The Importance of Pricing Analysis

At a very basic level, pricing strategies are used by people to assign market prices to their products and services. Your run-of-the-mill standard academic style business education will expose you to pricing strategies like market penetration, premium pricing, skimming, bundle pricing, etc. These topics are not mind-blowing, but the conceptual importance of them is substantial…

At a very basic level, pricing strategies are used by people to assign market prices to their products and services. Your run-of-the-mill standard academic style business education will expose you to pricing strategies like market penetration, premium pricing, skimming, bundle pricing, etc. These topics are not mind-blowing, but the conceptual importance of them is substantial in business.

Two things small businesses may commonly overlook when setting pricing is their products' price elasticity and competitive position of their products in the market. Small oversights in pricing can lead to significant unnecessarily lost profitability.

Here's An Example:

Consider a fictional mom-and-pop business, Edith's Bakery (EB), that sells an average of 600 pastry products to public / corporate buyers per day averaging at $ 10 / dozen or $ 0.83 / unit. EB is only open 6-7 hours / day until they sell out all of their products, and they are only closed on 10 federal holidays. That's $ 177,500 / year in revenue.

Now let's say they priced a single unit at $ 0.94 with their volume sales discounts also proportionally priced with their competition. This is below the price / unit at both Dunkin 'Donuts chain stores and a better known Minnesota bakery located in Cold Spring, both priced at $ 0.99 / unit (rough estimation based on said company websites). If these two companies are EB's major competitors and EB's pricing plan is to undercut their competition to be competitive, they are probably throwing away money.

Why?

EB is $ 0.05 / unit below nearby competitors, more than 5% lower than the competition.
Food products tend to have an inelastic demand, so they should not expect the volume purchased to drop much if they are quickly raised prices.
Their loyal customers are highly unlikely to leave if they stay below competitor's prices. Price sensitive consumers are also illegally to leave as long as they do not raise pricing by more than $ 0.03- $ 0.04.

So How Does This All Work Out?

If EB raised their price / unit by $ 0.03 as well as proportionally increasing all of their volume discounted business, they now make an additional $ 6,390 / year. That's a 3.6% increase of revenue / year! Yet they'd still be under their competition by more than 2% in price.

Unless there is a very slight increase in hours worked (if their demand lessens), they have no additional significant expenses. A significant portion, if not all of the $ 6,390 will drop straight down their P / L sheet as gross profit.

If EB has a gross margin of 50%, they would have had $ 88,750 in gross profit. When $ 5,000 of the aforementioned $ 6,390 is added directly as gross profit they just increased their gross margin by roughly 5.6%. That's the approximate difference in gross margin reported between Walmart and Target each year.

Pricing analysis is one of the more important tools that is overlooked or missing in many businesses, but especially in small businesses who do not have the resources to pursue it. Do not let your organization fall victim to this.

Construction Management: Planning And Scheduling

Construction management is a broad term that deals with various key steps in a construction project. Scheduling, for instance, is a management tool that helps leaders make informed decisions about different activities on a site. We often use terms planning and scheduling interchangeably. However, there is a noticeable difference between these two components. Planning is…

Construction management is a broad term that deals with various key steps in a construction project. Scheduling, for instance, is a management tool that helps leaders make informed decisions about different activities on a site. We often use terms planning and scheduling interchangeably. However, there is a noticeable difference between these two components.

Planning is a general term that refers to a roadmap, a clear path that should be followed in order to complete a project successfully. In construction management, planning is about breaking down a project into identifiable, identifiable, and measurable activities. The next step is to establish the logical interdependencies among these activities. The planning stage typically deals with the following three questions:

  • What is going to be done?
  • How are things going to be done?
  • Who will be completing various activities?
  • What will be the expected cost?

Construction projects involve many technical factors that should be given due attention. Only specialized project managers can carry out a project efficiently. A construction task may involve a number of stakeholders with varying priorities and interests. For instance, plans can exist at different levels: short-term construction plans, long-term construction plans, pre-tender plans, corporate strategic plans, etc. All these plans deal with the following four major steps:

  • Dividing the work into various activities
  • Defining the sequence by which all the activities should be carried out
  • Activities representation
  • Making rational estimates of resources, time, cost, etc.

Every project is different in nature. It is possible that a single person can handle a simple project which only involves few defined activities. However, most of the construction projects are complicated; managers have to define and organize thousands of activities. The more complex a project, the greater the number of activities. Sometimes it becomes humanly impossible to handle thousands of activities without software capabilities.

When a project manager has to deal with numerous activities, it is recommended to develop a communication platform where all the quakeholders can easily access information and develop an understanding through the various construction stages. Work breakdown structure (WBS) is a common example of how a large plan can be effectively organized.

How do we carry out scheduling in a construction project? There are many techniques and methods to conduct scheduling. Some of them are task matrix, network diagram, and line-of-balance scheduling. Matrix scheduling is a simple way of handling small projects. Other techniques are designed to handle complex tasks and activities.

It is recommended to have a reputable third-party project management service on board in order to complete complex projects with great efficiency.

How To Double Your Income in 2018

I am about to share with you an indisputable action plan that will dramatically increase your income if you have the courage to make it happen. But first, The question must be asked, “Why is it that some people make $ 5000.00 a day and other people only make $ 250.00 a day. (Or less)…

I am about to share with you an indisputable action plan that will dramatically increase your income if you have the courage to make it happen.

But first, The question must be asked, “Why is it that some people make $ 5000.00 a day and other people only make $ 250.00 a day. (Or less)

Is it because they are more intelligent?
Maybe it is because they are better looking?
Perhaps it is because of the people they know?

While they may have a small contribution to someone being successful, the truth is that you can be the most intelligent, good looking individual that knows lots of people, and yet still struggle through life.

Consider this. Have you ever seen someone that you know is dumber than you become far more successful than you? (c'mon, you can admit it, no one is watching.)

So, how have they increased their income?

They simply know something you do not know, and they are doing what you are not doing.

They may not have realized it, but they have understood this formula.

And, most importantly, they got serious about changing their situation.

Let me explain.

If someone has a problem, they are willing to pay for a solution.

Let me give you some example of what I mean.

Imagine that a business owner wants to improve the results they want to achieve in their business, and, despite their best efforts, they have not worked out how to increase profits in their business.

You then come along and prove to them beyond a shadow of a doubt that you can double the profits in their business. Do you think they would like your help?

Of course they would. All you need to do is remove doubt and risk from their decision, and they would welcome you with open arms.

And if you helped them make an extra $ 500,000.00 in their business do you think they would be happy to give you $ 50,000.00 (probably more) in return for your help? Of course they would.

Now, what has allowed you to make this $ 50,000.00 without having to own a business or employ lots of staff?

Knowledge.

You simply knew how to solve a problem that your client did not.

What I have shown you is an example of applying the problem, solution formula.

So, how does this help you double your income?

Action Plan:

Work out what problems there are in the market place that people are willing to pay for the solutions to and set about gaining (and implementing) the knowledge.

I have helped horse trainers, single mothers, engineers, labourers and many other people from all walks of life double their income very quickly by teaching them how to become highly paid business consultants.

If you would like to see how they achieved this register for my Discovery Webinar and I will show you how it is possible to generate a Six, even a Seven figure income by becoming a business consultant.

7 Neighborhood Business Posting Destinations You Should Assert Now

Discovering time to refresh or make your online business postings can some of the time be a test. In any case, once you assert your posting, you can control which data and pictures have appeared on these destinations about your business, which is absolutely justified regardless of the exertion. As a rule, you may as…

Discovering time to refresh or make your online business postings can some of the time be a test. In any case, once you assert your posting, you can control which data and pictures have appeared on these destinations about your business, which is absolutely justified regardless of the exertion.

As a rule, you may as of now have a posting, so it's simply a question of guaranteeing the page for your business. What's the distinction amongst refreshing and asserting? Refreshing means you've made a record and simply need to add new data to the page. Guarantee implies that a page for your business exists, although you may not have made or set it up. For this situation, you'll have to demonstrate it's your business before you can change any data.

There are a few locales your business could be recorded on, so how would you pick the best? Simple! Begin with these seven:

The 7 business posting locales you should claim and refresh at the present time

Google My Business

Google My Business, in its own particular words, “interfaces you specifically with clients, regardless of whether they're searching for you on Search, Maps or Google+.”

The most effective method to guarantee or alter your business posting: Click the “Get on Google” anyplace on the page, sign in to your Google account, and take after the means to add your business data to Google.

Yelp for Business

As indicated by Yelp, “A great many individuals visit Yelp each month to discover awesome nearby businesses.

The most effective method to guarantee or alter your business posting: Click here to scan for your business. A chance that it exists, you'll see two alternatives: a Claim catch or an already claimed to connect. Tap the choice you see and either sign in or set up a record to alter it.

Business directory

As indicated by Yellow Pages, they “will not just get you on the web, yet can likewise enable you to get discovered, drive leads and extend your scope.”

Instructions to assert or alter your business posting: Click here to experience the means for refreshing your business points of interest.

Yahoo Local

As per Yahoo, they are “a far reaching business index finish with appraisals and audits, maps, occasions and that's only the tip of the iceberg.”

Instructions to assert or alter your business posting: Scroll down this page to “Attempt Local Basic Listing for nothing” and snap “Join.” Then, refresh your business contact data including address, telephone number and URL. You do not have to pay for this administration.

Bing Places for Business

As indicated by Bing, “Places for Business is a Bing entry that empowers business proprietors to include a posting for their business on Bing.”

Step by step instructions to guarantee or alter your business posting: Chances are, Bing as of now has postings for your Trade. Snap here to guarantee them.

Foursquare for Business

As indicated by Foursquare, “More than 50 million individuals utilize Foursquare to find incredible businesses and offer what they adore about them with others. Join the about 2 million businesses who are as of now exploiting Foursquare to join the discussion and develop their business.”

Facebook for Business

As indicated by Facebook, it “can enable you to contact every one of the general population who matters most to your Trade.”

The most effective method to guarantee or alter your business posting: If you have to assert your Business Page , click here; require agreeing to accept a business page, click here.

Instructions to guarantee or alter your business posting: Start via hunting down your business, at that point select your posting. A chance that you do not see your business, tap the connection at the base of the page to include it. Snap here to deal with your posting.

Bear in mind to incorporate this data on each posting:

Be set up to round out the accompanying data, and keep it predictable on each site. Consistency helps your SEO (site design improvement) endeavors.

  • Business name
  • Address (city, state, zip)
  • Fundamental telephone number
  • Site
  • Business hours
  • A depiction of your business, least 250 characters.
  • Trade classifications
  • Logo and pictures

Keep a report of each posting so you can copy it precisely. Frequently keep an eye on your postings and refresh your data, in any event once like clockwork. Remember to keep pictures of your business presence and convincing to attract prospects and clients.

Reward Tip! In case you're a physical business, urge individuals to “check in” and compose a survey by showing a sign in your business window that expresses the locations in which you're recorded. A few businesses additionally offer clients who check in a unique blessing or advancement for doing as such, yet it's a bit much. Never offer blessings or pay for composing a survey.

What Makes Your App Number 1 in the App Stores

This article talks about the best ideas for an app development and the popular myths of development of a million dollar application. Idea is everything! While this conventional wisdom is true in every single business aspect, you too need to know that some best idea coupled with radiant features can get you the next No.1…

This article talks about the best ideas for an app development and the popular myths of development of a million dollar application. Idea is everything! While this conventional wisdom is true in every single business aspect, you too need to know that some best idea coupled with radiant features can get you the next No.1 mobile app. All you need is to get that idea turned into a reality deploying the best development practices seeking help from a trusted partner.

So, to get you going for a million dollar app that will rule the app stores, here are some quirk ideas and strategies.

High-quality app

This is obvious but still worth mentioning. App stores are like a usual marketplace where shops with only great products can draw maximum visitors. To earn interests of the mobile users, what you primarily need is a great looking as well as a high-quality app. To get the seal of approval from the authorized stores like Google Play Store and Apple App Store, make your application great with a promising purpose and compelling features.

Making the app universal

The other way to show that your app dedicatedly offers flawless experience to the users is making it work on all mobile platforms: iOS 0r Android and on all devices. Make it universal as universal apps are aligned with the specific business models of Apple and Android. This signals that your app seeks to develop a friendly relationship with users from all groups and hence earn recognition in the store quickly.

Using the latest or trending features

Think about the features that will make your app appealing at the first situation and let you grab major attention from the audiences. One simple way to stand out from the rest is incorporating the technologies which are currently making the rounds. Right now, some trending features for mobile app space are 3D touch, AR, AI or chatbots, cloud storage, wearables, IoT, etc.

Put up opportunities for the users to give ratings and reviews

Getting more positive reviews and ratings in the app stores will drive more users to your app and boost downloads. But, how to get more positive ratings and reviews rolling for your app? Make use of push messages after 5 to 10 sessions at the right point, ie after checkout or goal completion. It prompts the users to rate and review and with enough of positive reviews, app store algorithms will push your application to the top results.

Localization is the key

The only way to get your app noticed to a larger audience is making it more niche. Thus, you need to localize and make it accessible to users beyond the national borders. Localization gives some supreme advantages by making your app a global phenomenon and thus increases the value of the app to customers.

No matter how much you or your development partner have worked hard for a well-designed and businesslike app, if you do not bring some unbeatable features with a driving idea, it is not going to get any recognition in the app stores. However, following these inherent ways will definitely put you on the success road and let your application ride on the charts of popularity.

Three Ultimate Keys for a Successful Business

Money can not buy us happiness, nor poverty can. So it's crucial to earn money even if you are not inclined towards being a rich person. As grown-ups, we all think to make money. Some opt for jobs, while rest try to do business. Jobs are easier, have fixed monthly income with prefefined office timings.…

Money can not buy us happiness, nor poverty can. So it's crucial to earn money even if you are not inclined towards being a rich person. As grown-ups, we all think to make money. Some opt for jobs, while rest try to do business. Jobs are easier, have fixed monthly income with prefefined office timings. No heads as such. So why people turn towards doing business?

Broadly there are two categories of people who start a business viz.

  • Not interested in doing job
  • Want to do something of their own

People of both categories initialize a start-up business at some time in their life. But, do you know that 8 out of 10 businesses fail in their first 18 months. They fail because most of the businesses are fueled mainly by money. When the money runs out, the business takes its own course and lead to failure.

Business is loosely defined as busy + ness. If you know your product and do improvements in your product, you are going in the right direction. This article deals with three basics of business, hierarchically. If you follow these basics, a successful business is guaranteed.

  1. Product
    Are you completely aware of the product you are doing the business of? Are you proud of your product? If you are one of the people who thinks that his / her employees will do all the work and he / she will enjoy the profit, then it will not work in the long run. Most of the big businesses today, started in a backyard with enthusiasts about that product. They succeeded because they loved what they were making, they were proud of what they were doing. You need to be passionate about the product you are doing the business of, and it should be something original. If you want to start a business and still do not know what to do, then find your passions and you will find the product. A good product can never be denied by a market. Everyone likes to have good things.
  2. Packaging
    A market behaves like a herd. Once a product has been seen as a garbage, it takes a huge amount of time, money and tactics to re-establish itself. Do not let your awesome product be seen as a garbage, just because it does not have a beautiful clothing. Give it your best or hire someone who can help you with that. Packaging is how you present your creation. You definitely do not want it to be seen as a garbage.
  3. Marketing
    This is the easiest part of any business. Today in the era of the internet this part has become quite easier. Almost 25% of total money for marketing of various businesses is spent on internet. Your that awesome product and its beautiful packaging will go in vain if no one knows about your product.

If you invest only money in the business, you will not last long, but if your product is genuine along with beautiful packaging and wise marketing, you can build the brand that can shine.

Success at What You Do Depends on What You Do

Persistence, drive, and motivation are three key components in reaching your goal. Nothing is achieved sitting around and thinking about it. Devise a plan, set goals for yourself and get started. No, you might not be able to get where you want to be as fast as you desire but taking consistent steps daily puts…

Persistence, drive, and motivation are three key components in reaching your goal. Nothing is achieved sitting around and thinking about it.

Devise a plan, set goals for yourself and get started. No, you might not be able to get where you want to be as fast as you desire but taking consistent steps daily puts you closer and closer to achieving what you want.

Have Faith

Stop using the words, No and Can not, yes you can and do not procrastinate!

Find something your good at and develop it. What are you passionate about? Perhaps your beginning point can be in doing what you love. Many things start off as a hobby and the next thing you know you are consistently doing it. Sometimes we have to think outside of our comfort zone. Even if someone else is doing the same thing you are doing, so what. Each person has their own unique touch and personality. Put your all in it and let your light shine through your talent.

Share what you do with others, do not be afraid to showcase your talent. Use your own jurisdiction as to how much you want to show, a little at a time is OK. Create a blog or website and let people know a little bit about you and the talents you posses. When people get to know you they become more interested in what you are doing and the get a glimpse of the person behind the product.

Remember you are the face of your brand. Bees are more attracted to honey then vinegar so put on a happy face, be friendly and welcoming. Be encouraging as well to others who might be apprehensive about stepping out on Faith to showcase their own talent and expand their horizons. As you grow to know one another and each other's talents lift each other up and encourage one another to keep pushing forward even when things might not move as fast as you like.

Be Patient

Nothing happens overnight, every thing takes time. We have to be patient and trust the process in getting ourselves organized, products stocked for selling, advertised and sold. Take pictures of your finished work. Show before and after pictures to show how you turned much of nothing into something, people like seeing others creativity.

Marketing

Name your business, have business cards printed up with your blog, website or Facebook link on it so people can find you. Make sure to put either your email address or a phone number where you can be reached in case people have questions about what you're selling. Decide what method of payments you will be accepting and be sure to list price everything and make mention if any shipping and handling charges apply. Be precise and specific when listing each item you plan to sell such as dimensions, colors, etc. Be sure to make mention of the length of time it will take for your buyer to receive your item and try to stick to that time frame. People like getting things in a punctual manner especially after they have paid for it in advance. Pack your items accordingly for safe transit to your buyer.

Keep remembering yourself that you must remain focused, persistent and determined to get where you want to be. It will be worth it in the end. Your hard work will pay off. Keep a journal of your progress. Make supply lists and wait for after holiday sales so you can get supplies at a deep discount. Most of the time you can get them from 60-80% off after the season has pass, there always more expensive when you try to purchase them in season or during that particular holiday. Remember one step at a time to success.

I wrote this article to share with others seeking entrepreneurship but I wrote it primarily for myself so that I too can stay motivated and keep in mind if first you do not succeed, try again. You never know what you can accomplish if you do not try. Stay motivated and keep your eye on the prize!

Top Two Formulas for Creating a Small Business Strategy

If you think that a business strategy is not important because you only have a small venture, then you need some serious rethinking to do. Creating a strategy is a critical task of a business owner. Even if you only have a garage-type operation or an Internet-based home enterprise, the strategic direction that you will…

If you think that a business strategy is not important because you only have a small venture, then you need some serious rethinking to do. Creating a strategy is a critical task of a business owner. Even if you only have a garage-type operation or an Internet-based home enterprise, the strategic direction that you will set for your business will determine your failure or success.

Unfortunately, most small business owners are intimidated by the word strategy. They will simply create a short-term business plan for their weekly or monthly operations. If you are following this approach, then you will have a difficult time transforming your small business into a big and highly successful corporation.

You have to remember that creating a business strategy need not be too complicated. There are simple ways of devising a strategic plan for your small venture. Here are the top two models or formulas that could help you.

The Goal-Focus Graph

Creating a strategy graph that focuses on your larger goals is the easiest and simplest way to form a strategic plan. You do not have to earn a business degree to create the goal-focus graph. In fact, you can finish creating the strategy in a few hours.

What you need to do is to get a clean sheet of bond paper. Consider this paper as a representation of your 5-year strategic plan.

The bottom edge of the paper is year zero while the top-most part is the fifth year. On the bottom part of the paper, write the current status of your business. Then you should write your five-year goal on the upper edge of the graph.

The blank space of the paper should represent the x-number of years or months and you must set concrete and quantifiable milestones for each year or month. Make sure to set the major tasks that you have to reach to reach a milestone. Once you complete the goal-focus graph, then you will now have a working business strategy which should guide you for the next five years.

Following the Kaizen Model

The Kaizen model is a Japanese invention focusing on performance and productivity. It is practically a hands-on business strategy which could have the unique culture of your enterprise. Even the global MNCs of Japan are following the Kaizen model to chalk-up more achievements.

The Kaizen business strategy is not complicated. In order to simplify your approach, you need to focus your efforts on improving two things: customer relationship and employee morale.

Your intra-corporate strategy should be centered on teamwork, quality, rewards system, discipline, and thrift. On the customer or sales side, the focus of your strategy should be customer satisfaction, giving greater value, building lasting relationships, and maintaining cordial communications.

If you apply the Kaizen principle to your small business, then you are already half-way to your success. This is a proven business strategy that promotes greater customer loyalty and harmonious relationships within the workplace.

Creating a business strategy for your small business is not difficult. You can easily create a strategy as long as your business goals and objectives are clear. Once you have created a strategy for your business, you have to apply it consciously in order to achieve greater success.

What Are You Creating Next To Grow Your Business?

Creating new things leads to growth. Whenever I talk to business owners who want to grow their business, my question is “What are you creating to make that happen?” Many times, they do not have an answer. Instead, they are just trying to do more of the same things. More meetings, more conversations, more sales,…

Creating new things leads to growth.

Whenever I talk to business owners who want to grow their business, my question is “What are you creating to make that happen?”

Many times, they do not have an answer. Instead, they are just trying to do more of the same things. More meetings, more conversations, more sales, more customers. And if things are working well, then by all means keep doing them.

But in order to improve things in a larger way, we have to innovate. And innovation means creating and trying new things.

Create New Things To Sell

Creating something new could mean a new product, or program, or package. Having something new to sell can open you up to customers who were not buying your previous offer, but might be interested in something a little different.

This often occurs with my clients who build online courses and training programs. They are able to sell the program to people who had not signed up for one-on-one services. It's a different approach, a different price point, and a different opportunity.

Having a new offer opens up conversations with people that had previously been at a dead end. It can create momentum in your business, and lead to growth in areas that did not exist before!

Create Things To Reach More People

The best way to reach more people is to create things to help you get in front of them. This is where content comes in!

What can you create to provide value and give to people? Can you send them a blog article? Offer them a free PDF download? Invite them to an event? Engage with them through a video or audio series?

Content is a hot-button word in marketing these days because it works!

It's the best way to find and reach the people who are interested in what you do. With my clients, I recommend creating 1-4 Nurturing Content pieces each month, and one Catalyst Content piece every 12-18 weeks.

Creating content is what allows you to get in front of people on a regular basis in a positive way, rather than with the same annoying sales pitch.

Creating Systems

Another thing you can create to grow your business are systems and processes. What is your process for following up with people? What is the sequence of communications? What do you provide to build a relationship and earn their trust?

Maybe you need to create a leveraged program, sales process, or customer service system. What are the pieces of the system? Once you create it, you can use it over and over again.

So it comes down to this …

If you want to be growing, then you also have to be creating. The fastest growing businesses and individuals have time built in to create things in these categories for their business.

How about you? What are you creating next to grow your business?

How Strategic Planning Software Can Help You Keep Control Of Your Strategic Plan

Strategic planning software can drastically improve the efficiency and success of a business. With opportunities to set out visual roadmaps, collaborate and track changes with your team in real-time, keeping control of your strategic plan has never been easier. The key to strategic planning is clearly setting out goals and the actions needed to achieve…

Strategic planning software can drastically improve the efficiency and success of a business. With opportunities to set out visual roadmaps, collaborate and track changes with your team in real-time, keeping control of your strategic plan has never been easier.

The key to strategic planning is clearly setting out goals and the actions needed to achieve those goals. Spreadsheets, pie charts and diagrams can all be a good way to communicate these points to your team, but, as problems arise and changes need to be made, keeping track can become difficult.

Integrating strategic planning software is one way to improve the overall process, ensuring everyone is updated from start to finish. Strategic planning software can also help prevent delays to your projects and daily activities, as issues can be identified and resolved sooner.

The Challenges of Strategic Planning

Handling a wide range of different issues with single members of various teams can prove chaotic, especially if they are positioned at different levels of the company.

For example, senior management will be focussing on overall strategy and goals, while middle managers will need more detail on tasks and actions within each strategic objective. Using strategic software can help you map out everything in a clear, concise way, ensuring all teams know exactly what's ahead including a clear line-of-sight.

Failing to prepare for changes and risks can lead to problems down the line. It can also be difficult to present these findings in a clear way when there is a lot of data to work through.

The Benefits of Using Strategic Software

Using software to plan and control your strategy not only saves on paper and protects the environment from the 100-page reports and countless of pages of analysis, it also provides a secure place to store, track and update planning strategies that everyone has access to at a click of a button.

The right software can help you present ideas, manage complex project portfolios and assess and manage risks for your team.

The Power of Visual

Most people know that diagrams, timelines and maps help people visualise a concept. Interactive roadmaps can be a fantastic visual tool to use in your team.With a visual tool, data can be structured into simple, meaning and realistic way, enabling your team to co-create, collaborate and present in an engaging and easy to understand way .

For example, in Strategic Planning Software, you can illustrate your company's external challenges by clicking Industry Outlook, allowing you to focus on individual areas, free of all other distractions. All roadmaps, data and other visual tools are automatically updated, so everyone can communicate easily and keep tabs on the overall strategy progress in real-time.

Improve your Risk Management

Assessing and measuring risk is important in any business, as, without that knowledge, issues can quickly spiral out of control. The right software will help you and your team to analyze, organize and report data instantly, enabling you to make effective decisions when needed. With good strategic planning software you can update your plan with new or actual data and then make decisions to stay the course or pivot.

When managing risk, understanding issues that will affect your plan will help you to better manage your projects, teams and overall business. By mapping out the relationships between external industry challenges and internal capabilities and opportunities, it is easier to identify problems and understand the impact.

Manage your Strategic Plan

Updating important actions and strategic objectives in one place enables you to track and monitor your progress – helping you to stay in control of your business growth plan.

Good strategic planning software lets you easily set objectives, analyze your external & internal environments, set clear actions, and enable easy tracking & monitoring giving holders an opportunity to work with real-time information. This allows you to use your planning solution as high-value business management software.

During meetings, you can present your strategic plan in a clear, engaging way to highlight metrics, timescales and potential risks in your plan. No more complicated spreadsheets!

There is also the tools in strategic planning software to see an instant overview of everyone's responsibilities, ensuring every team member is accounted for. This can improve productivity as well as highlight any underlying issues.

Painting Business Plan – 9 Tips For Creating A Killer Business Plan

The ideal “painters marketing plan” should include these following components 1.) Finding All the Painting Customers You Can Handle. If you know how to do this you got it made and you can make as much money as you want. Whether a small, 1 to 2-man painting operation or a painting company that has a…

The ideal “painters marketing plan” should include these following components

1.) Finding All the Painting Customers You Can Handle. If you know how to do this you got it made and you can make as much money as you want. Whether a small, 1 to 2-man painting operation or a painting company that has a large painting crew, you can make it happen when you know how to find customers.

2.) Knowing How To Estimate Paint Jobs – for maximum profits, this is the second power stroke that should be in a painters marketing plan. When you know how to get as close to the “threshold of pain” as you can get, (the maximum you can charge someone before price resistance kicks in) whether residential or commercial, you can MAX your profits.

3.) Customer Retention – just how much is a painting customer worth to you? When you know that, you will really do whatever it takes to hang on to them. Finding new customers is not always as easy as painting for the existing ones. If they run out of things to paint over time, how many “referrals” can they give you? Why wait 10 years for them to call you again when you can be painting for their family and friends right now?

HERE ARE 3 WAYS TO SQUEEZE MORE PAINTING BUSINESS OUT OF EACH EXISTING CUSTOMER:

4.) Go the Extra Mile – always do a great job and even do a little more to please your customers. This gets you more repeat business and gets them talking about your painting service. And “word-of-mouth” advertising also kicks in, which is the BEST form of advertising there is!

5.) Thank You Cards – sending out thank you cards after every job completed “shows professionalism” and creates more business for us house painters. Plus they see your contact info again and will put it on file for future use.

6.) Customer Rewards – reward your loyal painting customers who give you lots of repeat business and especially those who refer you to others. Surprise them with a gift card for their favorite restaurant maybe.

7.) A Painting Business Newsletter – these are considered the BEST way to stay connected to your customers. E-mail newsletters are the easiest to send out. Physical mail newsletters get better response than digital ones. Using both in tandem is a winner. The idea is to “stay connected” and never let a customer lose your contact info. That could mean losing out on a $ 10,000 job maybe or even MORE!

8.) Word-of-mouth – again, this is by far the best form of advertising. Do everything you can to get your customers buzzing about your painting company (in a good way of course) and recommending you to new painting customers. This is the number one thing a painting business owner should incorporate in their painters marketing plan. It's like having a small private army of affiliates selling your goods for you.

9.) Offer Your Painting Customers A Referral Fee. Offer them a 10% – 20% commission for any new business they get you. This could be like putting “gas on a fire” for you. I've never had to pay anyone for referrals but it's an idea I thought I would mention anyway.

How Business Succession Planning Can Protect Business Owners

What if something happens to you, and you can no longer manage your business anymore? Who will then take over your business, and will it be managed the way you want? Establishing a sound business success plan helps ensure that your business gets handed over more smoothly. Business success planning, also known as business continuity…

What if something happens to you, and you can no longer manage your business anymore? Who will then take over your business, and will it be managed the way you want?

Establishing a sound business success plan helps ensure that your business gets handed over more smoothly.

Business success planning, also known as business continuity planning, is about planning for the continuation of the business after the departure of a business owner. A clearly articulated business succession plan specifies what happens upon events such as the retirement, death or disability of the owner.

A good business succession plans typically include, but not limited to:

· Goal articulation, such as who will be authorized to own and run the business;

The business owner's retirement planning, disability planning and estate planning;

· Process articulation, such as what to transfer shares to, and how to do it, and how the transferere is to fund the transfer;

· Analyzing if existing life insurance and investments are in place to provide funds to facilitate ownership transfer. If no, how are the gaps to be filled;

· Analyzing shareholder agreements; and

· Assessing the business environment and strategy, management capabilities and shortcomings, corporate structure.

Why should business owners consider business success planning?

· The business can be transferred more smoothly as possible obstacles have been anticipated and addressed

· Income for the business owner through insurance policies, eg ongo income for disabled or critically ill business owner, or income source for family of Deceased business owner

· Reduced probability of forced liquidation of the business due to sudden death or permanent disability of business owner

For certain components of a good business succession plan to work, funding is required. Some common ways of funding a succession plan include investments, internal reserves and bank loans.

However, insurance is generally preferred as it is the most effective solution and the least expensive one compared to the other options.

Life and disability insurance on each owner ensures that some financial risk is transferred to an insurance company in the event that one of the owners passes on. The proceeds will be used to buy out the deceased owner's business share.

Owners may choose their preferred ownership of the insurance policies through any of the two arrangements, “cross-purchase agreement” or “entity-purchase agreement”.

Cross-Purchase Agreement

In a cross-purchase agreement, co-owners will buy and own a policy on each other. When an owner dies, their policy procedures would be paid out to the surviving owners, who will use the proceeds to buy the departure owner's business share at a previously agreed-on price.

However, this type of agreement has its limits. A key one is, in a business with a large number of co-owners (10 or more), it is somewhat impractical for each owner to maintain separate policies on each other. The cost of each policy may differ due to a huge disparity between owners' age, resulting in inequality.

In this instance, an entity-purchase agreement is often preferred.

Entity-Purchase Agreement

In an entity-purchase agreement, the business itself purchases a single policy on each owner, becoming both the policy owner and beneficiary. When an owner dies, the business will use the policy proceeds to buy the deceased owner's business share. All costs are absorbed by the business and equity is maintained among the co-owners.

What Happens Without a Business Succession Plan?

Your business may suffer grave consequences without a proper business succession plan in the event of an unexpected death or a permanent disability.

Without a business success plan in place, these scenarios might happen.

If the business is shared among business owners, then the remaining owners may fight over the shares of the departing business owner or over the percentage of the business.

There could also be a potential dispute between the sellers and buyers of the business. For eg, the buyer may insist on a lower price against the seller's higher price.

In the event of the permanent disability or critical illness of the business owner, the operations of the company could be affected as they might not be able to work. This could affect clients' faith, revenue and morale in the company as well.

The stream of income to the owner's family will be cut off if the business owner, being the sole breadwinner of the family, unexpectedly passes away.

Do not let all the business you have built up collapse the moment you are not there. Planning ahead with a proper business success plan before an unexpected or premature event happens can help secure your business legacy, ensuring that you and your family's future will be well taken care of.

How Can A Viral Promo Video of Your App Benefit Your Business?

Today, the mobile app industry is becoming so competitive that launching a new application and gaining attention of the users towards it is becoming really troublesome. One of the many probable reasons behind this is today, if you visit the App Store, you would find billions and millions live applications on it. Here, it is…

Today, the mobile app industry is becoming so competitive that launching a new application and gaining attention of the users towards it is becoming really troublesome. One of the many probable reasons behind this is today, if you visit the App Store, you would find billions and millions live applications on it. Here, it is easily understandable that if you are not able to make an impressive entry, it becomes hard to attract the users' attention. One of the latest trends of making your app well-known to the users is to release a promo video of it on the various social media platforms and making it viral. Wondering how this is going to help you? Read on to know more about it.

Promo Video of 30 Second

This is beyond any doubt that today, the concept of the 30-second video is pretty much popular on almost every available social media platform. You can not really deny the fact nothing leaves more impact than the visual effects. Here, making the video in that intriguing way so that it can easily grab attention of the users at the first glance is extremely cruel. Once this promo video becomes a major hit on the various social media platforms, there is a high chance that your app would get noticeable users' attention when you would launch it at the Store.

Commendatory Engagement of the Audience

The main benefit of such short and precise promo video is that it can keep the viewers glued to it until the end. Within this very short span of time, the viewers are all yours, this is the time when you can convince them that your app has that potentiality to meet the requirements of the users. The first look of the app is important. Here, it is advisable to give a comprehensive and interesting view of your app in that couple of moments that can generate the thrill among the viewers.

Aid the Search Rankings

Obviously getting an innovative mobile application for your business is a wise and profit-driven decision. However, it is not as simple as it sounds theoretically. Your work does not end with just developing the app. For the fruitful business outlet, you need to work on the search rankings as well. According to a survey report made a little while back, more than 76% of the entrepreneurs and marketers are understanding the importance of this viral video concept. Research well and understand the demands of the Search Engine and do the promotional video of the mobile app keeping those aspects in mind. This would definitely boost the search rankings of the app that you are developing.

Thus, such a promotional video of your mobile app is not only going to get attention of a vast part of the target market but would also help you to make a profitable business.

New Venture Thinking

Before diving into a new project, take the time to think about its feasibility, costs, marketability, acceptability, applicability, and definition of success. Why would you want to start a new venture, usually to make money! The structure of our society compels the generation of funds. The fungibility of money translates into the ability to accomplish…

Before diving into a new project, take the time to think about its feasibility, costs, marketability, acceptability, applicability, and definition of success. Why would you want to start a new venture, usually to make money! The structure of our society compels the generation of funds. The fungibility of money translates into the ability to accomplish goals and objectives in our daily lives.

As an example, let's assume you wish to create a website to deliver Forex services. Forex stands for foreign exchange; it's an accessible medium for trading currencies for many traders. Low cost of entry, easy access to leverage along with twenty-four hours of operation six days a week, makes this an attractive alternative to traditional trading methods such as stocks and bonds. Services in our example will be information products, some you will create yourself, and others that you will resale.

Feasibility

Is the project feasible, can it be done, with your resources? Can a Forex website bring in enough money to pay for itself plus profits? Feasibility does indeed seem possible due to a large number of Forex websites in existence. Many sites do not select proof, conduct additional research to consider how profitable. What new angle can you bring to the world? Maybe your niche will be accepting cryptocurrency for all transactions?

Costs

When we ponder costs, do not forget about the opportunity costs along with the expenses. Can you think of something better to do with your time? Most likely you will develop new capabilities, will you be building transferable skills? Creating a website involves some technical skills that you could learn if so inclined, it is possible to outsource some tasks. Again we see the old saw; you are going to pay either time or money. Take an accounting of what it will cost you to get resalable products and or what you will need to make your own.

Are you able to sustain the venture without undue hardship? A pro forma sheet can be helpful when planning future business expenses. Keep a keen eye on possible costs and hidden liabilities. Regulations and laws are ripe with surprises for new enterprises, thoroughly research any planned expansion such as hiring employees. The amount of red tape that you have to deal with may not exceed the benefits you will receive. The goal is to eliminate unexpected obligations. There will, of course, be unforeseen events; navigatable best by the person who is best prepared to deal with the issues that are predictable.

Marketability

A website can not be profitable solely because it exists, think about what value a site can bring to your potential customers. The more goodness you can give to people the more capital you can make. Do you think that the products that you offer are valuable? It is nigh impossible to sell something that you do not believe has value.

Now is the time to think about your marketing strategy? How will you attract customers? There are many methods available from, email lists, search engine optimization, advertising, blogging, joint-ventures, affiliates, cold calling, farming, word of mouth, and many others. Pick a combination of methods that agree with your marketing budget. You will pay with time or money so select your mix, make a plan and be ready to take action.

Acceptability

“Acceptance” by Bernard Goldbach is licensed under CC BY 2.0Would you be comfortable telling someone you respect that you are involved with your project? Respect is difficult to earn and easy to lose. Consider the effect your actions will have on your reputation, hiding behind a facade will not ease your soul. Just, do the correct and professional thing every time. When you know deep down that you have given it the appropriate amount of effort, rest easy. Forex websites are ripe with charlatans and hucksters, think of ways to combat the initial negative impressions that some may have of your business. Do you have the force of will to stand up to criticism?

Applicability

Do you have or can you learn the right skillset to be successful at what you wish to accomplish? Do you even like what you plan to do? If you are doing it purely for the money then good luck. Working on something you dread does not lead to long-term happiness, no matter how much dinero you make.

Do you currently trade in the Forex market, would you use the products that you are trying to sell? Have you got the coding skills to develop trading robots? Are you an exceptional organizer who can outsource everything and keep tabs on how your operation is running? Find out how to use your strengths to your advantage and figure out how to outsource your weaknesses, over time you may be able to gain additional capabilities, but at the sunset of your business make plans for mitigating what you lack. It may be possible to take on a partner who is strong where you are weak.

Success

What does success mean to you? Ah, we all want to have a success, but without it is defined unambiguously, we can never reach it. Success is not some general feeling of doing well; success is a goal achieved. So be sure to specify your goals concretely so that you can measure your achievements. In the case of our Forex website success could be defined successfully with each goal being more demanding than the previous. Initially, the goal could be that the website recoups all the monetary expenses invested in the operation. Next, you could want to value your time at a particular rate say, one hundred bucks an hour? Tracking your time versus income minus investment would reveal the hourly rate that your site is paying you.

Conclusion

Should you start your venture or lay it aside. Taking time for it to fester in your brain is not a wasteful activity. Creativity flourishes when your mind is at rest, so after thinking about your new adventure for some time let your subconscious stay on it for a while. Ultimately, you could decide that what you planned to do is not feasible, and that would be a good thing, you would then know what you do not want to do, along with some skills on how to think about what you may want to do in the future. The information and research conducted will reside in your subconscious and may unexpectedly prove useful when your creativity demands it.

Can Technology Empower Autocracy?

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency.” The second is that automation applied to an inefficient operation will magnify the inefficiency. ” Bill Gates Technocrats have become highly reverified opinion leaders of today. Furthermore, the news of Mark Zuckerberg planning…

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency.” The second is that automation applied to an inefficient operation will magnify the inefficiency. ”
Bill Gates

Technocrats have become highly reverified opinion leaders of today. Furthermore, the news of Mark Zuckerberg planning to run for Presidency has clearly consolidated this notice. Having said that we can only assume that they would be equipped with moral, ethical and social responsibility in order to promote the new wave. However, if they (new age politicians) proceed without these mandates to uplift the lagging population- then the disparity that will be created will have catastrophic consequences, much because they are not experienced in this direction. There is no mincing of words that change is imperative- and if not welcomed, it forces its way out but what needs to be understood is that change in an unadjusted direction can spell disaster if it does not fill the gaps- both in present and future. In order to seek trafficking, the prevailing scenario must be controlled and fixed to inculcate the change. So before we take a leap of faith in terms of technocracy, we need to study that it should not further consolidate the nightmare of autocracy in shadows of automation and tech.

It can be an unreprehensible error. The reason being that automation- the word itself is embedded in autocracy. Auto-ism may be a word unheard, yet the conscientious task that distribution, allocation and delegation accomplishes can not be implied in a comprehensive setting. The entire technological progress and the extraordinary advancement it has brought to the society must not face a dead end. Technocrats are having an increasingly strong role in governmental decisions for three reasons. First off, they have intense influence that they exert and display in the administrative divisions. Second, their profits also make them the leader in their related industries. Last but not least- from the legislative point of view; the government structure is lagging far behind in terms of connecting with technocratic circle- let alone creating checks and measures for quality compliance. Here, they sit in a blind spot.

The devoid that has been created is exceptional yet intangible. The profits that they are churning are real while their offers are virtual. In other words, today a song costs $ 1, where as a CD with 10 songs now costs less. So in comparison they create their own competitive matrix even within their companies. For eg Apple's iTunes music store and Apple Music are now in direct competition. Who will buy the songs when they are connected on an online radio 24X7. But even then in direct contrast we can see that the songs that were once sold are now played in cents. Why download and fill up your device? There is no need to purchase music in this wired world. But such is the self antagonizing pattern of technology- when it becomes aloof or over ambitious; it gets tackled on its own. Through the waves of fascism and fanaticism- now we face the controversies of autocracy through automation. This is not about anyone but against everybody. Such is the inherent nature of automation- it can be against autocracy if used with vision. Otherwise, itself- it can become the strongest tool for autocracy. It is hidden, it is invisible, it is intuitive, it is a silent scream that nobody hears but everyone bears and fears. This cost- if undeal can divide.