by Vivek Sood

July 18, 2017

Although you keep looking for better ideas and new processes, your business keeps struggling to achieve the expected results?

Here is some advice you could readily use when you need new ideas to improve your business. In this article, we will try to give you some guidance to help you with business issues from the book The 5-STAR Business Network.

First of all, think about your business network. This is the most useful tool that you can use in almost any situation, for any kind of problem. Your business network is your master-key. Usually this is not the first thing people think about when talking about business issues, but they must pay attention to it, and try to develop their business network the more they can in order to be able to use it in many troubled situations.

The second tip you could use for your business is preparation based on forward thinking. Indeed, in any process, preparation is crucial. This is the lack of preparation that is often responsible for failures. For example, many outsourcing projects keep failing because there is too much precipitation and data collection is not depth enough. The lack of preparation involves a lack of visualization of the future changes and this is what makes projects fail. In effect, companies often rush into big outsourcing projects without thinking about all the changes that it will involve. For this reason, they cannot anticipate the consequences on their business and become unable to achieve the expected results.

Besides, the partner selection is also very important. In effect, it can take time to analyze all the data collected about the different suppliers available. However, it is necessary to do it well in order not to choose a bad supplier who will not match your requirements. Everything is linked and this is the reason it is important not to neglect these details. Your business network is the key, but preparation is essential for any project and the choice of your partners also needs preparation and it aims at building your business network. Therefore, it can be uneasy to think about all these things at the same time while planning a project, but this is essential.

The next tip would be about the relationship itself. Although suppliers are numerous, this does not mean your relationship with them can be neglected. In effect, the secret of a successful relationship is collaboration. Long-term relationships are the basis of an efficient global business network. Many projects fail because of companies choosing random partners and they do not often give the expected results. Thus, it is important to build long-term relationship so you can be sure about the quality of the services your partners will provide you. Besides, collaborative relationships enable your business to rely on these suppliers. You can easily benefit from this safe situation.

Finally, you must be aware of your competitors, as well as their strategies. This is about competition, but especially about what you can learn from them and their mistakes or good decision, to get better than they are. This necessitates a great data collection pre-work. It is not easy to learn about competitors and it takes time, but it can be very useful to know the more you can about them, in order not to be left behind. Competition is a threat, which needs to be monitored.

Obviously these tips are only the first hints to show you the right track and we could write many pages about them and we could also add many other tips, but this article aims at giving you some guidance and some directions to look at when encountering business process issues. Once again it shows the importance of the business network. In his book The 5-STAR Business Network (http://bit.ly/5-STARBN), Vivek Sood explains the very essence and advantages of this amazing concept. It is the most important thing any CEO must think about all the time, this is a master-key, and everything is related to your global business network.

by Anais Lelong


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Notes:

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Vivek Sood

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