...and control ability in a potential client company is crucial to meeting the right people in dealing with both businesses. Do your research The product or service which you offer has t...
...y consider the chances of merging with another company. Merger means the combination of two formerly separate businesses when both businesses dissolve and fold their assets and liabilities into a newl...
But this situation also gives you the opportunity to delegate some of your decision making to others as well. Delegating some of the decision making gives you more time to focus on growing you
... products appeal to only one segment of the total market. Computers are a good example. They’re used by businesses for commercial purposes and by young people for ‘chatting’, playing...
...eving quality, quality control, or ‘QC,’ as it came to be called, is still valid and used by most businesses. This is essentially a process of inspecting and testing a firm’s o...
... you need a budget that will allow you to promote in such a way as to GET THE SALES YOU WANT. The reason most businesses don’t do this is simple – they can’t measure the relationship...
...f contraction are ‘troughs’. Economic downturns can have a tremendous impact on people and businesses. Yet many businesses have managed to grow and prosper during times when others ...
...squo;s a good way to introduce yourself to someone who’s never previously heard of your business. Many businesses send out different mailing pieces to the same list each year but always use the...
...eir members and government bodies. Most also provide consumer/customer information and educational materials. Businesses benefit from association membership by keeping abreast of trends, by learning w...
...creating a culture that promotes input by your team members towards continuous improvement of work practices. Businesses that took to a TQM system quickly found they needed to emphasise the 3Cs &ndash...
Because every business has different marketing requirements it’s not possible to state definitively which advertising options are the best for any particular business. Here are the most
But a lot of websites haven’t graduated to taking advantage of these possibilities. They were designed as little more than online brochures and there they remain – brochureware. This sort
... and retain an effective marketing presence. For example, if you can acquire a mailing list of the people or businesses that form your target audience you have the option of going direct to them inst...
...iginal product can be supplanted by me-too, or copycat, products in a surprisingly short time. For many businesses copycatting is their business model and they actually structure so as to have t...
...e business instead of running it yourself. How saleable is your business? Is there currently a demand for businesses like yours? You should know the true value of your business as well as how muc...
...w them to become exposed to a situation where the cash runs out and the business has to shut its doors. Most businesses operate on some sort of external finance, but the wise business owner has acce...
Teams don’t just happen. They’re built by forward-thinking managers who recognize the value of teamwork and actively set up the right conditions for it to flourish. In fact it takes real p
...d puts you in a more favourable position with a financial institution. Get expert financial advice Many small businesses have someone who ‘does the books’ and an accountant who sees the ac...
Most SMEs are focused on increasing their sales, and there’s nothing wrong with that. But another way to improve the bottom line is to cut expenses, and there’s always a way to do that in
That’s why you have to work out, as near as possible, just how much money you will really need, and when you’ll need it, before you talk to anyone about borrowing funds for your business.
Give yourself a reality check before making a loan application and you can find areas that need some tuning-up before starting the paperwork. Here’s a list of questions you should a
... its cash in quickly and doesn’t allow its accounts receivables to age beyond a reasonable period. Good businesses keep their cash flow under control by aggressively pursuing accounts receivable...
That’s why you have to work out, as near as possible, just how much money you will really need, and when you’ll need it, before you talk to anyone about borrowing funds for your bus
There are basically four ways of slicing and dicing information to assess profitability. Some ways do it much better than others. 1. The total amount a customer spends. This
...ire a new customer than it is to retain an old one. Existing customers send a constant flow of information to businesses that can be turned to advantage in retaining them. Furthermore, if a bu...
This ability is based largely on their experience and on a set of values or standards that should be applied to every business idea before going ahead with it. This system of evaluating business
When they’re on the premises There’s one thing that customers dislike more than anything else – employees who are busily conversing with each other and just ignore them. This
...onsider the advantages of producing them through a partnering arrangement. Production cost is shared and both businesses get noticed– in partnership both parties come out ahead. Any kind of busi...
Not a very good one, and there’s a reason for this. Bob’s larger competitors, firms like Halifax Property Services, have leveraged their position over the years through advertising
...in the process of setting up. What is a niche market? A niche market is a group of people or businesses that can be described as: Sharing the same interests and requirements Having a...
...s before going ahead. Grow where you are…or get moving Carefully examine your present situation. Some businesses are overlooking the potential that’s literally knocking on their doors si...
...;Brent & Croft Watch Repairs’ says a lot more than just ‘Brent & Croft’. For retail businesses If you get the same question from customers over and over maybe you can put the...
.... A firm with too many products nearing the end of their life cycle has a serious problem. Businesses need to conduct regular reviews of their existing products to identify those ne...
...petition, or be used to reduce a dependence on domestic markets that are being oversupplied. Many small businesses have the potential to become exporters but shy away from doing anything about i...
Prepare a clear definition of the industry you want to represent, whether it’s a broad one such as ‘retailing’, or very specific, such as ‘manufacturing food colourings’.
...nk about who might be prospective customers Perform a simple analysis of your present customer base. Are they businesses or individuals? What do they buy? Why do they buy from you? How do you reach th...
... Also delaying too long may demonstrate acceptance of wrongdoing, which may inhibit taking action later. All businesses with employees are well advised to have written disciplinary procedures. If you...
...ers of the team. Whenever possible, involve your team in the design of systems and the defining of the businesses’ goals. This will give them a feeling of participation in decision making...
Few businesses are incapable of providing some sort of in-house training to improve skill levels and the improvements in performance that result makes it a highly cost effective investment. A typi
Teams don’t just happen. They’re built by forward-thinking managers who recognize the value of teamwork and actively set up the right conditions for it to flourish. In fact it takes real p
...it also means they have to spend time writing it up back in the office at some stage. This is partly why most businesses ask their salespeople to do a lot more than just prospect and sell. They’...
...es and you’ll get the figure. And don’t count any owners of the business in the total. In smaller businesses it’s probably best to take the average turnover rate over the past three ...
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