If you've got an idea for a product that may do well in the market, you have probably entertained the thought of establishing your own company that will create the product. While the idea of becoming a CEO is quite thrilling, you need to prepare yourself for unfriendly times. One of the ways to do this is to learn from resilience in business interview podcast. Some of the ideas you will learn are the following.
Know your company, the product and your market. You must know how to read and interpret the numbers since these are you most reliable indicator on how the company will do within the next weeks and months. Watch the economic indicators such as the inflation, stock market and foreign currency exchange. It takes some knowledge of the industry to interpret trends and predict outcomes.
You must know how to protect your company in case the economy is not doing well. One of the ways to do this is to invest in your people and product development. There may come a time that the market becomes saturated with similar products, therefore, you will have to make your product stand out from the rest. Train your people well since employees are a big factor to a company's success.
Once you have established the company and found it a suitable market, study possible scenarios that will pose threats to your market share, product or people. Some of these may even affect your output, so you should have a plan on how to manage these risks. Before finalizing your plan, run it by a legal consultant to find loopholes and legal issues.
Know the available entities that can help you during these challenging times. Banks may give you an option to restructure your loans. A government agency may have a program that will support companies and industries such as yours. Do not forget that your employees may also have possible solutions to the problem. Perhaps they could recommend a more efficient process or a new product.
Your employees can make or break you. During lean times, do not make them be the first to feel that the company is in trouble. That can even lead to more problems as they may no longer be motivated to work. As much as possible, reducing the number of your employees or their working hours should be your last resort. If you really need to let some of them go, offer assistance on how they can get another income source faster.
As a manager, you must have an idea on your company's income and expenses. When cash inflow is quite low, learn to prioritize the products that are giving the company the most income. Find ways on how to make the market for this product bigger. Suspend development and launch of new products until the market is better. Find which expenses can be reduced or even eliminated.
Being a CEO of your own company provides you some financial and emotional rewards. At the beginning, you must first invest financially, intellectually and emotionally to prepare yourself and your company for various economic and market threats. While formal education in management is great, books and short courses from reputable sources are also informative.
Know your company, the product and your market. You must know how to read and interpret the numbers since these are you most reliable indicator on how the company will do within the next weeks and months. Watch the economic indicators such as the inflation, stock market and foreign currency exchange. It takes some knowledge of the industry to interpret trends and predict outcomes.
You must know how to protect your company in case the economy is not doing well. One of the ways to do this is to invest in your people and product development. There may come a time that the market becomes saturated with similar products, therefore, you will have to make your product stand out from the rest. Train your people well since employees are a big factor to a company's success.
Once you have established the company and found it a suitable market, study possible scenarios that will pose threats to your market share, product or people. Some of these may even affect your output, so you should have a plan on how to manage these risks. Before finalizing your plan, run it by a legal consultant to find loopholes and legal issues.
Know the available entities that can help you during these challenging times. Banks may give you an option to restructure your loans. A government agency may have a program that will support companies and industries such as yours. Do not forget that your employees may also have possible solutions to the problem. Perhaps they could recommend a more efficient process or a new product.
Your employees can make or break you. During lean times, do not make them be the first to feel that the company is in trouble. That can even lead to more problems as they may no longer be motivated to work. As much as possible, reducing the number of your employees or their working hours should be your last resort. If you really need to let some of them go, offer assistance on how they can get another income source faster.
As a manager, you must have an idea on your company's income and expenses. When cash inflow is quite low, learn to prioritize the products that are giving the company the most income. Find ways on how to make the market for this product bigger. Suspend development and launch of new products until the market is better. Find which expenses can be reduced or even eliminated.
Being a CEO of your own company provides you some financial and emotional rewards. At the beginning, you must first invest financially, intellectually and emotionally to prepare yourself and your company for various economic and market threats. While formal education in management is great, books and short courses from reputable sources are also informative.
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