All posts in February 2018

Business Planning – Things To Consider

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A business plan is a very essential component for an starting or already existing business. At times business planning can be time consuming and at times costly especially when a business has to hire a business professional to carry out the procedure on its behalf. There are two main business planning considerations. One a business doing the planning on its own and second a business hiring a business consultancy. Now one can decide to carry out personal business procedures but before then one may be required to taking business planning lessons for one to come up with workable, productive and effective business plan. Again one may need to know a business plan in and out to make the business planning a success. All the business planning fundamentals and processes involved.

It is important to a business entrepreneur or business to understand many business plans starts from actual plan writing. The goals and achievements of the business have to be clearly spelled out and the actual carrying out of the business plan especially taking the first step is one of the most crucial and at times hard tasks in implementing a business plan. Personal business planning is recommended for small businesses that are not able to afford fees for hiring a professional business planner.

Here are essential tips that will enable you come up with a workable and achievable business planning. First it is important to first note that the business’ objectives, goals and the time that will be used are very essential in business planning. Patience is required as it may take time before a business plan’s fruits are acquired. Secondly it is of essence to develop both short term and long term goals. The short times goals can be used in achieving the long time goals. Then next one may be required to create a written plan. The written plan will help you in accomplishing the stated goals and objectives. The initial stages may not as perfect and trying editing at the initial stages may not be such a good idea. Leave the editing and structuring bit to the final business plan drafts. Finally is the implementation of the drafted business plan.

Now if a company or business is able to afford the fees, then it is much better to consider hiring a business planning consultancy than do it on its own. The following are reasons as to why one may consider hiring a professional business planner or consultancy. First when a company hires a person to undertake business planning it will reduce the time that will be used in coming up with the business plan. The time will reduced as many of the business consultancy are familiar with the business planning structures and procedures. The faster the plan is completed the better it will be for the business owners or investors.

Free Business Plan Templates

Secondly use of professional help will ensure that a plan attains a professional outset which investors will look at without much questions or undoings. Again outside professionals will ensure that the business plan contains the business’ expectations and projects that are not emotional attached. Having said so it is important that a business owner ensures that the hired professional in the business plan only includes what the business is comfortable with and that that matches the business’ objectives and goals.

A Beginners Guide To Business Intelligence Analysis

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A business cannot be run without certain skills and techniques in hand – this was the belief in earlier times. Today, the concept of running a business has come to include so much more than just skills; there are processes, applications, technologies, and different practices that enhance decision making. All these are put under one roof, known as Business Intelligence. Business intelligence analysis has assumed grave importance for the corporate world, considering the heavy competition afoot in all industrial sectors.

What is Data Analysis?

Now, if you are a business owner, you would need to know how your company is doing in the market, how your rivals are faring, what are the current market trends globally, and so on. All this information is to be collected and presented as data in the form of graphs, tables, and charts. Experts will draw inferences from this data. Problems can be pin-pointed and solutions worked out. Since it is not possible to handle all this manually, there are manufacturers who have come up with sophisticated Business Intelligence Systems to take over the job. And they do it commendably, though they can be expensive.

What Role does Data Analysis Play in Business Intelligence?

Where business intelligence analysis is concerned, it relates to the collection of data involving customers, trends, finances, productivity, and so on. The information is historic, current, and predictive. Of course, the professionals ensure that it is presented in an easy-to-understand way. This has to undergo analysis now; the process is detailed and very precise.

Tools Used for Business Intelligence Analysis

There are many tools that are used, but some of the common ones are:

The Finance and Budgeting tool analyses the management and control of finances. Which areas need to be focused on? How much money is required? Are there certain areas that are involved with heavy expenditure? Is that expenditure more than necessary? Once the right answers are received, it helps in balancing costs evenly, so that the business always stays on its feet and does not collapse.

Business Activity Monitoring talks about the activities taking place within the organisation. All the operations, processes, and transactions are scrutinised. This type of analysis will aid in improvement of services, as well as revenue.

Then there is Trend Analysis, which is basically about the future. Observing current trends will indicate the direction of the future. This kind of analysis even works with past performances and trends. Patterns within the data can aid in making informed decisions concerning future events.

Another aspect of Business Intelligence Analysis is Competitive Analysis. If any company is to stay afloat, it has to be one step ahead of its competitors. And this is possible if there is adequate knowledge about the rival’s strengths and weaknesses – objectives, assumptions, strategies, resources and capabilities.

The last tool is Multidimensional Analysis. With the help of this tool, data can be classified as data dimensions and data measurements. In simple terms, the data spanning over several years (could be related to anything) would be known as Multidimensional Analysis.

Business Intelligence Analysis cannot be attempted without the proper tools, for there is too much of data to be collected and analysed. Thus, Business Intelligence Systems can help in saving time, effort, and money.

Importance Of Business Consultancy Services

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The consultancy services are increasing day by day for various industries. The consultancy is a knowledge dispersion process through which any individual or a company out sources its information. The business consultancy services include updating the client and customers with the new emerging trend in their respective business. The strategy is based on market research analysis. The market research analysis includes studying the business in the global markets and the competitions for the business.

The consultancy services include provision of strategic tools for the development and expansion of the business. The business consultancy services provide the competitors an extra edge in the competitive markets. Consultancy services are the problem solving approach where the service provider focuses on solutions rather than the problems. The service in consultation with the staff and the management works on the core domain of the problem. Hence this evaluation results in diverse solutions and better decision making process. The consultancy services works on the risks assessments and provides appropriate measure to avoid risks and to handle risks if encountered.

The consultancy services are well known for their planning strategy on the basis of the resource allocation, scheduling of the various projects and termination of the project. The consultancy services evaluate the various projects in terms of their life cycle and utilization of resources and providing high quality outputs to the organization. For an effective functioning of any organization it requires effective and strategic policies based on the proper evaluation of the business. The consultancy services provide an effective medium to review these strategies and policies of the business. The company is assured the desired results by the predictions through such consultancy services. The services provider works as a research analyst in reviewing the pros and cons of the business.

The business is not only measured on the sales and pricing strategy but also on the impact it creates in the minds of its customers. The surveys include the reviews on the operations of the business. It also requires the effective use of the human resources. The key to any business is its financial growth and stability. The consultancy services are beneficial in providing this business reviews. The policy also includes the measure of the business plans. The business is evaluated by the professional who are engaged in these consultancy firms. These are mostly the management graduates who work on the various policies of running a business effectively. Consultancy services aims at securing the place for the business in the competitive global market place. Hence a company must select an appropriate consultancy firm as the policies suggested may play a prominent role in shaping the business. For the evaluation criteria the company must review the past success of such consultancy services and the key clients of such services. This assures the company about the service providers. This also helps in establishing trust and faith about the service provider. Hence a company must select its consultancy services based on its objectives and the services including value added services provided by the service provider.

Start A Gourmet Popcorn Business At Home!

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Why start a Gourmet Popcorn Business? Its one of the few businesses that can be started with a small investment and can bring big returns.

Starting a your own popcorn business has many advantages.

You can work from home.
You can work part time or full time.
You can keep your full time job.
You choose how you want to sell your Gourmet popcorn products.
You can start out small.
You dont need any inventory to start.
It allows you freedom.
You may have more tax breaks.

Now is a great time to start your own popcorn business. There are many different ways to market popcorn you are selling. You can work county and state fairs with a kettle corn pot or with a mobile popcorn cart or in a concession trailer selling fresh popcorn and popcorn balls. Maybe you prefer to market your own brand of gourmet popcorn flavors to sell over the Internet or in local stores. If your a people person you may wish to sell to the crowds at ballgames, fairs or carnivals.

Many online popcorn companies drop-ship the product for you. This is an ideal way to operate a Gourmet popcorn business without having to stock products or make your own popcorn.

You can keep working your regular job and operate your Gourmet Popcorn business at home. When you are ready you can take your business full time.

When you buy popcorn at a ballpark, fair grounds, amusement park or a mall? Have you noticed the volume of people and the amount of sales? Have you ever wondered how great their business is?

It is a very profitable business. You can make a 80-90% profit margin!

Now think back to how much you paid for a bag of some fresh cheddar cheese popcorn or caramel corn. Calculate the cost of popcorn kernels, popping oil, some caramel glaze or cheese powder. It’s clear to see that there are serious profits being made.

If this is such a Great business, why isn’t everybody doing it?
The people in the Popcorn industry DON’T want you to know!

What you need to get started is a successful business formula. This formula should include a compilation of tools, resources, research and materials that have been used for starting a popcorn business through the years. The following contents for the gourmet popcorn business success formula are:

Business Planning
Financial Planning
Marketing
Wholesale Supplier
Gourmet Popcorn Recipes
Software
Tools & Materials

The business planning package gives you the foundation and direction to start your new business. It should include a business start up check list, a self evaluation checklist, a business template and a retail planning book.

The financial planning package shows you how to write loan proposal that you can use to obtain a loan. The marketing package will help you present yourself as a professional business owner right after starting your new popcorn business.

A wholesale supplier package will give you a list of good reliable popcorn suppliers to work with. The Gourmet popcorn recipes package will give you at least 100 great gourmet popcorn recipes. You can ad your own recipes too!

A software package will give you inventory management software. This helps you manage your popcorn inventory and track your sales and profits. You will need graphics software for your ads and website.

The tools and materials package will give you some guides, checklists and formula information you will need to keep your business on track.

Before starting out, talk to a qualified tax or legal professional to help you with any tax laws or business questions.

Choosing Great Painting Business Names

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A good business name is necessary to help you to build a strong brand and market your services successfully. A strong brand will give your business an identity in the market place, help you to make a good first impression on people and help to build a positive reputation among customers in the long run.

Below we have set out a number of tips and ideas for you to consider as you proceed to think suitable painting company names.

Don’t Limit Future Opportunities

Effective business names give potential customers a clear message about what products or services a company offers. This is one sensible approach but it is important not to pigeon hole your business too much as you may want to change direction, sell the business or introduce new services at a later date. Your name should indicate what you do while still being general enough to offer flexibility.

By all means include the word ‘painting’ in your name, but don’t be too specific about the market that you are targeting or the exact services that you offer. If you feel that you will branch out into other areas in the future then the word ‘contractor’ may be more suitable.

You should also think twice before including the owners name in the business name. This can offer a nice personal touch and give customers the impression that they are dealing with somebody who has a good reputation. However, this approach can make it hard for you to sell your business if you want to do so at some point in the future.

Including the name of the area or region where you are doing business is also an option that usually works well. However, if you ever want to offer services outside of this zone then such a name can become irrelevant or confusing.

Memorable and Unique

A great name for a business is one that can be easily remembered. People should be able to recall it after hearing it only once or twice and they should be able to pronounce it correctly. Once you have a short list you can run some tests on family and friends. See which ones they were able to hear clearly over the phone and which ones they were able to remember a week later. If you can think of a name that will stick in peoples minds then you will really have their attention.

A great name should be unique and professional at the same time. If you look in The Yellow Pages or online you will find plenty of clever, catchy and creative painting business names. While names that are funny can sometimes get more attention, you may find that some sectors of the market don’t relate to them, misunderstand them or even find them offensive. The best choice is often to go with a more conservative sounding name. This will come across as being much more professional and appeal to a wider market.

Originality and Usage Rights

While you can look to other industries for inspiration, dont imitate the names of other local businesses too closely or you will risk confusing consumers. You need something that is truly original if you want your business to stand out.

Make sure that no other companies are already using the name that you would like to use. Search The Yellow Pages, the Internet and the database at your county clerks office to make sure that you dont infringe on the intellectual property of other companies or individuals.

Domain Name Registration

Check that there is a suitable domain name available and register it at the same time as you finalize your business name. You will need to get a website up at some time and it is nice to have a domain that matches your name.

Preferential Listings

Many people name their business ‘A Plus Painting’ or something similar because they want to be among the first listings in The Yellow Pages. This is becoming less important these days though as popular search engines on the Internet don’t display search results alphabetically.

Acronyms

Give some thought to acronyms. If done right they can be an easy way for customers and business associates to refer to your business by using the first letter of each word. Just make sure that you stay away from embarrassing or weird acronyms.

Expert Advice

Many people underestimate the importance of a business name. It is one of the elements that will help your company to win the hearts and minds of the marketplace over many years. Some smart entrepreneurs are now starting to hire naming experts to help them make this crucial decision. While it is unlikely that a small painting startup would go to such expense it wouldn’t hurt to run your ideas past someone with a decent level of experience in business.

Avoid a Name Change at All Costs

Sometimes it becomes necessary for businesses to change their names because they have become old fashioned or irrelevant. This may become necessary for you at some point in the future but you should do your best to avoid this. The costs associated with such a change can be extensive so your selection should be able to stand the test of time.

A Name That You Like

Above all, you, as the owner of a painting business have to have a name that you like. There is no point in using a name that sounds embarrassing or makes you cringe every time you say it. Your business name should inspire you and make you feel proud to be a painting contractor.

Dont treat the selection of your painting company name too lightly. Give this important decision the time that it deserves and come up with something that can carry your painting business forward to future success.