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A Blueprint for CEOs to Build a Profitable Business

Here are some CEOs and leaders who successfully turned around when the odds were stacked against them:

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When you look at iconic CEOs including Jack Welch, Alan Mulally, Richard Branson, Steve Jobs, Lakshmi Niwas Mittal, Lou Gerstner, and A.G. Lafley, they crafted unconventional strategies and adopted unique leadership styles to turn around their organizations. Turning around a global organization is a herculean task especially if it is a huge organization. 

There is no tailormade blueprint to turn around it. It all depends on the size, type of sector, and industry the global organization operates. This article outlines an innovative blueprint to convert a loss-making global organization into a profitable one, and to serve as a guideline for busy CEOs. 

As a CEO, you must design your own strategy based on your previous experience and the type of sector or industry you entered. If required, craft your own vision and articulate it effectively with all stakeholders. You must build a successful collaborative team leveraging the strengths of senior leaders. 

Find out holes where the boat is leaking to close them quickly. Sell out unprofitable, and loss-making units to cut down the losses.  Break bureaucratic bottlenecks. Create collective accountability.  Take bold decisions to turn the tide. Communicate regularly with the stakeholders. Call regular meetings to review the stock of the situation. 

Take feedback to find out what worked and what did not work. Realign your strategies, if the outcome is not as per your expectations.  Bring emotional unity in employees by emphasizing organizational culture. 

Avoid laying off the employees as talent is rare to get in the present world. In extreme cases, remove the unproductive and inefficient employees who indulge in organizational politics.  Interact with all levels of management personally to understand their pulse and the ground realities. Change is always resisted by employees. 

Hence, communicate clearly that the status quo is more awkward than the status quo ante.  When you can express your right intentions effectively, and persuade your employees of your vision successfully; you will win the support of your employees, and you can lead effectively. 

Above all, have a laser focus approach.

“Half the leaders I have met don’t need to learn what to do. They need to learn what to stop.” ―Peter Drucker

Here are some CEOs and leaders who successfully turned around when the odds were stacked against them: 

Jack Welch adopted the Six Sigma quality program from Motorola and applied a forced ranking system that divided employees into three distinct segments: the top 20 percent of performers, the middle 70 percent, and the bottom 10 percent which is known as GE’s “20-70-10” system. He once remarked, “If the rate of change on the outside exceeds the rate of change on the inside, the end is near.”

Alan Mulally’s track record is the envy of every executive today globally.  When Alan arrived at Ford he instituted weekly Thursday morning meetings, known as the Business Plan Review, or BPR, with his sixteen top executives and the executive’s guests from around the world.  

Under his leadership, Ford survived the financial crisis without a bailout.  He took several measures to restructure Ford. He divested nonprofit-making vehicles and brought down labor costs. He shed brands—Jaguar, Land Rover, and Aston Martin.  He created ‘One Ford’ uniting everyone.

Steve Jobs had a high drive to achieve results. He pushed the boundaries and reinvented technology. He foresaw what others could not see. He was a visionary leader. His message to the world is people with passion can change the world. 

Hence, instead of being overly concerned about what you don’t have, focus on what you have and integrate all those elements to achieve amazing success in your life. He stands for passion, communication, and excellence. He was passionate about technology; knew how to articulate effectively to clients and customers; emphasized excellence. 

He stood by his passionate area of technology throughout his life despite being distracted.  He sold dreams to customers with his effective communication skills. He raised his bar constantly to stay ahead of time and technologies. 

He turned around Apple that was falling, and led from the front with his uniquely innovative and autocratic leadership style.

Although Singapore did not have natural resources, Lee Kuan Yew converted this island nation into a prosperous country in the world with the help of human resources. He was an ideal example who demonstrated to the world the power of human resources by leading under several constraints. 

It is often said that it is the bad tradesman who blames his tools, and it is the wise tradesman who works with what he has, and from where he was, to deliver his goods effectively. It is true in his case as he did not blame for the dearth of natural resources but worked with what he had with a great vision and passion. 

Globally people often talk about the power of human resources and human talent. Singapore can be compared with a global company and with a CEO of a global company who walked his talk throughout his life.

Final thoughts

CEOs must follow the following four strategies to turn around their global organizations: create strong, collaborative partnerships with customers, and sustain an intense focus on the marketplace; drive unique value and growth through innovation and offering value-added solutions rather than products; invest heavily in finding, keeping, and developing the best people, and keep them focused on furthering our core competencies; and leverage the skills and knowledge of those people through collaboration, communication, teamwork, and a strong sense of urgency.

Professor M.S. Rao, Ph.D. is the Father of “Soft Leadership” and the Founder of MSR Leadership Consultants, India. He is an International Leadership Guru with forty years of experience and the author of fifty books including the award-winning ‘See the Light in You’ URL: https://www.amazon.com/See-Light-You-Spiritual-Mindfulness/dp/1949003132. He is a C-Suite advisor and global keynote speaker. He brings a strategic eye and long-range vision given his multifaceted professional experience including military, teaching, training, research, consultancy, and philosophy. He is passionate about serving and making a difference in the lives of others. He is a regular contributor to Entrepreneur Magazine. He trains a new generation of leaders through leadership education and publications.

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Entrepreneurs

10 Lucrative Buy and Sell Businesses to Start in 2024

The buy-and-sell business model provides opportunities across many niches

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Businesses to start in 2024

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to sca.auction.

2. Real Estate Flipping

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points. 

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

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How Your Business Can Outmaneuver Your Competitors by 85%

Did you know that companies that master big data can outmaneuver competitors by 85% in sales

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big data strategy

Did you know that companies that master big data can outmaneuver competitors by 85% in sales and more than 25% in gross margins? Sounds inspiring, right? But the thing is that data alone isn’t enough. Rather, it’s the strategy behind it that unlocks these enviable boosts. So, this article explores how to make the most out of your big data and build a strategy that’s functional and competitive. (more…)

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Most Entrepreneurs Fail to Do This and It’s Killing Their Success

Celebrating progress also provides entrepreneurs with the psychological sustenance needed to endure the marathon of building a business

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celebrate your milestones

The journey from a mere concept to a tangible reality is one of the most exhilarating yet challenging paths an entrepreneur can navigate. This odyssey is punctuated by milestones that stand as testaments to perseverance, innovation, and relentless hard work.  (more…)

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Entrepreneurs

9 Ways Augmented Reality Gives Your Business a Competitive Edge

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success

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augmented reality in business

Leveraging Augmented Reality for Business Advancement: Exploring Applications

In the ever-evolving landscape of business innovation, Augmented Reality in business emerges as a transformative force, reshaping traditional paradigms and unlocking new opportunities for growth and advancement.

Through a comprehensive examination of AR’s capabilities, applications, and business benefits, this article serves as a roadmap for enterprises seeking to harness the full potential of augmented reality to propel their success in the digital age.

UNI.Agency as a forefront developmental agency tailors unmatched digital products and immersive experiences. They help companies outperform their competitors and customers’ expectations. And now, there is time to delve deep into the AR realm.

Gaining Insight into Augmented Reality

From revolutionizing customer experiences to optimizing operational efficiency, AR in retail is poised to drive significant advancements in how businesses operate and engage with their stakeholders.

Augmented Reality (AR) seamlessly integrates digital information and virtual objects into the real-world environment, offering users an immersive and interactive experience through devices like smartphones or AR glasses.

It revolutionizes various industries, from entertainment to healthcare, by enhancing perception and creating innovative opportunities for engagement and exploration in the digital era. AR not only enriches our understanding of reality but also opens up new possibilities for creativity, communication, and problem-solving, making it a powerful tool for businesses seeking to enhance customer experiences and streamline operations in an increasingly digital world.

Differentiating Augmented Reality and Virtual Reality

Augmented Reality (AR) overlays digital elements onto the real world, enhancing the user’s perception of their environment. Virtual Reality (VR), however, immerses users in entirely virtual environments, blocking out the real world. There are some core differences between these two technologies in gear and display approaches:

  • AR enriches reality with digital information, while VR creates entirely immersive virtual experiences.
  • AR typically requires less specialized hardware, like smartphones or AR glasses, while VR often involves dedicated headsets.
  • AR is commonly used for enhancing real-world experiences, such as in gaming, retail, and navigation, encouraging augmented reality shopping. Whereas VR is primarily employed for immersive simulations, training, and entertainment in fully virtual environments.

The Influence of AR on the Customer Experience Journey

As of 2024, Augmented Reality (AR) has evolved into an indispensable tool across various sectors, offering immersive and interactive experiences that seamlessly blend digital elements with the real world.

Stimulating Interest

Augmented Reality (AR) captivates customers by offering visually engaging experiences that spark curiosity and intrigue, enticing them to explore products or services further.

AR’s ability to overlay digital content onto the real world creates an immersive and attention-grabbing experience, drawing customers in and igniting their interest.

Educating and Empowering Users

AR in business empowers users by providing interactive and informative experiences that educate them about products, services, or concepts in a visually compelling manner.

Through AR, customers can interact with virtual models, animations, or informational overlays, gaining a deeper understanding of the features, benefits, or use cases of the offerings.

Exploring Further Depths

AR encourages customers to delve deeper into products or services by offering immersive and interactive experiences that go beyond traditional marketing materials.

By allowing users to explore virtual representations of products in real-world contexts, AR in retail provides a unique opportunity for customers to visualize how offerings fit into their lives, fostering deeper engagement and understanding.

Business Benefits of Augmented Reality

Businesses utilize AR for diverse applications, including product visualization, virtual try-ons, and enhanced customer engagement. In education, AR transforms learning experiences by providing interactive simulations and visualizations.

Additionally, AR has become integral to industries such as healthcare, where it facilitates surgical training and patient education. With advancements in AR technology and widespread adoption, it continues to shape how we perceive and interact with our environment, ushering in a new era of innovation and connectivity.

Let’s look at why AR has become so indispensable as a business tool nowadays.

Revolutionizing Training Methods

AR in business transforms training by offering immersive, interactive simulations that replicate real-world scenarios, enhancing employee learning and skill development.

It’s lucrative for hands-on training experiences. Since there’s no need for physical equipment or environments, reducing costs and logistical constraints while improving knowledge retention and performance.

Boosting Productivity Levels

Augmented Reality in business boosts productivity by providing real-time access to information and guidance, allowing employees to complete tasks more efficiently and accurately.

Through AR-powered tools and applications, workers can streamline workflows, troubleshoot issues, and collaborate effectively, resulting in increased output and operational efficiency.

Implementing Dynamic Marketing Approaches

AR enables businesses to implement dynamic marketing strategies that captivate and engage audiences in unique ways.

By integrating AR into marketing campaigns, companies can create interactive experiences that drive brand awareness, customer engagement, and sales conversions, setting themselves apart in a crowded marketplace.

Fostering Product Development

Augmented reality and marketing foster innovation in product development by facilitating virtual prototyping, design iterations, and collaborative decision-making.

With AR, teams can visualize and test product concepts in 3D, gather feedback from stakeholders, and make informed design decisions faster, leading to faster time-to-market and more successful product launches.

Creating Tailored Customer Experiences

AR creates personalized customer experiences by allowing users to interact with products and services in customized ways.

Through AR-enhanced applications and experiences, businesses can tailor content, recommendations, and promotions to individual preferences and behaviors, enhancing customer satisfaction and loyalty.

Amplifying Brand Recognition

Augmented Reality shopping amplifies brand recognition by providing memorable and shareable experiences that leave a lasting impression on customers.

By incorporating AR into branding initiatives, companies can create immersive brand experiences that spark conversations, increase social media engagement, and strengthen brand loyalty, ultimately driving business growth and success.

Final Thoughts

In conclusion, Augmented Reality in business stands as a transformative force, offering a multitude of benefits across various aspects of operations. From revolutionizing training methods to boosting productivity levels, AR empowers businesses to thrive in an increasingly competitive environment.

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success, while delivering immersive and engaging experiences that resonate with customers and stakeholders alike.

As AR continues to evolve and integrate into everyday business practices, Uni will incorporate the best practices to promote business advancement and drive meaningful change for the clients. We’re to shape the future of commerce to your benefit.

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