In what direction is the current economic situation developing and how is it reflected in the fashion market? Is company optimization possible in a crisis? How to work and motivate staff in a crisis? What low-budget tools to choose to attract customers and increase sales? These questions are answered by the Director General of Clever Fashion Consulting Company, Maria Gerasimenko.
The market is losing major players
Why do some companies and stores go bankrupt, while the performance of others rises, despite the crisis unfolding and contrary to all forecasts? A lot of factors influence the future of the company and its life cycle - from macroeconomic factors, which the store owner or the management company of the retail chain cannot influence, to trivial miscalculations in managing business processes within the company, incorrect development strategies, mistakes made by marketers, procurement specialists and sales, staff recruitment. Alas, no one is safe from mistakes - neither large companies, nor individual entrepreneurs.
Crisis: what to do?
The economic downturns of 1998 and 2008 were cyclical: the market fell - the market rose. Today we are dealing with a turbulent crisis. He has no bottom, he covered all aspects of life, showing the ineffectiveness of internal management, accompanied by isolation, falling oil prices, sanctions.
In these circumstances, the success of a business depends on the leader himself! And the question arises, what personal qualities and special competencies become critical for a business leader, necessary for decisive actions during the crisis, in addition to the desire and ability to take responsibility, leadership and professional qualities? We will try to briefly answer this difficult question.
1. Develop emotional intelligence
Emotional intelligence is a person’s ability to recognize, “read” the emotions, intentions and motivations of other people, establish contact with them, receive the necessary information from them and lobby their interests through them. A leader who takes risks and makes decisions in his own business, it is vital to master the art of communication, and, accordingly, developed emotional intelligence.
2. Learn to act in chaos
In a crisis period, it is difficult to plan and predict something. Your previous experience is powerless, the postulate “I succeeded then and now succeed” no longer works. Therefore, the "musical instrument" of the business must be tuned to a new, incomprehensible and chaotic rhythm.
The time of chaos is negative for those who are not ready to change their model of behavior, hold on to their stereotypes and do as they used to, they work “the old fashioned way”. For those who are ready for change and boldly accept the challenge of time, this is a time of new opportunities, the opening of a second wind and hidden potential.
The advice is this: move slowly, but keep all your “antennas” turned on. Turn on visual memory, listen carefully to people, make connections with everyone you have to deal with at work - perhaps somewhere among these people will be your future business partner. This technique includes calmness and a willingness to jerk at the same time.
3. Work on creating a dream team
Work hard to create your dream team. This means that it is necessary to involve each employee in the process of making a profit, move from the division of labor to its optimization, so that every person in the company does as much as possible and works more efficiently. With this option, the organization of the labor process, you will automatically get rid of lazy and boring employees. Subject to participation in obtaining a share of the profit, the team may agree to work without a salary. That is, you include other motivational mechanisms in people. It is these teams today have a chance to survive in the market. When working in this direction, you don’t need to look for a “freebie” and try to “squeeze” the maximum of the most effective out of your partner, the main thing is to find an honest person like you and start an honest cooperation with him.
4. Invest in effective employees
Focus on talented employees, invest in the most effective of them. These people will help you survive the crisis, but not every employee is able to be effective. All contractors who are not interested in the general business of the company will have to say “Goodbye!”, And all effective employees must be motivated and interested.
5. Do not strive for huge profits
Focus on the profit margin of 10-15%. Buyers are hiding, saving, but why? Not because they have no money. The instinct of self-preservation works, and even the most frivolous people become thrifty and economical: as long as the crisis continues, no one will spend too much.
6. Create a world of good news around you
More than one year of crisis and confusion awaits us. A good way to learn how to calmly respond to stress is to stop telling friends and colleagues how everything is bad, and also to collect such negative things from others. You need to learn how to switch pessimistic people in your environment at home and at work to positive and strive to absorb only positive, optimistic information every day.
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