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How to Bridge the Management Age Gap

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August 4, 2020

- Blog

Millennials are known as the generation of smartphones, over-priced coffee, and a reputation for entitlement and leisureliness. Despite this, the success of millennials is becoming increasingly apparent in the workplace. Look around your office and you’ll probably notice the ages of both employees and managers is decreasing significantly. A survey by office-equipment maker Pitney Bowes found that about 20% of mid-level corporate employees now report to a boss who is younger than they are.


However, in this age of entrepreneurial startups and advancing technology, different work styles and perceptions of those differences can create many challenges. For example, there is a stark difference between millennials and baby boomers. While older workers spend more time in the office within regular work hours, the younger generation often prefers getting their work done whenever, whether at home or from their laptop in a café. These kinds of philosophical differences can have negative effects on productivity. However, there are ways for younger people in authority to handle this gap. Below are a few tips on how to instill authority and respect in the workplace.


Be Mindful


Older employees can certainly be put off by having to report to a younger manager. It’s important to be aware of those feelings and acknowledge them. Don’t assume you have the upper hand due to your higher position. Express an interest in your employee and ask them for their opinions on how you can improve as a leader. They may very well have insights that can benefit you, and they will appreciate your respect for their experience and knowledge.


Give and Take


Give lessons, provide feedback, and offer firm and feasible guidelines for your employees. In return, take feedback as well. Older employees are often more knowledgeable about the company and its history. Take advantage of their deeper well of experience, both in the office and generally in life.


Do Your Job


It can be daunting being a young manager. However, instead of shying away from being an authoritative, strong leader, it’s important to keep your goals in mind and get the job done. Not confronting older employees who aren’t working to their full potential, or letting others take the lead merely to make them more comfortable, will only decrease productivity. You’re the manager for a reason; prove why.


Older employees should implement these tips in the workplace as well. Along with being mindful, providing feedback, and doing their own jobs, it’s important for older employees not to get too bogged down in ego and commit to working with a younger manager. The knowledge and experience of the older generation and fresh perspective and energy of the younger age group can be combined to contribute to the workplace in a positive manner. Getting past age discrimination – from both sides – will help everyone work together and be more productive.


Tasnia Nasar | Contributing Writer

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Blog

How to Set Your Business Apart

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July 7, 2020

- Blog

A key aspect of successful businesses is what sets them apart from their competition. The unique qualities of running a business, such as focusing on steady performance as opposed to operating on survival mode, can make the difference between an innovative company and a struggling one. Businesses running on survival mode are normally unstable and only focus on short term goals. This eventually leads to a difficult work environment. A flourishing business knows how to compete by incorporating the use of non-traditional methods, having a steady focus on what their clients need the most, and a great understanding of how their service or product can positively affect the world. You too can set your business apart from the competition by following the traits of these leading businesses.


The Best Opportunities Are Outside the Box


Instead of competing in cluttered and saturated markets, strong organizations seek out the opportunities that others miss. These leaders are not afraid to test out new methods and create new industries – even if they might fail. Great companies focus on developing new and myriad innovative products that give the user or client a unique experience. They embark on projects that others would deem difficult or unnecessary. Efforts are directed towards developing products and services that change the lives of individuals in great ways. For example, companies like Uber, Skype, Facebook, and Apple have developed game-changing products and services. In addition, great organizations hire the best and unique talent to assist in the creation of new opportunities.


A Structural and Entrepreneurial Balance


This is not an easy balance to achieve as most businesses either have a structured or entrepreneurial strategy. However, successful businesses such as Facebook and Google have mastered this tactic.  These companies operate on a structured basis while maintaining a flexible entrepreneurial mindset. They ensure that they meet all the organization’s performance goals while encouraging innovation, new ways of thinking and action towards projects. To accomplish this, it is essential to have a leading team that is open to celebrating uniqueness and differences, while maintaining trust in its employees. It’s important to note that success comes from a diverse team who can find success in a variety of ways – not just one. This often leads to breakthroughs in companies as they end up discovering innovative solutions that others miss.


Avoid Distractions at All Costs


There are many distractions that a business can face. Businesses have a hard time staying focused especially when the economy is unpredictable. Essentially, being strategic does not only revolve around focusing on your competition, but it also means being openly aware of change and crisis that can potentially occur. Businesses that are strategically wired can foresee changes in how the marketplace flows and its regressions. Surprises may arise when competition grows unexpectedly (e.g. the rise of the iPhone and Android OS, and the plummet of Blackberry and Nokia). It’s crucial to have a leadership that has a 360-degree view of market changes and strikes when opportunity arises.


K. Nwankwo | Contributing Writer

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Blog

The Importance of Working as a Team

By on

May 19, 2020

- Blog

“Coming together is a beginning. Keeping together is progress. Working together is success.” One can understand the importance of teamwork from the above quote by Henry Ford, founder of Ford Motor Company. Without proper teamwork and cooperation between individuals, it is difficult for organizations to succeed in their business ventures. Let us have a closer look at more components of working in teams.


Business Goals


Organizations must achieve their targets and generate revenues so employees have to finish their tasks within the desired timeline. By working together as a team employees can share their ideas and finish the required work efficiently and quickly. In addition, individuals can help one another and correct each others’ mistakes instantly through teamwork.


Competitiveness


When working as a team, there is always fierce competition among employees to outperform each other. This is mutually beneficial for employees and the organization. Moreover, teamwork brings in a sense of urgency to complete tasks.


Improving Cooperation


Employees can understand their strengths and weaknesses better and improve their cooperation levels by working together. Having better relations increases the bonding between employees and that makes them perform their work diligently. Every member in the team can support other and it brings out the best in everyone.


Scope for Specialization


Exhibiting strong teamwork at the workplace enables managers to delegate job responsibilities more easily. The quality of work increases by dividing tasks among staff members with specialized skills and interests. Hence, organizations can accomplish their set goals and make more profits.


Positive Corporate Culture


Working in teams motivates employees to work harder and smarter in order to get the respect of others. It develops positive workplace culture and earns brand recognition from customers and the public.


Skill Development


Individuals can learn new things and develop themselves through teamwork. Seeing other members with different skill-sets can improve everyone on the team to acquire the same skills.  It results in the overall well-being of the organization and personal development of all.


Sharing Workload


Forming teams and working towards a common goal is a good way to share the workload among employees. It builds a strong support network within the organization. Delegation of responsibilities to the right people will ensure it’s of high-quality.


Great Learning Experience


It is always fascinating to know about new things and teamwork provides the perfect opportunity for that. Working together with people from different skills and backgrounds is a great learning experience for staff members.


Hence, organizations should encourage teamwork at the workplace as it strengthens bonding between workers. Employees will feel motivated to finish their tasks and contribute to the overall success of the organization.


Magesh | Contributing Writer

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Blog

Funding Options for New Enterprises

By on

April 21, 2020

- Blog

How you finance your business can become the difference between profit and loss. In a recession-plagued environment, it makes sense to tap into different funding sources for your business. This may sound like a hassle, but such a strategy will greatly reduce the company’s cost of capital and save it from bankruptcy. Here are some sound methods through which a business can raise capital:


Think About Factoring. Raise quick money by selling your receivables at a discount. The invoices can be for anything, right from manufactured goods to medical services. Some banks have factoring divisions. You can also Google search private factoring firms. However, this is an expensive way of raising money as factoring firms typically charge a fee that’s a percentage of the total loan amount.


Apply For Bank Loans. Though lending standards are more strict now, bank loans are the safest and most secure way to raise funds. On the other end of the spectrum are credit card loans. The writer agrees this is a dangerous route as a default would pull the curtains on the business. However, it’s quick money and when managed properly, can help the business tide over an immediate cash crunch.


Use Microloans. If you don’t have a credit history or collateral, apply for a microloan. This is a small business loan ranging from $500 to $35,000. Micro lenders also require less documentation than banks and often apply a more flexible underwriting criteria. The only hitch is they usually charge higher interest rates than traditional banks.


Launch Crowdfunding. In recent years, crowdfunding has become an effective way to raise finances at a low cost. You set a target amount to be raised over a period of time, then your friends, family, and even strangers pledge money for your cause. Crowdfunding is, however, not meant for the long-term. People who use crowdfunding websites, like Kickstarter or GoFundMe, usually aim to raise money for one-off projects.


Seek Out Angel Investors. When pitching to angel investors, follow these rules: Avoid jargon, present a sound business plan, have an exit strategy, hire experienced people, and display your expertise in the field. Angel investors usually invest at the early stage of the company in exchange for a 20-25% return. Many prominent companies like Google and Costco had angel investors. Even if you don’t hear back from a potential investor, fret not. Keep in touch as they may become interested at a later stage.


File For A Grant. Research-based businesses may apply for government or private grants. The winners are expected to meet the government’s R&D goals and also have huge potential for commercialization.


Raise Money From Kith & Kin. When starting a new enterprise, it’s natural to approach your family and friends for small loans. Ensure to supply them with a formal financial projection and when your loved ones can hope to receive their money back. Remember to make the terms (equity investment or a loan) clear. Most important, emphasize the risk involved so that your family members can make informed decisions.


Nithya | Contributing Writer

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