How to Develop a Product Strategy and Equity Fundraising?

Whenever a new product comes into the market, for the manufacturer it is very difficult to predict that where this product will reach and this product will develop. For this condition manufacturer or company plan the product strategy.

In simple words, products strategy decide the basic elements of any product and simultaneously it also assist in targeting the right consumer base, product line stretching etc.
How to develop a product strategy?

Making a Product strategy development is not easy, as it needed lots of analysis. You need to analyze lots of things like the competitors, market trends, a various segment along with the product so that you can make a perfect product strategy. Here are important steps of Product Strategy.

1.    Marketing mix - An arrangement of aspects that can be controlled by a company to influence buyers to buy their products.

2.    Levels of a product - The CORE product, the ACTUAL product, and to end with the AUGMENTED product, this model is known as the 3 Levels of a Product.

• The core product facilitates the use, advantage or problem-solving service for which the end user is purchasing the product.
• Tangible features of a product, such as the brand, design, features, quality, and style.
• A core product to which added products and services may be added to produce numerous revenue streams. 

3.    Type of products

• Durable products / Nondurable products
• Shopping goods / Specialty goods / Convenience goods
• Industrial goods/consumer goods
• Service products

Categorizing the product in upper mentioned points can assist you in deciding how to enter your target market.

4.    Differentiation - A consequence of efforts to make a product or brand stands out as a source of exclusive value to consumers with respect to its competitors.

5.    Brand elements - Brand elements are color, design, symbol, and picture of a brand.

6.    Product design - The complete specification of a product's parts and their association to the whole.

7.    Product Mix - A mixture of allied products that yields bigger sales revenue when promoted collectively, than if they were promoted separately.

Equity Fundraising - Equity Fundraising is when someone gives you fund they judge that your product has great possibilities. In simple words, in equity fundraising process a company gives to their investors is dividends on shares which are typically lower than the interest rates of bank loan.  Here are important steps for Equity Fundraising.

1. Crafting the investment strategy
2. Reliance on track record
3. Succession planning
4. Allocation of investment opportunities
5. Transparency of fees and expenses
6. Amendments to fund documents
7. Co-Investment rights
8. Background and reference checks
9. Deviating from the standard

Understanding Work Teams and Negotiation and Conflict Management

In a corporation a perfect team is a composition of different individuals with balancing skills and approaches; this is not always the case. So, conflict is a natural thing between team members, and it is the ability to resolve that makes any business successful. And a team leader should be skilled at negotiating with team members and to avoid the conflict.

Actually, any conflict starts when team members with different opinions, interest, and thoughts are not willing to negotiate with each other. So it is always best to understanding work teams and adjusts to some level and seeks to find a way out to the problem more willingly than fighting. 

As you know that, disagreements always lead to un-constructiveness and things never reach any possible decision. It just increases stress and decreases the output. So, every individual no matter you are a leader or not, should try to avoid the conflict on their level and if any conflicts happen then try to find a better solution rather than cross-questioning and augmenting.

Negotiation is a way to end the conflict - Negotiation way to end the conflicts, so it is very important to decide that where you want to end or how much you negotiate before begins the negotiation and conflict management process. Generally, there is three level of negotiation: power, rights, and interest.

Power: Negotiations that depends on power often involve threats and intimidation. Actually, this is not the best way or a long-term strategy and very badly impacts the relationship between parties.  

Rights: As you understand by the words “rights”, this type of negotiation based on contract and mostly leads to legal action, which can be costly and needs lots of time.

Interest:  This is the best way to the negotiation because it is not harmful to both parties and only needs positive good communication and partnership, resulting in win-win situations for everyone.

Be organized to negotiate - Being organized & well -prepared when going for a negotiation will facilitate you to concentrate on the reasons behind conflicts and common interests of both parties, which will lead to an interest-based successful negotiation, in addition to an encouraging, enduring relationship.

Communicate throughout the negotiation course - At here you must keep in mind one thing and that is, negotiation is a process that needs good communication throughout the process. So you need to listen carefully and then ask questions to reach the win-win negotiation level. 

Negotiation is an art which we all have been doing since we are the child, only what we need is, polish this skill through better communication.

Financial Structure of Startup Services Right For Your Small Business?

In India, over 90% of start-ups fail before they complete their first year of operation. No or less funding comes out to be the primary reason for this failure. Finance is the heart and soul of any new business and if that business fails to gain that capital while starting their operations then it occurs a huge problem. This is the reason why you should look into the financial structure of startup firm.

Are you planning to start your own business and looking for start-up funding options in India? Though there are several factors to get funding for your start-up in India, the primary factor remains the level of innovation in any business. And most importantly, you must realize that startup funding depends on the nature and type of your start-up. When you recognize that there’s a requirement of fundraising, then you must start looking at options for the same.

Below is a detailed list of start-up funding options in India that will help you raise investment for your start-up:

Self-funding your business - Self-funding is the best option to raise capital for your new business. If you have someone within your organization to invest, then it can’t be a better option.

Crowdfunding as a funding option - Crowdfunding is one of the newer methods to raise capital for your start-up. There are platforms where you can post that this much funding is required and you can pre-order the product/service in advance and you get funds from more than a person.

There is a huge scope of Negotiation and conflict resolution in this funding option since there is no guarantee that the start-up’s product/service would be as great a mentioned in their “About Us” section or not. A new business always negotiates on their product/service quality and later they compromise through the reduction in prices.

Get Angel Investment in your start-up - Angel investors are people/organizations with a huge amount of funds and are interested in innovative start-ups. They just not only provide the capital, but they can also offer guiding or suggestions alongside providing funds. There’s a great scope of Negotiation and conflict resolution in this funding option as well since many investors ask for high returns and share from their money invested. Start-ups have to negotiate a lot to get a good angel investor on an initial stage since earning gains in the initial stage is a tough thing for them. But still, this a great start-up funding option in India since you get a huge amount which you can allocate in different operations.

Equity Fundraising Process Understanding Work Teams

Most of the establishments, nowadays, have teams that work in accordance with their profiles. Work teams are vital to the productivity of the work. A work team comprises of people who work together to create a piece of work, a product, a campaign, etc. Each and every member of the work team has a different role to play in the team. Work teams give passage to planning, decision making as well as problem-solving. These 3 steps can only be done when there are a group of people and not an individual.  Understanding work teams are important for the smooth functioning of the work process. There are 2 types of work teams: Functional work teams and cross-functional work teams.

These work teams contribute their part through their skills so that the work can move forward. Usually, work teams work in a way that one member completes their part and gives the brief to the next person who does their part and this goes on until it is completed. Working in teams is very important as a lot of times, the work is done might require changes and it is communicated to one person who coordinates with the other to get the changes done; work teams become important in such cases where a lot of information goes back and forth in order to reach the goal. Understanding work teams are necessary for each and every member so that they know their role and place. Stress reduction is one of the biggest benefits of working in teams.

Equity Fundraising Process

Equity funds are also referred to as stock funds and equity securities. A company or business has shares and stocks. Now, to raise the equity funds, the business sells their shares to people willing to invest in them and then they become the shareholders or stockholders of the company, making them the partners. The equity fundraising process is carried out by the business by opening their shares to sell in the market. It basically sells a part of the business owners to people who will invest in the equity funds in order to get ownership or increase their capital. Shares are sold in order to raise the funds. The sale increases the capital of the business as money flows in from the investors who buy the shares and stocks of the company. This process of equity fundraising has been increasing the capital of businesses efficiently in good market scenarios. 

VentureBean - The Best Management Consulting Firms in Bangalore

Management consultancy is a practice that helps the organization to improve their performance. It operates mainly by analyzing the existing organizational problems as well as the development of these plans for further improvement. Organizations these days draw upon the services of such management consultants for numerous reasons, which includes gaining external advice as well as access of their proficiency. As these firms are exposed to a large number of organizations, these consulting firms are thus aware of the best practices of the industry.

Management consulting has become the praxis of assisting companies so that they can upgrade their performance, by analyzing their existing company problems as well as developing future plans for complete enhancement. There are a number of reasons why these days’ companies hire management consulting firms to resolve any kind of company issues or for negotiation and conflict resolution. These reasons sometimes even include getting an impartial view or the lack of resources within the company itself. A good management consultancy firm usually offers the value for money solution as well as understands the work teams in a very professional as well as a balanced way.

There are a number of management consulting firm in Bangalore which helps many business houses to improve their performance and also helps them to grow by recognizing as well as solving their problems. They also find new ways plus better ways to solve and handle their problems. They not only help the private sector companies, but they also work with the government organizations taking management consulting services so that they can reduce cost and in the process save time.

VentureBean is such a management consultancy firm located in Bangalore which is based on the principle that the client would not just get reports but rather they would also get the results from the consultants. They help various organizations to develop customized strategies that would help them grow along with aiming for their clients’ satisfaction with the help of best strategic management concepts.

As VentureBean is in a relationship with a number of organizations, thus they are aware of industry’s best practices and they also have a wide exposure allowing them to consult any organization. This management consulting firm of Bangalore works with clients to help them take the correct decisions at the right time.

The thing that makes VentureBean part from other Management consulting firms, is their continual interaction with their clients, supporting them with a number of strategies as well as improving their performance. VentureBean is thus committed to delivering results to our clients and they also treat their client’s business as their own by making sure of the results as well as long-term success. 

What is Strategic Management Concepts and Startup Funding Options

Strangely, many businesses today do not understand the importance of strategic management concepts in the sustenance and growth of a business. However, as an entrepreneur, you must know that the knowledge and application of strategic management concepts in your business would help you articulate your organization’s vision and comprehensive mission. To set standard strategic aims, defined goals and to measure the performance, you must be crystal clear with the strategic management concepts. This would also open up the startup funding options in India for your business in the long run. 

Read on to understand strategic management concepts comprehensively and in a better way. This would help you make a better day today and larger visionary decisions for your business.

Vision and Mission - Today there is no dearth of startup funding options in India. But what they look for before investing in the company’s vision and mission in the long run. Vision and mission of the business present the beliefs and ethos. These ideas present a picture of what the company wants to achieve.  Most of the startup funding options in India formulate their opinion on the vision and mission of the company. 

SWOT analysis - An indispensable tool which is very commonly used in strategic management concepts, SWOT is an acronym for Strength, Weakness, Opportunity, and Threat. It is an invaluable asset with regard to startup funding option in India as well. After a detailed evaluation of the organization’s position with regard to all the metrics of SWOT, strategic management concepts are conceived. 

Strategic management process - This is an important and crucial element in the list of strategic management concepts. This process involves managers and employees. When it comes to the mission and vision aspect of the company, it is the management that takes the lead. But operationally, the employees know the real and achievable goals of the company. That is why it is important to keep the employees in this process to formulate the strategic management concepts.

Strategic objectives - In terms of strategic management concepts, strategic objectives can be defined as quantifiable goals which are in sync with the organization’s vision as well as mission. These goals act as tangible landmarks in measuring the progress of the business. These should be specific, achievable and challenging. Having said that, these objectives should be made thoughtfully after a careful research and SWOT analysis.  

Seemingly simple, strategic management concepts are very complex and tricky. Developing and executing the business strategy based on these concepts help the company grow and deal with the unavoidable uncertainties with a panache and coherent approach. 

What is Foundations of Group Behavior and CFO Services

Group - a very common word, used often in our daily lives. What comes to your mind when you hear the word group? Maybe a collection of like-minded people who work together and accomplish a desired common goal. Groups are an integral part of any organization, play a vital role in the performance and atmosphere. The thing with a group is that it can be as small as two people and/or as big as hundreds or thousands of employees. Formed for different reasons, group serve different advantages to different members of the group and the company. It is, therefore, extremely important to understand the foundations of the group behavior to gauge the culture and structure of the organization.  

The foundation of the group behavior is based on the basic premise of the nature of the group - if the group is a formal one or an informal one. A formal group is the one that is created and acknowledged by the company. It is obvious that these groups have a longer life and a more organized and formal constitution. Since these groups are structured, they have distinct jobs assigned as objectives. To understand the foundation of the group behavior in an organization, it is imperative to know that the groups are created after a thoughtful and extensive planning, keeping the objectives of the company in mind. Informal groups, on the other hand, are neither made by the organization nor do they have a very formal objective to achieve. Henceforth, they are not recognized in the company.

A group may face different and difficult problems like time limitation, lack of resources, insufficient empowerment to take decisions on its own, rivalry from other groups (office politics) etc. Now that we are discussing the foundations of the group behavior, we cannot rule out the role of the group leader. A group leader acts like a conflict manager, facilitator, mentor and so on to ensure smooth functioning of the group in bringing out and reaching the desired goal of the group and the company at large.     

Many companies are now looking at CFO services to help them drive organizational transformations with respect to group behavior. A good CFO service can efficiently and smartly support as well as impact change in the organization. You can explore amazing and result-oriented CFO services in Bangalore that diagnose the culture in the organization in terms of group behavior and their underlying beliefs that drive their behavior and the company's performance. A good CFO service provider would take the strategic role in the organization to support chief executives and other organizational groups and leaders in testing, monitoring, and planning phases. You can avail the benefits of a good CFO Service in Bangalore which is a boutique business and management consultancy firm. With an aim to provide sustainable, measurable and high performing enterprises, an exceptional CFO service in Bangalore would be the best bet for your business.    

Negotiation and Conflict Resolution and Financial Structure of Startup Firms

When it comes to trading with a business environment, it is significant that the organization must hold the appropriate strategy and plan to execute an idea. When an office has constant fight and conflict, there is a chance that there may not be enough focus on the work. In order to get the work done, people may not have enough focus on the work. To get over this issue and make things right, you may need to understand and get hold of the concept Negotiation and Conflict Management. Venture Bean is here to help their clients and companies get through conflict with the right strategies. 

Conflict resolution is known as the process by which two or more parties who are engaged in a dispute, disagreement, or debate reach an agreement resolving it. To resolve conflicts in the workplace effectively, A number of skills are needed and at the same time, you should also take a good look at the Financial Structure of Startup Firms.

Most companies that you see have our disagreements, and differences of opinions. When these are not managed, it can escalate into interpersonal conflict. That is why, for a company to survive, the manager or personnel must you intervene immediately and not take it as an option not to get involved with the hope that your employees can easily sort it out themselves. If you have the desire to imbibe positive culture as you value your company, in that case, you must take steps to help resolve the situation as soon as you can.

Whenever there is a situation where there is a conflict between two employees, this will not only affect them but it will affect everyone around them and when this happens, this can change the atmosphere for everyone involved. While Other employees can be under the influence that they are walking on eggshells in the presence of both parties.

To make a situation better, there are certain things that one can focus on. If you are wondering what it is, here we can find out.

It would be better if you could just avoid hoping for the best and expect the issue to resolve itself. Even if it feels like the conflict is getting rested, there is a chance that it has not been dealt with correctly. Emotions and opinions may be found bubbling up under the surface so the right thing you can do is take action quickly and communicate at the right time.

Understanding Work Teams and Product Strategy Development

Business and its dynamics have taken a new turn today and these days, you can see that Product strategy development has become really popular. This includes several strategies that would help the firm would provide better visibility to the products. 

The main idea behind Product strategy is to imagine the future of your product. This may include strategizing the kind finding out ways that would help in creating value. It is considered as a high-level plan that aids a firm or a professional to realize the vision or overarching goal. Specifically, if you would see then you would understand that the role of product strategy is to describe who the product is for and what is the reason of product that it would become and who will it benefit. There can be other things that get into this such as how will the product create value. At the time of strategizing, one must understand that product strategy is a high-level plan that helps you realize your vision or overarching goal. To go deep into it, you should know that product strategy takes into its wing to describe who the product is for and why people would want to buy and to use it. Along with that, there is the part where one must wonder what the product is and why it stands out; and what the business goals are and investors must know why it is worthwhile for them to invest in it. 

When you are in a market, you would find that it describes the target customers and users of your product. There exist certain people who have a high chance of purchasing and to use it. The needs would embrace the main problem your product solves or the primary benefit it provides. You can take an example of certain search engines that solves the problem of finding information on the Internet. The right idea would be to associate it to a product that permits you to stay in touch with family and friends. Few of the crucial features and the differentiators you should know when Understanding Work Teams as those aspects of your product are mostly the ones that tend to address the main problem or create the primary benefit. This strategy would make people choose it over competing for offers. It would be recommended to not create a mini backlog or a wish list. It would be a good idea to focus on the three to five key aspects. 

Foundations of Group Behavior and Business Process Reengineering

A collection of two or more than two individuals, who are interdependent and working for a common goal is generally known as a workgroup, who interact to achieve a common objective. The Foundations of Group Behavior are generally the different types of groups which the people form based on common interest as well as on the basis of demography. Basically, there are 2 types of group, ie, Formal and Informal group. The informal group mainly promotes friendships and cooperation, whereas, the formal group is mainly defined by an organization’s structure with proper assignment of work. 

When a core business process is recreated with an aim of improving product output, to reduce the costs or improve the quality, we call it Business Process Reengineering and it involves a radical design of the process of the core business in order to achieve improvements in quality and productivity. Generally, companies use the re-engineering process to improve quality and reduce cost and cycle times. The re-engineering process eliminates unproductive activities and the errors. It further improves the quality by reducing the fragmentation of work as the workers involved gains responsibility for their work based on feedback. 

Groups are basically a subset of a larger organization whose potential level of performance is dependent largely on the resources that the member of that group brings. It includes skills, abilities and their knowledge which in the beginning set the parameters for their performance. The personality characteristics of an individual in a group also have its effect on the group behavior. Groups can further be sub-categorized into command, task, interest or friendship groups. The command group reports directly to the manager, whereas Task groups are the individual who is working together to complete a given work. We can call all the command groups as task groups but not the task groups as command groups. In an Interest group or Friendship group, the individual share a common interest and characteristics based on their age and geographical location. 

The stages of group development are based on 2 models, ie, The Five-stage model and the Punctuated-Equilibrium Model. The five-stage model consists of, as the name suggests, 5 stages which are Forming, Storming, Norming, Performing and Adjourning. Further, the consistency of the groups can be encouraged by making the group smaller, increasing the time that the members spend together, and stimulate competition with other groups. The decision making the process of a group generates more complete information & knowledge, offers an increased diversity of views and opens up the opportunity for approaches.

Understanding Work Teams and Equity Fundraising Process in India

Most of the organizations, nowadays, have teams that they work in accordance with their profiles. Work teams are essential to the productivity of the work. A work team comprises of people who work together to create a piece of work, a product, a campaign, etc. Each and every member of the work team has a different role to play in the team. Work teams give passage to planning, decision making as well as problem-solving. These 3 steps can only be done when there are a group of people and not an individual.  Understanding work teams are important for the smooth functioning of the work process. There are 2 types of work teams: Functional work teams and cross-functional work teams. 

They contribute their part through their skills so that the work can move forward. Usually, work teams work in a way that one member completes their part and gives the brief to the next person who does their part and this goes on until it is completed. Working in teams is very important as a lot of times, the work is done might require changes and it is communicated to one person who coordinates with the other to get the changes done; work teams become important in such cases where a lot of information goes back and forth in order to reach the goal. Understanding work teams are necessary for each and every member so that they know their role and place. Stress reduction is one of the biggest benefits of working in teams. 

Equity Fundraising Process

Equity funds are also referred to as stock funds and equity securities. A company or business has shares and stocks. Now, to raise the equity funds, the business sells their shares to people willing to invest in them and then they become the shareholders or stockholders of the company, making them the partners. The equity fundraising process is carried out by the business by opening their shares to sell in the market. It basically sells a part of the business owners to people who will invest into the equity funds in order to get ownership or increase their capital. Shares are sold in order to raise the funds. The sale increases the capital of the business as money flows in from the investors who buy the shares and stocks of the company. This process of equity fundraising has been increasing the capital of businesses efficiently in good market scenarios. 

Startup Funding Options in India and Negotiation and Conflict Resolution

In India, over 90% of start-ups fail before they complete their first year of operation. No or less funding comes out to be the primary reason for this failure. Finance is the heart and soul of any new business and if that business fails to gain that capital while starting their operations then it occurs a huge problem.

Are you planning to start your own business and looking for start-up funding options in India? Though there are several factors to get funding for your start-up in India, the primary factor remains the level of innovation in any business. And most importantly, you must realize that startup funding depends on the nature and type of your start-up. When you recognize that there’s a requirement of fundraising, then you must start looking at options for the same.

Below is a detailed list of start-up funding options in India that will help you raise investment for your start-up:

1.    Self-funding your business 
Self-funding is the best option to raise capital for your new business. If you have someone within your organization to invest, then it can’t be a better option.

2.    Crowdfunding as a funding option
Crowdfunding is one of the newer methods to raise capital for your start-up. There are platforms where you can post that this much funding is required and you can pre-order the product/service in advance and you get funds from more than a person.

There is a huge scope of Negotiation and conflict resolution in this funding option since there is no guarantee that the start-up’s product/service would be as great a mentioned in their “About Us” section or not. A new business always negotiates on their product/service quality and later they compromise through the reduction in prices.

3.    Get Angel Investment in your start-up
Angel investors are people/organizations with a huge amount of funds and are interested in innovative start-ups. They just not only provide the capital, but they can also offer guiding or suggestions alongside providing funds. There’s a great scope of Negotiation and conflict resolution in this funding option as well since many investors ask for high returns and share from their money invested. Start-ups have to negotiate a lot to get a good angel investor on an initial stage since earning gains in the initial stage is a tough thing for them. But still, this a great start-up funding option in India since you get a huge amount which you can allocate in different operations.

Management Consulting Firm in Bangalore in India

Management consulting is the praxis of assisting companies to upgrade their performance, primarily through analysing existing company problems and developing future plans for overall enhancement. Companies take the services of these consulting firms for gaining external advice and accessing the management consultants' expertise in a particular domain.

There are many management consulting firms in Bangalore which helps businesses in improving their performance and help them grow by identifying and solving problems and finding new ways and better ways of solving and handling problems. Not only private sector companies take the services from these consulting firms, but there are also government organizations taking management consultancy services in order to reduce cost and save time.

VentureBean is one such management consulting firm in Bangalore founded on the principle that the client should not just get reports but the results as well from the consultants. They help organizations by developing customized strategies which help them grow and aims for their clients’ customer’s satisfaction.

With the constant relationships with a large number of organizations, VentureBean is aware of industry’s best practices and they have that wide exposure which lets them consult any organization. This management consulting firm in Bangalore works alongside clients so that they can take the right decisions at the right time.

What makes VentureBean different from other Management consulting firms in Bangalore is their constant interaction with the clients, assisting them with various strategies and improve their performance. VentureBean is committed in delivering value to our clients and treating their business as one of ours by ensuring results and a long-term success. If you want us to improve your business performance, innovate and grow, reduce costs, leverage talent and transform your organization, then contact VentureBean consultants.

 The other management consulting firms in Bangalore are:

 1. Vertebrand : As one of the preferred management consulting firm in Bangalore, they provide services to almost every type of company. The skilled consultants are competent, knowledgeable and qualified to provide important services to the clients in business planning, brand capital valuation, the sales and marketing arsenal and people equity solutions. 

 2.  Kanvic: This is a revolutionary management consulting firm, teaming up with creative leaders to get a huge business impact. Kanvic gives expert advice to C-level administrative - at business leaders and rising contenders - on approach, marketing, revolution and digital. Their consultants deal with their toughest tactical issues, no matter it is hastening growth, launching a new product, improving productivity, or dealing with digital interruption.

3. ABC Consultants: This management consulting firm in Bangalore measures their own success in compliance with the financial result of their clients. ABC Consultants have their offices in all the big cities of India and serving in executive search, senior & middle-level hiring, recruitment process outsourcing, global sourcing, market intelligence and interim management etc.   

4. Dawn Consulting: This firm is also a management consulting firm in Bangalore with personalized solutions and approach. They are the top advisor for planning and executing business policies.

Business Process Reengineering: Venturebean

BPR (Business Process Reengineering) is the fundamental rethinking and radical redesign of business procedures to get remarkable improvements in decisive existing measures of performance, such as expenditure, quality, service, and pace. Rather than starting with an activity flowchart, companies are recommended to start with a clean schedule. Companies are then told to examine why they execute the tasks the way they perform. A method Engineer will observe the activities to be executed and how they can be tricked to put in the least resources and get best returns.

To exemplify the Business Process Reengineering, let us take the example of Apple iPod. Apple reconsiders the approach for music should be made available to the people. The modification it brought was:

• Radical: Even as all other companies were selling song through brick and mortar stores, This Company formed its own iTunes software to put music on the market digitally. 
• Fundamental: This Company sold single tracks at the time when complete music albums being sold at the shops.

At this point, Apple just considers the end need of the buyer and reviewed whether conventions were required.

Why Re-Engineering the Corporation?

Generally, Business process re-engineering is required in two cases:

1. The company has revealed some advance tactic which will transform its progressions to give it more output and effectiveness and so the entire method needs to be alterations.
2. The company has failed to keep advanced with the shifting technologies. As it did not constantly innovate, it is now faced with a “do or die” situation and business process re-engineering which assists add most up-to-date best practices into the procedures are the only way to save the company.

How to Re-Engineer the Business?

Information Availability: To primarily redesign a method, one has to know the aspects involved. Points from inner and outer sources must be captured and presented to the related people in that time period. This assists them to spot the blockages and work around superior ways of reaching the preferred end.

Information Sharing: A Business Process Reengineering project is generally assisted by a cross-functional team. Information needs to be effectively shared in the middle of various people to make sure the reengineering goes as designed and without delays.

Technology as the Solution: The latest practices that are formed as a result of BPR programs arrange the most up-to-date technology to get the preferred end effects. Generally, it is e-Commerce, automation or a different technology-driven solution that is executed.

Negotiation and Conflict Resolution and Management

During a project persistently a project manager has to do negotiations both inside and outside of the organization. So a project manager has to know that how to determine conflict to maintain a high-performing band.

Negotiations

The best project manager has to play different roles in a single project. And a role which a project manager always seems to play is the role of a good negotiator in negotiation and conflict management. A project manager can play this role from the entire team, clients, and stakeholders for the goodwill of the project. Mainly there are two main classifications of negotiations, let’s talk about them.

Competitive Negotiation - In this type of negotiation, the approach is to take the action as a contest that is to be victory or defeat, competitive negotiation also known as distributive, positional or hard-bargaining negotiation.

Collaborative Negotiation – This type of negotiation is exactly opposite to the competitive negotiations. The main objective of this negotiation is to create a win-win situation. Most of the project managers preferred collaborative negotiation, as it creates long-term relations and avoids the conflict with others.

Conflict Resolution

The second important role of the project manager is a conflict resolver. It is just like negotiation types of the condition which can occur at any time and many times between team, clients, and stakeholders. Project managers mostly use the given below tips in negotiation and conflict resolution.

Listen, Then Speak Out

Just listing the issues of team, clients, and stakeholders is the first important thing in conflict resolution. A good team manager should listen to all the issues to completely understand them and then start the process of troubleshooting.

Gather the Group

A smart team leader arranges a meeting with all concerned parties to talk about the issue. And in this meeting, he gives a chance to speak to everyone to understand the conflict. This type of group meeting may also advance a resolution that will satisfy everybody.

Be Impartial

A team leader never gives an opinion that favors any individual. If he is partial towards any person, he tries to access the situation from all sides to give a reasonable and practical solution.

Encourage Teamwork

Support the team through motivation & encouragement is the best way to unite them and keep away from any confliction. And in case of conflict, this is also a very effective technique and will actually make the workforce think about the value of working in a team.

It is very important to note that while resolving office conflicts, you need to keep in mind your company’s set of laws and policies.