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Make it MALLEABLE, not FIXED!!

There is a psychological trait that all successful people appear to have in common to acquire potential systems.

People with the growth mindset believe that intelligence or skill in any felid can be developed through effort. Basically, they believe that anyone can nurture their abilities in anything. Whereas the inverse of the growth mindset is a fixed mindset. People with this mindset believe that intelligence and skills are innate, it’s something that we are born with. We are either born, gifted or not, there is no room for any kind of change.

Basically, they believe intelligence is fixed from their birth. They don’t want to challenge themselves because they believe that talent and intelligence are fixed. They look at failure as a clout on who they are as a person. The lack of knowledge is stupidity and failure once means failure always.

People with the growth mindset are much more resilient which allows them to overcome challenging and difficult situations because they prioritize learning over failure, they are not afraid to take risks. They prioritize growing over stagnation. A person with the growth mindset believes that they are always in a state of self- Growth and transforming and seeking themselves into something more, so they don’t attach their self- identity to their output. Instead they focus on the process of flourishing, nurturing and never giving up attitude. We know that things take time, effort, and strategy to achieve but it is often difficult to put that kind of thinking into practice.

So how can we develop a growth mindset? The first key to developing a growth mindset is actually to understand that it exists and that it’s possible for the brain to change. The “Yet” Power! The small word “yet” is an indispensable weapon to develop a growth mindset. The reason it’s a powerful word is that lots of time we eliminate ourselves with words like “I can’t” “Can’t do right now” “I am not capable” instead of saying “YET” which gives you an opening, a path, a door to walk through. “I have not tried doing this yet, but sure will definitely give it a shot!!”.

“Yet” allows you to have hope, enthusiasm and to believe that it’s possible because every skill can be improved upon within you and allows you to transform and become something which you are not. It allows you to accept, grow, transform and become who you actually want to be. Make it MALLEABLE, not FIXED!!

To narrate a possibly good example of yet- In a High School in Chicago, students have many subjects to be passed to get graduated. Sometimes it’s not possible for a student to pass all subjects and get through. But to support their mindset in the path of growth instead of disappointment and negativity by displaying the grades as “Fail”, they display it as “Not-Yet”. This gives a student a boost to re-try with enthusiasm instead of feeling demotivated. Follow these simple steps always:

Analyze Mistakes

Accept Challenges

Keep and learn abilities to learn new Things

Be inspired by others success

Unchangeable attitude (Don’t give - up on trying to change)

Avoid challenges (Take a stand! Challenge yourself!)

Avoid failure (Accept Failure - You will learn a lot from it)

Give up easily (Never – The Journey is beautiful)

People with a growth mindset are living in greater accordance with reality than people with the fixed mindset. The brain can continue to work until we die. Explore it and make it a growth mindset. 



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In a report known as “Brydon Report”, a former London Stock Exchange chair Sir Donald Brydon has suggested that the audit profession has lost its way. This was the third report commissioned by the former Prime Minister Theresa May to provide an Independent Review into the Quality and Effectiveness of Audit. After a series of high profile corporate failures such as the construction company Carillion, the retailer BHS, and the travel company Thomas Cook has shaken up the Financial Reporting Council and the British lawmakers. It has also raised questions on the effectiveness and reliability of the audit.

“Audit is not broken but it has lost its way and all the actors in the audit process bear some measure of responsibility”- Sir Donald Brydon

In a 135 pages report, Brydon has highlighted the shortcomings of the current external audit practices, especially the BIG FOUR FIRMS- PwC, Deloitte, KPMG and EY. These firms conduct the audit of FTSE-100 companies and therefore, there is almost no competition which is part of the problem. The report whilst highlighting the problems also gave various recommendation to improve the quality and effectiveness of the audit.

Key Identifications

The report suggests that there should be a change in the definition of the audit and it should be “written in plain English.” Brydon also believes “audit lacks a clearly understood and fully encompassing purpose.” The current definition fails to clearly describe the purpose of the audit and how and why it should be conducted. The change in the definition will help the auditors to make use the unique opportunity they have to verify, confirm and inform the stakeholders with everything that’s going on in the company and not just the financial statements.

"There has been a slow evolution, since the 1970s, in the role of audit from being just a periodic external check on the accuracy of financial reporting towards a value-adding function, but this has further to go."

Along with the shift in definition, auditors should be given proper training to make use of modern technology. Auditors also fail to make their reports more informative and useful.

“The purpose of an audit is to help establish and maintain deserved confidence in a company, in its directors and in the information for which they have a responsibility to report, including the financial statements, and the balance sheet

The auditors should look beyond the accuracy of financial statements and communicate better with the shareholders and other stakeholders. In current audit practices, even if auditors found a point of concern, they don’t inform it to the shareholders instead just discuss in the closed rooms with the directors, CEO and CFO. Thereby, they fail to grasp the opportunity to expand the scope of the audit and communicate better.

"In hiding behind the need only to confirm and verify, many auditors have failed to grasp the opportunity to make their reports more informative. Many do take this opportunity in private, communicating well beyond the narrow confines of auditing standards when reporting to audit committees, but not to shareholders or other stakeholders."

Recommendations

Following are the key recommendations made by Sir Donald Bryden.

•A redefinition of audit and its purpose;

•The creation of a corporate auditing profession governed by principles;

•The introduction of suspicion into the qualities of auditing; the extension of the concept of auditing to areas beyond financial statements;

•Mechanisms to encourage greater engagement of shareholders with audit and auditors;

•A change to the language of the opinion given by auditors;

•The introduction of a corporate Audit and Assurance Policy, a Resilience Statement and a Public Interest Statement;

•Suggestions to inform the work of BEIS on internal controls and improve clarity on capital maintenance;

•Greater clarity around the role of the audit committee;

•A package of measures around fraud detection and prevention;

•Improved auditor communication and transparency;

•Obligations to acknowledge external signals of concern;

•Extension of the audit to new areas including Alternative Performance Measures; and

•The increased use of technology.

Source: Brydon review final report

When you need a to toothpaste, what do you ask for? A Colgate or Pepsodent, right? This is known as brand awareness. They have become so well-known that they have replaced the common terms for similar products. For us, dog food is pedigree, for treating cold Vicks Vapour Rub, cold drinks mean Pepsi and so on.

Moreover, it also leads to satisfied customers. No business wants his or her customers to be unhappy with their brand. Some are unhappy for obvious reasons and some not. But solving them is a satisfying way is vital for every enterprise.

Let’s first read the five best pieces on how to build brand awareness:

Tip #1 Target Social Media Contest

Want your brand to reach millions? Don’t miss out on this trend. Social media is your one-stop hub to get organic followers. Run a social media contest and let the customers upload their pictures, videos and refer the same to their friends. Offering discounts, prizes can be the best call for a successful social media campaign.

Tip #2 Infographics

How to build brand awareness? Infographics are the key! These bright and colourful ways of displaying and marketing your brand have gained lots of importance so far. A powerhouse tool for brand building that reaches millions across the world.

Tip #3 Story Telling for Compelling Personality

A story that is compelling and not only emotional but inspirational too turns many heads. If you can create a story that connects deeply with your target audience, then they won’t forget your brand. Whenever they purchase your products or services, they can relate it to the story narrated through videos or any other way.

Tip #4 Interviewing Podcasts

This is the new emerging marketing trend that is undoubtedly going to reach great heights in 2020. Starting your industry podcasts where you interview industry experts can help build your relationship with customers and with others in your field.

Tip #5 Who Doesn’t Love Freebies?

Give freebies to your customers with your brand's name printed on them in events, fairs, etc. This is how people will always remember your brand whenever they use these products.

Following are the four surprising ways on how to deal with unhappy customers:

Tip #1 Listen before reacting

Never react without listening to your customers completely. Hear them out and let them know that you are paying attention to their complaints. When your customer stops, then summarise what they said and clarify their allegations.

Tip #2 Keep Calm

Never shout or answer back in foul language even if your customer is. Maintain yourself and keep calm. Never yell or shout and respond as wisely as possible. Ultimately it leads to building your brand awareness.

Tip #3 Apologise Sportingly

Convey your apology to customers gracefully. If you want them to stay, you need to express your concern towards their problem and actively sympathise for their unpleasant experience. A simple statement can help, like, “We are sorry for the inconvenience caused, let’s see what can be done to make it right.”

Tip #4 Solve their Issues Professionally

Ask suggestions from the customer as to what can be done to solve their problems. Give a realistic answer to their question and provide them with a higher degree of satisfaction.

Your Takeaway

Applying these trendiest tips on how to build brand awareness and how to deal with unhappy customers will lead to greater possibilities. Cope with these emerging techniques and easy ways to solve tense situations for best possible results.

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