HOW A COMPANY’S RESOURCES CAN BE ALLOCATED IN A WAY CONSISTENT WITH ITS MARKETING OBJECTIVES (PART 2) Companies that achieve total market domination have all of the resources, including the personnel, the products, and the vision that are necessary to develop a world-class business. And they have a detailed step-by-step...
WHAT FACTORS DRIVE CUSTOMERS’ PURCHASING POWER? (PART 2) Many companies make the mistake of thinking their customers make purchase decisions based on one or two purchase factors that they think are key purchase criteria, such as price or product availability. But this is rarely the case. Customers usually base their...
HOW TO BECOME A SOCIALLY RESPONSIBLE COMPANY Today, it is not enough to have a successful business and make a profit. The business must hold itself to a higher standard of social responsibility by giving something back to the community or communities in which it does business, and through them,...
HOW TO FIND A COST-SHARING PARTNER Cost-sharing is a process wherein two or more organizations work together to secure savings in one or more areas of business operations. Such partnerships may also be pursued to realize other business advantages – increased marketplace exposure, access to technology, etc. – but cost...
HOW TO INCREASE THE CHANCES OF BUSINESS SUCCESS Starting any business, large or small, requires a tremendous amount of time, effort, and resources. It makes sense to start a business that has the potential to grow large and provide a good return on that investment, rather than spending that same...
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...
HOW TO SET AN INVENTORY STRATEGY An inventory is a detailed, itemized list or record of goods and materials in a company’s possession. The main components of inventory are cycle stock: the order quantity or lot size received from the plant or vendor; in-transit stock: inventory in shipment from the...
WHY BALANCE SHEET IS A VALUABLE TOOL FOR SMALL BUSINESS A balance sheet is a financial report that provides a summary of a business’s position at a given point in time, including its assets (economic resources), its liabilities (financial debts or obligations), and its total or net worth. A balance...
GUIDELINES FOR BALANCING WORK AND FAMILY IN HOME-BASED BUSINESSES Owners of home-based businesses face unique challenges in the realm of achieving a desired work/family balance. Whereas small business owners who commute to their place of business everyday are usually freed from child-rearing responsibilities for the duration of their time there,...
