How does an institution brand itself? How does a retail store gain the trust of its customers? Why is it that we prefer visiting certain stores and choose avoiding many shops like the plague? While there are hundreds of companies that are founded on the dreams and ambitions of young wannabe entrepreneurs, there are a few that manage to remain open for a couple of years and still fewer companies that eke out a profit.
There are institutions that spring out of nowhere and have a meteoric rise that leave other organizations in the business breathless in its wake. Try as they might, the business rivals are not able to stay in the competition. The CEOs, Chairmen and MDs break their heads trying to figure out methods to popularize the names of their organizations. Where does the difference lie?
There are many methods adopted by companies to strengthen their footing. Alas! Due to inexperience and bad counseling, the heads commit many blunders without being aware!
Some of the sins to be avoided at all costs are…
Following a rival blindly
Just because a plan or a module worked for your rival doesn’t mean it would or should work for you too. Stick on to your plan of action bearing in mind your employees, their strength and your target audience.
A fox attempting to hunt down a stag by imitating a wolf would end in disaster for the fox. Would it not???
Lack of a proper working system
Experimenting is good at the initial stages. But an institution must not falter and make its employees undergo a myriad of experiments with no employee certain of which method to follow in which situation. All ideas can be listened to by the head of institution, but not all should be executed.
It wouldn’t be advisable for an elephant to try climbing trees because monkeys climbing trees are slim!!!
A rise in Attrition Rate
Attrition might not be avoided, but can definitely be brought down. An institution that does not care for its employees is an institution doomed to fail. Identifying the source of attrition and taking corrective measures must be the highest priority of a company. An employee who stays for a longer duration in a company has better understanding of the working nature of the company and has closer affinity. Naturally, the employee would spread goodwill about the company.
Lack of Stress Busters
Working in groups and rushing to meet deadlines cause people to be under stress. Giving people space to relax and conducting sports meet, cultural competitions and other contests make employees work with renewed vigour. Productivity increases manifold, resulting in branding among clients.
Managers lacking Personal Touch
Managers and Heads who treat employees without human touch are a curse of that company. Before they realize their faults, bury their ego and learn from their errors, their company is long gone. The top management that fails to identify such trouble making managers will lose the institution built on its blood and dream.