STEPS IN CREATING A DISASTER PLANNING AND RECOVERY STRATEGY Business owners are strongly encouraged to make contingency plans for responding to and recovering from disasters that may befall them. Analysts note that disasters – whether they take the form of floods, fires, or power outage – can have a devastating...
Month: March 2022
STEPS TOWARD IMPROVING CORPORATE IMAGE AND IDENTITY Corporate image, or reputation, describes the manner in which a company, its activities, and its products or services are perceived by outsiders. In a competitive business climate, many businesses actively work to create and communicate a positive image to their customers, shareholders, the...
STEPS IN WRITING A SUCCESSFUL BUSINESS PROPOSAL Business proposals are documents that attempt to persuade targeted clients to buy a particular service or product. These documents which are used in academia and government as well as business and industry, may range from relatively short (a few pages) proposals to “formal”...
THINGS TO CONSIDER IN CREATING A PROTOTYPE Prototypes are working models of entrepreneurial ideas for new products. A prototype is defined as “an original model on which something is patterned.” If you do not have the time, money, skills, or commitment to build a prototype of your idea, the odds...
PROPRIETARY INFORMATION: HOW TO PROTECT TRADE SECRETS Proprietary information, also known as trade secret, is information that a company wishes to keep confidential or protect from those outside the company. The Uniform Trade Secrets Act defines trade secrets as “information that derives independent economic value from not being generally known,...
IMPORTANCE OF A VERTICAL MARKETING SYSTEM A vertical marketing system (VMS) is one in which the main members of a distribution channel – producer, wholesaler, and retailer – work together as a unified group in order to meet consumer needs. In conventional marketing systems, producers, wholesalers, and retailers are separate...
ORGANIZING TO OPTIMIZE MANAGERS’ SPAN OF CONTROL Span of control, also known as span of management, is a human resource management term that refers to the number of subordinates a supervisor can effectively manage. It is a particularly important concept for business owners to understand. Span of control is widely...
THE IMPORTANCE OF A SALES FORCE A company’s sales force consists of its staff of salespeople. The role of the sales force depends to a large extent on whether a company is selling directly to consumers or to other businesses. In consumer sales, the sales force is typically concerned simply...
