed the broken needle, allowing it to be replaced and fixed before weaving defective cloth. Later, this concept grew when implemented at the Toyota System Corporation. In the auto-making plant, there was a physical cord hung from the ceiling that, when pulled, would stop the entire assembly line and indicate which station had pulled it. Why? Much like the textile mills, one minor defect in one production stage would create a cascade of problems resulting from that mistake. Naturally, when buying cars, safety is a foremost concern. While many would gawk at the idea of one assembly line worker stopping the entire production floor, this created a company-wide culture that valued speaking up about issues, even if it turned out to be nothing at all. When the cord was pulled and the line shut down, a supervisor would come to the station where an employee pulled it, investigate the issue, and either fix it or confirm that nothing was wrong. This original concept was called Jidoka. The mindset behind Jidoka is that a system that an opportunity to resolve an issue prevents problems from happening in the first place. This mindset was created by the “kata” of finding and resolving errors. A kata is a pattern of behaviors that goes on automatically. By repetition, rewarding the behavior even when it was a false alarm, and consistency from all company parts, the Toyota name became synonymous with quality. Why your Andon cord doesn’t get pulledAuto manufacturing plants have since tried to implement the Andon cord but often fail to see the same results. The key to the lack of results is that the solution involved more than a cord; it involved an entire culture. If you find that your company still experiences frequent errors despite your best processes, look at what motivates your employees to highlight and fix their mistakes. Naturally, we are human beings. Our reactions are not perfect, and we experience emotions like fear, apprehension, and anxiety upon noticing something is wrong. A careful manager will look deeper than the surface issue and reward an employee with what THEY value upon seeing the error. Why? If they feel risk “punishment,” directly or indirectly, and only get a pat on the back on other occasions, any person would choose to take the safer route. A good organization knows that highlighting and fixing its flaws IS the safer route. Creating Bullet-Proof ProcessesWhile process management inherently involves trial and error, there are tested steps that help you avoid mistakes and prioritize success. There are many different approaches and software options available for your processes, but don’t get overwhelmed. At the heart of it, the process is simple. Regardless of the technology or specific process you use, the underlying concepts are the same. All modeling programs, methodologies, and software are designed to let you complete the five stages of business process management. Those stages are process design, process modeling, process execution, business activity monitoring, process optimization, and re-engineering. These steps help a company understand what is happening at a granular level and take calculated risks for more growth. Process DesignThe first step of process management involves creating a visual representation of the different parts involved in your task. While it is possible to do this with low-tech options, like post-its or drawings, it is strongly advised not to use them. While non-digital options may be tempting, they limit how much you can get out of your process management. For example, everyone that needs to use this process will need access to a physical copy of the diagram. Also, product owners cannot make changes affecting all users efficiently. Business process modeling software allows this to happen within seconds. Process ExecutionThis is where the results from your first step are put to the test. The procedure is repeated as designed to ensure it includes all the moving parts of a given task. Here, you will see if the process is missing information or includes unnecessary steps. Then, you can tweak it until it works as designed. Business Activity MonitoringHow can you define success if you can’t measure it? This step involves identifying what pieces of information you will look for to track your progress. If you’re shipping clothes to your customers, you might look at the time it takes for an order to be delivered or the percentage of goods that get returned. Process OptimizationNow that you’ve measured your data, you can see which parts are the most and least efficient. The above company may have noticed that one of their shipping services takes longer to deliver packages than another or that a particular shirt has higher return rates than their other pieces. The current information lets them test hypothetical changes to see where they can improve. Now that the changes have been made, the company can implement tracking and monitor the health of its operations. They can have their system update an order’s status as “delivered” when the delivery person scans the package upon dropoff. Then, employees can view the average delivery time with a visual dashboard in their software. Once the best options for improvement have been identified, the company can implement the change and test the new step. For example, after switching to a new shipping service and using a more durable fabric in their shirts, the company sees faster shipments and fewer returns, leading to a better customer experience. Re-EngineeringNow that an organization has a clear view of what is happening on a granular level, it can take bigger, calculated risks to boost its success. If they want to redesign their delivery process, they could try hiring their own drivers who use more efficient routes for faster delivery. Or, if a project isn’t reaching its goals after changes to one part of its process, the person responsible can redesign the process to get the desired result. SummaryIt is tempting to get discouraged when your initial processes don’t work. Thankfully, this is part of process management. The attention devoted to fixing errors yields rich results for business owners who are not afraid to take a critical look. The most valuable thing you can do as a company is foster a culture where improvement is rewarded, opinions are valued, and changes happen. Regardless of how well your processes are documented now, using sound business process management techniques sets them up to improve. Take a look at the ways that good internal and external communication within a company yields tangible benefits. The post Intermediate Process Management first appeared on Kamyar Shah. https://bit.ly/2L9puwa #SMBConsultants
Process Management 101 https://bit.ly/2QH63hg
For a moment, imagine that you have to show someone how every process in your company works within 24 hours. Can you do it? Those who said yes probably have one of two things: Incredible luck or well-structured processes. But what is a process? And why do you need to manage them if there’s nothing wrong? To start, a process is a group of related tasks that serve to achieve a final goal. Some examples include:
Chances are, if there’s nothing inherently wrong with your processes, you won’t even think of them. However, many only receive updates when something goes catastrophically wrong. Thankfully, many companies do not get to this point before making changes to their existing flows. Good process management lets you visualize your business’s activities as they already are and then make changes before disaster strikes. Even more, once you’ve documented your processes, you can perform and optimize them more efficiently. What is business process management?Business process management is a term used to describe the documentation, analysis, optimization, and automation of a company’s processes. While business process management does not inherently involve technology, many businesses opt to use it in some part of their process. In fact, there are tech options for people of all skill levels, and they all have significant advantages over manual methods. The ultimate goal is to align your business’s processes with your overall strategy. For example, if you provide solutions to your clients in half the time of your competitors, you want to make sure that you deliver those results. If you can give those even faster, then the data collected in your process documentation can show exactly what results you can achieve. The processes involved in BPM can follow one set path every time, like driving the same way to the supermarket every day, or they can be variable and depend on several different triggers, like choosing to take a different route if there’s traffic. Either process should involve the framework for continuous testing and improvement. For example, you could add a method to track when you left and when you arrived. What ISN’T business process management?To understand what business process management is, it’s equally important to understand what it is not. The closest relative to process management is project management. What’s the difference between a process and a project? The difference is the frequency. A project only happens once and is a completely unique process. Processes are sets of tasks that occur multiple times, even if they have different variables. In either case, processes get documented with all of their variables, so the next step is always evident. Another essential point to mention is that your processes must hold up no matter what, not only when it’s convenient to use them. Is your team (including management) using techniques the way they were designed, even when under stress? If not, there may be issues with the processes themselves or with your team’s buy-in. The origins of process managementProject management is no new concept. In fact, the earliest example of someone using BPM was documented in 1776. A Scottish economist named Adam Smith first described the concept of business process management as a way to think through how a task is completed and find ways to improve how it’s performed. He explained the concept with an example of a pin factory in which 18 different people collaborate to make each pin. As he described it, one would draw out the wire, another would straighten it, the next would cut it, the following would sharpen it, then the following people would grind it at the top to fit with the head, and two or three steps would create the head itself. The next steps led to 18 people taking part in the making of each pin. However, it led to an increase in efficiency of 24,000%. What are the different types of processes?Business processes fall into three different categories; management, operational, and supporting processes. What differentiates them is who takes part in the operations, what part of the business they serve, and their ultimate goals. Management processes involve directing teams in the most efficient way possible to accomplish a given goal. For example, a management process may tell an upper manager how to set deadlines and assign tasks for a product launch. They tend to be more flexible than operational and supporting tasks and focus on directing the company’s overall efforts. Operational processes are the core tasks of your company’s day-to-day routine. For instance, a marketing agency’s operational processes may include creating content for a client’s Twitter page or writing a blog post for their website. These processes need to be detailed since your business’s success depends on their reliability. When done right, these tasks are the workhorses that drive a company’s growth. Supporting processes do what they sound like–they support the other functions. These include hiring new employees, addressing technical problems, and providing support to your clients. Though these don’t necessarily drive growth themselves, they back up your other processes and improve the experience of both your employees and your clients. This means lower turnover rates for your company and higher customer satisfaction. What are the benefits of business process management?Here’s a rhetorical question: How can you make improvements if you don’t know what to improve? Both small and large businesses fall victim to the idea that just because something works, it doesn’t need to be changed. No company ever got ahead by staying the same. In fact, those who change BEFORE it’s necessary to achieve the best outcomes. Business process management has two main benefits; saving time and increasing efficiency. First, when the options are clear, individuals spend less time completing their tasks. Additionally, standardized processes lead to fewer errors. This ultimately means that they will spend less time correcting mistakes, and that time can then go to new projects that grow the business. When processes are completed the same way every time they’re performed, you can collect data to improve your current flows. For example, if a clothing retailer tracks how long it takes after an order is placed for it to ship and arrive at the customer’s house, they can see if any process takes longer than expected and find out why. Then, they can improve that piece of the process and provide an overall better customer experience. If your company sells software, you can track how long prospects spend in each part of your sales process and see if they drop off at any particular stage. Then, you can find out why by examining the reasons given and giving new leads what the old ones had lacked. This may be additional material for the decision-making stage, more responsive sales representatives, or more tailored demos of your software. When you improve your company’s internal processes, your overall customer service improves. Why is this? When your team uses a reliable and efficient flow, they consistently provide a high-quality experience to your clients. Another benefit of proper process management is that you can plan for theoretical situations that haven’t happened yet. For example, what if you wanted to perform the same task with half the time that it currently takes? Or, what if you wanted to do it with only 80% of your current budget? A well-documented process would let you closely examine which parts of each function can be simplified, automated, or eliminated. Data from your current processes can give you an idea of how the final results will look and eliminate unnecessary risk before putting a new procedure into place. Who is involved in managing business processes?Successful business process management needs buy-in from your entire team. Though it may be tempting only to involve high-level executives and managers, every team member who will use these processes must understand how they work. Many project management methods, such as Agile, Scrum, and Lean, can be used when designing these procedures. Involvement from the whole team is vital for a few different reasons. One, if you document processes without consulting the people who perform them every day, you’re missing out on valuable information and risking missing pieces in your description of the task. Additionally, if a proposed method is not practical for the people executing it, implementing it without feedback will almost certainly result in problems. Why is this? For a moment, think about everything that you do on a given day. Now, think about what another person watching you might notice that you may miss. For example, think about a medical billing company asking a claims specialist to work one account every fifteen minutes. Without understanding how long it takes to process complicated accounts, you can expect the time limit to increase quality errors and incentivize them to work only on more straightforward accounts. For this reason, many teams bring on a business process consultant or a fractional chief operating officer to document and improve their flows. A fresh pair of eyes will pick out crucial parts of your routine that members of your team may not even notice. Additionally, reluctance from team members to admit what is going wrong is not uncommon. Some individuals may worry about retaliation when they have to communicate their department’s inefficiencies to their higher-ups. This is why it’s crucial to bring in an unbiased individual to help guide the company as a whole. With the right tools, mindset, and key players, proper business process management sets up a business for stable, dependable growth. How do you get started with process management?If you’ve noticed your company’s need for better processes, you don’t have to wait for the whole team to be on board. You can start in small ways with your tasks or department and demonstrate the value to those who need to see it most. Words are cheap. Results are what truly matter. Let’s look at this from the view of a social media manager. They know they’re spending hours on their process and want to encourage their higher-ups to find a more efficient way to create and post content on their business’s three social media platforms. Their past efforts to discuss new methods found resistance from management, often justified with the perceived lack of resources. However, without management’s understanding of the process itself and what is holding them back, of course, they would be reluctant to try something new. If they don’t understand the value of a new method, they will stick with the safer option of a process that works, even if just for now. The first step to making a change is documenting the current process. The social media manager notes that because the company is using a free plan with their posting software, they are limited to scheduling 30 posts. With ten posts allocated to each platform, they can only schedule ten days in advance. Additionally, they work in a niche industry where relevant content is difficult to find. Each time they search for a new blog article or video to share, they read or watch the entire piece before deciding if it’s relevant. This leads to hours spent evaluating content that doesn’t even make it to the company’s page. After writing out the steps to complete their social media management tasks, the social media manager visualizes their current process, encompassing much more depth than a conversation. Now that they can see this process, they can test new variables. For example, if ten hours are spent gathering and posting content per week, they could see how much time can be saved using an RSS feed aggregator to display blogs from websites with more relevant content. Then, they could evaluate different software with bulk scheduling options, allowing them to post months of content at a time. When looking at the cost of each hour spent posting content with the current method versus the cost and savings of better software, the social media manager and their higher-ups can make the wiser decision for their company. Final takeawaysGood process management is the backbone of a successful company. Due to the wealth of resources available, companies of all sizes can find the methodologies, software, and experts to help them succeed. For those that currently feel the effects of bad processes, the choice to improve is easy. Those that understand the benefits can also make the change before feeling the adverse effects. If you’re ready to see more ways your business can improve, learn what a strategy consultant looks for when helping a client’s business grow. The post Process Management 101 first appeared on Kamyar Shah. https://bit.ly/2L9puwa #SMBConsultants
Fractional Chief Operating Officer vs. Chief Operating Officer https://bit.ly/3o6E6eg
When a company begins to scale up, it may find itself faced with problems it just doesn’t know how to solve. When this happens, it may be time to consider bringing in a Chief Operating Officer (COO). However, that may not be the right fit for every kind of company. The goal of this article is to analyze the differences in the roles of the Fractional Chief Operating Officer vs. Chief Operating Officer. It is important to determine which one is right for each growing business. Understanding what a Fractional Chief Operating Officer is, and the ways the role differs from a traditional Chief Operating Officer can be pivotal to setting a growing company up for long-term success. What is a COO?Before making any decisions, it’s important to understand the complicated role of a Chief Operating Officer. According to Accenture, the COO is “perhaps one of the least understood roles in business today.” Yet, having a COO can be vital. Especially in times of rapid growth and transformation, when the risk for business execution is highest, a COO can make all the difference. Keith Rabois, former COO of Square, describes the COO like a doctor in an emergency room. This means they will be the ones fixing and diagnosing problems to see if they are minor or serious. If a company faces an uncertain future, a COO could be the critical component to completely transform business operations and ensure long-term success. When a company is ready to scale up, a COO can serve as the leader of the necessary change efforts a company needs to make. They define needed changes, lead the charge, and manage the change efforts. Perhaps most importantly, COOs celebrate each change’s success. Often, the COO will serve as the glue holding a company together. They are a vital part of rounding out the leadership team. What Makes for a Good COO?Well, there are many different types of COOs. In fact, the COO position is one of the most varied positions in the world of business. It’s rare for any two COOs to come from the same background, have the same experience or operate in the same way. Commonly, COOs should at the very least have deep knowledge of marketing, sales, and operations. It is their job to integrate all aspects of a company’s revenue cycle, ensuring that a CEO’s vision leads to actual profit. In fact, a COO is generally regarded as the CEO’s second-in-command. They need to be able to have strategic competency. This means they can analyze and lead the implementation of necessary strategies to help businesses turn a profit. Bringing in someone with a fresh perspective, but deep respect for the CEO’s vision is key. Common Traits of Effective Chief Operating OfficersThe Ability to Think Both Large and SmallA COO must have the ability to keep their company’s high-level strategy front and center while making detailed decisions about day-to-day operations. A People’s PersonSomeone who values and appreciates talent. At the end of the day, a COO should have the ability to recognize how to find the right people for each job. No EgoIf a COO spends their time trying to usurp the CEO, the partnership probably won’t work out. They need to be trustworthy and respectful. Data-DrivenBeing able to study the minutia of daily-data can ensure that high-level vision translates to profitable operations. Ultimately, the role of a Chief Operating Officer is to bring a company together. It is their job to ensure a more efficient, and therefore more effective, workflow. On occasion, a Chief Operating Officer may even be someone with more experience than a CEO. This can be vital, as a deep understanding of business operations on all fronts is a necessity. Also, they should be someone who can think about a high-level, while still maintaining a deep focus on day-to-day operations. What Makes a Chief Operating Officer Different from Other Roles?The role of the Chief Operating Officer can be difficult to define. It is a role that is unique structurally, socially, strategically, and politically. It is also a role that is extraordinarily situational. In fact, when examining COOs as a class, the Harvard Business Review found that there were almost no constants. Salespeople and marketers have been successful in the role, as have Financial and Human Resources executives. Despite their many different ways of operating, they found that anyone from any background could succeed in the role, as long as they meet the needs of the company, and more importantly, the needs of the CEO. The Many Types of COOsAs previously mentioned, there are many different types of COOs. It is not a one-size-fits-all type of role. Many times, the function of a COO is dependent on the specific needs of a company. The main purpose of a Chief Operating Officer is to fill in the gaps of expertise that a CEO may be lacking. Because of this, the COO position is unique in that it is less related to the actual nature of the work, and more related to the needs of the CEO as an individual. However, in some cases, a COO’s position may be more related to the specific needs of the business itself. The main thing that sets a Chief Operating Officer apart is the high level of trust established between them and the CEO. This should be a close working relationship, with extreme respect between both parties. Traits that set a Chief Operating Officer ApartSelflessnessA COO may be responsible for a bulk of a company’s operations, however, they usually receive little of the credit. The CEO will always have a larger spotlight. A COO’s work is almost always done behind the scenes. Therefore, a good COO must be someone who recognizes the importance of their work without needing public attention. CommunicationCOOs must be excellent communicators. They must be able to communicate effectively with executives and the teams and departments they oversee. A large part of their role is the ability to mediate conflict and negotiate among stakeholders. Besides, they will have to act as a spokesperson for both the staff and C-suite executives of a company. Generally, they control the flow of communication, so attentiveness to messaging and communications is vital. Ability to Think StrategicallyThe COO is there to transform the CEO’s abstract vision into a profitable reality. They have to be able to achieve measurable results. Aligning company goals with day-to-day operations is pivotal. They have to be sure they can think both at a high-level and in the daily minutia of operations. DelegationDelegating tasks is a key function of the COO role. It is imperative COOs know which tasks should go to which departments and teams. This requires a unique understanding of each departments’ skills and strengths to ensure that everyone on every team is working at their most effective level. It is important for the COO to understand the overall vision of the company. This is because they are also in charge of ensuring every team is working toward the same goals. It Takes All FourA good COO will have all four of these major traits. That’s a unique ask from one single employee, but that high level of skill is what sets Chief Operating Officer apart from everyone else. COO is a demanding position that requires a highly skilled employee. At the end of the day, the COO is there to make the CEO’s long-term vision a reality. This means that a COO must have ultimate trust in the CEO’s vision. On the other hand, the CEO must have ultimate trust in the COO’s ability to implement that vision. What Are the Different Types of Chief Operating Officers?As previously stated, the role of COO is a varied one. They come from many backgrounds, with all manner of unique experiences and leadership styles. However, according to Harvard Business Review, COOs can typically be put into one of seven categories. These include: The ExecutorWhen most people hear the term COO, this is usually what comes to mind. Executor-style COOs are focused entirely on day-to-day operations. This leaves the CEO free to focus on the larger vision, public relations, and high-level decisions. This type of COO minimizes the CEO’s need to keep close tabs on the minute details and inner workings of the company. The Change AgentThis type of COO is usually brought in to help a stagnant company get moving again. When growth vision stalls or market performance is weak, these COOs can come in to reinvigorate public interest in the company. Usually, they have a unique set of skills and experiences. Sometimes, they even come from a different industry with fresh ideas to shake things up. The MentorSometimes, the CEO may be new to the business world. They might have become CEO thanks to a novel idea or invention, but lack the business acumen to lean on. If the CEO is inexperienced in business, the mentor-type COO can help guide them through difficult business decisions. Usually, this type of COO is a highly seasoned professional. The Other HalfHere, the COO and CEO complete each other. They almost function like the left and right sides of the brain. This type of COO stays grounded and logic-oriented. This allows the CEO to think more abstractly and unpredictably. This COO will ensure their workforce receives consistent instruction, information, and communication. The Heir ApparentThis COO is often being prepared to follow in the CEO’s footsteps. If a CEO is planning on retiring or stepping down, having their next-in-line serve as COO can be a great shadowing opportunity. This COO is mainly there to learn the ropes of managing a company. This is a great way to streamline CEO transition. The MVPThis is when a former staff member rises to the rank of COO. Typically this happens when a team member displays a high level of value to the company. Promoting them to COO can be a good way to keep them at the company, providing them with higher status and compensation. This will make a great employee much less likely to leave the company to chase competing offers. The PartnerThis COO helps to round out a leadership team. For some CEOs, having a team can make them more efficient. This provides CEOs with the ability to bounce ideas off of another person, while also drawing useful knowledge and skills from an experienced individual. Though the CEO will slightly outrank the COO, they are more close in standing when in this kind of relationship. Similar to The Other Half, they operate almost as one entity in terms of managing the company. Striking the BalanceEach of these types can bring something unique to a fledgling company. Based on the needs of the CEO or the company itself, finding the right type can supplement a company’s strategy. Additionally, these seven roles are not mutually exclusive. Though it is unlikely that one person could serve in all seven roles, it is not far-fetched to imagine a single COO wearing one or two of these different hats. However, the distinction between them makes it clear why outlining the role of COO is such a difficult task. At the end of the day, however, the most important factor in finding a COO is for the CEO to find someone they can trust completely. They must be able to fill the role most needed by the CEO. According to Wendell Weeks, who went from COO to CEO at Corning, the CEO-COO paring needs to be a “true partnership, in every sense of the word.” As a CEO, finding the right type of COO can turn a good business into a great one. When Is the Right Time to Get a Chief Operating Officer?Most companies do not start out with a Chief Operating Officer. For the early stages of business development, they aren’t really a necessity. However, as a company begins to grow, so does the need for efficient operations. Many companies wait until it’s too late to hire a COO. Sometimes this is because of budgetary restraints or the idea that COO is an unnecessary position. It’s important to have an understanding of where a company is at and where it’s going to understand their need for a COO. Basically, a company should begin thinking about bringing on a COO right before things go bad. If a CEO realized their company is beginning to scale up, odds are they’ll soon be overwhelmed by the workload. Hence, the use of a COO will be necessary. Another reason to bring in a Chief Operating Officer is if there is a specific business need or area of expertise the CEO lacks. COOs can be pivotal in filling in those necessary gaps, which in turn will ensure long-term success. Signs a Business May Need a Chief Operating Officer Very SoonCEO Stretched Too ThinA CEO is spending too much time working in the business instead of on the business. They do not have the capacity to shift their focus to long-term goals and vision. Daily StruggleMany in the company, but especially the CEO, are feeling overwhelmed. There is a daily struggle to ensure appropriate operational efficiency. Time to Scale UpA business is maintaining a steady profit. There is a specific need to begin scaling up. Without the ability to scale up, the company’s growth will stagnate and stall. Leadership GapsA company needs a stronger leadership team. Without it, everything may begin to unravel. Questions a CEO Should AskThere are important questions you should ask to determine if it’s time for a COO.
If a CEO can confidently answer these questions, a Chief Operating Officer may not be necessary. However, if they struggle to come up with the right answers, or see far enough ahead into the future, it’s probably time to start looking for a COO. What if I Can’t Yet Hire a Full-Time Chief Operating Officer?Many growing businesses may find it difficult to bring on a full-time executive. The costs can be astronomical, and they might not even know what exactly they want or need from the position. For these companies, it might be counter-intuitive to bring in a full-time COO right off the bat. There are many things that go into bringing on a new executive, such as building a new executive office, creating a unique hiring process, and putting together an expensive perks and benefits package. Doing all of this could put a company even farther into the red, which isn’t great when trying to scale up. Luckily, there is another option. If a fledgling business is not yet ready to bring on a COO, a Fractional Chief Operating Officer may be the answer. Fractional COOs can ensure more effective business operations for a growing business, while still maintaining budget-appropriate costs. What Is a Fractional COO?Simply put, a Fractional Chief Operating Officer is a highly-experienced consultant who operates as a part-time COO. This allows a business to retain the insight of a COO without having to bear the full-time costs. This is perfect for small businesses and start-ups who need the support of an operations expert, but cannot yet afford a full-time executive. The main purpose of a Fractional COO is to provide leadership support and cost flexibility for those up-and-coming businesses trying to scale up in a competitive market. Hiring a Fractional COO can mean the difference between successful business scaling and harmful stagnation for any company on the upswing. What Exactly Does a Fractional COO do?Often times, Fractional COOs may be more useful to a small business than a full-time executive. They provide businesses with the flexibility they need while remaining laser-focused on the company’s needs. To begin, a Fractional COO will get to know a company’s business model. Once they’re well versed in that, they will begin to work within that framework to bring a business the leadership and accountability in any area of the CEO’s choice. A CEO may use a Fractional COO to:
Often times, a Fractional COO is brought into a company to completely overhaul operations. By introducing new strategies and processes, Fractional COOs can be the key component in bringing businesses to the next level. This creates a smooth scaling-up process. Different Types of Fractional COOsA Part-Time or Temporary ContractorThis type of Fractional COO will be with your company for a set amount of time, serving until a company no longer has a need for them, or is ready to hire a full-time COO. On a Project-Based LevelThese Fractional COOs may assist a company with one or more projects. Then, when those projects are over, so is their involvement with the company. This type is useful if there is a very specific business need. An Advisor Without Team InvolvementThis type is often brought in to assist the CEO. They serve as a consultant to the CEO, providing advice without necessarily taking over any operations. Choosing the right type of Fractional COO is entirely dependent on a company’s immediate needs, as well as any budgetary constraints. But, one of the key benefits of hiring a Fractional COO is the flexibility to choose what is actually needed. What Are the Benefits of Hiring a Fractional COO?The most obvious benefit is the cost. Hiring a Fractional Chief Operating Officer allows a company to customize the level of involvement the Fractional COO has with a business. Therefore, this allows a company to customize the necessary compensation package for the Fractional COO based on the company’s budget. In addition, a Fractional COO is oftentimes more laser-focused on a specific area. This means when a company has a very specific need, a Fractional COO could provide the necessary expertise to fill in any gaps. For example, if a company struggles with innovating in the realm of marketing, they can bring in a Fractional COO who specializes in marketing processes. Fractional COOs can also supplement the current CEO’s knowledge. They may be able to pick up in areas where a CEO’s genius might be lacking. So, while a CEO might be more attuned to focusing on high-level vision, a Fractional COO can come in to clean up day-to-day operations. Another use of a Fractional COO in a growing company is to help build or advance talent and teams. They can help oversee the hiring process and ensure a business is recruiting the right people for the job. With their guidance, a company can build teams that help them reach new levels of dominance in their sector. Fractional Chief Operating Officer vs. Chief Operating Officer: Which is Right for My Company?Fractional COOs and traditional COOs can have many similarities. But, for some businesses, one may be better than the other based on their specific needs and areas of interest. Here are some specific benefits of hiring a fractional chief operating officer vs. chief operating officer. Remote WorkersFractional COOs usually work remotely. Even when they do not, they usually do not require a separate executive office, whereas a full-time COO would. Easy on HRThere is no elaborate hiring process when selecting a Fractional COO. Usually, Fractional COOs are already experienced leaders who have worked at an executive level. Often, they will come with proven track records for success. A traditional COO might require a completely unique hiring process, which could put a strain on an already small Human Resources department. InexpensiveYou do not have to provide a Fractional COO with extensive benefits, bonuses, or perks, as they are hired as contractors. This could save your business thousands. Trial RunsHiring a Fractional COO lets you “test run” the COO position. This can help your business decide what you actually want and need from a Chief Operating Officer, without any major commitment. Easier to Let GoIt is much easier to let a Fractional COO go if things don’t work out. Releasing a full-time COO from a contract might be much more difficult. They can often get tied up in legal stipulations and expensive payout packages that complicate matters. Since fractional COOs are contractors, letting them go is usually a relatively easy process. Rounding Out TeamsFractional COOs are there to help you build. This means, they can find the right talent for you, and in some cases, even help you find their full-time replacement. Proven ExpertiseFractional COOs usually have years of proven results. This could mean bringing on someone with much more experience than someone new to the Chief Operating Officer position. FlexibilityPerhaps most importantly, Fractional COOs are flexible. For a growing business, this means they can roll with the often unpredictable punches that come with scaling up a business. Fractional COOs can usually work as much or as little as you need, or as your budget allows. Size MattersAll of this being said, there are some cases in which hiring a full-time Chief Operating Officer might be the better option. For larger businesses, or those growing at a truly exponential rate, hiring a COO could see greater stability in the long-run. It could also help build a stronger long-term relationship between COO and CEO. However, for most small to mid-level businesses or start-ups, the Fractional COO might be the best choice. Fractional COOs can help mitigate costs. At the same time, they can help a company to build both day-to-day and more long-term business operations strategies. In addition, businesses with very specific operations needs or questions would also likely benefit more from the help of a Fractional Chief Operating Officer. Fractional COOs are more likely to come in with specific experience in one area. This can be especially helpful to businesses that need laser-focus in, particularly weak spots. Common Mistakes in Hiring COOsOnce you’ve decided whether a Fractional COO or COO is right for you, it’s important to make sure you find the right person for the job. When doing so, it’s also important that you stay away from these common mistakes when hiring COOs. Seeking out a Director or Vice President of OperationsSometimes, companies will hire below a C-suite executive level in order to cut costs. These people are then expected to operate at the level of an executive but without the benefits or necessary experience. Because of this, they often fall short of what is actually needed by the business. Lowballing the Chief Operating Officer’s salaryAgain, this is done to cut costs. Here, we once again have a business that is forced to hire someone at a Director or Vice President level. People without the necessary experience typically cannot function at the executive level. Not Distinguishing the COO Hiring ProcessOccasionally, companies treat the hiring process for Chief Operating Officer as if it were any other position. COOs have very unique, highly specialized functions. This requires specialized hiring processes and unique labor structures. Without that, the COO is often doomed to fail. Why do companies make these mistakes in the first place?Well, there is usually one of two reasons:
COO can be a complicated position. A fledgling company or new CEO may not have an understanding of how to make the role most effective. This Is where a Fractional COO comes inBefore making these common hiring mistakes, a company might consider hiring a Fractional COO to see what they actually need from the position. This can also ease the financial burden of hiring an executive until the company is actually able to scale up in terms of profit. Even so, there are still some important considerations to make when choosing any COO, Fractional, or otherwise. The most important thing when choosing a Fractional COO or full-time COO is finding someone the CEO can really trust. The CEO and COO should have a natural rapport and the potential to develop a good relationship. There Must be TrustRemember, the CEO and COO will be working very closely together toward a common goal. It is important any potential COO understands what a company wants and needs at the current phase of its development. This also means that any Fractional COO or COO that is hired should trust that the CEO has the best vision for their company. They must respect the work that has already been put in to get the business to its current level. However, they should also challenge the CEO to expand their thinking. When bringing on a COO or Fractional COO, the company should be prepared for some major changes. While the COO can and should work within the established business model framework, it is also their job to do a complete operations overhaul. If the CEO or the rest of the company is not prepared to trust the COO to make the right changes, the partnership will not be successful. In addition, the CEO must trust that the COO only wants what’s best for the company. Give and TakeAccording to Harvard Business Review, there are several things a CEO must be prepared to give their COO upon hiring. These include: CommunicationThose vying for the COO position typically understand that it is their job to embrace the CEO’s strategy and vision. However, they can only achieve this if the CEO is clear in their communication. CEOs must be direct and unafraid of being honest with their COOs. Clear Decision RightsIt is vital for both the CEO and COO to define which responsibilities will fall to which role. Setting explicit and reasonable lines of demarcation between the CEO and COO can help smooth out the relationship. Though the lines may sometimes get blurry, and overlap is often required, setting clear lines at the start of the professional relationship can help the COO to feel more valued in their role. Often, these decision-making lines are drawn based on the particular competencies of each party. A Lock on the Back DoorWhen a COO is brought into a company, a new layer of management is added. Executives who were previously able to address the CEO directly must now flow through the intermediary of the COO. It is the CEO’s job to ensure that line of delegation is followed. This ensures the lines of responsibility are respected. When the lines of responsibility are respected, the CEO and COO are able to build a more trusting relationship. A Shared SpotlightMany COOs understand that the CEO will be largely in the spotlight. They typically come into the position knowing that it is their job to make the CEO more successful. However, a CEO should be deliberate in ensuring the COO is given credit where it is due. They should communicate with the company and the public the importance of their COO. This creates a more trusting relationship, as everyone likes to be appreciated. Building a Strong RelationshipIf the CEO is prepared to make these changes for their COO, they can often build a more trusting, and therefore more successful, relationship. In any case, it is imperative the CEO find the right person whom they can really trust. Only by finding the right person, will they achieve any success in adding the COO role. Whether they are Fractional or full-time, a COO can be the necessary ingredient for large-scale and long-term business success. They can keep any business from growing stagnant, so it is important to find one that is trusted and respected, both by the CEO and the industry at large. Having the Right COO by Your Side Could Make All the DifferenceIt’s is imperative a company chooses the right COO, and the right type of COO, to oversee their business operations. Without total trust and effective communication, the growth of a business may stall entirely. Deciding between Fractional Chief Operating Officer vs. Chief Operating Officer, and then choosing the right person for the job, might be a difficult and complicated process. However, understanding and undergoing this process could help your business reach new heights of success. The post Fractional Chief Operating Officer vs. Chief Operating Officer first appeared on Kamyar Shah. https://bit.ly/2L9puwa #SMBConsultants
Fractional Chief Marketing Officer vs. Chief Marketing Officer https://bit.ly/354keRv
Have you ever had the perfect dinner at your favorite restaurant and the waiter brings you the dessert cart? The temptation is real as you stare at those decadent creations but you know you can’t finish one. All you need is a bite to make you happy. That one bite is very similar to the feeling you’ll get from hiring a Fractional Chief Marketing Officer. You’ll enjoy the flavor, without the burden of a full portion. In this post, we’ll discuss what you need to know about a Fractional Chief Marketing Officer vs. a Chief Marketing Officer. Keep reading our in-depth guide below. What Is a Chief Marketing Officer?Whether you are starting a business or getting ready to invest heavily in sales or marketing, you could benefit from having a Chief Marketing Officer. If that investment or startup includes starting a major commercial website, an advertising campaign, or an SEO-driven content marketing initiative a Chief Marketing Officer would be an invaluable asset. Chief Marketing Officers can go by a variety of titles like Marketing Director, Global Marketing Officer, or Chief Commercial Officer. Regardless of the title, the duties remain the same. The CMO is responsible for all things marketing within an organization. A good Chief Marketing Officer job description will include oversight in marketing communications, brand management, public relations, advertising, market research, distribution channel management, product pricing, product marketing, and customer satisfaction. As a member of the C-level management team, the Chief Marketing Officer in most cases will report to the Chief Executive Officer. If your business doesn’t include a C-level management team that won’t preclude you from bringing in a CMO. You probably have the structure in place already without the C-level titles attached that a CMO can effectively operate within. The Challenges Facing a Chief Marketing OfficerThe Chief Marketing Officer is much more than a salesperson. They must possess a diverse skill set to help them manage the brand from concept to customer satisfaction. CMOs will coordinate efforts between research and development, operations, manufacturing, and sales. They will create a marketing strategy for profitable growth that increases brand recognition while mitigating risk and reducing and controlling costs that might easily spiral out of control. Research and DevelopmentAny research and development efforts will be closely monitored by the Chief Marketing Officer. New products must be forecast into the sales process, both financially and from a marketing perspective. They must be developed to dovetail into the CMO’s vision for the future. Otherwise, they will create contrasting perspectives to the overall brand. Online Sales and Website DevelopmentYour Chief Marketing Officer will work closely with your Chief Information Officer to develop a website that captures the CMO’s vision of the company brand. The CMO will also be involved in any online sales platform you may need or use to ensure that customer satisfaction is achieved throughout the online sales process. This will include capturing critical data from the online sales and marketing process to help improve and grow the brand. ManufacturingIf manufacturing is part of your business model, your CMO will work closely with your Chief Production Officer or manager responsible for overseeing the production and manufacturing processes. Their communication is critical to effectively manage the sales process, especially when running promotional campaigns. Your CMO will strike a balance between production and sales that doesn’t overwhelm one while shorting the other. In-Person Sales ChannelsBrick and mortar sales channels present their own challenges for a Chief Marketing Officer. Brand management is critical across multiple retail outlets. Your CMO will develop advertising campaigns to include signage and other advertising through online, television, or radio channels. Overall store decor and even employee uniforms or dress code fall under their oversight to ensure the brand’s vision is realized. DistributionThey will also coordinate the distribution effort between manufacturing and operations to ensure timely delivery of your product. While your Chief Marketing Officer doesn’t get involved in shipping arrangements directly, they will need to forecast effectively the needs to support both the regular and promotional sales efforts. Navigating the MarketplaceGood Chief Marketing Officers are able to react quickly to changes in the marketplace, whether they be environmental in nature, new competition, or the creation of new vertical markets. Often they will predict what will happen before it does, which could give you an edge over your competition. Their ability to reshape your company’s strategy and execution plans in a fast-paced environment can be the deciding factor to successfully navigating market fluctuations. Analytical AbilityChief Marketing Officers will constantly analyze sales and marketing data looking for trends both positive and negative. They will take critical customer demographics, product sales, and sales channel effectiveness to help plan for the future. The results will then be communicated back to the CEO for review and together they will plot the future efforts of your company, sometimes a year or more in advance. At this point, the cycle starts over again with R&D, manufacturing, operations, distribution, and sales planning. This takes a deft hand to unite these departments which can often seem at odds with one another. Your CMO will need to be an expert communicator and motivator, and in many ways a politician because they must bring together these teams to pull in the same direction. What Is a Fractional Chief Marketing Officer?A Fractional Chief Marketing Officer is essentially what the name says it is. They have the ability to meet all of the above challenges, yet they will only perform a fraction of them. Basically, they are brought on in a part-time or temporary capacity, but that will depend on you and what your business needs and can support. This fraction might come in the form of time. You can hire a Fractional Chief Marketing Officer to work 10, 15, or 20 hours per week during which time they will work the entire marketing plan from R&D to customer satisfaction. They will then spend the other fractions of their time with other companies. Most Fractional Chief Marketing Officer arrangements are set at a six-month minimum, regardless of the model. This is essential because most efforts take time to come to fruition. What Will a Fractional Chief Operating Officer Do?When you first begin discussions with a candidate, you should have an idea of what you want them to do for you. Once hired they will focus on these predetermined tasks, but they will also offer their expert opinions on a variety of subjects within your organization. They will assess your operation and make recommendations as to what else they could or should be doing. This doesn’t mean you can’t pick and choose which recommendations to move ahead with. It simply gives you an idea of what they believe will be helpful. Remember also that they are marketing their services and any good marketer will make a compelling argument. They should always present these recommendations with a return on investment. Implement Entry Into a New Vertical MarketYou might hire a Fractional Chief Marketing Officer to oversee specific challenges, like planning entry into a new vertical market. This FCMO will work with your management group to assess the individual departmental challenges your company will face. These challenges will include internal production and sales issues, as well as specific issues you will face unique to the new vertical market. They will then create a plan that unites the team and drives the company forward to successful implementation. Upon completion, the FCMO will move on to other clients. Rebranding Your CompanyIf you are planning to rebrand your company then hiring a Fractional Chief Marketing Officer can help. They will work closely with the CEO or company strategist to capture a new vision and create a new brand. This effort will tie together all aspects of your marketing and sales to fit within the brand concept. Your FCMO will work with research and development to ensure they work with future products to fit the brand. They will also forecast and create advertising campaigns to present the new brand concept to your customers. Aggressive Sales CampaignsYou might feel like you are missing out on reaching the entire market for your product and you wouldn’t be the first company to realize this. Aggressive sales campaigns can be scary because, by their very name, aggression can be risky. An FCMO will review your intended results and create a measured approach designed to help minimize your risk while staying aggressive. This might include a unique multi-media advertising approach or bundling products and services. Regardless of the campaign, they have the experience and knowledge to implement it effectively and keep the risks and costs manageable. Company ExpansionMany businesses have a great product, a great manufacturing program, and a great sales team, yet need a little help taking the company to the next level. Maybe you’re considering taking your product from a regional market space to national market space, or maybe national to global. A Fractional Chief Marketing Officer can help you make this jump in a deliberate way. They will assess the new market’s growth potential, forecast the cost to expand from a distribution standpoint, and provide feedback to the manufacturing department to help them forecast for the new demand. They will also develop a sales and marketing plan to address the new market space. Unify Your Sales TeamSometimes a company’s growth occurs organically and they find themselves operating at levels they hadn’t originally planned on. You might end up with a national sales force that might be producing just fine, but with distinctly different processes. This can result in uneven production and fulfillment issues which ultimately cost you money and customer satisfaction, limiting your future growth potential. A Fractional Chief Marketing Officer can help implement a national strategy that keeps everyone marching to the proverbial beat of the same drum. An FCMO will create national proposals that reinforce the company’s brand and product. They can also implement new software to assist in both the prospecting process and the closing of new sales to streamlining your distribution efforts. New Product LinesIf your company has developed a new line of product or products you could benefit from hiring a Fractional Chief Marketing Officer. This is especially important if your new product is outside your original scope of products offered, and even more so if your new product has the potential to revolutionize the way people do things. Your FCMO will need to work closely with all areas of your company to ensure consistency with your brand and your new product. Marketing and sales presentations must be developed to highlight your new capability. Advertising must be deliberate and targeted to reach your customer base and make them aware of your new product. Your manufacturing team must be ready to handle the forecasted increase in sales and your distribution and fulfillment channels have to be prepared as well. Benefits of Hiring a Fractional Chief Marketing Officer vs. a Chief Marketing OfficerAs the Owner, President, or Chief Operating Officer of a company, your time is always precious. You are responsible for all aspects of your company’s success. If you’ve created a solid organization with capable managers at every level, then perhaps you can manage to perform the duties of a CMO while delegating other duties. However, the question always comes down to competence, and marketing is a unique animal in the business jungle. If you don’t have the experience to handle the myriad of duties, you are better off hiring either a Fractional Chief Marketing Officer or a full-time Chief Marketing Officer. 1. Not Ready for a Full-Time Marketing ProfessionalOne reason you should consider hiring a Fractional Chief Marketing Officer vs. a Chief Marketing Officer might be because you are a small to medium-sized business and simply don’t have the budget to support a full-time CMO. In fact, this is the most common reason to bring one in. An FCMO affords you access to C-level leadership without the cost of hiring a full-time CMO. In most cases, this ultimately ends up with you hiring a CMO full-time because the initial effort has grown your business enough to support one. 2. You Lack a Consistent Marketing MessageYour business may be functioning okay but there is no consistent message being presented to customers. This could be a lack of marketing material. That leads to individual sales representatives producing their own flyers, proposals, and more. Chief Marketing Officers and Fractional Chief Marketing Officers can create a consistent brand message. They do so through marketing materials, proposals, and presentations. They can also create training programs to help the sales team speak with one voice. If this is only one of a few skills you are looking to find, an FCMO can handle it at a lower cost than a full-time CMO. 3. You Need an Effective Sales TechniqueFor decades, salespeople have been negatively stereotyped as particular types of people. They’ve been called everything from sharks to snake oil salespeople. There’s no question that some industries have earned their reputations. Car salespeople have had a notorious reputation for the longest time. Car salespeople have a stigma that many dealerships are looking to remove. It’s because they realize the negative connotation doesn’t sit well with consumers anymore. It comes down to trust. No one likes walking away from a purchase feeling they didn’t get a fair deal. Companies today realize this and are careful to craft a sales approach that doesn’t offend consumers. If your company doesn’t have a sales process that consumers can trust, a Fractional Chief Marketing Officer can craft one for you. This is true whether you need a consultative approach, a formula-driven bidding process, one based on addressing needs, or some other method that your industry embraces. An FCMO can create one that works for you and your customers just as well as a CMO, but for a lower cost. 4. You Don’t Have Marketing SavvyMarketing savvy in this case speaks to having the proper knowledge to make good marketing decisions. Too often companies will create a website because someone said they needed one. Or they might jump on the pay-per-click bandwagon because that’s what SEO experts tell you is another hot way to market your business. Sometimes they invest in branded giveaways like shirts or coffee mugs to give away at conventions or sponsored events. A Fractional Chief Marketing Officer and a Chief Marketing Officer possess the skills and knowledge to identify where your marketing dollars can be best spent. They do this by evaluating specific metrics within your industry and your company in particular. They then develop a strategy to spend your marketing dollars wisely, getting you a positive return on your investment. Everything your FCMO does will be to drive revenue and growth. Most importantly, they will not succumb to frivolous spending for the sake of spending. Chief Marketing Officers and Fractional Chief Marketing Officers both must get results to justify their salaries. However, a CMO is held to a slightly different standard for delivering results than an FCMO. A CMO is a permanent, full-time employee with a high salary, excellent benefits, a robust commission structure, and even profit-sharing in some cases. These are all great perks for your CMO when they succeed. But what happens when their intended results fall short? They are far more likely to try riskier endeavors to keep themselves employed. An FCMO has a contract with a term that expires, with or without results. They are far more likely to ride out their plan and show a marginal gain, rather than spend more of your money on riskier projects. Spending frivolously doesn’t have any upside for them. A savvy FCMO knows that even marginal gains can create a return on investment and they can build off that for future contracts. These will come as part of a proposal to extend their services, complete with detailed ROIs on any new initiatives. 5. You’re Late to the Marketing PartyWhat if your company is well-established in the industry and has been operating for years or even decades, but you’ve never had a marketing manager? You likely will benefit from hiring one. Times change, now more so than ever. Technology, social media, and global markets can catch companies like this unprepared. Have you suddenly seen your sales or market share dropping and can’t understand why? Hiring a Fractional Chief Marketing Officer vs a Chief Marketing Officer can address this concern effectively without the full-time investment. They will develop a strategy to bring your marketing program into the modern business environment. They can take advantage of technology and other mediums like social media to build brand awareness and make you more competitive. 6. You’re In-Between Chief Marketing OfficersYou might be a well-established company that has employed a full-time CMO for years but the position has recently become vacant. Hiring a Fractional Chief Marketing Officer vs. a Chief Marketing Officer in a rush is a bad idea. It can be detrimental to the long-term success of the position and your company to hire too quickly. An FCMO can help bridge the gap while you take the necessary time to search for a permanent replacement. 7. Audit Your Existing Marketing ProgramIf you’ve been working with the same marketing program for years, you could benefit from hiring a Fractional Chief Marketing Officer vs. a Chief Marketing Officer. Having them conduct an audit of your program is smart. You might have a marketing manager already and simply want to give them support, or you might be considering adding one. Regardless, they will come in with a non-biased perspective and assess what you are doing. This can be very helpful to companies whose growth remains static within their industry. An FCMO will review all aspects of your marketing and make a list of recommendations. In many cases, they will help you implement new strategies as part of an ongoing consulting agreement. You won’t find a CMO for a temporary assignment like this. How Do I Find a Fractional Chief Marketing Officer?Fractional Chief Marketing Officers are usually highly qualified, experienced marketing executives. They aren’t consultants, per se, yet they can be brought on in a consultative manner. Typically though they are contracted for a minimum of six months up to two years, sometimes with extensions built into the contract. Marketing is a fast-paced, ever-changing field and might be the single most important element to a successful business. You could have the best product on the market, but if you aren’t marketing it properly you may never succeed. Good marketing can take a good business and make it into a great business, so don’t undervalue it. Finding the right Fractional Chief Marketing Officer is critical to the continued growth of your business. A strong leader in the marketing department is challenging, especially in a small to medium-sized business. There are some important steps to take when searching for a Fractional Chief Marketing Officer to ensure you make the right decision. 1. Conduct Your Own Internal AssessmentYou should begin with an assessment of your marketing operation. This can be done by the CEO or another operational manager, or you can bring in a business consultant. Either way, you need someone to review your processes with a critical and unbiased eye. You’ll be looking at a number of key measurables first. How much are you spending on marketing? Where are you spending that money? What, if any, is your return on investment? Marketing is a costly endeavor and the money can disappear quickly. Knowing how, where, and why are important measurables that will help you plan for the future. Once you get through the financial part you need to look at what kind of demographic information you’ve collected on your customer base. Who is buying your product? Who isn’t? Are they male or female? How old are they? These are important insights you should be collecting. If you haven’t been collecting them by now then you most certainly need to create a system moving forward. This information can help you spend wisely. After a demographic review, you want to drill down a little more. You should be looking at advertising campaigns you’ve run in the past. You want to look at the materials and methods you used during these campaigns. You’ll also want to look at the company or companies you worked with to create these marketing materials. It doesn’t matter whether they be print, radio, television, social media, or something else. Also very important is a review of your company’s operating philosophy and culture. Be sure you can easily describe these things. A casual workplace with break rooms that feature video games, massaging recliners, and a well-stocked and free snack bar is much different than a business-professional environment that is fast-paced and bottom-line focused. These will be important considerations during your search because you’ll want to find an FCMO who blends well with your culture. 2. Set Goals for the Future of Your Marketing ProgramOnce you’ve completed your internal assessment, you should have a clear picture of what, if anything, is working. You’re probably starting to get an idea of where you’d like to improve too. Now it’s time to set some goals. Your goals should run the gamut from easily achieved to wildly optimistic. Don’t sell anything short because good marketing can make almost anything a reality. Assembling a variety of short-term, medium-term, and long-term goals is the best approach. A good short-term goal might be to revamp your company’s proposal package or create some new, modern advertising flyers. You might also consider creating several advertising campaigns targeting specific demographics you know to be consumers. Mid-term goals might include an expansion into a new vertical market you know has a need you can fill, but you haven’t yet attempted to reach. This could also be true from a regional expansion perspective. Entering new, untapped markets outside your area of influence can prove profitable. Long-term goals might include a rebranding of your company or product line. As previously stated, times change. Your product may still be useful, but if you are targeting a stale market you won’t realize your full potential. Regardless of your goals, keep in mind they aren’t something you can necessarily complete on your own. That’s the point of hiring a Fractional Chief Marketing Officer. 3. Search for Qualities That Will HelpAt this point you should have a clear understanding of what you’ve done right, what went wrong, and perhaps even why. You also have an eye toward the future of your company and its marketing program. Now it’s time to start looking. All your candidates will have the qualities you would want in a Chief Marketing Officer. That’s why they do what they do on a fractional basis. However, you should look for those with experience in what is important to you. Start with your industry. Anyone with experience in your industry will shorten their learning curve. This is important when it comes to understanding how to market your company. If one of your goals is to expand into a new vertical market you’ll want to find candidates with this experience. They will have met similar challenges and be better equipped for such an endeavor. Perhaps one of your goals is to revamp your sales process from the ground up. Maybe you wish to install new techniques, equipment, and technology. Someone with a record of success with this type of work will be more beneficial than a candidate without this experience. Maybe you want to get into rebranding your company. Someone with a track record in creating brand identity and awareness will work better than someone without it. One important quality you should be looking for is will their personality fits with your company’s culture. As previously stated, the casual work environment is different than the suit and tie business world. Your Fractional Chief Marketing Officer will need to fit in with whatever your culture might be. 4. Have Them Submit a Statement of WorkThis doesn’t have to be a long, drawn-out proposal. A good Fractional Chief Marketing Officer will submit an overview of their qualifications. They should relate to what your stated needs are. The more specific you are upfront, the easier it will be for them to give you a comprehensive Statement of Work. As part of their Statement of Work, they should include measurable actionable items. These should also include some rough pricing information at the least. They should know what these things will cost you. Your return on this investment should also be explained. Some of these actionable items are easier to quote than others. A good FCMO will be very detailed when presenting a proposal to you. They should also come with timeframes for completion. 5. Negotiate a ContractYou’ve found the right marketing professional, congratulations. Now it’s time to sign a contract. Everyone has a different idea of how much they are worth. As a rule, you should check the current salaries for Chief Marketing Officers in your industry. Salaries can vary by region as well, so be conscious of this fact. If your company is in New York City, you can expect a higher salary than say for Boise, Idaho. If you are contracting for a certain number of hours per week, you should take the annual salary and divide it by the number of weeks. From there you then divide it again by the number of hours you’ll need them. This is a fair number for most people and a good place to start, but, they will be submitting their price to you. You always have the option to turn them down. Negotiating a different price isn’t considered bad form either, but not everyone will. If they are an experienced and desirable Chief Marketing Officer, they might be able to pick and choose their clients. This will seriously limit your ability to negotiate. That said, if they have the requisite skillset you need, then you should feel good about hiring them. If they fit with your culture, and their Statement of Work is one that offers a good return on investment, you should feel good about signing a contract. An integral part of the contract negotiation should center around time. Not only the hours per week you will need them but the length of time of your contract. Some will be willing to go with monthly contracts, but most are looking for at least a six-month agreement. They will need time to implement their plans and changing a marketing program isn’t like turning your car around. It’s more like changing the direction of a cruise liner in a tight port. It must be done carefully and without rushing. Another element of time to consider is what will happen at the end of the contract term. Will your Fractional Chief Marketing Officer be available to stay on? Will an extension be month to month or a simple six-month renewal? Will there be an option to hire them permanently? Be prepared for the worst here, because there’s a real possibility they will want to move on. They are highly skilled individuals with a unique mindset to create solutions. Once things are running smoothly they may have a natural desire to find their next challenge. They may want to stay on, too, but it’s always better to plan for the worst and hope for the best. And the best thing you can do is to put a consulting clause in the original contract that gives you an easy way to invite them back for special projects. At least this way you have someone who helped design, build, and implement your marketing program only a phone call away. What if I Already Have a Marketing Agency?There’s nothing wrong with having a relationship with a marketing agency while looking to hire a Fractional Chief Marketing Officer. In some cases, having a relationship might be beneficial. Your FCMO will likely need some marketing material to be produced, and maybe in several different mediums, so the agency you have could be the answer. Many marketing agencies need a contract that can prove burdensome, especially if you consider taking on an FCMO at the same time. Often the contracts come with a retainer fee built-in and billed monthly, quarterly, or semi-annually. This retainer fee works like a draw on services provided. If you have a $10,000 retainer fee you essentially must spend that money on marketing services with them. They will provide you with suggestions on how to spend it and will develop the material which you will have final control over. Yet you won’t get the level of expertise you would from a Fractional Chief Marketing Officer. A marketing agency will have subject area experts, but probably no single person at the agency will possess the C-level skillset of an FCMO. You’ll have a cancellation clause with your marketing agency so you won’t want to cancel. If you are considering hiring an FCMO then you are probably not satisfied with your marketing agency on some level. A good idea would be to plan on hiring a Fractional Chief Marketing Officer shortly before your marketing agency agreement ends. You’ll give your new FCMO a chance to review their prior work, evaluate the services they offer, and decide which they would like to keep. If your new FCMO is interested in keeping them on in some capacity, he can handle negotiating a new contract. Is It Time to Hire a Fractional Chief Marketing Officer?This answer is dependent on your particular circumstances. As previously detailed, an FCMO brings a unique skill set focused entirely on marketing. If you are a small company just starting out, hiring a Fractional Chief Marketing Officer vs. a Chief Marketing Officer is the right choice. Hiring a full-time CMO is likely too expensive. If you already have a steady revenue stream and are ready to invest in the future, an FCMO is an investment in that future with tremendous upside. The post Fractional Chief Marketing Officer vs. Chief Marketing Officer first appeared on Kamyar Shah. https://bit.ly/2L9puwa #SMBConsultants
Fractional Chief Marketing Officer vs. Chief Marketing Officer https://bit.ly/354keRv
Have you ever had the perfect dinner at your favorite restaurant and the waiter brings you the dessert cart? The temptation is real as you stare at those decadent creations but you know you can’t finish one. All you need is a bite to make you happy. That one bite is very similar to the feeling you’ll get from hiring a Fractional Chief Marketing Officer. You’ll enjoy the flavor, without the burden of a full portion. In this post, we’ll discuss what you need to know about a Fractional Chief Marketing Officer vs. a Chief Marketing Officer. Keep reading our in-depth guide below. What Is a Chief Marketing Officer?Whether you are starting a business or getting ready to invest heavily in sales or marketing, you could benefit from having a Chief Marketing Officer. If that investment or startup includes starting a major commercial website, an advertising campaign, or an SEO-driven content marketing initiative a Chief Marketing Officer would be an invaluable asset. Chief Marketing Officers can go by a variety of titles like Marketing Director, Global Marketing Officer, or Chief Commercial Officer. Regardless of the title, the duties remain the same. The CMO is responsible for all things marketing within an organization. A good Chief Marketing Officer job description will include oversight in marketing communications, brand management, public relations, advertising, market research, distribution channel management, product pricing, product marketing, and customer satisfaction. As a member of the C-level management team, the Chief Marketing Officer in most cases will report to the Chief Executive Officer. If your business doesn’t include a C-level management team that won’t preclude you from bringing in a CMO. You probably have the structure in place already without the C-level titles attached that a CMO can effectively operate within. The Challenges Facing a Chief Marketing OfficerThe Chief Marketing Officer is much more than a salesperson. They must possess a diverse skill set to help them manage the brand from concept to customer satisfaction. CMOs will coordinate efforts between research and development, operations, manufacturing, and sales. They will create a marketing strategy for profitable growth that increases brand recognition while mitigating risk and reducing and controlling costs that might easily spiral out of control. Research and DevelopmentAny research and development efforts will be closely monitored by the Chief Marketing Officer. New products must be forecast into the sales process, both financially and from a marketing perspective. They must be developed to dovetail into the CMO’s vision for the future. Otherwise, they will create contrasting perspectives to the overall brand. Online Sales and Website DevelopmentYour Chief Marketing Officer will work closely with your Chief Information Officer to develop a website that captures the CMO’s vision of the company brand. The CMO will also be involved in any online sales platform you may need or use to ensure that customer satisfaction is achieved throughout the online sales process. This will include capturing critical data from the online sales and marketing process to help improve and grow the brand. ManufacturingIf manufacturing is part of your business model, your CMO will work closely with your Chief Production Officer or manager responsible for overseeing the production and manufacturing processes. Their communication is critical to effectively manage the sales process, especially when running promotional campaigns. Your CMO will strike a balance between production and sales that doesn’t overwhelm one while shorting the other. In-Person Sales ChannelsBrick and mortar sales channels present their own challenges for a Chief Marketing Officer. Brand management is critical across multiple retail outlets. Your CMO will develop advertising campaigns to include signage and other advertising through online, television, or radio channels. Overall store decor and even employee uniforms or dress code fall under their oversight to ensure the brand’s vision is realized. DistributionThey will also coordinate the distribution effort between manufacturing and operations to ensure timely delivery of your product. While your Chief Marketing Officer doesn’t get involved in shipping arrangements directly, they will need to forecast effectively the needs to support both the regular and promotional sales efforts. Navigating the MarketplaceGood Chief Marketing Officers are able to react quickly to changes in the marketplace, whether they be environmental in nature, new competition, or the creation of new vertical markets. Often they will predict what will happen before it does, which could give you an edge over your competition. Their ability to reshape your company’s strategy and execution plans in a fast-paced environment can be the deciding factor to successfully navigating market fluctuations. Analytical AbilityChief Marketing Officers will constantly analyze sales and marketing data looking for trends both positive and negative. They will take critical customer demographics, product sales, and sales channel effectiveness to help plan for the future. The results will then be communicated back to the CEO for review and together they will plot the future efforts of your company, sometimes a year or more in advance. At this point, the cycle starts over again with R&D, manufacturing, operations, distribution, and sales planning. This takes a deft hand to unite these departments which can often seem at odds with one another. Your CMO will need to be an expert communicator and motivator, and in many ways a politician because they must bring together these teams to pull in the same direction. What Is a Fractional Chief Marketing Officer?A Fractional Chief Marketing Officer is essentially what the name says it is. They have the ability to meet all of the above challenges, yet they will only perform a fraction of them. Basically, they are brought on in a part-time or temporary capacity, but that will depend on you and what your business needs and can support. This fraction might come in the form of time. You can hire a Fractional Chief Marketing Officer to work 10, 15, or 20 hours per week during which time they will work the entire marketing plan from R&D to customer satisfaction. They will then spend the other fractions of their time with other companies. Most Fractional Chief Marketing Officer arrangements are set at a six-month minimum, regardless of the model. This is essential because most efforts take time to come to fruition. What Will a Fractional Chief Operating Officer Do?When you first begin discussions with a candidate, you should have an idea of what you want them to do for you. Once hired they will focus on these predetermined tasks, but they will also offer their expert opinions on a variety of subjects within your organization. They will assess your operation and make recommendations as to what else they could or should be doing. This doesn’t mean you can’t pick and choose which recommendations to move ahead with. It simply gives you an idea of what they believe will be helpful. Remember also that they are marketing their services and any good marketer will make a compelling argument. They should always present these recommendations with a return on investment. Implement Entry Into a New Vertical MarketYou might hire a Fractional Chief Marketing Officer to oversee specific challenges, like planning entry into a new vertical market. This FCMO will work with your management group to assess the individual departmental challenges your company will face. These challenges will include internal production and sales issues, as well as specific issues you will face unique to the new vertical market. They will then create a plan that unites the team and drives the company forward to successful implementation. Upon completion, the FCMO will move on to other clients. Rebranding Your CompanyIf you are planning to rebrand your company then hiring a Fractional Chief Marketing Officer can help. They will work closely with the CEO or company strategist to capture a new vision and create a new brand. This effort will tie together all aspects of your marketing and sales to fit within the brand concept. Your FCMO will work with research and development to ensure they work with future products to fit the brand. They will also forecast and create advertising campaigns to present the new brand concept to your customers. Aggressive Sales CampaignsYou might feel like you are missing out on reaching the entire market for your product and you wouldn’t be the first company to realize this. Aggressive sales campaigns can be scary because, by their very name, aggression can be risky. An FCMO will review your intended results and create a measured approach designed to help minimize your risk while staying aggressive. This might include a unique multi-media advertising approach or bundling products and services. Regardless of the campaign, they have the experience and knowledge to implement it effectively and keep the risks and costs manageable. Company ExpansionMany businesses have a great product, a great manufacturing program, and a great sales team, yet need a little help taking the company to the next level. Maybe you’re considering taking your product from a regional market space to national market space, or maybe national to global. A Fractional Chief Marketing Officer can help you make this jump in a deliberate way. They will assess the new market’s growth potential, forecast the cost to expand from a distribution standpoint, and provide feedback to the manufacturing department to help them forecast for the new demand. They will also develop a sales and marketing plan to address the new market space. Unify Your Sales TeamSometimes a company’s growth occurs organically and they find themselves operating at levels they hadn’t originally planned on. You might end up with a national sales force that might be producing just fine, but with distinctly different processes. This can result in uneven production and fulfillment issues which ultimately cost you money and customer satisfaction, limiting your future growth potential. A Fractional Chief Marketing Officer can help implement a national strategy that keeps everyone marching to the proverbial beat of the same drum. An FCMO will create national proposals that reinforce the company’s brand and product. They can also implement new software to assist in both the prospecting process and the closing of new sales to streamlining your distribution efforts. New Product LinesIf your company has developed a new line of product or products you could benefit from hiring a Fractional Chief Marketing Officer. This is especially important if your new product is outside your original scope of products offered, and even more so if your new product has the potential to revolutionize the way people do things. Your FCMO will need to work closely with all areas of your company to ensure consistency with your brand and your new product. Marketing and sales presentations must be developed to highlight your new capability. Advertising must be deliberate and targeted to reach your customer base and make them aware of your new product. Your manufacturing team must be ready to handle the forecasted increase in sales and your distribution and fulfillment channels have to be prepared as well. Benefits of Hiring a Fractional Chief Marketing Officer vs. a Chief Marketing OfficerAs the Owner, President, or Chief Operating Officer of a company, your time is always precious. You are responsible for all aspects of your company’s success. If you’ve created a solid organization with capable managers at every level, then perhaps you can manage to perform the duties of a CMO while delegating other duties. However, the question always comes down to competence, and marketing is a unique animal in the business jungle. If you don’t have the experience to handle the myriad of duties, you are better off hiring either a Fractional Chief Marketing Officer or a full-time Chief Marketing Officer. 1. Not Ready for a Full-Time Marketing ProfessionalOne reason you should consider hiring a Fractional Chief Marketing Officer vs. a Chief Marketing Officer might be because you are a small to medium-sized business and simply don’t have the budget to support a full-time CMO. In fact, this is the most common reason to bring one in. An FCMO affords you access to C-level leadership without the cost of hiring a full-time CMO. In most cases, this ultimately ends up with you hiring a CMO full-time because the initial effort has grown your business enough to support one. 2. You Lack a Consistent Marketing MessageYour business may be functioning okay but there is no consistent message being presented to customers. This could be a lack of marketing material. That leads to individual sales representatives producing their own flyers, proposals, and more. Chief Marketing Officers and Fractional Chief Marketing Officers can create a consistent brand message. They do so through marketing materials, proposals, and presentations. They can also create training programs to help the sales team speak with one voice. If this is only one of a few skills you are looking to find, an FCMO can handle it at a lower cost than a full-time CMO. 3. You Need an Effective Sales TechniqueFor decades, salespeople have been negatively stereotyped as particular types of people. They’ve been called everything from sharks to snake oil salespeople. There’s no question that some industries have earned their reputations. Car salespeople have had a notorious reputation for the longest time. Car salespeople have a stigma that many dealerships are looking to remove. It’s because they realize the negative connotation doesn’t sit well with consumers anymore. It comes down to trust. No one likes walking away from a purchase feeling they didn’t get a fair deal. Companies today realize this and are careful to craft a sales approach that doesn’t offend consumers. If your company doesn’t have a sales process that consumers can trust, a Fractional Chief Marketing Officer can craft one for you. This is true whether you need a consultative approach, a formula-driven bidding process, one based on addressing needs, or some other method that your industry embraces. An FCMO can create one that works for you and your customers just as well as a CMO, but for a lower cost. 4. You Don’t Have Marketing SavvyMarketing savvy in this case speaks to having the proper knowledge to make good marketing decisions. Too often companies will create a website because someone said they needed one. Or they might jump on the pay-per-click bandwagon because that’s what SEO experts tell you is another hot way to market your business. Sometimes they invest in branded giveaways like shirts or coffee mugs to give away at conventions or sponsored events. A Fractional Chief Marketing Officer and a Chief Marketing Officer possess the skills and knowledge to identify where your marketing dollars can be best spent. They do this by evaluating specific metrics within your industry and your company in particular. They then develop a strategy to spend your marketing dollars wisely, getting you a positive return on your investment. Everything your FCMO does will be to drive revenue and growth. Most importantly, they will not succumb to frivolous spending for the sake of spending. Chief Marketing Officers and Fractional Chief Marketing Officers both must get results to justify their salaries. However, a CMO is held to a slightly different standard for delivering results than an FCMO. A CMO is a permanent, full-time employee with a high salary, excellent benefits, a robust commission structure, and even profit-sharing in some cases. These are all great perks for your CMO when they succeed. But what happens when their intended results fall short? They are far more likely to try riskier endeavors to keep themselves employed. An FCMO has a contract with a term that expires, with or without results. They are far more likely to ride out their plan and show a marginal gain, rather than spend more of your money on riskier projects. Spending frivolously doesn’t have any upside for them. A savvy FCMO knows that even marginal gains can create a return on investment and they can build off that for future contracts. These will come as part of a proposal to extend their services, complete with detailed ROIs on any new initiatives. 5. You’re Late to the Marketing PartyWhat if your company is well-established in the industry and has been operating for years or even decades, but you’ve never had a marketing manager? You likely will benefit from hiring one. Times change, now more so than ever. Technology, social media, and global markets can catch companies like this unprepared. Have you suddenly seen your sales or market share dropping and can’t understand why? Hiring a Fractional Chief Marketing Officer vs a Chief Marketing Officer can address this concern effectively without the full-time investment. They will develop a strategy to bring your marketing program into the modern business environment. They can take advantage of technology and other mediums like social media to build brand awareness and make you more competitive. 6. You’re In-Between Chief Marketing OfficersYou might be a well-established company that has employed a full-time CMO for years but the position has recently become vacant. Hiring a Fractional Chief Marketing Officer vs. a Chief Marketing Officer in a rush is a bad idea. It can be detrimental to the long-term success of the position and your company to hire too quickly. An FCMO can help bridge the gap while you take the necessary time to search for a permanent replacement. 7. Audit Your Existing Marketing ProgramIf you’ve been working with the same marketing program for years, you could benefit from hiring a Fractional Chief Marketing Officer vs. a Chief Marketing Officer. Having them conduct an audit of your program is smart. You might have a marketing manager already and simply want to give them support, or you might be considering adding one. Regardless, they will come in with a non-biased perspective and assess what you are doing. This can be very helpful to companies whose growth remains static within their industry. An FCMO will review all aspects of your marketing and make a list of recommendations. In many cases, they will help you implement new strategies as part of an ongoing consulting agreement. You won’t find a CMO for a temporary assignment like this. How Do I Find a Fractional Chief Marketing Officer?Fractional Chief Marketing Officers are usually highly qualified, experienced marketing executives. They aren’t consultants, per se, yet they can be brought on in a consultative manner. Typically though they are contracted for a minimum of six months up to two years, sometimes with extensions built into the contract. Marketing is a fast-paced, ever-changing field and might be the single most important element to a successful business. You could have the best product on the market, but if you aren’t marketing it properly you may never succeed. Good marketing can take a good business and make it into a great business, so don’t undervalue it. Finding the right Fractional Chief Marketing Officer is critical to the continued growth of your business. A strong leader in the marketing department is challenging, especially in a small to medium-sized business. There are some important steps to take when searching for a Fractional Chief Marketing Officer to ensure you make the right decision. 1. Conduct Your Own Internal AssessmentYou should begin with an assessment of your marketing operation. This can be done by the CEO or another operational manager, or you can bring in a business consultant. Either way, you need someone to review your processes with a critical and unbiased eye. You’ll be looking at a number of key measurables first. How much are you spending on marketing? Where are you spending that money? What, if any, is your return on investment? Marketing is a costly endeavor and the money can disappear quickly. Knowing how, where, and why are important measurables that will help you plan for the future. Once you get through the financial part you need to look at what kind of demographic information you’ve collected on your customer base. Who is buying your product? Who isn’t? Are they male or female? How old are they? These are important insights you should be collecting. If you haven’t been collecting them by now then you most certainly need to create a system moving forward. This information can help you spend wisely. After a demographic review, you want to drill down a little more. You should be looking at advertising campaigns you’ve run in the past. You want to look at the materials and methods you used during these campaigns. You’ll also want to look at the company or companies you worked with to create these marketing materials. It doesn’t matter whether they be print, radio, television, social media, or something else. Also very important is a review of your company’s operating philosophy and culture. Be sure you can easily describe these things. A casual workplace with break rooms that feature video games, massaging recliners, and a well-stocked and free snack bar is much different than a business-professional environment that is fast-paced and bottom-line focused. These will be important considerations during your search because you’ll want to find an FCMO who blends well with your culture. 2. Set Goals for the Future of Your Marketing ProgramOnce you’ve completed your internal assessment, you should have a clear picture of what, if anything, is working. You’re probably starting to get an idea of where you’d like to improve too. Now it’s time to set some goals. Your goals should run the gamut from easily achieved to wildly optimistic. Don’t sell anything short because good marketing can make almost anything a reality. Assembling a variety of short-term, medium-term, and long-term goals is the best approach. A good short-term goal might be to revamp your company’s proposal package or create some new, modern advertising flyers. You might also consider creating several advertising campaigns targeting specific demographics you know to be consumers. Mid-term goals might include an expansion into a new vertical market you know has a need you can fill, but you haven’t yet attempted to reach. This could also be true from a regional expansion perspective. Entering new, untapped markets outside your area of influence can prove profitable. Long-term goals might include a rebranding of your company or product line. As previously stated, times change. Your product may still be useful, but if you are targeting a stale market you won’t realize your full potential. Regardless of your goals, keep in mind they aren’t something you can necessarily complete on your own. That’s the point of hiring a Fractional Chief Marketing Officer. 3. Search for Qualities That Will HelpAt this point you should have a clear understanding of what you’ve done right, what went wrong, and perhaps even why. You also have an eye toward the future of your company and its marketing program. Now it’s time to start looking. All your candidates will have the qualities you would want in a Chief Marketing Officer. That’s why they do what they do on a fractional basis. However, you should look for those with experience in what is important to you. Start with your industry. Anyone with experience in your industry will shorten their learning curve. This is important when it comes to understanding how to market your company. If one of your goals is to expand into a new vertical market you’ll want to find candidates with this experience. They will have met similar challenges and be better equipped for such an endeavor. Perhaps one of your goals is to revamp your sales process from the ground up. Maybe you wish to install new techniques, equipment, and technology. Someone with a record of success with this type of work will be more beneficial than a candidate without this experience. Maybe you want to get into rebranding your company. Someone with a track record in creating brand identity and awareness will work better than someone without it. One important quality you should be looking for is will their personality fits with your company’s culture. As previously stated, the casual work environment is different than the suit and tie business world. Your Fractional Chief Marketing Officer will need to fit in with whatever your culture might be. 4. Have Them Submit a Statement of WorkThis doesn’t have to be a long, drawn-out proposal. A good Fractional Chief Marketing Officer will submit an overview of their qualifications. They should relate to what your stated needs are. The more specific you are upfront, the easier it will be for them to give you a comprehensive Statement of Work. As part of their Statement of Work, they should include measurable actionable items. These should also include some rough pricing information at the least. They should know what these things will cost you. Your return on this investment should also be explained. Some of these actionable items are easier to quote than others. A good FCMO will be very detailed when presenting a proposal to you. They should also come with timeframes for completion. 5. Negotiate a ContractYou’ve found the right marketing professional, congratulations. Now it’s time to sign a contract. Everyone has a different idea of how much they are worth. As a rule, you should check the current salaries for Chief Marketing Officers in your industry. Salaries can vary by region as well, so be conscious of this fact. If your company is in New York City, you can expect a higher salary than say for Boise, Idaho. If you are contracting for a certain number of hours per week, you should take the annual salary and divide it by the number of weeks. From there you then divide it again by the number of hours you’ll need them. This is a fair number for most people and a good place to start, but, they will be submitting their price to you. You always have the option to turn them down. Negotiating a different price isn’t considered bad form either, but not everyone will. If they are an experienced and desirable Chief Marketing Officer, they might be able to pick and choose their clients. This will seriously limit your ability to negotiate. That said, if they have the requisite skillset you need, then you should feel good about hiring them. If they fit with your culture, and their Statement of Work is one that offers a good return on investment, you should feel good about signing a contract. An integral part of the contract negotiation should center around time. Not only the hours per week you will need them but the length of time of your contract. Some will be willing to go with monthly contracts, but most are looking for at least a six-month agreement. They will need time to implement their plans and changing a marketing program isn’t like turning your car around. It’s more like changing the direction of a cruise liner in a tight port. It must be done carefully and without rushing. Another element of time to consider is what will happen at the end of the contract term. Will your Fractional Chief Marketing Officer be available to stay on? Will an extension be month to month or a simple six-month renewal? Will there be an option to hire them permanently? Be prepared for the worst here, because there’s a real possibility they will want to move on. They are highly skilled individuals with a unique mindset to create solutions. Once things are running smoothly they may have a natural desire to find their next challenge. They may want to stay on, too, but it’s always better to plan for the worst and hope for the best. And the best thing you can do is to put a consulting clause in the original contract that gives you an easy way to invite them back for special projects. At least this way you have someone who helped design, build, and implement your marketing program only a phone call away. What if I Already Have a Marketing Agency?There’s nothing wrong with having a relationship with a marketing agency while looking to hire a Fractional Chief Marketing Officer. In some cases, having a relationship might be beneficial. Your FCMO will likely need some marketing material to be produced, and maybe in several different mediums, so the agency you have could be the answer. Many marketing agencies need a contract that can prove burdensome, especially if you consider taking on an FCMO at the same time. Often the contracts come with a retainer fee built-in and billed monthly, quarterly, or semi-annually. This retainer fee works like a draw on services provided. If you have a $10,000 retainer fee you essentially must spend that money on marketing services with them. They will provide you with suggestions on how to spend it and will develop the material which you will have final control over. Yet you won’t get the level of expertise you would from a Fractional Chief Marketing Officer. A marketing agency will have subject area experts, but probably no single person at the agency will possess the C-level skillset of an FCMO. You’ll have a cancellation clause with your marketing agency so you won’t want to cancel. If you are considering hiring an FCMO then you are probably not satisfied with your marketing agency on some level. A good idea would be to plan on hiring a Fractional Chief Marketing Officer shortly before your marketing agency agreement ends. You’ll give your new FCMO a chance to review their prior work, evaluate the services they offer, and decide which they would like to keep. If your new FCMO is interested in keeping them on in some capacity, he can handle negotiating a new contract. Is It Time to Hire a Fractional Chief Marketing Officer?This answer is dependent on your particular circumstances. As previously detailed, an FCMO brings a unique skill set focused entirely on marketing. If you are a small company just starting out, hiring a Fractional Chief Marketing Officer vs. a Chief Marketing Officer is the right choice. Hiring a full-time CMO is likely too expensive. If you already have a steady revenue stream and are ready to invest in the future, an FCMO is an investment in that future with tremendous upside. The post Fractional Chief Marketing Officer vs. Chief Marketing Officer first appeared on Kamyar Shah. https://bit.ly/2L9puwa #SMBConsultants
Strategy Consulting vs Business Consulting: What’s the Difference? https://bit.ly/3hxGl84
There is every chance that at some point in your career you will need to take on advice on where to take your business. Maybe you will get this from a peer, a previous colleague, or it might be your manager. Either way, it might turn out they do not have the answer you need. This is ok, not everyone has every answer available at their fingertips at all times. Sometimes you need a little extra help, and that is where consulting firms come in. With so many businesses dedicated to consulting, however, what type of consultancy do you need? This article will delve into both strategy consulting vs business consulting. By the time you have finished reading, you should have a good idea of what both directions can offer you and which you should be aiming to hire. Why Might I Need a Consultant?There are a large number of reasons why you might require a consultant, generally. It could be that you are losing money, or you might not be making the deals you wanted to make. You could have conceived of a strong concept for your company but when it came time to actually implement it you may have had problems. In general, a consultant should be coming to your company with a strong sense of who you are and an intent to improve your business in a variety of ways. They may already know what the problem is, or they might need to spend time investigating your issues from the ground up. Given enough time and freedom to make suggestions, a consultant can help your company plan for the future of your industry. They can also give both general and specific advice on how to improve your potential in your friend. It may be that you are missing opportunities that come up due to putting out fires in your own workplace first. If that is the case they will suggest reorganizations you can do to make the most of the situation as it currently stands. One of the best things about a consultant is they can give you an outsider’s view. This will likely be far more objective than any viewpoint currently espoused within the company itself. Third-parties are much more likely to see problems and talk plainly about them. Whereas insiders often cannot see the woods for the trees or feel they must hide behind etiquette. Generally, consultants can assist you where your own teams have failed and can be a boon for any company looking to be self-reflective. So long as the company has the follow-through to improve, they can take what they get told on board. Strategy Consulting vs Business ConsultingBoth the use of strategy consulting and business consulting can be a time to reflect. They are often used to improve your company’s processes one step at a time in a way that should improve your approach. Which one is best for your company depends on exactly the situation you are trying to resolve. In a very broad sense, business consulting is generally focused on business processes. These are things like human resources, finance, building maintenance, and health and safety. A consultant would look at these and discuss methods by which money could be retainable in each area. They would also search for areas of liability and determine where you may get in trouble in the future. This can be so the efforts by the consulting are not in vain at a later time. Strategy consulting, on the other hand, will focus itself on a specific concern. It may be that your company is losing money to a competitor. If that is the case they may focus on what makes you and your competitor unique to find a unique selling point for your product. Strategy consulting is often described as a niche in management consulting. It will often advise the highest echelons at a company. Alternatively, it could be that one of your products underwent a market perception shift. If that is true, they may be able to inform you of how to remarket yourself towards a new vision for the product. There is a lot more to both approaches, however, and you should be aware of exactly what each one entails before deciding on a path for your business. The History of Strategy ConsultingStrategy consulting began as a part of the larger concept of management consulting. This started in 1886, formed by a group called Arthur D. Little Inc. Their first major project was with General Motors’ initial research and development branch. In this area, they gained a fast reputation as being able to solve any problem. In the 1930s, however, a boom in the economy led to huge growth in the demand for such services. Multiple companies opened their doors to assist other groups. Many new businesses needed advice, and such consultancies were champing at the bit to prove their worth. By the 1980s, the industry had grown in leaps and bounds. In this decade, there were at least five consultancies with over one thousand employees. By the ’90s, this had exploded to over thirty firms. One of the main reasons for this was the sudden surge in information technology needs. This meant a great many people needed advice on how to set up and maintain I.T. infrastructure. This new technology pushed the strategy consulting business in new directions. They took advantage and expanded their ability to promote themselves. These days, even governments hire strategy consultants. They do not take part in decision-making. Instead, they evaluate government entities. Government strategy consultants evaluate existing industries or publicly-owned groups. and provide reports on their success. This entitles the governments they work with additional insight into these areas. Areas where the government may not have personal experience or good business acumen. Strategy consultants are also often seen these days as people who focus on trying to change company culture from within. Directives such as the FISH! Philosophy or diversity groups present themselves as this kind of consultancy in action. The History of Business ConsultancyDuring the history of management consulting, a specific set of niches developed. These were for when companies needed to focus on their internal processes, such as finances, law, marketing, or human resources. Many of the same players as in the strategy consulting world got involved with business consulting from an earlier stage. It was only when different forms of consulting began to take shape, however, that business consulting became a form in its own right. These days, business consultants get brought in earlier and earlier in a company’s timeline. They are often focused on companies in a period of growth and upheaval. Therefore, they tend to assist when a human resource division needs to be set up. Alternatively, they get involved when companies install various legal frameworks. They enter at this stage to ensure the company follows appropriate guidelines to ensure its legal position. Over the history of business consulting, they have grown more and more focused on specific areas. At the start of the consultancy industry, you might have one consultant for your whole business. These days, you would tend to require one for each area where you are having difficulty. As the Internet has become more ubiquitous, business consultants have been able to stay more and more in contact. This has allowed niche consultants to remain off-site and get called on for specific tasks more often and not always be on call. Despite the disparate nature of such consultants in this day and age, the market for business consultants has now grown. It now stands at over one hundred and thirty billion dollars. This has made it a very healthy place to work and thrive. Who Are the Big Players in Business and Strategy Consulting?Business consulting, or management consulting, is a very large part of the consulting industry. Because of this, most consultancy firms have dipped a toe in its waters. Due to this lack of focus, the business consultancy industry has split itself into multiple spheres of interest. These include information technology, recruitment, or employment agencies. Each of these spheres has skewed into the consultancy business to take advantage of the profession’s needs. Regardless, some companies hold onto these branched firms. They continue to consolidate themselves into corporations with significant reach. This allows them to reach dizzying heights in the industry and beyond. The four primary consulting firms, known as “the big four”, include:
The above four consultancy firms make up over thirty-nine percent of the consultancy market in terms of business share. This makes them a significant player in the area. With the rest of the top two hundred entries, they add up to around eighty percent of the market. This shows that these four hold a significant amount of clout. As time goes on, both the market as a whole, as well as these four’s shares, continues to grow. There are huge gains still available even for those who are not currently in the top four. Booz Allen Hamilton, for example, recently won a contract with the US Department of Transportation. They are showing that even the big players are beatable in the open market. What is Unique About Strategy Consulting?This method of consulting focuses only on the proverbial levers it can pull to deliver the intents of the business. It is externally-focused. While it may change things within the company, its goal is wholly the grand success of those it grants consultancy for. Changes it may choose to make could be from a wide set of areas, examples include: Challenging organizational structures: This is to ensure employees are well-managed. They will ensure members of staff follow processes appropriately. Older companies are prone to stagnation, meaning a shakeup can help discover areas of issue. Encouraging transparency: Ensuring the top level of the organization has eyes on all of those underneath them. This is so that management can make decisions with the highest level of scrutiny and knowledge available. Preventing micromanagement: This is often done by retraining management and executive teams. After this, they will have greater trust in those underneath them. If necessary, hiring and firing of others must occur so that the executive team can have faith in those they are overseeing. Investigating the current strategy: To ensure management aim the company in the correct direction. If money is being wasted on superfluous tasks, the consultant will discover it. Those in charge can then ensure things are moving forward wisely. Checking human capital: The consultant can ensure the business’ human resources are well-assigned. This is to make sure the correct amount of human resources are available to reach the company’s strategic goal. They will be able to inform a business of exactly how much they need to upscale or downsize in each area. Discovering specific concerns: A strategy consultant will interview individual team members. This will occur to find weak links in the chain. They will then make recommendations on retraining or reassignment as needed. What is Unique About Business Consulting?Business consulting is usually aimed at senior management. It aims to focus on the business’s processes to find areas of concern in how they organize themselves. Executives hire business consultants for one specific purpose. For example, a company may wish to focus on ensuring their team does not limit customer growth. Or will encourage the company to innovate in a particular area above everything else. Business consultants will investigate that one concern above all others. They will then iterate on methods to boost the company’s ability in that regard. Some of the consultant’s roles may overlap with those of a strategy consultant. A business consultant, however, also attends to organizational matters. While their role may involve discussing a new strategic plan for the company, it will not come down to them to put it in place. Example tasks for a business consultant may be to focus on: Outsourcing: Determining what the company can remove from their docket by pushing it to an external agency. This will assist the organization by allowing them to focus on important and complex matters. This is in contrast with day-to-day problems which the company can move elsewhere. New Technology: A business consultant may investigate a new IT system, especially if the old one is holding the company back. They will make use of the resources at their disposal to upgrade the company with minimal cost. Optimization: Some companies have a definitive output. such as software iterations or discrete products. In these situations, a business consultant can look at the internal processes by which the company produces its product. They may make recommendations on new flow, systems such as Agile development or lean architecture. Is Either Of These the same as Management Coaching?Management coaching has often been mistaken for business and strategy consulting. This is due to such consulting sometimes needing to improve management’s outlook. Management coaching is a process by which those in an organization’s decision-making tier improve their methods. There are many methods by which this can happen. Examples include direct teaching and training, or by allowing managers to shadow other members of the company. Business consultants may encourage the upper echelons of a company to undergo management coaching, but it is not the same process. Similarly, strategy consultants might ask for managers to gain a better understanding of how to succeed. It is still not the same, however, as other things happen at the same time during a consultancy period. When Might You Need a Strategy Consultant?A strategy consultant is often required when you notice a company has lost its direction. This may be due to several reasons, but a common symptom will be that it tries multiple methods of changing its output in quick succession. This often suggests it is struggling to find its feet after a failure. In this situation, the effectiveness of the company’s current strategies has been somewhat lacking. They may need an outside perspective. Internally, their organization may be performing poorly and morale may be at an all-time low, leading to a failure to output products. Externally, the perception of the company may show confusion and it may be hard to ascertain what the company’s direction is. If external impressions are that the company can travel in a straight line. If that continues, it will start to lose clients as they feel like the organization cannot match their needs. As someone in charge of the organization, you should remain aware of this possibility at all times. Other symptoms may include increased defensiveness from senior staff. This will likely be due to them wishing to justify their position. Alternatively, problematic behavior from non-management staff may suggest such problems. This will be as they feel aimless or pulled in multiple directions. There is often not one reason for this to be the case, but you should investigate which it is. Different problems may lead to you requiring different forms of strategy consultant to react in unique manners. There is a great diversity in the disciplines of strategy consultants. As this is the case, being able to communicate your needs well is a good first step. Then again, you can always hire a strategy consultant to perform the diagnosis first. When Might You Need a Business Consultant?Sometimes you may find your output slowing down when there has been no need to pivot. This is often a good sign you should hire a business consultant. It will often be a symptom of an internal problem rather than a concern with the business’ direction in the wider world. Another area might be if you find yourself falling behind technologically. Sometimes tech has simply been an area you have not ficus and therefore you do not have the internal expertise to diagnose how to improve. A business consultant can interface with your I.T. specialists and ensure you get the best upgrade possible. Other areas of business consultancy include attempting to reassert an appropriate company culture. This can be very difficult, especially if you wish to pivot to a new line of thinking within an existing space. Business consultants are well-placed to assess your company and determine how to go about this. They can investigate how your employees currently work, then determine how best to change that. Trying to enforce a new culture from the executive level down rarely works. Instead, they will foster a culture that fits your employees and gets the best work out of them. If you find your company growing, remember that you do not always need to set up internal processes yourself. If you require a new HR department due to your company growing, business consultants can help get them off the ground. Alternatively, you might all-of-a-sudden find your business not needing a portion of the company. This may be due to an internal redundancy or a market change. In these situations, business consultants will look at your company’s needs and perform a variety of roles to determine how best to move forward. What Are the Signs of a Good Strategy Consultant?When you bring a strategy consultant onboard, you will want to ensure they are up-to-speed on the company’s history. You will also want to make sure they are aware of existing strategies. This requires they be a fast learner and able to pivot to working how your business currently operates. If they do not, they will fall behind. They will be unable to evaluate your position in the market and provide methods by which you can seek to improve. A consultant must work with many external businesses. Because of this, they should be able to adapt to any situation no matter what they get thrown their way. You do not want someone who uses the same methods again and again, because they worked with previous companies. You want someone who is highly adaptable and able to work with you to produce results despite not being in the same location they were before. When working with a strategy consultant, you want to ensure they are self-motivated enough to get going without your oversight. They are the ones who should produce reports on how to improve your company, not you. You are, however, expected to follow their advice. When working with a strategy consultant, you should also ensure they have a strong understanding of the market as it currently stands. There is no use in having someone focused on strategy when they do not know how to move. It would be like playing chess and not being able to see your opponent’s pieces despite knowing how they can move. Finally, trust your gut. If you feel you do not trust a strategy consultant to have the best interest of your company at heart, you can always ask for a new one. Sometimes someone might simply not be a good fit. What Are the Signs of a Good Business Consultant?Similar to a strategy consultant, make sure any business consultant you bring on has your specific company in mind. If you get the feeling they are peddling out the same tried solutions to everyone, show them the door and hire someone bespoke. If they are not invested in making your company the best it can be, they are of no use to you. A good business consultant will also not give you one solution. They should have a good range of knowledge and also allow your business to make its own decisions based on many options. Therefore, a consultant who knows their stuff will be able to offer a range of solutions. You will then be able to pick one which matches your culture and budget. This will get much better buy-in from your staff than receiving a mandate about what they should do at every turn. Good business consultants should also have a solid network of contacts. If you hire them to assist you in building an HR team or an IT infrastructure, they should have multiple people who they can draw on to assist. If they only know of one group who can help you with a particular problem, they are either accepting bribes or are terrible at networking. Finally, you should know that the best choice for consultants is someone who cares about improving a company, not pushing methods. They may love Agile, lean processes, waterfall, or many other things. That does not matter, however, when it comes to the fact your company’s output should be the priority for them. If the consultant is pushing a personal favorite methodology, maybe it does work. They should also be aware, however, that your company might not work with that process. Making Sure a Strategy Consultant Can Do Their JobEnsuring a clear line of communication between the management team and a strategy consultant will be the best way to empower them both. Without this, the consultant will not be able to ask questions when they need to and the managers will be unable to learn what to do next. This often starts with focused meetings and interviews with those in charge but can go a lot further than that. Ensure the managers know the reasons the consultant will have involvement in the company. There needs to be buy-in from all affected levels, so they need to understand and own up to their own failures. If they do not, the company will be unable to move forward even with the consultant’s assistance. Regardless of what kind of consultant you have, you also need to make sure they get feedback. Consultants thrive on knowing how they are performing and how the team is responding to their suggestions. One of the biggest problems a strategy consultant can come across is a team that does not trust them. The consultant’s credentials and attitude should speak for themselves. If this is not the case, however, work with them to improve the situation. Sometimes the best thing a consultant can do is be honest about the reasons behind their purpose there. Even if there is a chance their feedback will have wide-reaching repercussions for the future of the company. It is better for everyone that their interactions be from a position of transparency and honesty than finding out the worst later on. If that happens, it will taint any further interaction. You do not want to find yourself with a consultant whose expertise is no longer put to use as they are not trusted. Making Sure a Business Consultant Can Do Their JobWorking with a business consultant to make changes in your company can have many benefits, but their hands need to be free to make those changes. To ensure this happens, make sure to get them up-and-running with whoever it is they need to be working with. As they will be new to the company, introduce them to whoever their main point of contact will be and make sure they have an open line to them whenever needed. This will prevent them from finding bottlenecks as they start to work and allow them to get answers to questions fast. It is very unlikely they will need as much onboarding as new employees, as they will not be actually working within the processes of the company. It is important, however, to ensure they get the same literature as the rest of the company. Handbooks and other documents may reveal issues with the internal policies which ripple into other areas. You should also be aware that sometimes consultants try to move outside of their assigned field. If someone is there to set up a new HR department, then they attempt to look into hiring and firing processes, you should not be afraid to question it. They may be acting with the best intentions and may even believe these are part of their role, but you want to focus them on their primary task. What you should do is define a direction for the consultant, communicate expectations, and have them show they understand. It is not a problem to put limitations on someone if that is all they are there to do. On the other hand, be aware that you may do this when it is not required and you should be aware of your own motivations at all times. When Might You Need Both Consultants?Sometimes it is very important to get different outlooks on a particular issue. Some firms, therefore, choose to hire one consultant for advising on strategy. Then they adjusting the business based on the results of that consultation with another consultant. This may be for a variety of reasons, but one of the most significant ones is that some firms are better at some tasks than others. One might be better at the analysis of a problem in a company, whereas the other might have a better network of people who can assist with a solution. Be aware that you have formed your company out of disparate demographics. The consultants who work with the executives may have buy-in from your CEO, but that does not mean a shop floor or group of programmers will trust them. The reason the consultant works well with the CEO might be that they think alike, leading to a culture clash with other sections of your company. Alternatively, the issue may come down to money. A consultant for your business may pitch a different estimate for costs for different kinds of consulting. Make sure to talk to multiple companies about what they can offer and for how much. Also, be careful of hiring both in at the same time. The last thing you want is different firms vying for your attention at different times. Most will be too professional for such a thing to happen, but it is not outside the realms of possibility if two groups compete. Which Consultant Will Cost You More?According to popular comparison websites, consultancy rates can vary depending on several factors. Unfortunately, most consulting is a well-kept trade secret. This is because companies wish to charge different rates for the same services based on the client. This means there is only limited advice available to work with. Rates can go from $50 an hour for a business consultant all the way up to $350 per hour for someone working for a leading strategy consultancy firm, or more. In general, however, most fees are not related to the types of consultancy which are occurring. They are instead more based on the firms which are providing the service. As expected, the top four firms are those who will be charging you the most. In exchange for that, you can expect a level of professionalism. Many people, however, prefer a small independent outfit for the bespoke service they provide. Also, you should be aware that a consultant may start to discuss “retainer agreements”. These are a flat fee for a service, rather than for hourly work. If you begin to trust an individual, this may be more beneficial to you as a business to save money. Business consulting will often be likely to only take up one smaller project, rather than ongoing work. For this reason, a strategy consultant kept on over a longer period of time will likely ask for a retainer. This is up to you if you choose to go for it, but just be aware of how it may affect your annual or monthly budget. How Might Consultants Affect Employees?There are potential differences between how those in the workforce perceive different consultants. Most of these relate to who they interact with and produce very different results. If a consultant is only working with the executive team, as strategy consultants often do, employees may perceive them as aloof. There may also be a lack of trust if they work with an adversarial exec group. This would be part of a larger problem, so you should be aware of it as a possibility. The perception of business consultants is far less likely to be similar. This is due to them focusing on improving specific business areas. They are far more likely to make enemies if they tread on people’s proverbial toes. If they make sure to work with other employees and prove their worth, however, you should not have issues. Those in your company may welcome a business consultant, but make sure to remind them that the individual is not a part of the company per se. Not only will that improve morale once the contract is over and the consultant must leave your services, but there are legal reasons for this also. You do not want to confuse the matter of whether or not the consultant works for you as a full-time employee or not. The post Strategy Consulting vs Business Consulting: What's the Difference? first appeared on Kamyar Shah. https://bit.ly/2L9puwa #SMBConsultants
Strategy Consulting vs Management Consulting https://bit.ly/38XsTpU
Are you wondering whether your business needs strategy consulting vs management consulting? While at face value they might seem the same, but there are key differences. In this in-depth guide, you’ll get to discover what strategy consulting is and isn’t, and what management consulting is and isn’t. Read on to explore how consulting can help your business succeed whether it’s becoming more profitable, fixing problems, or standing out in the competition. What Is Consulting?Consulting is when a business gives expert opinions to a specific field or person. It’s giving advice to different businesses based on organizational structures, strategy, management, and operations. A consultant will bring their experience to help businesses succeed. While the base term of consulting doesn’t require certifications, firms, or degrees, management consulting and strategic consulting often do. It’s about helping a person solve their problem and move from the current situation to the desired state. For example, say someone who is an accountant makes about $60,000 a year. Maybe they’d make more working for a company, but they have entrepreneurial goals. A management consultant or strategic consultant can work with them to help go after their desired goals to make more money and stand out. Some consultants will reach out to other experts to ensure that they’ll deliver the results the client is looking for. For example, an accountant looking to grow might require learning digital marketing to stand out online. Why Hire Consultants?Many hire consultants for 3 main reasons. The first reason is that they don’t want to waste their efforts or time. They want a proven system to follow. The next option is that although they might have an idea, they’re not quite sure how to implement it. The last reason is that they know the problem, but aren’t sure how to solve it. Obtaining Goals QuickerWhile some might be patient and take time exploring the best methods for problems, many want the reward as quickly as possible. They realize that if they try to learn it from the beginning, there might be mistakes along the way, and it’ll take longer. Proven SystemManagement and strategic consultants will have the education and expertise necessary to give businesses a proven system. It’s up to the business to implement the system after the consultant leaves. What Is Management Consulting?Another term for consulting at a base level is giving advice. When you take a look at different types of consulting, for example, IT, they help their client with IT problems. Management is about combining the different departments and functions of a company. Management consultants work on business problems at a top-level. That includes the Board of Directors, Boards of Management, CEOs, etc. Another term for a management consultant is what’s known as a management analyst. Their goal is to help businesses come to an outcome whether that’s to be competitive, profitable, or solve a problem. Management consultants can break down into different functions such as IT or inventory control. They can also have specialties within an industry such as education, manufacturing, and healthcare. Identify ProblemsA management consultant works with a leadership team to identify the different problems in order to come up with a solution. They can be found in teams or self-employed working with different businesses. Most work for a consulting firm and will help different businesses. Responsibilities:
What Is Strategy Consulting?Strategy consulting is where the consultant has experience in what they’re providing expert advice on. This can include future directions or strategic issues so the value and growth of the company improve. This can include marketing and corporate strategies. The marketing strategy can include relating products with products of the competition for customer experience, channels, and pricing. Under the corporate strategy, it’s about market positioning, growth, etc. ScopeSince management consulting is a broad term it can refer to different niche areas of business management and handles different problems and issues of an organization. It’s about taking a look at data gathering, recommendations to management, defining problems, and being part of the implementation process. Under strategy consulting, it’s about taking a look at the overall strategy of the management team. While it falls under management consulting, it takes a look at specific issues that those in management experience. All strategy consulting firms fall under management consulting. Not all management consulting firms are strategy consulting firms. A Breakdown of Management ConsultingCertified consultants will gather research and data for their company. They spend a large amount of their time doing the necessary amount of research. They’ll take a look at different focus groups with 3rd parties, research industry reports, interview company employees, and take a look at internal financial figures. This can include large files with raw data. Management consultants are organized and will have this data on an Excel sheet to better understand it. Client MeetingsThe consultant will meet with them to further discuss the project and plans. Every meeting doesn’t have to be with a C-level executive, but instead, the consulting team that you as the client approves. This can include directors, VPS, etc. You’ll receive updates every few days or weeks from the point of contact. Understanding ObjectivesYour management consultant will spend a large amount of time with their management team in order to have a clear objective in mind before beginning. Discussions can include interviews with employees or taking a look at financial information. Many consultants will start with a hypothesis for a solution and what data they’ll use to test this idea. Suitability DifferencesBoth strategy consulting and management have different methods when it comes to business situations. Strategy consulting comes up with plans for a certain period of time to ensure that there are cost reduction and promotion of a new product. It’s about solving a problem for the client to have satisfaction. Strategic consultants are a good idea when there are issues that need to be solved. Whether that’s unexpected events, developing a new business, etc. Management consulting is about developing a method for faster solutions. They’re good when there’s a known opportunity or issue. Or, when there’s a tested solution available. Why Work With a Strategic Planning Consultant?They’ll come up with a competitive business strategy for different businesses with a detailed action plan. Different methods and tools will be provided to meet the goals of the company. It can include:
Since a strategic planning consultant is from the outside they can give you a new perspective without being influenced by the company’s culture. This can lead to new ideas and suggestions that’ll help the business gain clarity. Conducting ResearchThey’ll collect market intelligence and analysis on markets, competitors, industry trends, etc. This research will help businesses in evaluating and identifying opportunities that lead to growth. Developing a PlanThey work with management to come up with a business strategy that works for a business. This includes taking a look at the budget, tasks, strategies, goals, and other needs of the strategy implementation process. It lets a company know what will be done, and what will be the goal. What To Look for in a Management Consultant?A high-quality management consultant will make a company’s issues and business a top priority. A management consultant will ask business questions during the sales process to dig deeper. There are industry specialists and generalists. While a generalist might not have that special quality, they can solve and see different problems and opportunities from a fresh perspective. A specialist in that industry can bring in an understanding as well. They See the Gray AreasAs a business, it’s important to see the gray areas to develop and use them in businesses. A strong management consultant will see the gray areas in order to see the difference between OK and good opportunities. Before hiring a management consultant, find out who you’ll be working with before you begin. See if they take into consideration the gray areas as well. Easily TranslateThe right management consultant will create reports in a timely manner. It’s harder to find one who will give you measurable results as well, but it’s possible. They’ll help with building out new ideas into the real world. A firm that can take a look at tactical and conceptual ideas is important as well. Strong OutcomeA management consultant should have the outcome as the most important part of the process. A company’s interests should always be at the forefront of what a management consultant does. Understanding the ProjectBefore hiring a management consultant, it’s a good idea to find one who understands the scope of the project. After they pitch to a business, a company should decide whether the consultant understands the problem and their needs. Responds to QuestionsAsk the management consultant how often before a response will be received, or questions a business may have. A consultant with a strong response time is important to ensure that there are no steps or questions missed. Avoid a consultant who will walk around the question and make a response to salesy. Pick someone who will listen to the needs of the business to ensure that they understand the facts. Make sure that the business will receive the specific answer to that question before proceeding with that consultant. ExperienceLook for a consultant who has the experience necessary to help. While each business will have different requirements, it’s a good idea to find a management consultant with plenty of experience. Understanding the DifferencesTo understand the differences between strategy consulting vs management consulting it’s important to take a look at examples. Imagine a restaurant that’s having trouble with getting new customers. Maybe they had a commercial to advertise their products but it fell flat. Also, say this company underpays its staff who is also overworked. They also don’t have healthy options so lack variety. This restaurant keeps going to the same methods and hoping something will change. Strategy consultants and management consultants will handle this situation in a different way. The Strategic Consultant WayA strategic consultant will provide advice on specific management topics instead of identifying the problems as a whole as a management consultant will do. To help the business, they might reach out to different consumers and conduct surveys and interviews. They’ll also take a look at different data to analyze and test different hypotheses they come up with. The conclusion is what path they’ll take to help this failing business. As a strategy consultant, they’ll take a look at one management issue and come up with a plan to fix it. The Management Consultant WayA management consultant will take a look at the restaurant’s entire business operation. They’ll take a look at the different components that are behind the company’s problems. This can include different parts of the organization such as IT, marketing, finance, etc. It includes taking a look at the different concerns from the different parts of the organization. They’ll provide either advice or actionable solutions that the organization can take. This can include a new plan from new market research, or even creating a healthier menu. It might also include improving the training for the restaurant managers. They might also recommend higher pays for the employees and how this can be done. Objective opinions, guidance, and advice can also occur as well. A management consultant will use their understanding from different businesses, problem-solving, and other professional experience to solve the problem. How To Pick the Right Consultant?When looking for an external consultant, find one who has strong experience. Whether you’re looking for a strategic consultant or management consultant is up to the needs of the company. Choosing a ConsultantFor example, for more of a consultation to do with the business, choose a strategic consultant. For a broader sense of multiple issues, they’ll want to pick a management consultant. Communication SkillsA strong management consultant will have good communication skills in writing and speaking. Also, one who will listen to the needs of the company they’re working with. The management consultant will listen to the business and current needs in order to help. If a management consultant doesn’t listen, then it’ll be harder to come to a strong conclusion. OrganizedThe right management consultant will be organized with the information when they come up with a solution. Not just organization on their desk and in papers, but in their mind as well. They’ll be able to formulate a solution that best fits the business based on their past experience. AdaptableEvery business and client is different. Whether it’s the same business or completely different, a management consultant will need to be able to adapt to the needs of each business. Creative ThinkingSince each situation and client is different, a strong management consultant will be able to think creatively in order to achieve results. There will be no cookie-cutter approaches, and instead, they can take a look at the weak points of a business. They’ll take a look at what needs to improve, the different facts and figures, and solutions to the problems. Writing SkillsThe ideal management consultant will have writing skills to fill out different manuals, reports, and other types of documentation. They’ll be able to communicate their different reports to you as well. Time ManagementA high-quality management consultant will be great with time management. This is due to either being paid with a fixed-fee agreement or per the hour. Management Consultant Job DescriptionIn order to become a management consultant, a person must have at least a Bachelor’s degree from a strong institution. They must have strong attention to detail, knowledge on researching, presentation, and analysis knowledge. They must be independent contributors who can work alone or with others. They’re self-directed and don’t need guidance. Preferably, they should have a few years of experience under their belt, and an MBA from a top institution. They need to be strong in PowerPoint, Microsoft Suite, and Excel as well. A management consultant needs to be confident in what they say and be able to work in a team environment. They also need to be able to work with heavy workloads. Some management consultants will have different certifications such as a Financial Modeling & Valuation Analyst. The Different Types of Management ConsultantsUnder the umbrella term of a management consultant, you have different consultants such as information technology and strategy. An operations consultant is someone who provides the business with guidance for business practices. A financial advisory consultant gives advice to clients regarding acquisitions and mergers. Human capital consultants give businesses solutions as far as organizational changes. Main RolesThe main role of a management consultant focuses on research and white papers. They contribute to the pieces. As time goes on they normally pick a specialty to focus on. A management consultant’s role is about giving solutions to different businesses. It can include strategy development, process optimization, new technology introduction, etc. Management Consulting FactsWhen hiring a management consultant, they help businesses grow. Whether it’s guidance or help in solving one problem or multiple, a management consultant can help. Management consultants can help identify problems that businesses aren’t even sure that they have. Different ResultsSome think that management consultants are only hired when advice is necessary. The truth is, they can be hired as well for improving profits and efficiency as well. They can help with standing out in a competitive market. Various MethodsDifferent methods are used in order to come up with a plan of action. For example, that can include interviewing management and employees. They do so in a manner that won’t interrupt a business. Can Be Self-EmployedWhile some business management professionals can work for a business, some are self-employed. Whether a business wants to work with a large, small, or self-employed firm is up to them. But, with a self-employed firm, there’s that personal touch. You can find consulting firms within public institutions, big corporations, private equity funds, and non-profit organizations. Typical Consulting ProjectsThe length of time a management consultant will work with a company varies from 3 months to 1 year. It can start out with signing a short-term contract of about 2-3 months, and then change from there. The fees involved depend on which consultation team you choose. Consultants charge more because they work with other consultants across the world for different ideas. Work ScheduleMany management consultants work overtime to meet the needs of the different companies they work with. The role tends to require travel whether that’s by car or plane. They spend very little time in the office and are often out and about from place to place. When To Hire a Management Consultant?A management consultant should be hired when a business is looking for temporary help with a problem or skill. When a problem comes up in a business and they’re not sure how to solve it, a management consultant can help. Consulting vs SupportingIn the supportive role, they’re similar to consulting but slightly different. For example, function specialists are within the function support center. In the research and intelligence role, they’re in offices providing support for projects in multiple locations. A more popular supporting role is what’s called an implementation consultant. It’s similar to a consultant since they work with clients. The focus of their work is mostly on the implementation of recommendations from past projects. Do Consultants Help Clients?The advice given by a consultant comes with conditions that must be met by the business. While some are done properly, others are not. Consulting is known to be a prestigious field and many go into it. Many who start out in consulting may eventually go into other roles as well. Consulting Track LevelsThere are different tracks for consulting such as entry and ranks. Entry is for those with a background in any education. Business knowledge isn’t required. Some consultants might have a background in Math, engineering, etc. Next is what’s known as different ranks. At different firms, there will be different ranks, but normally 3 groups. There are project owners, managers, and staff. After consulting, you might find some switching to other roles such as corporate strategies, entrepreneurship, operational roles, etc. They can also head into finance and work with Corporate Finance or Private Equity firms. Who Should Hire Strategy Consulting?Strategy consulting is great for an entrepreneur who doesn’t have a plan of action. Many who own their own business often make the mistake of taking a look at the competitors and what they feel comfortable with only. Why Strategy Consulting?While some might wonder why employers can’t pull employees from different departments to fix an issue, it has to do with focus and time. Strategic consultants have the experience necessary to guide a business with the right strategies. Strategic consultants are normally hired for a set period of time. During this time they’ll place their effort, time, and energy into different problems. Executives at businesses are busy running their business. That’s where a strategic consultant comes in. They’ll be able to focus on the different implications of changes within the business. Also, they’ll bring new ideas instead of just the company’s ideas. They won’t have judgments or sensitivities that an employee might. Whether they’re managers, board members, or executives at businesses, they’ll have stakes in the business they won’t want to risk. Having a consultant come in will bring a fresh perspective that can help. Strategic Consultant SkillsBeing a strategic consultant involves analytical thinking. Along with this, there must be problem-solving skills as well. Under strategic consulting, they’ll have a specialty as well. Along with these, a strategic consultant must have time management. This is due to being able to research, meet with clients, and meet deadlines. Since they work with people they must have strong communication skills. They’ll also need to be able to get down to the problems a business is facing. Flexibility is important as well since no one knows everything. This means that there will still be parts of a business they’ll need to learn to come up with a solution. This includes coming up with new information and trends. Strategic consultants often work with CEOs of different companies. Questions a Strategic Consultant Will AskA strategic consultant will take a look at whether or not you want to launch a new product. At that point, they’ll decide how the business can stand out from the competition, and if it’s possible. They’ll also find out whether the company wants to collaborate with other companies or not. Also, how they’ll market for the future. Requirements of a Strategic ConsultantPlenty of experience will be a requirement for a strong strategic consultant. They’ll need to understand how to be professional with executives, and have an effective approach. They’ll need to be confident in the results and advice they give. It’ll take a few years before a strategic consultant will meet the requirements to be a successful consultant. A strategic consultant will have at least a bachelor’s degree, often in the business field. Having a bachelor’s degree doesn’t guarantee a position, and it often requires an MBA. This is due to firms wanting candidates who have knowledge of business management and problem-solving skills. They’ll also develop analytical skills from the MBA as well. How To Choose a Strategic Consultant?First, look for a strategic consultant who has experience within the business industry. Choosing one who specializes in the field is another option. Next, decide what services they’ll be offering you, and if they fit the business needs. Some consultants might only provide you with a report on how to proceed, but others will give more in-depth knowledge. Next, decide on the budget of the business. While it’s important to find one who has experience within the industry, they need to be within budget as well. Some strategic consultants charge a flat-rate project fee, while others charge by the hour. ResearchNext, check online to identify the right consultants for the business. Do they have reviews online? If not, businesses can ask for testimonials from previous clients. While asking friends and colleagues for referrals is an option, every business will have different needs and requirements. After the research process, you’ll need to interview the consultants. InterviewIt’s important to ensure that not only will the consultant fit within the budget, but they must bring what they claim. It’s a good idea to interview different strategic consultants to find the right one for each business. Next, decide whether a self-employed consultant or one who works for a firm is the better option. Look into the different expertise that the consultant has as well. Facilitation SkillsYou’ll want to find a strategic consultant who has facilitation skills. Facilitation is what can help you succeed in your business. Facilitation is an important part of the complex components of the business. When a facilitator comes in they’ll be able to take a look at the different personality types within a business to see what’s working. They might make adjustments to the discussions for the most effective results. Experience With Multiple IndustriesAnother advantage is having a strategic consultant who has experience in various industries. While it’s important for them to have experience within a certain industry, they can bring more to the table with multiple backgrounds. A consultant who has experience in multiple industries can provide curiosity and versatility. This can lead to success within the business when they’re given a fresh perspective. Professional KnowledgeA strong strategic consultant will have experience, confidence, and competence. They’ll have a strong portfolio to back up what they say and communicate it properly. A strong strategic consultant will be able to speak with different employees and help them gain confidence in what they’re doing. Without building that rapport the employees may fail to deliver the requirements. Encourage TransparencyBefore hiring a strategic consultant, it’s a good idea to encourage honesty and transparency before beginning. A consultant who is transparent about the good and bad about a company is vital for a business. Even going with a strategic consultant, it’s a good idea to find one who has open communication and will let a business followup with questions. A business should understand too that while a strategic consultant will provide a plan, it’s still up to the business to run it, in the end, to be successful. Open to RecommendationsBusinesses should be aware that as they choose a strategic consultant, they’ll need to be open to extending deadlines and other recommendations. While it’s important to be open to recommendations, it’s also vital to understand why a consultant can’t meet the deadline if they promised a certain date. Strong SolutionsWhen a business interviews each strategic consultant, they should see if the solutions they brainstorm make sense for the company. Ask the consultant how the solution will address the needs of the business and how it’s better than other choices. CommunicationPicking out a consultant who can communicate in a clear way is important. While a consultant who speaks in hard-to-understand jargon might be appealing, it’s important to understand what they’ll do and why. Fee StructuresSome consultants charge for the whole project, others by specific tasks, and some by the hour. Some might offer the option to break the project into different sections. Within each section is a fee. It’s about ensuring that these fees are affordable for the business as well. How Many Projects?How many projects is the strategic consultant currently working on? Do they have the time necessary to take on another project? Or, do they focus on one project at a time? Find out the time frame they’ll be able to finish up the different work requirements. Future Help?Once the contract ends, will they answer questions? Even after the report ends, it’s a good idea to find out if they’ll be open to helping with any questions a business may have. While not every business needs ongoing support, it’s a good idea to find out whether a consultant does provide it just in case. Management Consultation ConsBeing a management consultant can have cons. For example, they might experience a large amount of stress. Businesses can demand a large amount from a management consultant. While they’re providing exemplary results, it’s about balancing the needs of the client, meeting the requirements for solving a problem, etc. While there’s much critical thinking involved in the role of management consulting, creativity is limited. At a junior role, they’re more involved in analyzing data and gathering research. For creatives, it’s not the best role. No Tangible ResultsBeing a management consultant there aren’t tangible results. At the end of the day even with strong research and support, it’s up to the client to follow the guidance given. Seeing these results is rare since when the project is done they’ll head to the next project. Independent ConsultingIndependent consulting is when a person chooses to run their own business around what they know. This is when they choose to be self-employed instead of working for a company. Many can be found online building their business. Also, independent consulting can be on a broad range of expertise. Corporate ConsultingThis is often when someone has years of experience under their belt in a particular industry. This can include technology, software, and IT. It can be B2B consulting, in-housing consulting, etc. Delivery ModelsThe different types of consulting can include online programs, individual coaching, group coaching, done with you consulting, and done for you consulting. Done with you consulting is where the consultant and the client split the work. It’s not providing the entire service, but instead, just a section. It can include receiving a part of the service but still receiving advice on the other methods. Done For YouThis is where the services are delivered by the consultant. For example, maybe you’re helping a business increase their sales you’ll offer lead generation. This is the most time-consuming delivery option for consultants. Group CoachingThis is where a group of clients will receive help at the same time. It can include 20 people or 3. Whether on a phone call or through the internet, there are different options available. Online ProgramsThis is where a consultant creates a course or program that can be viewed by as many people as they’d like. This allows clients to learn different information in their own time. Some consultants choose this method since it’s a more passive option. There isn’t a time commitment required with this method. They receive the course and then implement the methods taught. Before Choosing a ConsultantBefore choosing a consultant, businesses should request proposals that state project goals, the budget, and time constraints. This helps both the consultant and business decide if they’re the right fit. The post Strategy Consulting vs Management Consulting first appeared on Kamyar Shah. https://bit.ly/2L9puwa #SMBConsultants
What is Strategy Consulting (and Why You Need It) https://bit.ly/3pFxx2K
Leading a business to success requires a good amount of knowledge about operations and day-to-day tasks. These are what keep your business afloat. But you will likely miss out on market opportunities. That is unless you are incorporating yearly strategy sessions into your planning cycle. Worse, you may find that your competition has outpaced your business and your company is no longer relevant. Businesses that use strategy consulting as part of their yearly cycles are more adaptable and stay ahead of the competition. Having a better understanding of what strategy consulting is, and how it can benefit your business, is the first step in bringing real value to your company. Strategic Planning for Your Business Strategic planning is difficult, both in the planning as well as the implementation phase. Keeping everyone in your company keyed into your businesses‘ strategic plan is important. It is what keeps employees engaged and committed to improving their workplace day after day, year after year. And, it is important for every team member at the company to advance strategic goals and include them in their daily tasks. The number of strategic planning sessions and duration, who is involved, and who are the strategic plan “champions,” are all things to consider when putting together your company’s strategic plan. To stay relevant and outpace your competition, you will need to use several strategic planning tools. These tools will give you insight into your competition’s capabilities. They will also highlight your businesses’ own strong suits. PESTEL Analysis Tool A great tool to use as a starting point for this external analysis is the PESTEL. PESTEL stands for Political, Economic, Social, Technological, Environmental, and Legal categories. Businesses do not exist in a vacuum. They occupy space in a particular location with their own competitive landscape. Here we drill down into each category of the PESTEL to better understand the particular influences that could be affecting your business or industry. Political Be aware of leadership’s political affiliations and the threats or opportunities that a political party or leader poses to your business. If a particular party has promised tax breaks or other incentives, plan for a worst-case scenario anyway. Finally, stay abreast of changes and keep your ears to the ground. Policies can morph quickly. Assume your competition is keeping tabs as well. Your competitors are smart and capable. Underestimating them and their capabilities can be detrimental to your long-term business viability. Economic Some governments have programs where they cut taxes to create business opportunities. This can also have a profound effect on your business operations. Take the time to outline the economic background of your business. This includes taking into account key economic drivers in your industry or geographic location. Social Not only do social implications concern customer demographics but they concern labor preferences as well. For example, customers in certain locations may put more pressure on businesses to source ingredients ethically or sustainably. Labor may also organize more effectively in one country than another. It is important to note that these social implications can be tied to political ones as well. Technological Access affects your ability to remain swift and responsive to market changes. Protections on technological advances give your business a competitive edge for a certain amount of time. Environmental Consumers may also buy only from environmentally-friendly businesses. Both of these factors drive the market for goods and services and must be taken into account. Legal For instance, if your company monopolizes the market, certain countries can lodge an anti-trust suit again you. Or, certain countries have minimum wage laws that prevent the exploitation of cheap labor. Knowing your legal environment can help you understand what your cost of doing business will be. Porter’s 5 Forces Tool The tool provides context to the business when each of its five categories is explored. The five categories include the threat of rivalry, entry, substitution, suppliers, and customers. These categories are outlined below. Threat of Rivalry Furthermore, consider the maturity of your market or industry. Is it stable or changing? Or is your industry on a growth trajectory versus a decline? Where do your rivals fit into this picture? Threat of Entry To remain competitive, your business will need to consider not only current rivals. Tomorrow’s rivals likely will have improved technology and processes that you will need to adapt to stay relevant to consumers. Threat of Substitution Substitutions must be considered and adapted to if they pose a serious enough threat. Not every substitution will need to be dealt with in the next five years. But keeping your eyes on the horizon will help your company succeed in the long-run. Threat of Suppliers Parts expense can also be prohibitive. If suppliers cannot produce parts cost-efficiently, it may indicate a threat. Perhaps it would be better to bring production in-house. This is something to consider at the strategy initiatives stage of the strategic planning process. Threat of Customers The amount of leverage that consumers have will impact your decision-making. Operations will likely be affected at your business as a result. Now that you have an idea of what opportunities and threats exist in your industry or market, you can turn your gaze inward. Use the following strategic planning tools to discover key internal capabilities and strengths. Also, pay close attention to your weaknesses – this is likely what your competition will be focusing their attention on as well. VRIO Analysis Tool Examples of Value Chain Capabilities The technology development component to your value chain could be successful in innovating new market solutions. Your human resources department could be adept at recruiting, training, and retaining talent at your organization. Your procurement platforms could be one step ahead of that of your competitors. More examples of value chain capabilities include your sales and marketing team, customer service, and supplier assembly. Consider each of these value chain components at your business. Are they strengths or weaknesses for your organization? You may need to consider the competition when analyzing your value chain. Think about your marketing department in comparison to your main rival’s marketing department. Which is stronger? Why? Asking these questions will help you in the next step of the process. Label Each Value Chain Component Then determine if your marketing department is easy to imitate. If it is not because your marketing department has built up a valuable network of clients and a solid consumer pipeline, then move on to the last consideration. If your organization has the ability to organize your marketing department effectively in response to change, then this is a key competitive advantage that your company holds. Be honest during this stage of the process. Consider only current capabilities when building out this analysis. This will help you build strategic initiatives that are valuable to your business. This, rather than initiatives that speak to a future state. SWOT Analysis and Building Your Strategic Initiatives The SWOT analysis is the meat of your strategic planning session. You will use it to inform your strategic initiatives and improve your businesses’ strategy. SWOT simply stands for strengths, weaknesses, opportunities, and threats. Create a 4 x 4 box and label the X-axis as strengths and weaknesses, and the Y-axis as opportunities and threats. Try different combinations in each box: SO, ST, WO, and WT. Take a look at examples and more information online if you are having trouble visualizing your SWOT table. From these combinations, you will create your strategic initiatives. For example, to minimize an external threat, you will focus on a key internal strength you have identified. Ideally, you will have about 12-20 strategic initiatives that you will then pare down or combine to about three. Three is a great number of strategic initiatives to have at the end of your strategic planning session. That number of initiatives is easy for everyone to remember and incorporate into their daily improvement process. Consider Different Outcomes With Scenario Analysis For instance, your company may face a high-revenue and low-revenue future based on the effectiveness of your new sales strategy initiative. You can create a model that shows these futures and their monetary impact on the company. Scenario analysis and sensitivity analysis tools help you visualize best and worst-case scenarios and present these to your management team. Some factors have a greater impact or are more sensitive to change. They can have high risk but also high reward. Decide as a team what strategy is best for you given the current external business and industry environment. Implementation is Strategy Too Human resources can be especially helpful at this stage of the implementation process. Allocate personnel to the strategy team early on. They will help your business stay on track and keep employees informed at every step. Remember: no strategic leader can disseminate information solo. Rather, a strategy is a team effort. Easy access to training information is important for your team members, especially ones that will be directly affected as a result of strategic initiatives or changes. Ensure that each employee has access to key information well ahead of deployment dates of changing technology or processes. Consider interactive, feedback-oriented sessions to increase buy-in. It cannot be overstated how important implementation is to the success of your strategy. Alignment is key. Your company will not be able to move its strategy forward without buy-in and employee engagement. You can have the smartest strategy in the world and not be able to execute it. Strategy Mapping One purpose of using a strategy map tool is to explore how your strategy affects four key aspects of your business: finances, customers, operations, and learning or growth at the company. Fitting your strategy to address these aspects forces you to think about the consequences and implications of your strategic initiatives. It also helps you think about why this strategy is a best-fit, and what goal it helps you achieve in the long-run. Try to tie all strategic initiatives through the map back to specific departments or employees. This process can also help your team members understand how their actions affect the whole. This keeps them well-engaged and focused on value add work. Some of us are visual learners. Presentation is everything. Executing a clear and colorful strategy map can help you disseminate important information to your employees. It can be a best practice for helping get everyone on the same page and working toward a common goal. Balanced Scorecard The balanced scorecard is borne from your strategy mapping process. It also incorporates the four key aspects of your business: finances, customers, operations, and learning or growth capabilities. Set clear metrics and targets for your team. Then, make sure everyone is aware of the business direction moving forward. Prioritize what your team measures and provide examples or templates of key resource documents. A poorly executed balanced scorecard can be detrimental to employee motivation. It is important to only measure what is important. Furthermore, you must not be unrealistic in your measurable goals. In the worst-case scenario, this can encourage fraudulent behavior or the fudging of results. When executed well, a balanced scorecard can provide a baseline for improvement. It can also be incorporated in year-end bonus negotiations or annual celebrations. The best balanced scorecards are indeed balanced. Team members should not be able to succeed by performing in only one priority, category, or strategic initiative. Performance should be measured more holistically. The balanced scorecard does not need to be the most complicated document in the world. It should be standardized for use across the company. The balanced scorecard should also be simple to understand. Capturing Your Blue Ocean On the flip side, your business will want to avoid a red ocean, where competition is fierce and the only way to compete is by lowering the price of your goods or services. Nothing can spell a quicker disaster than this scenario. Avoid the red ocean and exploit the blue ocean by implementing these strategic analysis tools. The next point to consider is whether an in-house strategy team or an outsourced strategic consultant is best for your business. What is Strategy Consulting, and Why Do I Need It? Executing strategy planning can be a daunting and time-consuming task for any business owner. Furthermore, some businesses simply lack the resources to invest in a proper strategy team. Everything from your company’s position in the maturity cycle to your employee’s capabilities as strategists can indicate the need to outsource. This, as opposed to keeping your strategic planning in-house. Strategy consulting relies on outside consultants to map your strengths, weaknesses, opportunities, and threats for you. This is so that you and your business leaders have more time and energy to focus on daily operations. This can be a great option for entrepreneurs and start-ups, or businesses that simply need an outside perspective or fresh pair of eyes. Having consultants take part in your strategic planning process can help keep you honest. It can also result in the best strategies for your business if taken advantage of correctly. Why Hire a Strategy Consultant? You may also lack the expertise necessary to perform strategic planning. Perhaps your company needs outside help for clarity, feedback, and fresh ideas. Blind spots are present at every company. It is important to consider every angle thoroughly and without bias. Lastly, your company may not have access to the latest and greatest technology for market research. Working with a strategy consultant that has access to these tools can bring value to your business. When you shoulder a high level of responsibility at your company already, feeling alone when making decisions about the future of your business is possible. Helpful support and collaboration can alleviate this feeling. Strategy consultants provide this service to business leaders at all types of companies. Different Types of Strategy Consulting Bringing a third-party strategy consultant onboard comes with the decision of which type of consultant might be best for your planning process. Here we will discuss several different types of strategy consultants and the value they can bring to the table. Brand Strategy Consultant Brand strategy consultants can also offer strategic advice on brand protection and durability, or the deployment of a brand new logo design. Introducing a new product to capture a different market segment? Depending on your branding needs, a brand strategy consultant can help you develop a winning strategy. Marketing Strategy Consultant When you need a successful marketing strategy, a marketing consultant can help you develop customer profiles and use data analytics for maximal impact. Categorize segments and explore product choices by outsourcing your marketing strategy implementation and development. Financial Strategy Consultant Leave it to the experts to conduct a product line profitability analysis. Financial strategy consultants can give you the best, most up-to-date information on asset depreciation and investment or disposal moves. And capital gains and losses can seriously impact your liability and cash flow. For expert assistance in all matters financial, collaborate with a third-party financial strategy consultant. Operations Strategy Consultant They can also help with effective implementation. Everything from training modules to the strategy deployment schedule can be worked into the strategic plan. Risk Strategy Consultant Having a risk strategy consultant on your team can help you identify risks and develop mitigation strategies to deal with those risks. Industry experts can be excellent choices for this type of strategic consulting. They have the experience that translates well to your needs. Technology Strategy Consultant Technology strategy consultants can help install new technology, identify risks with that technology, and communicate results to management and employees. New software and technology integration can seriously improve business operations. Enlist a technology strategy consultant to help keep you moving forward effectively. Acquisition or Merger Strategy Consultant To plan for and mitigate these negative consequences of a growth acquisition or merger strategy, hire an acquisition or merger strategy consultant. These consultants can assist with everything from full acquisitions to joint ventures, considering everything from legal to operational consequences of the move. Online Business Strategy Consultant Your selection of the right strategy consultant depends wholly on your business and the particular risks you face. Plus, expertise needs can differ drastically for small businesses versus large businesses. Strategy Consulting for Big & Small Businesses Because of these reasons, small businesses will have different goals and track results differently than large businesses. Strengths and weaknesses will depend on market size and the number of employees you have. Additionally, the guidance you need on strategic next steps and implementation advice will vary. Setting goals may be a one or five or twenty-year process depending on the size of your business and the maturity level of the industry. Because large and small businesses have different amounts and types of resources, the allocation of those resources will be different. Are you expanding or downsizing? Bring in a strategy consultant for help on moving in or out of the small or large business space. But be sure to let your consultant know how your growth will help you achieve your long-range goals. Being clear on your overarching goal from the outset helps you get the most out of your experience with a strategy consultant. What to Look For in a Strategy Consultant The best strategy consultants will have high-level critical thinking skills. They can see the big picture and long-range goals as part of the development process. But they are also adept at performing detail-oriented work and getting into the specifics. Communication is key. Your strategy consultant must be an excellent facilitator and very people-oriented. Change is difficult for many employees. The better your consultant can communicate, the easier the transition into a new and changing strategic path will be. Because things change quickly, it is important that your strategy consultant can go with the flow, so to speak. Being flexible and adaptive, yet results-oriented is important. The business must keep in mind its ultimate goal at every step of the process. The bottom line is that considering your strategy consultant’s background and career expertise is a great starting place. But more importantly, your company’s new strategy consultant must have the ability to mesh with your team members. If this key puzzle piece is missing, the process of strategic planning may fall apart quickly. Pricing Your Strategic Project The costs should be split into two categories: pre-planning strategy generation phase and post-planning implementation. Determine whether your company or business will require both or just one. This depends on your internal capabilities and capacity. Depending on the firm reputation and level of expertise, you may pay more or less for a qualified strategy consultant. Be sure to do your research before scouting out the best fit for your business. Doing this will help keep your sights on realistic options rather than setting your sights on consulting above your price range. Many consultants charge by the hour, at an average rate of $150 per hour. Price can vary depending on geographic location, demand, and timing. If you search for a consultant near the end of the year, when many other businesses have their fiscal year-end, you may pay a surcharge due to high demand timing. Choose the Best Consulting Firm For You There are upsides to each, which again can only be determined by your specific needs. Everything from your location and access to quality strategy consultants, to project needs or specific challenges, will help decide what company or firm is right for you. Resiliency During the Pandemic Small and large businesses alike are having to rearrange their business models and reinvent or scrap previously profitable product lines. The threat of the pandemic has also created an opportunity to connect more with consumers digitally. An online strategy consultant can help your business weather the pandemic as part of the annual strategy process or not. The best consultants can give you information on new stimulus packages, loans, or government business incentives. These impacts are changing quickly and can be hard to follow in the news. Having a trusted consultant at your side to keep your business moving forward is important now more than ever. Although consulting used to be a travel intensive industry, travel is largely on hold these days. This does not mean your business must forfeit expert consultant third-party advice. To maintain resilience during the pandemic, consider working with a strategy consultant to help you through the worst of the economic downturn. Flexibility and adaptability have always been the name of the game. The pandemic has just sped up the competitive process. Kickstart Your Business’ Path to Success Your business’ strategy consulting pathway to success starts by hiring the right third-party consultant expert for your team. For more information on how to keep your business competitive, and more business strategy tips, check out our blog. The post What is Strategy Consulting (and Why You Need It) first appeared on Kamyar Shah. https://bit.ly/2L9puwa #SMBConsultants
The post NetApp updates its data management software for more ‘cloudlike’ experiences appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/2IGWdYo #WCG We live in a renaissance, a historic technological age. Literally, every aspect of our lives is touched in some way by the computer revolution, the growth of artificial intelligence (AI), advanced business applications, and the Internet of Things (IoT). Everything from our daily jogs and morning meditation sessions, to meal planning and drives to the office, are part of the new connected society. Like it or not, believe it or not, the tech epoch is here to stay. Though the concept is scary for some, there are several very positive things that have already sprung from the societal … The post How Technology Helps Companies and Individuals Prosper appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/37ofXKB #WCG Cloud spending is relentlessly skyrocketing as businesses seek modernization. Cloud computing has made it easier for organizations to perform business following a business continuity plan. The technology has driven numerous growth factors across industries, while lessening cost, improving flexibility and client relationships. By integrating cloud infrastructure, startups as well as large enterprises now are able to optimize costs and augment their offerings without purchasing and managing all the hardware and software. According to IDC, over 500 million digital apps and services will be developed and deployed using cloud-native approaches by 2023. However, as more and more companies shift to … The post Top Cloud Computing Funding and Investment in October 2020 appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/3kfWuj4 #WCG Focussing on the design process to make technology more inclusive If an education upheaval will happen through the adoption of innovations, right now is an ideal opportunity to start the design process so as to make this new educational paradigm as comprehensive as possible. Robotisation, automation, artificial intelligence and immersive learning tools will prompt new opportunities in education with wide-going implications, as we make students ready for this move-in employment opportunities, social activities and broader engagement with the world. Notwithstanding certain difficulties that new advancements may make, it is additionally critical to perceive the potential for positive uses … The post The Importance of Design Process to Build Inclusive Technology appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/35gi0O9 #WCG With rapid demand for autonomous vehicles, careers in this sector are up ticking too We all know that connected autonomous or self-driving cars are going to hit market roads soon. Meanwhile, the path toward these vehicles has proven costlier and far more complicated. So we need to look for more brilliant minds who can help propel this sector with innovative ideas. In the coming years, we shall witness a sharp growth in the sector’s job opportunities, especially for the hardware and software engineers looking to work on self-driving car technologies. This is because the technology demands a high … The post Basic Introduction on how to become a Self-driving Car Engineer appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/34ee9lK #WCG
The post Irish regulator is looking into Instagram’s handling of children’s data appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/31ox2AB #WCG
The post Data stolen in hack of medieval fantasy online game Albion Online appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/3o7qkbE #WCG
The post Cryptocurrency ‘mixer’ fined $60M for running an unregistered money business appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/3kfqZWk #WCG
The post Justice Department indicts Russians linked to the ‘Sandworm’ hacking group appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/2TaQAUA #WCG
The post Intel sells NAND flash memory business to SK Hynix for $9B appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/2T705E4 #WCG
The post VOIP provider Broadvoice exposes 350M customer records on Elasticsearch cluster appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/31ksniK #WCG Toyota Research Institute (TRI), on September 30, disclosed a few projects, including a ceiling-mounted robot that may help us one day with household chores. This system is one example of how TRI envisions the future of robotics and artificial intelligence (AI). The company is focusing on robotics and AI technologies for “amplifying, rather than replacing, human beings,” says TRI CEO Gill Pratt. In other words, Toyota is keen to develop robots, not for convenience or to do human jobs. Instead, it aims to allow people to continue to live and work independently with the growing age. The 20-minute-video by Toyota depicts … The post Robots require Manual, Human Learning to Ease Human Lives appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/2HawrLG #WCG
The post The new abnormal: CIOs report a cautious outlook for Q4 tech spending appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/3lXHx5C #WCG Controversial Facial Recognition is Tracing Kids with Suspected Criminal Profile in Buenos Aires10/19/2020 Deploying live facial recognition system with CONRAC can put the future of children in peril. Technology is always scrutinized under the lens of scepticism. Despite the many advancements, Artificial Intelligence and its subsidiaries are contributing to; the biases in algorithms remain the biggest challenge amongst experts. Specifically, if the technology is integrated into the draconian laws, the infringement of human rights gets amplified. George Floyd’s death casts a shadow on the misuse of technology by authorities. And while tech organizations have apprehended about the negative impact of the technology in society, some organizations are perilously using this technology. … The post Controversial Facial Recognition is Tracing Kids with Suspected Criminal Profile in Buenos Aires appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/2IKHKuD #WCG University of Michigan has developed world’s first Open Source Bionic-Leg Platform Bionic limbs are artificial limbs that use signals from an individual’s muscles to effortlessly move, much like human limbs. For instance, while walking, legs send a variety of sensory information to the brain, where it is used to adjust motion to avoid obstacles, climb stairs, or change direction. This sensory information includes touch and pressure on the foot and leg, vibration, and the stretch of muscles. Most bionic limbs have built-in computers that detect the muscle signals. Some bionic limbs require sensors to be implanted into the remaining … The post Scientists Have Developed Open Source Bionic-Leg to Promote Research appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/2HffyzF #WCG India is amongst the top five countries facing cyber threats and targeted attacks. The world is divided to possess nuclear power. Countries like the USA and Iran, are already waging war against each other for nuclear power. Moreover, having an advanced nuclear system is important for the national security. Hence, countries are spending billions of dollars for gaining momentum in their nuclear plans. But as nuclear power is proving to be authoritative, the nuclear system is becoming prone for cyber attacks. Over the past twenty years, five deadly cyberattacks compromised the national security in five countries. Not only … The post Scaling up the Cybersecurity of Nuclear systems in India appeared first on World Consulting Group. World Consulting Group via World Consulting Group https://ift.tt/35fIMGs #WCG |
CategoriesAuthorWrite something about yourself. No need to be fancy, just an overview. Archives |