Recruiting the best candidates for a position can be a costly process. Once you have finally found the perfect employee, you won’t want to lose them to a competitor, as they could be integral to the growth and profitability of your business.
To ensure you maintain your staff members’ loyalty throughout the years, you must take the steps to improve their working life, so they are never tempted to abandon your brand. Check out this guide to retaining top talent at your business.
Provide an Attractive Salary
If your company is providing salaries that are below average, you shouldn’t be surprised when your best employees leave the business for a more rewarding employer. If you fail to offer a competitive salary for each role at your company, you’ll likely spend a considerable amount of your profit margin advertising many vacancies. It could, therefore, make financial sense to provide your staff with a more attractive rate of pay, so they will think twice before applying for a position elsewhere.
Offer Various Development Opportunities
It’s likely many of your hardworking staff are filled with ambition and will want to routinely grow their skillset and climb the career ladder. You must allow your employees to grow alongside your business if you want to maintain their loyalty. To do so, you should provide them with various development opportunities, such as:
Enrolling on an industry-related degree course
Joining a leadership program
Taking a software skills course
In addition to making your staff feel valued by the organization, their new skillset could improve your company’s productivity, standards, and profitability. So, it could provide the business with a great return on its investment.
Improve Morale with Innovative Technologies
While training opportunities and an attractive salary could help you to attract the best candidates to your organization, a monotonous working day could convince them to quit their role. Rather than allowing them to become weighed down by boring, manual processes, you should invest in technologies to simplify processes and automate lengthy tasks.
For example, you could transform your human resources department by introducing an HR and payroll solution from peoplexcd.com, which can reduce their time spent on various admin tasks while decreasing the likelihood of errors. As a result, they could enjoy a more strategic HR role that will provide them with greater job satisfaction.
Find the Best Job Perks
Improve your company culture by providing your employees with superb job perks, which will increase their loyalty to the business. Never rely solely on the pull of an attractive salary and offer a variety of job benefits to hold on to your top talent.
The job perks cannot only attract high caliber candidates to your business, but it could set your business apart from organizations that provide a similar salary and development opportunities. To ensure you provide your staff with the best perks for their job, ask for their advice on the types of benefits they would like to receive from the business.
When a business owner builds their website, the focus is often on their preferences in terms of the technology and functionality and the visual design. While this is obviously a great place to start, it should not be the main consideration. What’s more important? The customer’s needs and expectations. Simply creating a website and expecting customers to flock to it and the orders to start flooding in is, unfortunately, rarely a successful strategy. To make a lasting impression on visitors and to convert them to customers, a website’s structure and design should be tailored to deliver the best possible customer experience.
A website is built on a
foundation of seamless and intuitive technology which customers don’t even
think about when they’re browsing or purchasing. The average customer does not
consider how the website works, but they expect fast load times, clear
navigation, and a simple buying process. When a page takes too long to load or
the website fails in some way, customers will become frustrated and will
probably take their business elsewhere. For those working in the supply chain,
for example, who are looking to improve their communication with the suppliers
they supply to, utilize the right technology to let you do this. Visit weaveability.com for expert support and advice.
The design of your website
is what wraps the technology up and makes a website visually appealing. The
first impression customers get of your brand is often your website so it’s really
important that it represents your brand and conveys your business’ ethos and
what you do. However, it’s not enough for a website to simply look good. The
best websites are striking, yes, but they are also created with the user’s
journey in mind. You want to lead the user’s eyes towards particular areas of
your site and a designer can do this with graphics, lines, and colors. Visitors
will form a judgment about your website and therefore, your business within
seconds. Make sure that they have a clear path to follow, which leads nicely
Within the design and the
technology of the website, you need to place content which is easy to consume
for the user. Words, images, and icons should guide users through the website
through clear navigation and compelling call-to-actions that establish your business as trustworthy and an
authority in your field. The website’s usability or lack of it can and will
prevent customers from making a purchase.
The next level up from
usability is the influence of a website. This means that in addition to making
the purchasing process convenient and clear, you also employ tactics to lead
buyers through the sales journey. From providing information, comparisons,
addressing concerns, reinforcing the benefits and guiding them towards a
purchase. The purchase may not be immediate, but if the influence is effective,
they will return at another time. Tactics may include a sincere and helpful
tone or personalization, which builds trust and
reassures the user. It’s not intended to be manipulative and should never be
deceptive; you should understand the customer’s needs, what represents
usability to them and talk directly to them.
If you’re considering going to graduate school, then your main priority is probably being able to apply for high-paying, well-respected careers once you’ve graduated. An MBA, or masters of business administration degree, is one of the most sought after and respected qualifications in the business industry today, with MBA graduates often able to take their pick of the best career opportunities, find opportunities faster, and choose from a wide range of different fields, schools, and industries. However, graduate school is a big decision to make with a huge price tag, so if you’re considering investing in your studies, it’s worth weighing up the pros and cons to make sure an MBA will be worth it.
If you have your heart
set on going to graduate school but aren’t sure what to study, then an MBA
definitely makes sense if you have any interest whatsoever in the business
world. An MBA isn’t just any old graduate degree; it will enable you to get a
wide range of well-paying job opportunities that would not be available to you
with any other qualification. And, one of the unique features of this program
is that it will provide you with a well-rounded knowledge of the entire
business industry, including management, entrepreneurship, marketing, finances,
and much more. It’ll change the way you think and make you an asset to
Investing in a master’s degree is not cheap, so you’ll want to make sure that at some point you’re going to be able to easily earn back the amount you paid for tuition, and then some. If you’re worried about struggling with student debt and being unable to pay it back, an MBA is one postgraduate program where you’re less likely than any other graduate to have financial trouble. Students often choose less costly options like an online Touro MBA, which are of the same quality as a campus-based degree.
The master’s program that you choose will have a huge bearing on your future career for years to come. So, one hugely important factor that you will need to consider before you make a choice of program is the kind of job security that you want for yourself. The last thing that you want is to commit a few years to studying only to find that once you graduate, there isn’t much available in terms of meaningful, permanent work. Since MBA graduates are in very high demand around the world, you’ll find that many businesses save their best positions for an MBA.
Your choice of a postgraduate degree program will usually be a decision that’s based on your future career choice. However, it’s not uncommon for people to change their career at some point in their lives. You might want to try something new in the future, and an MBA would be the perfect choice of a degree program to facilitate this. While it is focused on the business industry, it provides you with a wide, varying knowledge of the industry, allowing you to thrive in several different business career types.
thinking of investing in a master’s degree, there are many reasons to choose an
In this day and age, social media has become a massive industry when it comes to promoting any business of any size. The leisure industry is known as an area of business that focuses on entertainment, recreation, tourism, and sport-related services and products. People love to talk about this industry because it brings a lot of joy and excitement into their lives, plus visually, it is very appealing and interesting. When you have a sturdy social media strategy, the companies in this sector can utilize and position their business as a helpful, friendly source that can be trusted. To get the most out of promoting your business on social media, here are three tips you should follow.
Strengthen PR Campaigns
A public relation (PR) campaign has the ability to create a long-lasting impact on the reputation and public image of your brand. Due to social media’s ability to reach out to and engage a big number of clients, it is the perfect channel to develop and increase the strength of the public interest in PR stories. The way you go about this needs to be planned out well for the best results. It can be hard to promote some niche businesses on social media. For example, with a business like Galaxy Multi Rides, a specific customer needs to be targeted because the product they sell has to appeal to commercial buyers, not residential clients.
Use Groups to Build Interest
Using platforms like Facebook for direct opportunities is a great way to build active communities around local interest groups. Facebook groups can be used to promote local events and offers and can give more information about these promotions. Using a photograph or video is a great way to grab the attention of the group’s followers. Another thing to remember is that the offer doesn’t cost anything. A lot of people try to sell through social media, but this is a common mistake. Social media should be used to engage people, not sell to them. As time goes on, you can build suitable conversion mechanisms to change social engagement into many sales.
Make and Share Vlogs
Online videos are a fantastic way to grab the attention of people. It has been noticed that people are more likely to engage in a video online than read any kind of written content or watch television. Videos allow you to interact and connect with your audience on a personal level. This is because it literally puts a face to your company and you can use it to show your potential customers exactly what you have to offer. Creating these videos can be good fun and have the potential to bring colleagues closer together. They can also get very creative and imaginative, which can contribute to the fun side of things.
Understanding how to promote your leisure
business over social media in an effective way can do wonders when it comes to
marketing your company. You just need to make sure you start off on the right
foot and continue on the right path. The way you approach social media can be
complex, but it can perform miracles when done correctly.
Reducing cost and expenditure is a massive priority for the majority of businesses, and even more important when your company owns and operates a fleet of vehicles. Operating a cost-effective, efficient fleet often relies on the expertise and knowledge of fleet managers, who need to pay close attention to observing various industry trends as they evolve over time. This will ensure maximum fleet efficiency in addition to helping keep costs as low as possible. Here are some of the main steps that fleet managers can take in order to keep expenditure low while maximizing productivity and efficiency levels.
Ensuring that every
single fleet vehicle and driver are adequately insured is at the top of any
fleet manager’s priority list. The right kind of fleet insurance policy will
ensure peace of mind that both vehicles and drivers are protected in the event
of a road traffic accident or incident, in addition to covering vehicles
against theft, loss, and accidental or criminal damage both on and off the
road. And, the right insurance will protect your company in the event of a
lawsuit or claim brought against you. Fleet insurance is a necessary expense,
but there are varying price levels available. Each time insurance is due for
renewal, shop around to ensure that you are getting the best deal.
Telematics are a great investment for your fleet that will help you save a significant amount of money in the long run. These devices not only make it easier to track the location of your drivers at all times when they are on the road to improve efficiency, they can also be used to determine risks by logging each drivers’ habits on the road. Issues such as harsh braking, accelerating in lower gears, sharp turns and speeding can be picked up by a telematics logistics device, making it easier for managers to understand the areas of concern that they need to bring up with each driver. In the long run, telematics devices make for more contentious, safety-aware fleet drivers, reducing both risks and costs.
Fleet Size Reduction:
Reducing the size of your fleet is one of the most effective ways to cut the operating costs. If it is possible to do so, reducing the number of vehicles that are used for your fleet should be done on a regular basis. Regularly assess your fleet to make sure that it is operating as efficiently as possible, and whether adjustments can be made to cover the same workload with a lower number of vehicles.
Both operation and maintenance costs will easily add up when running a corporate fleet. You may want to consider investing in upgrading your vehicles to ones that are both cheaper to run and maintain, such as electric or hybrid vehicles which will lead to fuel cost reduction, easier maintenance, and lower carbon emissions. Although this is likely to be a large expense in the short-term, the long-term savings for your fleet will be significant.
operations can be costly, but there are several things that fleet managers can
do to maximize efficiency, productivity and safety while keeping costs low.
entrepreneur, it can be difficult to balance business and personal finances,
especially when you are on the brink of a big business idea. To secure
financial stability for both yourself and your business, read on to discover
the best ways to do this and ensure that you can maintain your finances for the
Consider Personal Finances
Although you may
be focused on the finances of your business, it is just as vital to focus on
your personal finances to ensure that you can maintain security through the
trials of the first business year. If you are struggling to manage your
personal finances, you should aim to speak to a financial advisor who can help
you to establish the best ways to invest and balance your personal finances to
protect your family, such as taking out credit starter loans.
Create a Business Plan
One of the best
ways to look after your finances in your businesses’ first year is to create a comprehensive business plan which can help to track and predict your
business expenditure and profits. Business plans should not only detail the
start-up costs of the business, but they should also make predictions as to the
expected profits in your first year and how you will manage your money. By
creating a business plan, you can then establish goals and targets to work
towards improving your financial situation.
Separate Personal and Business Finances
that you need to fulfill in order to protect both your finances is to separate
both your personal and business finances in terms of bank accounts and credit
cards. This will help you to budget for your business and your personal life by
enabling you to see how much money you have to spend and reinvest in each at a
glance. Not only this, but this can greatly help you when it comes to your tax
returns as you will then be able to easily check your expenditure.
Keep Up With Global Finances
financial stability, you should also keep up to date with financial news websites and periodicals from around the world. This will help
you to make predictions on the financial outcome of your business and ensure
that you can implement changes that can help you to succeed in terms of
financial hardship and recession. Through keeping up with the situation in
terms of the exchange rate and stability of the banks, you will be able to make
changes and prepare for the effect on your business.
Track Your Expenses
You can also
gain financial stability through tracking your expenses, as this will help you
to establish how much money you are spending and how you can cut down on this. Finance tracking apps are excellent for this purpose as this
allows you to make a budget, store all of your transactions and can even make
predictions on your financial situation in the future. If you are spending more
than you are bringing in, then you need to implement changes immediately to
secure your business’s future.
3 Things You Need to Know About Implementing a Loyalty Rewards Program
What’s the smartest way to earn solid returns
on your company’s marketing investments? In order to build recurring, long-term
income from sales more and more companies are implementing customer loyalty
It’s a fact that retaining customers costs far less than acquiring new
ones, and people who already know your brand are more apt to purchase from you
Statistics show that established customers
spend more per purchase, are happier with what they buy, and are a prime source
of positive word-of-mouth advertising.
Loyal Customers Should be
It makes sense to devote marketing muscle, and
dollars, to existing customers. Every company does what it can to bring in new
business, but because existing customers spend more and stay longer, there’s
even more reason to market to them.
Loyalty programs aimed directly at your
existing customer base are the ideal way to make these “golden”
customers happy and keep them coming back.
What are the key benefits of loyalty programs
like these and how can marketing professionals get in the game quickly?
First, you don’t have to start
from scratch. You can learn from companies that have been playing this approach
for decades, and playing it very well.
Second, you should look into using
mobile apps to maximize the effectiveness of whatever type of loyalty program
you choose to employ.
1. Loyalty Program Keep Customers
Happy and You In Business
If we start to list all the benefits of
loyalty programs, we could fill a whole textbook easily, so let’s boil it down
to the benefits that all businesses experience.
When you develop your loyalty program, focus
on the following benefits it will bring you:
It’s all about returning
customers, not getting new ones
A good loyalty program will be specifically
tailored to the needs of frequent customers, while one-time shoppers won’t
benefit much from it.
If you want your marketing dollars to go where
they’re most needed, that means they’ll be spent on the customers who always
return. Those one-time buyers or shoppers who only show up for major clearance
sales will not, and should not, be your primary loyalty program users.
You’ll get more feedback on
what’s good and what needs improving
Loyal customers tend to be much more vocal
than a one-shot or infrequent buyers. That means you have more opportunities to engage them in writing,
over the phone, and through text.
An engaged customer is ready and willing to
hear about new products, special sales, seasonal bargains and other
“inside” promotions designed for the loyal buyer.
You’ll be able to increase the
value of shopping carts
Marketing to loyal buyers offers endless
opportunities for companies to ramp up their average shopping cart amounts. You
can offer discounts on related products and accessories, or suggest exclusive
After a certain amount of time has passed
since their last purchase, consider rewarding the loyal buyer with a low-cost
extended warranty or similar add-on.
You will be able to use the data
you gather to predict trends and surges in demand:
The data you collect with various digital tools on loyal buyers can
tell you all sorts of things about how to structure your other marketing
You can use comprehensive customer data to
determine what items are best-sellers, which ones have seasonal cycles, and
what new products might be profitable.
2. Loyalty programs help increase
customer retention rates
Reams of data and marketing studies have shown
that customer loyalty programs help keep the most frequent spenders in your
In fact, such programs deliver revenue
increases to the tune of 5 to 10 percent. Loyal customers spend 5 to 20 percent
more and buy 5 to 20 percent more frequently than so-called “casual,”
or one-time customers.
How an App can help you Keep
Business owners should never neglect the
potential effectiveness of mobile apps as part of the loyalty program scenario.
Consider that upwards of 90 percent of the
time that people spend on their devices takes place within particular apps. On
top of that, app development has become streamlined and
widely accessible too.
Mobile apps do two things very effectively:
they super-charge rewards programs and augment the current relationship you
have with your customers.
Starbucks was one of the first big companies
to use a mobile app as the central point of its customer loyalty program.
It’s allowed the coffee giant to collect
massive amounts of useful customer data and calibrate its marketing efforts to
the smallest detail. They left nothing to chance.
3. How you Reward Customers Plays
a Big Role
There are hundreds of ways to fine-tune a
loyalty program. Here are the top choices among marketers who are familiar with
the playing field:
Keep your Rewards Versatile:
All customers appreciate choices, and that
rule applies to rewards as well. Most companies with successful loyalty
programs offer between 5 and 20 different rewards and cycle part of the offer
Make rewards neither easy nor
difficult to obtain.
There’s no sense in offering a reward that’s
too hard to acquire or takes months to earn. Most customers won’t think much of
such a loyalty program. They will also place no value in rewards that are too
easy to obtain. Make your rewards reasonably challenging to earn and people
will appreciate them more.
Build a “loyalty
ladder” based on a number of purchases or amount spent.
Try to reward “more loyalty” with
better and better items or rewards. It only makes sense to differentiate
between someone who spends $100 and $1,000. That’s why all super successful
loyalty programs have reward ladders.
Loyalty Pays Off For Everyone
Loyal customers keep you in business. Nurture
the relationship you have built with them by going above and beyond to keep
them happy. Each of their purchases should remind them that you appreciate them
returning to you over and over again.
Let them know about new deals and sales via your own app. In a marketplace where consumers are already connected to mobile apps they like, it makes perfect sense to make a brand-related app the centerpiece of any loyalty program.
Author bio: Ashley Wilson is a freelance
writer interested in business, marketing, and tech topics. She has been known
to reference Harry Potter quotes in casual conversation and enjoys baking
homemade treats for her husband and their two felines, Lady and Gaga. You can
get in touch with Ashley via Twitter.
When you started your small business, writing out your daily
to-do list and using a simple spreadsheet for most tasks was probably fairly
simple and expedient. As your business grew, however, and you added staff, it
wasn’t enough anymore to do what was easiest for you. Now you had staff,
contractors, vendors, clients and suppliers to think about. Customers are also
living in a digital world and expect the ease and convenience of digital tools.
There is no doubt of the need for even the smallest of businesses
to embrace digital tools, but making the switch is not quite
so simple. Just using digital tools is not enough, you need to make sure you
have the right tools for your business. Here are 6
digital tools that can help make your business’ digital transformation a smooth
Trello is a visual project management app
that can help keep your entire team on the same page and allow you to see at a
glance where different projects stand. With Trello, you can create lists and
quickly move items from list to list. Trello allows you to quickly see where
bottlenecks are happing and move tasks to get things moving again.
Slack is a robust team communication and collaboration app that allows you to quickly search for keywords
or phrases, create different channels for different projects, teams or
conversations. Individuals can be notified of important information on a
different channel they may need to be aware of without being bogged down by a
lot of details they don’t need. No matter how small or large your team, Slack
can keep everyone in the loop.
Mailchimp is one of the most robust programs
you will find to handle all of your email marketing needs. From newsletters to
campaigns, Mailchimp allows you to sort and filter lists to tweak, hone and
fine tune your campaigns or set it up once and forget it. Mailchimp is one of
the very best tools for busy small business owners.
Social media may be one of the best things to
ever happen to small businesses. Even the smallest of businesses can run
effective social media marketing campaigns and use their social media accounts
to create connection and build a loyal following. But keeping up on social
media can be a challenge. Hootsuite is one of the most well-known social media
management apps but it can also be prohibitively expensive. SocialPilot can do
almost everything Hootsuite can do at a much more pocket friendly cost.
Not all the best tools are new tools. Some of
the best tools you may have been using for years, but don’t fully understand
their full capacity. Most people are familiar with Word, Excel, PowerPoint and
Outlook, but Office has expanded to include an entire suite of business tools
including OneDrive, Exchange and Microsoft Teams. With low monthly subscription
Prices, today’s Office may have all the tools you need at a price you can
Quickbooks has, of course, become one of the
biggest names in accounting software, but that doesn’t always make them the
best. In fact, many small businesses do not need all the features that
Quickbooks has to offer or the price tag that comes with it. Zipbooks is a free
accounting program that gives you all the tools and analytics you need to take
your business to the next level and it’s made just for small businesses. Not
only will Zipbooks help you keep your books, but it will also automatically
send invitations to clients to leave reviews and provide smart insights about
your most loyal and profitable customers.
One of the challenges of digital transformation
is creating a smooth streamlined system from all the many tools that are
available. In many cases, there are multiple apps and programs you can use that
will accomplish the same thing. The important thing is to find the right one
for you. If you use Office 365, you might find it more convenient to use Yammer
than Slack, but you may prefer MailChimp over Outlook. You will, of course have
to choose between a number of paid and free programs, but ultimately the goal
is to find the best solutions for you. In some cases, it might be better to pay
a bit more for one program that can accomplish 3 or 4 tasks than to use three
different programs to accomplish those same tasks.
Joe Peters is a Baltimore-based freelance writer and an ultimate tech
enthusiast. When he is not working his magic as a marketing consultant, this
incurable tech junkie enjoys reading about the latest apps and gadgets and
binge-watching his favorite TV shows. You can reach him @bmorepeters
Technology evolves every year. From new and improved features, cutting edge gadgets, and further refinements to algorithms, the domino effect is that the marketing landscape is constantly changing over time. What has worked one or two years ago may not work today. So the name of the game for brands and marketers is adaptability. The upcoming trends present more opportunities in terms of audience growth and visibility, but the fact of the matter is also that the market is getting saturated. Because of this, staying ahead of the crowd can easily be the difference between taking the lead or falling behind in profits in 2019. Take a look at some of the trends thought leaders in digital marketing have predicted for this year.
Mobile Optimization is a Top Priority
Google announced last year that it would be rolling out mobile-first indexing, an algorithm update that would prioritize the mobile versions of websites in determining search rankings. And with the surge in mobile users online over the past few years and projections that anticipate even higher numbers this year, this was a wise move. Digital marketers would do well to make mobile marketing
development their focal point in 2019. This means much more than just having a
mobile version of websites. Page load speeds for mobile sites and advertising
content that’s optimized for vertical views are crucial areas that need
The increasing shift of internet users towards mobile has
contributed to the rise of video marketing and vice versa. The impact of video
is such that even Google made changes in its search algorithm to include video
snippets in search results.
Natural Language Processing and Voice Search
Combined with the increased presence of mobile online users and smart devices that use AI, voice search through Alexa, Siri, and Google Assistant has seen huge growth. For brands and digital marketers, this means that creating content with the use of long-tail keywords in ways that closely mimic natural speech and user intent is crucial to gaining and maintaining marketing success online. For a more in-depth look at what is about to come, here’s an infographic on digital trends set to take the stage in 2019, originally published on SERPwatch.io. Check it out and get informed about everything you need to know on the subject.
Best wishes, Josh Wardini.
Josh Wardini, Community Manager
About me Location Incapable Internet Enthusiast | Re-Designer of the World Around | Bodybuilder trapped in a Computer Geek’s Body.
You would be surprised at just how easy it is for a
disagreement to occur even amongst the most reasonable of partners. The biggest
issue with this is the fact that people often have the wrong mindset and try to
win the argument. You need to understand that ‘winning’ an argument doesn’t
mean anything as long as you lose money, the trust of a partner and reputation
in the business world. In other words, it’s not just about a conflict
resolution, it’s also about damage control and there are several ways for you
to save both face and money during this conflict.
The first method you should use to dispute resolution is the
so-called arbitration where both sides agree to entrust the conflict resolution
to a third party. The problem with arbitration is the fact that it forecloses
any subsequent court options, meaning that the decision is final. The
arbitrator needs to govern their decision-making process based on the (written)
mutual agreement of the parties and give a good enough reason for the decision
in question. There’s also an option known as expedited
arbitration, which involves a sole arbitrator. This allows for the process
to be wrapped up a lot quicker. The problem is that this is usually a good idea
if the case is simple and straightforward.
By far the most effective method of dispute resolution is
the process of mediation and there are several reasons behind this. First, it’s
an informal dispute resolution, which means that there is no involvement of the
legal system in the process. In the case where such a thing is possible, it’s
definitely a good thing. Second, due to the fact that it allows parties to
agree upon the solution on their own, it increases the chance that both parties
will be content with the process. Keep in mind, though, that, in this scenario,
some legal aid would be more than necessary. This is why you need to hire help
in the form of a specialized law firm like Stevensen
Business Lawyers since someone with previous experience in such matters
The reason why mediation is so great, however, isn’t due to
the way in which it resolves the conflict but due to the aftermath. You see, an
arbitration will provide you with a resolution as well but, if the latter party
isn’t satisfied, there’s nothing to persuade them to continue working with you.
Also, chances are that this one-sided solution will earn you some negative word
of mouth recommendations. That is, of course, in the best case scenario where
the arbitrator decides in your favor. If not, mediation will at least allow you
to impact the decision.
If the situation is very technical and both parties are
convinced that they’re in the right, they could opt for expert determination.
Here, both parties would choose an individual or organization they hold in high
regard and agree that the determination is legally binding. Naturally, before
this, both parties would hire their own independent expert in order to see if
the ruling will be in their favor. If not, it’s highly unlikely that this will
be their method of choosing. Due to the nature of this conflict resolution
method and the fact that it’s something that both parties have to agree upon,
this method is a lot less common than the above-discussed two.
Knowing your objectives
In the very title of the post, we’ve mentioned the
importance of saving time and face. For this, you need someone who is fair,
cost-efficient and confidential to manage this entire procedure. Also, you need
someone who knows that your main objectives are to preserve a long-term
relationship with your partners, which will make them take diplomatic approach
to this entire situation. However, you also need someone with authority in
order to ensure that this process isn’t repeated over and over again. This is
why finding the right outside help may not be as easy as you would want it to
A simple mistake in conversation or a
misinterpretation of a contract and you suddenly find yourself in a massive
problem. The worst part is that it might not be as easy to say who it is to
blame. You see, with the most legal system, if there’s an ambiguity in the
contract, it’s the maker of the contract that’s in the wrong but the term
ambiguity, on its own, is fairly hard to understand. This is why you need to
know all your options for a dispute resolution, in order to pick the right one