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Dennis Fine - Chief Executive Officer

From his bachelor’s at the University of Miami to earning a Master of Business Administration degree from Georgia State University, Dennis Fine never looked back on his goal to become a high-performing healthcare executive.

Five pillars of real estate development

1. Site Selection and Acquisition: The foundation of any real estate development project lies in the careful selection and acquisition of the right piece of land. Developers assess factors such as location, accessibility, zoning regulations, and market demand to determine the viability of a site.

2. Financial Feasibility: Before proceeding with a project, developers conduct thorough financial analyses to ensure its economic viability. This involves assessing construction costs, estimating potential revenue, and evaluating the return on investment. Financial feasibility studies guide decision-making and help secure financing.

3. Effective Project Management: Successful real estate development requires effective project management throughout every phase, from design and construction to marketing and sales. This pillar encompasses coordinating various stakeholders, managing timelines, and addressing unexpected challenges to ensure the project stays on track and within budget.

4. Compliance with Regulations: Real estate developers must navigate a complex web of regulations, including zoning laws, building codes, and environmental regulations. Adhering to these regulations is crucial for obtaining necessary permits and approvals, mitigating legal risks, and ensuring the project aligns with local planning guidelines.

5. Market Analysis and Demand: Understanding the market and anticipating demand are essential pillars of real estate development. Developers analyze current market trends, demographic data, and consumer preferences to design and deliver projects that meet the needs of the target audience. This pillar involves staying attuned to market fluctuations and adapting strategies accordingly.

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Cash is king and as Benjamin Franklin said (There are three faithful friends - an old wife, an old dog and ready money)

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crisis management

this week we learned about crisis management, first we need to understand what a crisis is? well, is an unplanned event that has or may have a significant impact on a company's image and affect operations.

A crisis has different phases:

1. Initial phase (warning phase)

2. acute phase (point of no return)

3. chronic phase (cleaning up the mess)

4. resolution phase (final phase)

5. continuity phase (time to heal the wounds and recover lost ties)

Whenever you are going trough a crisis you must have a management plan and understand that you have to protect in this order:

1. people

2. in the public interest

3. ownership of the company

FOR A GOOD CRISIS MANAGEMENT YOU SHOULD FOLLOW THIS STEPS:

Preparation BEFORE the crisis

Create a crisis management team with the following figures:

plant manager, security manager, communications officer, head of industrial relations, executive legal department and CFO.

Establish principles of operation (hope for the bes and plan for the worst)

Have a spokesperson (they must have presence and good looks and hace the ability to speak under pressure and also extensive knowledge of the business)

Create Policy media relation (communicate with key audiences, the first 24 hours are crucial)

In beauty industry has been a lot of crisis, for examplee when a Hair-product company called SheaMoisture posted it latest campaing has a lot of drama around it, why? because they are a mainly African-American oriented company and in their campaign they used three white women and only one black woman. They needed to act fast, so just a couple hours later the posted in their social media an apology message, starting it with, “Wow, okay—so guys, listen, we really f—ed this one up. Please know that our intention was not—and would never be—to disrespect our community, and as such, we are pulling this piece immediately because it does not represent what we intended to communicate.”

Even though their apology wasn't right for everybody we should acknowledge that they were brave for accepting their mistake and no blaming others, something that not all companies does -mhm pepsi-. Thats the importance of have an spokesperson, even if its digital they must know how to act fast and speak (or write) underpresure, and that's part of a good crisis management plan

Hope you like it,

see u next week

laura

Five pillars to effectively manage a Teamwork

1. Communication:

Clear and Open Communication: Establish clear lines of communication and encourage team members to express their thoughts and ideas openly. Foster an environment where everyone feels comfortable sharing their perspectives. Active Listening: Ensure that team members actively listen to each other. This involves paying attention, asking clarifying questions, and showing empathy to fully understand each other's viewpoints.

2. Collaboration:

Team Goals: Clearly define the team's goals and objectives. Ensure that every team member understands their role in achieving these goals and how their work contributes to the overall success of the team. Interdisciplinary Collaboration: Encourage collaboration across different roles and skill sets. This helps to leverage the diverse strengths of team members and promotes a more holistic approach to problem-solving.

3. Organization:

Task Allocation: Clearly assign tasks and responsibilities based on each team member's strengths and expertise. Ensure that everyone knows what is expected of them and that tasks are distributed evenly. Project Planning: Develop a well-organized plan for the project, including timelines, milestones, and deadlines. Regularly review and adjust the plan as needed to stay on track.

4. Accountability:

Individual Responsibility: Hold each team member accountable for their assigned tasks and deliverables. Foster a sense of personal responsibility for the success of the team. Feedback and Evaluation: Provide constructive feedback on individual and team performance. Regularly evaluate progress and identify areas for improvement.

5. Adaptability:

Flexibility: Recognize that projects and situations can change, and be prepared to adapt accordingly. Encourage a flexible mindset among team members to navigate unexpected challenges. Continuous Improvement: Foster a culture of continuous improvement. Encourage team members to reflect on their experiences, learn from mistakes, and find ways to enhance teamwork and productivity.

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While due diligence may seem like it only benefits one party, the fact is that due diligence helps both the buyer and the seller in a commercial deal.

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Crisis management: how important is social media in a crisis?

Hi,

Welcome to my #2 blog post! I hope you enjoyed my previous post in which I wrote about creating your brand image and identity through social media. :)

This week, we’ll refer to crisis management. Crisis management is a part of public relations and it’s a process of dealing with some emergency situation. An important part of dealing with the crisis is social media.

Actually, when you think about it, many crises occur because organizations/companies don’t respond to the negative reviews and comments that people leave them on their social media accounts. I certainly think that a marketing team of a corporation thinks that it’s not a big deal when someone writes a rude comment about the products and services the corporation provides, so they do nothing regarding that question. And before they realize, they’re a step forward into downfall.

One good example of how to provide a customer service in an emergency is the situation when Sephora handled a crisis with the singer SZA. In April 2019, SZA tweeted that a Sephora employee called the security on her to stop her from stealing. She gained a lot of support, and people started tweeting how Sephora employees are rude and racist. Then, the official Sephora profile on twitter answered SZA’s tweet, and they let her know they are doing everything they can at the moment in order to clear the situation. A month later, Sephora posted on Facebook that all stores will be closed for an hour, because of a training of diversity. Clearly, SZA’s tweet encouraged whole Sephora’s team to do something about the customer’s service, which was, as we can see, terrible.

Sephora handled this situation pretty well, and they did the crucial things everyone needs to do, in order to get out of a crisis:

1. Value the customers’ comment and give them a feedback ASAP,

2. Imply that you’ll fix the situation ASAP;

3. Post about further steps taken in order to improve the customer service and satisfy every individual who comes into the store.

If every brand checked their social media multiple times a day, they would be able to prevent crises. With social media, “The customer is always right” upgraded to a new level. As a customer, if I’m not lazy to criticize a brand, then the brand should not be lazy to respond to me and give me feedback what will they do to improve the things I criticise.

After all, we all just look for some juciy drama on the Internet. And if we can’t find it, we create it ourselves. And companies should be aware of that!

References: 

“3 great examples of crisis management on social media” https://prconsultancy.org/3-great-examples-of-crisis-management-on-social-media/

Build an industry-leading procurement team

Kronos Group strongly believes in the strength of an industry-leading procurement team and in elevating the industry to reach new heights.

Accounting is the language of business. - Warren Buffett #holdingcompany #businessminded #businessquotes#businesssuccess  #businessman #businesstip#businessideas #womeninbusiness #businessmarketing#businessconsulting #businesspassion #socialmedia#businessopportunity #businesslife #strategy #businesses #growth#businessmentor #businessmotivation #entrepreneurs #creditrepair#coaching #businessplanning #networking #businessonline #consulting#contentmarketing #businessmanagement #businessconsultants#businessstartup #marketingtips #KhalidAlbeshri #pivot

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