Mike Khatiwala January 2021 Blogs

How to Successfully Gatecrash a New Industry

Often, people are told to stay in their lanes. In today's business world, roles are becoming increasingly specialized. Entrepreneurs are often told to niche down to find the best possible results. Targeting one thing and doing it exceptionally well are seen as being key to success.

This kind of advice is, in many ways, correct. However, it can have a detrimental effect in that it discourages people from following their dreams. There's nothing wrong with someone​ ​switching industries​ if they have done their research and laid some groundwork. One great, recent example of someone finding success in a new field comes from the world of home goods.

Married couple Scott and Missy Tannen started the company Boll & Branch from home, even though they had no experience in the home goods industry. Missy Tannen was a teacher. Her husband Scott worked in tech. They were inspired to create the company because they couldn't find ethically sourced, all organic cotton sheets. They felt that if they were frustrated by this gap in the market, others must feel the same way.

It wasn't an overnight process. The Tannens interviewed many industry experts. At some points, they were frustrated because they felt like no one could give them straight answers. They had to construct their own supply chain in order to get off the ground. To do this, they needed to travel

to India and meet with everyone from farmers to textile manufacturers. It took over a year for Boll & Branch to launch.

Part of the reason the Tannens have been successful so far is that they did the necessary legwork. They have also kept their overhead costs low. Instead of working out of a storefront or partnering with department stores, the Tannens operate by selling exclusively online. This saves them a lot of money. Boll & Branch sells most products at a 100% mark-up: their standard price is double the cost to them. Many department store brands have a 500% mark-up.

The lesson to take from this and other success stories is that it is possible to change lanes.

However, that transition will require planning, execution, and great timing. Also, being prudent about overhead costs can make launching a new product less risky.

Tips on Managing a Newly Remote Team

The coronavirus has primarily changed the way we do things. The economy has been negatively affected by the interruption of business operations. In a move to adapt to the new norm, companies have allowed their teams to work remotely from home. Over 4.3 million employees are currently working from home. The main challenge with the approach is managing the newly created remote team.

The following are​ ​ways in which leaders can manage their newly remote teams​:

1. Make regular phone calls to remote employees.

Now that you can't summon the remote team to your office, you need to make regular calls to know their progress and opinion on matters affecting the organization.

2. Connect with the remote team through regular video calls.

Sometimes a face-to-face conversation is better than an audio call. You can be able to learn more from the team's facial expression. Therefore, install communication software on the team's computers to enhance video conferencing. Video calls can be through Google teams, Zoom, Skype, and Google Teams.

3. Build a good rapport with the remote team.

Managers should regularly make long one-on-one calls with each employee to discuss their work and their challenges. Managers should also establish an open-door policy where employees can call them freely.

4. Never cancel a one-on-one call with the remote team.

Canceling a call makes the employees to be left hanging. Such a habit will create resentment among the remote team. However, don't make the call too lengthy and tedious, as the remote team might agree to every suggestion to avoid lengthy calls.

5. Organize career advancement for the remote team.

Since the remote team has career goals and aspirations, they will want to undergo career progression. Managers should, therefore, organize virtual career advancement programs through webinars and online workshops to facilitate workers' career advancement. Managers should also create time to interact with the employees and learn about their career development aspirations.

6. Organize virtual get-togethers regularly.

Now that it's hard to arrange for the annual end of year party for the employees, managers should consider holding a virtual get-together. Such an event allows employees to socialize with one another and build a good rapport.

Numerous employees working from home have reported several challenges. They regularly get distractions at home, especially from their idle children. Employees face loneliness, unlike their busy days in the office where they could interact with colleagues. However, managers can put in place measures to improve workers' interactions and also increase productivity.

How Technology is Enhancing the Real Estate Industry

Several industries have embraced technology, including the real estate sector. Digitization has brought bountiful benefits to tenants, agents, brokers, and homeowners as well. Here is how technology is enhancing the real estate sphere.

Task Automation Technology has eliminated redundancy when it comes to task management. Gone are the days when realtors could fill up paperwork for countless properties. The experts use software tools to streamline tasks and save time and money. Some crucial tools include automated appointment scheduling and emails for marketing.

Reliable Price Estimation Usually, brokers rely on house traits and neighborhood aspects to estimate the price. With technological advancements such as artificial intelligence, they can come up with accurate

rates. Precise mathematical modeling takes into account noise levels, crime statistics, and nearby social amenities. In that regard, the house's value will reflect on vital elements such as closeness to schools or markets.

Online Marketplace Digitization has changed the interaction between brokers and prospective buyers. Instead of face to face meetings, most of the things are done online. Tenants can view their potential homes via a digital tour. Brokers list all the beautiful homes depending on the location and prices. You can choose a house and pay reasonable commission fees, thanks to the online marketplace.

Seamless Property Management Tenants and homeowners benefit from devices connected to strong Wi-Fi. Smart sensors, Alexa, and Google Home are examples of technology that have enhanced the real estate industry. Digital locks and doorbells assure tenants of their safety since they can see who is at the door before opening it. Landlords can also keep tabs on security threats and mitigate them.

With smart thermostats, you can customize temperatures to get the utmost comfort and save energy.

Improved Marketing Real estate brokers can find potential customers using ad technology. They utilize personalized ads that meet client needs and expectations. This way, when buyers look for houses, they find them in the ideal locations. Marketing has improved, and brokers are closing more deals. The ads can be based on closeness to social amenities, gorgeous backyards, and multiple rooms.

The trick is to help customers find what they need under one roof.​ ​Technology has transformed the real estate industry​ by making it easy to reach customers.