In continuation to my previous article I find that while being students we easily create groups in the form of study circle and we miss the potentiality of the study circle when we get into the professional shoes. It’s immaterial that whether you are in your corporate field or practicing all you need is certain strategies which will help to grow your career.
We often hear from our seniors that we are being asked to think big so let’s start to think big and also the steps to be adopted for thinking big.
Search for new opportunities in the professional field. In the practicing filed there are two kinds of options 1) those that create markets and 2) those that do not. On the one hand, the one who creates markets is considered a revolutionary. On the other hand, the one who competes in well-established markets is considered ordinary. Both approaches can lead to success in business, but research indicates that the creative practicing filed has a better strategic position.
If you are the field of practicing its better you invest yourself in software’s and such systems where the organization is less dependent on human and more on system. This will save time and also will increase the efficiency level of delivery to the end user. Today no one wants to wait and waist time hence the promote your service and your deliveries will be –the more advantageous your firm and your practice would get recognized.
We always close our ears when someone criticizes your services or work behavior in the corporate filed. If someone wants to improve be open to hear the strictures but before taking action consult the same with someone who knows you better. This will help to identify who wants best of you and also blocks the loopholes in your service delivery whether in corporate filed or practice. Follow a simple thumb rule- Hear every one but consult only one. Improvement in work comes form criticisms but every criticism may not be helpful. Hence listen everyone and get second opinion.
I have heard that economic slowdown is being taken as rationale behind practicing firms not getting revenue or new clients. In work also we find that same reason that economic slowdown is going so not much work in hand. Economic slowdown is the biggest opportunity for the practicing. You lower your prices but keep the quality of service at the same level provided you have done the homework of technology and software updating in term of knowledge. As I told you above that a healthy technology based information and education is highly required so that cost as well as service both improvises resulting profitability even at a minimum price level.
This also leads to low cost of employee and hence more flexibility in variable pricing as fixed cost is less. Further doing team work in practice also increases the client acquisition aspects which also minimizes your marketing cost. Further if you lower your prices and maintain quality then referral business is another aspect which become more handy since as economic slowdown results to cut down on expensive services and clients lookout aggressively for cheap but quality based service providers.
Further if you tell your client that due to the economic slowdown we are cutting down on services then obviously you get a goodwill tag form your client and also you get a long term relationship. But the catch is that one needs to play this card wisely as you should apply this formula only on those clients where you fear of losing as they are your true potential clients for which you can’t afford to lose business. Many of the biggest companies in history—and smaller ones, too—thrived during a bad economy. For example, Microsoft, founded by Bill Gates and Paul Allen, was started during a recession in 1975. During that time, unemployment was high and gas prices were through the roof due to OPEC’s decision to increase prices drastically. A few other companies founded during difficult economic times are Disney, IBM, and General Motors. Similarly, many companies already in existence have made comebacks during challenging financial periods.
Now try to spend much of your time with those who are experts in the various fields of profession and subjects. This will increase your knowledge levels. Try to learn from case studies which they have done in their own career. This will help you further in your corporate life as well as in your practicing. If someone remembers that in my 1st article I mentioned very clearly to get some senior in your firm to act as guide in the similar lines if you try to get advice from seniors that would become very fruitful for your long term career.
For the corporate and as well for the practicing fields I would like to make a point that don’t become cheap labor where you compromise on your fees and or salary. It can be done in certain level depending upon the exposure but should not be a habit and also should not be repeated at each and every job or client work.
Don’t work for a longer time on a project which is not going to be fruitful either in monetary or knowledge wise. Stop doing the charity works which you used to do when you were a student. Be a professional-learn which work will be adding values to you at the end of the day. Exploitations will be their but wise men don’t get into those streams.
Often I find that we have a mental blockage of not getting outside the level of comfort. We stick strongly against change but at the same time we dream of change. A practicing field business that doesn’t change or reinvent itself periodically will experience the pain of bankruptcy and will close down. The biggest challenge is that when technology changes so fast how one can keep flowing with the same. Well the thumb rule is that at first stretch your levels and create a work culture beyond the normal levels where radical changes could be adopted as when it comes.
Remember that to think Big you need to think that you’re a qualified CMA professional. That word of professional has trillion weight age which need to be felt.
Global Macro Economic Researcher and Business Strategist
Master of Economics, MBA in International Management, ICWAI (Final)