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Winning strategies
For example, if your objective is to increase sales by 20%, your actionable plan might include tasks like launching a new marketing campaign, improving customer service, and optimizing your sales funnel.
In my experience as a program/project manager, I find the RASCI (Responsible, Accountable, Supported, Consulted, and Informed) chart an invaluable tool. It provides the framework for stakeholders to clearly understand expectations, roles, and responsibilities. It lays out all the steps and reduces redundancy in tasks, saving time and money. And it’s the roadmap for clear communication for all stakeholders. Clear communication is critical for reducing risks, misunderstandings, and conflict.
Consistency is about showing up every day and putting in the work, even when you don’t feel like it. It’s about developing habits and routines that support your goals and keep you moving forward, no matter what.
With all this in mind, you would expect to see boards and management teams collecting and analysing competitive data, spawning insights that guide every strategic discussion. Think again. My experience suggests management is inwardly focused, and the effort to study and anticipate competitors’ moves is remarkably superficial.
Communication is always a key component. Effective communication puts the entire team on the same page as against everyone working towards a different goal. I find that one way of adequately communicating is getting inputs from the various stakeholders that way you can evaluate their understanding of the desired objective and also clarify where needed. Strategic communication also has to be deliberate especially where frontline staff are involved. Dissemination of information to frontline staff has to be central as the tendency for information distortion can be really high.
Innovation is about more than just coming up with new ideas; it’s about being willing to take risks and challenge the status quo. Winners are often trendsetters, leading the way with bold ideas and creative solutions.
Convenient payment methods
Not only do customers have to input a personalised PIN code, but each payment must go through a card network such as Visa and Mastercard. This ensures purchases are not fraudulent and come from a verified bank account.
To accept credit card payments, businesses need to establish a partnership with a payment processor, which facilitates the transaction. They must then set up a merchant account, essentially a business bank account that allows for electronic payments. Compliance with PCI DSS is necessary to protect sensitive cardholder information, instilling trust and security in the payment process for both businesses and customers.
These blockchains operate independently of government control, which appeals to people who want to use currency that’s outside government-backed financial systems, as well as those who see crypto as more secure. Accepting crypto as payment opens businesses up to these customers.
Even though their usage has decreased in favour of digital methods, checks are still a valid payment option, especially for larger business transactions and payments where other methods might not be very practical.
Customers pay back the loan in installments without interest, unless they miss a payment. BNPL often encourages customers to spend more than they might with cash, a debit card, or even a traditional credit card.