Business Strategy, Business Development & Operations

Welcome to our new series on personal development for business leaders! To be successful as a business leader, there are many different components in many different categories.

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 So without further ado, let’s jump into this week’s topic! This article discusses three important aspects of business; strategy, development, and management.

 Let’s welcome Isaac Bardos, CEO of Business Breakthroughs who will be weighing in on how to weather a recession, Professional EOS Implementor, Rachel Lebowitz on mastering the art and science of business, and Hindy Raichik, COO of GCNY Marketing on how to identify soft skills in management candidates!

Business Strategy: How to Weather a Recession

By Isaac Bardos

Making money in a recession isn’t difficult when you have the right niche, the right offering, and you know how to maximize your offer in your niche for max profit margin. Here are 5 points:

1. Understand that recessions are part of the pattern. You have to be ready when things are good and it’s a well-oiled economy, and also for when bad “weather” comes.
2. Recessions are U-turns. Historically, every 12-15 years, on average, there are changes in money patterns. When a recession comes, it means that some things are about to take a U-turn.
3. It's up to the business owner and decision-makers rather than the business itself. Think: How can I set up my product or service to meet the outcome desired by my target audience, or how will it help my customers avoid the things they want to avoid?
4. Get lean to stay green. CRMs, AI, and automation can relieve a tremendous amount of work of the people on your payroll.
5. Success leaves clues. You don’t need to reinvent the wheel. If you see others doing something that works, figure out what they’re doing and do the same.

Take a look at your product and service and think: Is it optimized for the niche that we’re in? How can we make this more efficient? How can we make this easier for our customers to do, with fewer steps and less cost? How can we complete the service we are providing without losing quality?

Those who ask these questions and go in the right direction will get so much more market share and business growth during the recession. This brings us to our second point; business development.

Business Development: The Art and Science of Business

By Rachel Lebowitz

Michael Gerber, in his book “The E-Myth Revisited,” says that statistics show that 50% of businesses go out of business in the first five years.

Why is that?

Because running a business is both an art and a science, and businesses that are successful are those that master both:

• The art of business is the unique talent and service or product that a business brings to the industry. It is the way that a business executes its business to provide superior value.
• The science of business is the organized body of knowledge that contains certain universal truths. It is the same for each and every business, and once it is learned, it can be applied to any business.

Most business owners fail to learn the “science” of business. They focus too much on the art of business and not enough on the science of business.

Remember that business is an ongoing cycle of art and science, and businesses that are successful are those that have mastered both the art and the science of business. And now we move on to our final point; management.

Management: Showcasing Soft Skills as a Manager

By Hindy Raichik

Working in management often means your skill set is not easily proven in the interview process.

However, there are certain core basics that companies look for in their leaders, and here are some effective ways for interviewers to identify these qualities during the interview process: Here are 6 key areas to focus on:

1. Clear communication: As an interviewer, pay attention to how candidates communicate throughout the interview and beyond.
2. Punctuality: Observe candidates’ timeliness and assess their ability to manage their own time effectively.
3. Resourcefulness: During the interview process, watch for candidates who display resourcefulness and problem-solving skills.
4. Active leadership: Look for candidates who take ownership of the interview by actively participating and maintaining a balanced conversation.
5. Task Performance: Give them a task that is relevant to the role they are applying for and ask them to demonstrate their ability to follow instructions.
6. Attention to detail: Throughout the interview, pay attention to candidates’ listening skills and their ability to notice and remember small details.

While many individuals possess exceptional personalities, it is important as an interviewer to assess their ability to showcase the desired soft skills during the interview process.

Conclusion:

By following the professional guidance in this article, businesses can be better prepared to succeed in any economic climate, master the art and science of business, and identify and hire the best talent to help their businesses grow and thrive!

Are you looking for a consultant, coach, mentor, or course? Learn from our vetted frum business experts by visiting www.jsuccess.net. Prepared for print by Zevy Lamm, JSuccess.