WHY BUSINESS MODELS FAIL Developing a Business Concept A business concept is a concise description of an opportunity that contains four essential elements: The customer definition; the value proposition (or benefit to the customer) and the compelling story; the product/service; and the distribution channel or means of delivering the benefit...
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HOW TO EVALUATE ADVERTISING RESULTS Once a business owner has successfully designed and placed an ad (or had the ad successfully designed and placed by an agency), he or she will be eagerly awaiting the increased sales and advertising promises. While advertising can be an effective means of increasing profitability,...
TECHNIQUES FOR MANAGING ORGANIZATIONAL CHANGE EFFECTIVELY Organizational change occurs when a company makes a transition from its current state to some desired future change. Managing organizational change is the process of planning and implementing change in organizations in such a way as to minimize employee resistance and cost to the...
HOW MANAGERS CAN IMPROVE COMMUNICATION AT WORKPLACE Not communicating at all coveys a very powerful message – the last one that a committed manager wants to deliver. You can never communicate too much, but take care over the content and delivery of a message so that it inspires motivation upon...
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...
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...
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...
KEYS TO ERECTING AN EFFECTIVE ORGANIZATIONAL STRUCTURE An organizational structure is the pattern or arrangement of jobs and groups of jobs within an organization. This pattern pertains to both reporting and operational relationships, provided they have some degree of permanence. The individual elements of an organizational structure typically include a...
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...
KEY ELEMENTS OF DEBT COLLECTION PROCESS Debt collection is the practice of obtaining payments from customers for purchases that have been made on credit. Devising and maintaining an efficient and effective system for collecting on overdue accounts should be a priority from every business. But many companies fail to give...
