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Category Archives: Business

Organizational Skills In Business

Being organized in a business environment are necessary for multi-tasking and for a business to run efficiently and successfully. Employers want to hire people who can give results on a day to day basis even when unexpected problems or complications arise. Workers with organizational skills can setup their schedule, boost production, and formulate tasks that must be achieved opposed to those that can be deferred, substituted, or terminated.

• Give the employee a sense of protection and individuality

• Allows employees the ability to complete tasks faster

• Allows Employees to have more fun at the workplace

• Lead to a more peaceful and collected work environment

Organizational skills are skills that can be structured through thoughts and tasks. When you have this type of skill you can complete a task more thoroughly and quickly. When your employer gives you a task to complete with a deadline, you will be able to do this with no problem.

Inner and outer organizational skills

Organizational skills are more than just keeping your work area clean and organized. Employees with good organizational skills can keep cool when pressure mounts. Projects are usually centered around a fixed timeline, and having the ability to organize a task into smaller jobs and objectives can be an efficient and effective way to accomplish them. In addition, employers look for employees who can arrange and assign these smaller tasks to themselves and other employees to be able to remain on task and on schedule while preserving work and life balance.
Along with communication skills, and computer skills, organizational skills are also one of the most flexible skills a worker can possess.

Organizational skills may include the following:

• Effective communication is necessary to come to a mutual understanding between employee and employer of the tasks that are to be performed. Organization communication can help a business flow efficiently and effectively.

• Delegating tasks make an employee feel like they are contributing to the business and it also makes them feel good. This will allow for a comfortable work-friendly environment.

Signage in Startup Business

Function

The most important function of a sign is that they act as your salesperson silently. The sign will draw attention to the business. You will see more customers coming in. the signs will also help one to differentiate the business from the others. Signs are a link between a business and its customers.

Types

There are several types of signs found. Some are ground mounted that can be placed in the exteriors. They can be of various shapes and sizes. They are placed beside the road to attract the attention of the passerby. They are useful in the places where more people visit the place.

Importance

Signs guard the marketing strategy of any business. So, put up the logo of your company. This will surely help to grow the brand value. They can promote your business or convey necessary information to the audiences. As the signage will be visible all day and night long they will give you continued results. They can be used both for on-premises and off-premises usage. They always pass a message to the passerby in a quick and effective way.

How to Create an Effective Signage?

There are many signage that we come across every day. Some catch our attention while others do not. The reason behind it is that there might be something lacking that fails to attract the attention. So, to make your one attention grabbing put the relevant points highlighted and in precise words. Use relevant images to your business. Make sure that you place them in a position that comes to the view of the passerby.

Guide to Business Analytics

This describes the current state of a company by tracking key metrics and determines trends from the current dataset.The aim of this type of analytics to determine what has happened.

it provides primary data processing method to proceed further.
It also analyses how the data looks like currently and identifies future behavior.

For ex. a location bar chart for a travel company which wants to target customers by location.

It is the most important and advanced analytics which creates models for the prediction of a particular event or performance of a particular product by using historical and current data sets.

it is generally an area of data scientist and data analysts who build predictive data models using the advanced algorithm, regression analysis, time series analysis, decision tree.

It has become more important with big data and financial companies have been the prominent user of it, to determine events before they occur.

Example: Multiple regression is used to show the relationship (or lack of relationship) between age, weight, and exercise on diet food sales.

It determines the best solution for a particular problem when the different set of solutions are presented.

It also provides decision options by processing new data to improve the accuracy of predictions and decision options.It is the mix of data science and management science which provides the best route possible for a particular path.

Example: A sports store has a limited marketing budget to target customers.

It provides insights into the key decisions of the company in various domains which help the company to gain an advantage over its competitor.

• It leverages the analytics to generate more profit for the company and improve its performance.
• Businesses all over have been using it to determine and improve their optimal resource allocation, supply chain optimization, inventory management, employee performance, project Completion rate, Skill Map, Improve their Product portfolio etc.
• Two key areas are Business Intelligence and Statistical Analysis.
• In statistical analysis, the statistical algorithm is applied on data to predict the performance of a service or a product.

Work With Influencers

As a brand, a great way to get the most out of working with influencers is by creating experiences for them. Influencers are always looking for opportunities to create content and share details of their day. Tarte Cosmetics takes influencers on trips to a beautiful, exotic location a few times a year to align with a product launch (#trippinwithtarte). Other successful brands bring influencers on sourcing trips or behind-the-scenes tours of their head office or manufacturing, or they simply invite influencers on a private shop tour.

Personalization is key. Influencers love to share experiences that are created specific to their personality. The Bite Lip Lab in New York and Toronto allows customers to create their own shade of lipstick color. Influencers have shared their experiences at the Lab widely on their social channels, really putting Bite’s name on the map. While not all brands can open a pop up shop, you can personalize elements of your brand when liaising with influencers. Unique send outs and events with custom gifts are just a few examples of this.

Trends are awesome. If your brand can jump on something that is trending and create a product or experience in line with that trend, you’re likely to see a lot more coverage. Unicorns are very trendy in the makeup world right now, while athleisure is something a lot of clothing brands have been capitalizing on for a while. As always, staying on top of trends and being reactive is key.

Challenges are fun. Launching a product or embarking on a campaign? Think about how you can have influencers add their voice through a challenge that is fun for them to do and draws attention to your brand. Challenges are fun, easy to follow and allow influencers to engage with one another. Successful challenges include: the bean boozled challenge that launched with Harry Potter’s flavoured jelly beans, ice bucket challenge that raised millions for ALS and the Disney challenge that draws a lot of attention to the brand.

Engage with them. Liking and commenting on influencers posts is so important as a brand and helps keep the relationship intact. This helps to keep your brand top-of-mind as working with influencers can ebb and flow, so keeping that consistent touch point is key to ongoing success.

All about Business Management

Have a plan

It’s common for most business owners to make snap decisions when they face challenges, but this shouldn’t be you. When you have an issue in the business, you shouldn’t rush into deciding on your own even if you are the manager. Take your time to survey the issue and make an informed decision. Even if you have a small business, invite a few people so that you can brain storm the way forward.

Build systems

For your business to grow fast and concentrate on the important aspects of it, you need to build systems. Using the systems, you can hire anyone who knows nothing about your business, and he/she will take just a short time to understand everything about it. If you aren’t sure of how to systematize your business, consult a professional to help you out. The systems might be challenging to put in place at the start, but in the long run, they will be of great help.

Get rid of clutter

Every business has something that it doesn’t need. You should take a deeper look at your business and get rid of anything that doesn’t help the business to be happier, more productive, or healthier. The issue can be a non-performing employee, a draining client, or papers and software programs that you no longer need. Getting rid of the clutter not only improves the productivity of the company, but it also gives you peace of mind.

Re-evaluate your business

To tell where you are, you need to re-evaluate your business regularly. To have a clear picture, re-evaluate your business every three months. You can do the evaluation by yourself or hire a professional to help you out. By re-evaluation, you will know what is working and what isn’t. You should continue implementing what is working and get rid of what isn’t.

Keep clean books

Books are everything in business. They let you know where your business is heading and the areas you need to pay attention to. To stay on top of things you need to maintain clean books. The best way of going about it is hiring an accountant that you can hold accountable.

Hiring Good Accountant

Ask the right questions

Not every accountant will be the ideal candidate for you. Therefore, prepare a list of questions to get to the bottom of exactly what they are offering to avoid any surprises. Do they provide monthly bookkeeping as well as business taxes? What exactly can you expect to pay for their services?

Get a referral from a personal contact

Like a good hairdresser, finding a professional that ‘gets’ you can be a challenge. Ask around and see if there is an accountant that somebody near and dear to you recommends. Find out what they like about them. Ask them what services they are given and at what price.

Double check their qualifications and experience

Don’t be swayed by the promise of a large check following your tax return submission. Always confirm their qualifications and experience thoroughly. If in doubt, ask them for a reference so you can verify they are as good as they say they are.

Understand what they need from you

Make sure you know what is expected of you up front. Can you do everything that is required from your perspective? Do you need to visit their office and supply them with physical paperwork, or will electronic copies sent through email be suitable? Does the way they operate meet your expectations?

Gauge their availability

Accountants may not be known for their customer service skills, but it is still an important and real aspect of their job. If you don’t hear from them for days, perhaps they are not the one for you. You need to know that you can get a hold of them when you need them the most.

Consider whether you need a specialized service

Not everyone has the same accounting requirements, and there are many situations which require a specialist’s touch. Ask them specifically whether they have the experience to help you. Do their regular services cover your requirements? Or do you need to pay over and above to get the assistance you need?

Become Thought Leader In Industry

Thought leadership is all about providing useful information to your customers. There is a goldmine of information waiting to be dug up in consumer feedback and statistics. The first place to start is by conducting research of your own, slicing and dicing data sets to identify and derive insights, and sharing your results with your readers.

People love entertainment. Provide a fresh source of humor or wit in your content, whilst including personal anecdotes or stories of how or why something happened to you or someone you know in a way that relates to everyday customers. Highlight how a certain approach, product, or insight helped you or them overcome the problem at hand. This will imprint your comments and suggestions in memory, and casual customers will be more likely to remember you. Whenever they are ready to take the plunge and are ready to buy or purchase something, your suggestions will drive their actions.

Start small, with a blog. Refine your online presence. Use your blog, Facebook page, or LinkedIn account to showcase your knowledge. Include relevant, beneficial content everywhere you post.

Promote your content in the right places, in the right way, while you work on building your online presence. Tweeting an update with a catchy title, using the right images, crafting the perfect script, and even knowing what the ideal length of a post all take time to perfect. However, with time, and by using the right platforms with the right crowd, you’ll slowly gain traction and your search rank will rise.

Stay ahead of the curve. To be an influential, respected, and followed thought leader, you have to understand your industry thoroughly. See what’s happening in online circles related to yours, keep track of industry developments, read everything on the likes of Quora, Reddit, and LinkedIn groups, and also be sure to read books, articles, and online content created by other influencers.

Management Basics

You get the behavior you reward. As a manager if an employee, department or group of employees are behaving contrary to expectations, rules or policies it is because you are either tolerating their behavior or contributing to it, so yes, if you have a problem stop pointing your finger and start looking in the mirror. People, everyone, acts in a way that is comfortable for them so if you continue to make poor behavior acceptable or even comfortable it will continue, increase and even spread. Don’t believe me – why not look at behavior you are getting that is unacceptable and ask yourself – how long has this been going on? Is it worse today than it was last year? Why is it continuing?

You are responsible to people not for them. If you have employee’s that are not performing up to standards, let me ask you – do you keep bailing them out because of their race, gender, history or some other reason? Do you feel responsible for their success? Do you sacrifice some of your own roles, duties, responsibilities in order to help them when what they are not doing is what they are getting paid to do? As a speaker/trainer I am responsible to my client’s and audiences but if they choose to tune out emotionally, fail to pay attention, don’t use some of the material covered etc. – trust me I am not going to lose any sleep. I did my best to share information and ideas that could be of value to them – it was their choice to not apply it or even listen to it. In this article I am doing the same. If you feel what I am covering is valuable but don’t do anything with it – well I made my point.

You job is not to motivate employees but create a positive
motivational culture. As a manager or leader, you are not responsible for your employee’s motivation. Real motivation is an inside-out process not outside-in. Unfortunately, however too many managers are still using the two primary motivators to create productivity – fear/punishment or reward/incentive. Both are outside-in approaches and tend to work because a large percentage of the workforce are driven by outside-in tactics. The problem is both are temporary and results are determined by the individual needs of a person. In other words – if they are not concerned about the threats or fears – it won’t work. If they are not interested in your rewards or incentives – again no results. Real, lasting and passionate motivation comes from inside and the role of management is to create an environment where this can be nurtured and developed for the common good.

Creating self-accountability. If you are a manager or leader that is responsible for multiple employees I will guarantee that if you could overhear all of their conversations, observe their behavior or witness some of their actions that before every day came to an end you would average one heart attack a day. And why, because people do dumb things, have personal agendas, lack awareness or understanding, are poorly trained etc. So what’s the answer? Well for starters you can’t put body cameras on every employee or record every conversation but what you can do is create an atmosphere, culture, expectations and accountability of – self-accountability. Can’t go into detail in this short article but suffice it to say that the employees that operate with this mindset or approach are better performers than those that do not have it.

Make Business Financially Fit

1. Know Your Overhead Cost – It is easy to know what the cost is of each product or service you sell, but many business owners fail to include their overhead cost when figuring their numbers.

Profitable businesses know what their profit is on each product or service after their overhead cost is included. Overhead costs often include, administrative expenses like office supplies. Other expenses may also include marketing and advertising, employee related, facilities and equipment, vehicle related expenses, insurance, and tax related expenses.

Companies should know the percentage of breakdown related to each product sold, each procedure or job performed, or each service that is provided.

This allows the business owner to price their products and services at the right price. If the overhead cost is not included, it can cause the business to lose money on each sale that they are making.

2. Manage Your Cash Flow Regularly – Cash flow is so important for a financially fit business. If a company does not have a good eye on their cash flow, it can cause them to struggle every month.

Knowing what money you have coming in, and what money you have going out each week and each month will help you to know what you need to bring in each week to manage the bills that are going out.

It will also assist you with meeting goals like buying that piece of equipment that will make you more profitable or investing the money to increase overall profitability. Look at a statement of cash flows; a statement of cash flows will show you what money is coming in and what money is going out each month.

3. Pay Attention to Your Numbers Each Month -Waiting until the end of the year to get your bookkeeping in place for your tax accountant can be a very costly mistake. A financially fit business pays very close attention to how the business is doing on a weekly and monthly basis.

They know how much they need to make each week in order to be a profitable business. They also look at their financials each month to see what they need to do in order to improve the next month overall performance.

If a company fails to do this, they have no way of making important business decisions because they don’t know where they are at. Not know where your business is at will cause your business to fail. If a business isn’t growing, they are dying.

4. Know Your Financial Ratios – Many business owners don’t know what business ratios they need to track in order to be profitable. Knowing the right ratios can help a business owner know what decisions they need to make to move their business in the right direction.

As an example, one of the ratios that a business needs to track is the current ratio. This ratio will help them track how healthy their business is. A healthy business will have at least a 2 to 1 ratio, so $2 in assets for every $1 in liabilities. If the business is carrying inventory, it is important to have a 4 to 1 ratio.

Workflow Solutions

Having Large A3 Prints

Not every company needs to print on A3 sized paper so why would you want to get one? Keep it simple and save ink and funds by using standard sizes. A3 paper uses double the amount of ink and time as that of a single A4 sheet and generally wastes a person’s time.

Single Sided Printing

Why would you waste paper by printing only on one side? You can track down who has been printing single sided pages. Make sure that you are printing on both sides of the paper to save the trees. You’ll also need to top up the paper tray less often if you think about it.

Sending Print Jobs to the Dump

Think before you ink! There are so many ways you could save paper. One of them would be to make sure that you check your document before printing it. Documents with mistakes will get tossed in the bin because a sentence wasn’t checked and corrected.

Printing with No Purpose

It would be unwise to print a document that can essentially be sent via an email. In the end the person is going to scan it to make it a digital copy to have access to the archive. Consider whether you really need to print the document or whether you can email it instead. Make sure that you don’t print everything you type or receive unless it’s absolutely necessary.