Small business start up costs can prove to be frustrating and stressful for a beginner business owner. Several entrepreneurs are intimidated by small business start up costs and choose to avoid even trying their knowledge in a small business for fear of not achieving success. Because starting a small business involves many expenses, they often think that having such a business will just lead them to failure. Fortunately, there are various ways to finance start up cost for a business; the ones that can help you some of the mounting business costs.
A business plan is an important catalyst of any successful business. In the absence of business plan, you can not easily get an access to business startup loans offered by banks and investors. Letting them know about your business plan can give them confidence. If you have professional business plan, you are providing a blueprint for successful business because you are making a change for your own business to be showcased to potential business startup funding providers. However, in doing this, you must strive to design a business plan that is really convincing and that pictures your abilities to manage such business reflected in your plan.
A business plan, for the purpose of acquiring a loan for business start up costs, has numbers of components. The first few pages showcases the Executive Summary and the Table of Contents. This is followed by the company descriptions- one of the most essential portion of business plans because this explains the short history, the company backbone, as well as the future plans, to the potential investors. The company description sections also mirrors the plan for business possible expansion. In other words, in this section is where the loan providers are most interested to know.
In the company description, you will need to steer clear of discussing that your business is a startup business. Startup businesses are categorized risky investments by most investors. Instead, convey what you have poured to the industry that you are presently in or plan on entering. You can also discuss the things you did that made others become successful. Another is, you shall discuss the growth of your business in the recent months or years and your forecast growth. You have to be sure that during your business plan presentation, you must be in full enthusiasm and passion for your new business venture and so you will be able to acquire a loan for your business start up costs.
Marketing analysis, in a well-written business plan, must be included. This explains your feasibility/ demographic study regarding your potential clients- this can help to convince your potential investors for your start up costs for a business . This portion of your business plan also tells your potential investors on how you are going to promote your business to clients in your target market. This also must show how intense your marketing research to ensure that your product would hit a great demand.
In order to acquire a loan for your small business start up costs , comprehensive financial plan must also be included in your business plan.
Numbers of new and small businesses struggle with the enormous quantity of small business start up costs incurred in order to materialize their business plan. Many entrepreneurs design a professional business plan to help them offer potential investors with their roadmap that shall poise them for success in their new venture.
What are the top three things you should concern yourself about when starting an Internet home based business? Here are some tips to make it in the online business environment.
Setting up an Internet home based business is like starting an actual business. Some people may think that since a business is operated online and from home, it is a smaller-scale venture compared to real businesses. This, however, is a misconception. Some Internet home based business are even bigger and are experiencing more growth than real ones. Starting and operating an online business venture may be a bit challenging when you are new to the field and is used to the conventional business and marketing world. However, there are also many resources on the Internet that you can get your hands on in the actual setting. The difference lies on how you take advantage of these unique Internet resources and make them work for you. Here are some tips on how you can successfully set up your Internet home based business.
PLAN AND SET GOALS
As in any business venture, the key to a successful Internet home based business is to plan. Set goals; determine what you want your business to achieve, and prepare concrete action plans on how you will achieve your business goals. Plan what you are going to need, in terms of investment and tools. In terms of investment, you might need to upgrade your computer for a better one, or you might need to purchase another computer to sustain your business operations. The investment requirements will differ based on the nature of your Internet home based business. In terms of tools, since there are a lot of resources available to you on the Internet, plan which resources can help your business. Do you need to set up a blog site, or join forums to advertise your site? If so, in what way should you advertise? These are just some of the things you should already lay out in detail before you even get started.
PUT YOURSELF OUT THERE
Once your Internet home based business is under way, the next thing you need to do is to advertise! There are plenty of ways to advertise on the Internet. You can set up a blog and write articles about your products. You can join forums and post website ads in various sites that your target customers often visit. You can exchange links with other sites to drive traffic to yours. You can post pictures and videos of your products on your site, your blog, and in forums. Also, master the art of search engine optimization to lure people to your website, and thus, to your product. The more visitors you get, the more potential customers you have!
BUILD A CUSTOMER BASE
Just as any actual business will not succeed without a loyal customer base, you also have to build a customer base for your Internet home based business. It is important to build a relationship with those who transact business from you. Chances are that they can even bring in more customers because of their contacts. Social networking is yet another concept that is very popular on the Web, and it will pay to take advantage of the social networking sites and communities online. There are a lot of social networking sites on the Web, such as Facebook and Myspace, which can help increase your customer base. When you have a loyal customer base, coupled with a social network that continues to bring in more and more customers, your Internet home based business will be unstoppable!
The arena where your Internet home based business will perform in may be different from the conventional marketing world, but the same rules applies. No business will be successful without careful planning, focused goals, a loyal customer base, and a source of customers. Don’t make the mistake of thinking that once you put your business on the Internet, it will grow on its own. The Internet is as wide as the world we live in, and your Internet home based business will only be successful if you’re ready for a challenge
You have nurtured your idea, created a business plan, and secured financing. Now for the make-it or break-it question: How do you continue to grow your business year-after-year?
Building a better “mousetrap” doesn’t guarantee that the world will beat a path to your door. And, contrary to the inspiring message in the movie, “Field of Dreams,” there are no assurances that, “If you build it, they will come.” Increasing demand for your products/services and growing your business is realized by the creation and implementation of well-defined strategies.
Two major factors of marketing are the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (customer relationship management). Once you have converted the prospective buyer, customer relationship management (CRM) takes over. The process for CRM shifts from that of being the marketer, to that of being a builder of relationships. Building customer relationships involves nurturing the links between you and your customer, enhancing the benefits that sold your customer in the first place, and continuously improving the product/service in order to protect your business from competitive advancements.
The marketplace is ever changing; therefore, a marketing strategy that works today does not necessarily mean that the same strategy will work in the future. These changing environments necessitate the need to continually analyze and measure the results of each and every one of your promotional efforts. A system that tracks and monitors incoming sales inquiries, by the lead source, is imperative.
The basis of your business development strategy is the recognition of the concept that marketing is a process and not an event. Building a business is, in fact, building a brand. Building your brand is a process that consistently broadcasts your message through a number of different channels to a targeted audience. The trap in event marketing is that it creates the effect of start and stop marketing and produces gaps in the frequency of your promotional efforts.
The need for a written marketing plan is critical. The American Marketing Association (AMA) states, “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives”. Your marketing plan is your road map that guides you through the marketing process.
There is a variety of ways to generate greater demand for your business. Whether you are starting a new business or jumpstarting an existing one, you need to identify at what stage of the business life-cycle your company is currently in. This information will impact your choice of strategies.
Here are twenty (20) effective business-building practices:
Review your unique selling proposition: The Unique Selling Proposition (USP) is your biggest marketing weapon and the key to differentiating your business. What is a USP? In essence, it is a simple statement that sums up the unique features, benefits and value that you provide, that no one else can. You arrive at your USP after you identify the features, benefits, and advantages of your company’s products/services. After you apply the same process to each of your competitors’ products/services, then compare and isolate the elements that distinguish you from your competition.
Establish a marketing communication budget:: Determining and allocating a specific amount of money to fund your marketing strategy cannot be overstated. Whether you use the affordability method, percentage-of-sales method, competitive-parity method, or objective-and-task method to determine the amount of your marketing budget, you must pre-establish an amount of money that you will spend on marketing activities to achieve your sales/revenue projections.
Incorporate integrated marketing communications: A management concept that is designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, and direct marketing must work together as a unified force. In practice, the goal of IMC is to create and sustain a single look and message in all elements of your marketing campaign.
Utilize indirect marketing: Needless to say, putting more “boots-on-the-ground” in your sales and marketing activities can pay huge dividends. Some of the more popular indirect marketing methods are networking, strategic alliances, independent sales representatives, affiliate marketers, and dealers/distributors.
Ask for referrals: You know the importance of referrals. But, if you do not continually ask for referrals, you will not generate them. It makes good business sense to always ask for referrals. Just ask your customer if they may know of other companies that could utilize your products/ services. You may be pleasantly surprised by their reply.
Explore different markets: If your products/services are presently being sold to one or two different markets, then it is time to explore the opportunities that may be available to you in other markets. A little brainstorming with your staff about this often produces a good “hit list”. As they say, “think outside the box”.
Consider additional channels of distribution: There are a number channels of distribution that may work for you. For example, selling direct, such as via mail order, Internet and telephone sales. Companies also use sales agents who sell on their behalf and/or
distributors (also called wholesalers) who sell their products to retailers. And finally, there may be possibilities of selling direct to retailers and end users.
Expand your geographic reach: Additional channels of distribution are often needed for you to expand geographically. You may want to consider the possibility of franchising or licensing others to promote and sell your products?
Increase product/service offerings: This is a very common method to increase sales/revenues. Important considerations when evaluating a new product/service offering are: Can the new product/service be sold to your existing customer base? Does the new product/service complement your existing products/services?
Differentiate your business: Differentiating your business means that you define your company in relationship to the competition and that you communicate to your customers the value added benefits of doing business with you, versus doing business with your competition. Differentiating your business also means that you continuously make improvements to sustain a leadership position.
Identify your customers’ competitors: A great source for new prospective customers is your customers’ competition. In most cases, these competing companies have the same or similar needs as that of your existing customers.
Survey your customers: In order to effectively differentiate your business, you need to look at your business from your customers/prospects’ perspectives. A customer survey is a great avenue for your customers to express their opinions, to air their complaints, and to voice their satisfaction with your business. The information collected from a customer survey provides the foundation for your marketing strategy.
Profile your competitors: A competitive analysis lists your leading competitors. It summarizes their products and services, promotional strategies, distribution methods, strengths and weaknesses, locations, offerings, prices, and branding. A competitive analysis also outlines strategies for gaining an edge and defines a course of action to take in order to keep competitors out of your market. The analysis helps you expose the competitor’s weaknesses and areas of vulnerability. With this information, you are better equipped to craft competitive and marketing strategies that you may choose to fine tune your brand and your messaging.
Acquire new customers: This is a given…your business cannot sustain itself without the addition of new customers. New customer acquisition is a process that combines market data with direct marketing tools to identify and reach high-potential prospects and convert those prospects into customers.
Mining your existing customers: It is far less expensive to generate additional business from your existing customer base than it is to generate new business from new customers. A regular review of your customers’ buying history and frequency of purchases can reveal some interesting facts about your customers’ buying habits.
Create customer loyalty programs: As the marketplace continues to be more competitive, more and more businesses are offering loyalty programs. These programs help to transform first-time customers into repeat customers by rewarding them with incentives, coupons, certificates or discounts.
Up-sell: Capitalize on the untapped value of your existing customers by promoting related or more expensive products/services. As an example, your customer who regularly buys golf balls is a strong candidate to purchase golf clubs, apparel and other golf accessories. Make a routine practice of recommending additional items that can be added to your customer’s order.
Merge or acquire a competitor: The benefit of combining your company with another company creates an immediate sales growth opportunity simply from the acquisition of their existing customer base. And everything else being equal, the new “combination business” should have the potential to become even more profitable than the two businesses operating independently. This potential for increased profitability comes as a direct result of both sales increases and operational efficiencies (opportunities to reduce total costs) that accrue from combining the two businesses.
Use SWOT analysis: SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. It is an assessment technique that paints an accurate picture of how your business stacks up based on those four factors. SWOT can identify your venture’s pros and cons, so that you can align internal strengths and weaknesses with external opportunities and threats. This exercise is essential to sound strategic planning. With SWOT, you can identify and prioritize the issues that will accelerate success.
Revisit lost customers: According to the research in the book, Customer Winback How to Recapture Lost Customers and Keep Them Loyal, written by Jill Griffin and Michael Lowenstein, a firm has a 60% to 70% chance of successfully repeat-selling to an active customer. A 20% to 40% chance of successfully repeat-selling to a lost customer and only a 5% to 20% chance of successfully closing the sale on a brand new customer. These statistics suggest that a key opportunity exists for businesses to increase or maintain a customer base by mining and evaluating their database of defected customers. Bernd Stauss and Christian Friege make this argument even more convincing in a case study entitled, Regaining Service Customers. Their findings show that the net return on investment from a new customer obtained from an external list is 23% compared with a 214% return on investment from the reinstatement of a customer who has defected.
Bonus Item. Dead prospect files: Dig out your old prospect files and make a “hit list” comprised of all of the old prospects that you think may still have life. Contact each one of them. Express your wish to discuss their present-day wants and needs, as well as, the opportunity to explore the possibility of you servicing their needs.
Which of the above business-building practices have you, can you, or will you implement in your business development strategy?
Being a business team leader can be a very daunting task. Almost always you will find that your team consists of very diverse individuals. As a team leader it is your responsibility to motivate your team members towards a common goal. This can be very difficult when your team members each have their very own strengths, weaknesses and conflicts. In this article we will discuss how to recognize the four main personality types by color so that you can better understand the needs of your team members on an individual basis.
As a leader you will quickly notice how well your team works together once you have identified the individual strengths of each team member. Also, by recognizing each individual’s strengths you will know which task they will naturally excel in. This will lead to better delegation on your part which will ultimately build a stronger, more efficient, stream lined team. You will also find that you are able to communicate better once you recognize each team member’s needs, work ethics and values. Your team members will notice the change in how you are leading them and in turn be even more motivated to reach their goals.
Below is a short overview of the four main personality colors Orange, Blue, Gold and Green. Each color will be listed with the working styles, personality types and values attributed to it.
The Orange personality works well with other people in a healthy team work environment encouraging competition and camaraderie. They are very creative and highly energetic and do well with action oriented tasks. They love having the freedom to use their skills and show off their abilities. An Orange personality does have a difficult time dealing with too much structure or management. They tend to feel blocked and have a difficult time functioning if they feel they are being micro-managed. Time consuming and prolonged administrative tasks can difficult for the Orange where they may feel impatient and bored.
The Blue personality is a very social type. They love making friends and having a strong social network is very important to them. This makes them very good at building relationships with clients, customers, coworkers and employers. The Blue personality can be very sensitive to conflicts or strong competition but will thrive in any positive, service orientated atmosphere.
The Gold personality is a very serious individual and is so with their work responsibilities. They like to be part of a successful and productive team where they can continually contribute. They love receiving rewards, incentives and positive recognition. The Gold personality tends to need a great deal of structure where time lines should be enforced and expectations made very clear. They look to their leaders for constant reassurance on how well they are doing.
A Green personality lacks in people skills. They love facts, data, research, and anything analytical. You will find that they are almost always seen as an expert in whatever interests them. Most of those interests will be complex systems, data analysis, statistics, or design. The Green personality’s weakness can be the lack of follow through and tend to be quite rude in some social scenes.
By recognizing the personality colors of each of your team members you will have the ability to meld your team into a well coordinated, unified group. Your leadership skills will shine as you delegate tasks to each team member according to their strengths and expertise. Remember, a well harmonized team is a team made for nothing but success.
Your business location should be tailor-made to fit with your company budget, spacing requirements and ease of operation. For some business owners, leasing affords a sense of freedom and relieves the financial burden of a down payment, yet may be too restrictive for some kinds of operations. The decision to buy a piece of commercial property offers its own set of risks and rewards, and should be considered carefully before entering into a mortgage contract.
Leasing Commercial Space
1. Cost Effective
Leasing a commercial space will usually require a one to two month move-in deposit, making the rental space a cost efficient way to do business. New business owners may be strapped for cash, and by leasing, rather than purchasing, your storefront or office is cost effective to set up shop with minimal funding.
Leasing a commercial space gives the entrepreneur plenty of room to grow, downsize or change locations. Although once you sign a lease, you are locked into a fixed amount of time to make the lease payments, the terms may be only a matter of months to be released and start over in another location.
Setting up shop without the burden of a mortgage to pay allows a sense of financial freedom. Albeit, a purchased piece of commercial property could be leased or sold to another, there could be months before the owner receives any income from the property. A hefty mortgage may also interfere with business profits and may demand downsizing of personnel.
A leased office or shop has a landlord to lean on, taking away tedious responsibilities with the plumbing, electricity and security. In a leasing situation, any repairs or legal liabilities are left in the hands of the building management team.
In some situations, you may sublet your leased office space to another. However, this must be cleared in writing from the management office, and careful attention given to their rules and regulations for renting out the space.
Buying Commercial Space
1. Secured Location
Buying a piece of commercial property adds assurance that the space is secured and cannot be given to someone else. In a leasing situation, when the lease expires, the renewal process may not have the same initial terms, thus proving unfavorable to renew. However, when you purchase, your prime location is secured.
As with a residential piece of property, a commercial owner may take out cash against the mortgage. In an emergency financial crisis, having a mortgage to borrow from lends a sense of security and provision of funds. Most commercial purchases will require 20 to 25 percent down on the purchase price, giving instant equity to the business owner.
When you have bought a property, it is your to do with as you wish. Remolding, expansion and reconfiguration are yours for the taking. The ownership allows the business structure to be molded around the enterprise for a perfect fit and usage of space.
4. Tax Deductions
The interest on a commercial loan is tax deductible, with allowances for deducting any depreciation.
5. Lease Your Excess Space
If you own the property, you may lease your excess space without any restrictions from a third party over your head.
If you find your self in an argument with a client or possible client, consider if it positively matters if you are good. Most of the time you will have nothing to gain, however, a lot to loose. If you mediate that you need to win then just request yourself why you need to win and how much you positively have to gain, it may change your actions.
By developing a mental state of always being helpful you will find that people are always contented to talk to you and will sense compelled to return favors and refer more business to you.
Another considerable way to build up rapport with possible patrons in your Acupressure business is to perform a telephone survey. Even though people are not overjoyed being hard sold to over the phone you will find that they are more than overjoyed to give their opinion. Make sure its brief and that you assign a question to for contact information such as a mailing address and an email address. The essential thing here is to open a channel of communication, there is no more personal information required.
It is considerable to remember that selling is an considerable portion of making a business successful. It does not matter how wonderful your Acupressure offering is, if people execute not know about it then you will not be successful.
By having your own Acupressure business you can fabricate a different in this industry, there is no desist to the enjoyment that you can gain from being able to effect things your way.
Remember that emotionally charged responses will seldom procure a suitable reaction. It is best just to sit back for a while so you can tranquil yourself and then respond with a meticulous response or perhaps nothing at all.
Make sure that you take the high road with everything you attain in your business and public life. A successful sales stream is gained through trust and credibility. If people caress that you build underhanded actions then they will tend to worry about you using similar strategies with them. For example if they see you using pirate software then they will wonder what other laws you are bending to build more profit.
If you need to commute an hour each day then you will be spending 10 or more hours just on travel. This is time that you could spend on being with your kids, going out for diner with your partner or socializing with friends and family. Remember time is the one thing in life that will definitely hurry out for you one day and no amount of money is going to halt that. If you are in the Acupressure business then lifestyle is more than likely an considerable thing for you, so don’t waste it in travelling.
To have a successful business you need people… it takes a remarkable deal of emotional support and understanding from family and friends. You need people to talk to about ideas and strategies. No one can be pleased imprisoned with his or her own thoughts. Share the burden and the triumphs and you will soon regain plenty of support.
Don’t forget that you don’t have to escape your business full time you can start off running it on weekends and nights from home/sub-leased section of a premise. Also more and more people are offering Acupressure in a mobile fashion where the provider goes to the clients home or office. A degree of safety needs to be considered when doing this, however it is an effective cost and scaling technique for Acupressure businesses.
Find effective ways of collecting marketing information such as where people in your target market fade to exercise the services of a Acupressure business. This is useful as it can provide information about how they found out about the business.
Your business plan while it is not a sales brochure should be an engaging document still need a level of entertainment. You should consume a collection of fonts, lettering styles, charts and images to enrich the document. If your plan is bland and dry like a university thesis then it will be difficult and tedious for people to read and understand.
One of the biggest reasons why a Acupressure business can not succeed is that the owner is not doing anything for marketing. Pretty much any tactic will institute some inequity Its right that some are better than others, but if you spend all the time worrying about whether this one is going to work over that one then you are not getting your message out there. If no one knows you then no one will be able to utilize your Acupressure services.
Try to derive a column at in a publication. Start off by sending in articles to various publications, then in time you could be offered a regular column. Try to stay with in publications that have high readership in your target market. Also remember that large publications have vast resources are less likely to be interested, however smaller publications such as community newspapers and special interest magazines will be more receptive to getting free content.
Make sure that your Acupressure is entered in as many of the major free directories that you can. The internet has became the fresh depart to method over the Yellow Pages. People often see at online local directories to find the people that provide Acupressure offerings they require.
Make sure that whenever you are out and about that you are well dressed and groomed. You can derive business at any time and if you are messy, poorly presented or without business cards, you will not be presenting an image of professionalism and creditability.
Make sure that you not only have a plan for you business in your head but also write it down. Make sure that you work out how much time you have to spend to generate modern business. Make sure that you plan several weekly outcomes goals. Make a few longer term goals and at least one goal for the year.
Make sure you leave your business cards at locations where your target market are likely to visit also pick places that they are inclined to remain around for a longer time. If you expect them to hang out at a particular caf or bar then try and acquire your cards there.
Let life pass you by! This maxim of the slow, I suggest, could potentially usurp governments, the global economy, and the war machine. This complete reversal of the old saying Dont let life pass you by potentially signifies a new rupture point. A point of rupture or departure of becoming and self-reclamation in a world so apathetically speed-driven that it is made hypnotic by the blur of sights passing it by. This maxim is not just a simple banal repetition in line with Wake up and smell the coffee, and so on. No, Inside Business Scams, Reports, or Advertising. As if anyone could ever get inside business or the advertising world.
Inside Business Report TV Scam… It sounds like a parody of so much that is fast and wrong, fast and loose, and even a potential Mel Brooks skit. What does it mean to be “inside”? Does it imply special knowledge?, Advanced knowledge? What does Inside Business Report TV Scam imply when one detaches oneself from the passivity of shame, the passive acquiescence to the rays of TV, the doldrums of drugs, bland consumerism, even self-help or self-hurt books.
To call inside business scams scams is to demean the term scam or con. Reports of these business scams are rarely exaggerated. Their demise is certainly in doubt. Slowness is itself the antidote to inside business reports scams also called acceleration, the myth of technology, and crass consumerism. Inside business report tv scam…. it sounds like a Pavement song, a joke between the siblings of George Carlin and Mel Brooks, or some Saturday Night Live Tina Fey parody of the corrupt financial sector……
I propose slowness could be to the 21st century what speed was to the 20th century. The amount of technological, sociological, artistic, philosophical, and political change that has blown over the world in the past one hundred years has been practically constant and exponential in terms of both its speed and its qualitative and quantitative effects. Inside Business Scams Report huge losses, or huge gains. Either way. the game is fixed. Speed, Virilio’s acceleration, is a Toyota Prius with no brakes: The illusion of progress and excellence. In reality, Inside business scams report a number of illusions, all leading to accelerated death. Whether you are taking DHEA as a muscle builder or prozac as a relaxative, it doesn’t matter, we’re cooked as long as our foot is on the gas or, maybe, as with the 2009 Prius, even if our foot is off the gas, we are accelerating with no hope of stopping or slowing down until we crash into the concrete barriers of our consensual hallucinations….
These are changes which are practically totalitarian by nature and driven by an elite technocratic capitalist class that relies on the decadence and helplessness of those not in its class for its own accelerated proliferation. Yet the masses, the mediated and exploited of the world, both the impoverished and the industrialized, are complicit in this proliferation. Inside business scams, report, retort, inside business reporting scams… who knows what evil may come? Everyone is a potential insider in today’s mythological inside business report scam society!!!!
Across the world from India to Japan to Canada, American (Technocratic Capitalist) culture is consumed ever-increasing quantities at ever-increasing rates. From EuroDisney in France to Coca-Cola in Vietnam, the culture of desire, speed, racism, sexism, violence, and immediate and perpetual stimulation, is luring the multitude of Others into its speed trap. It is seduced via Titanic and the Marlboro Man as much as it is imposed economically and militarily by arms of the Mother Country such as the United Nations, the North Atlantic Treaty Organization (NATO), and the Cable News Network (CNN).
This is a proliferation and complicity, eloquently described in works such as Jean Baudrillards Simulations and Guy Debords The Society of the Spectacle, dependent upon an unquestioned acceleration and propagation of the myths and lies associated with linear progress, digital revolutions, moving forward, and other cliches whose grip on our collective political, philosophical, and artistic consciousness seems to be impregnable and all-encompassing. But this is a grip which can be tickled, even pissed off, rendered obsolete, even passe, by slowing down, by turning technology and speed back on themselves.
Report the scam of acceleration inside your business report scam…….
A shift in the speed of human evolution has taken place, from fast to the speed of light. We are currently in a time that has no definition or name. We are in an era changing so rapidly that by the time we think of a name for it we will have entered into a new one or collided violently with its end; unless we collectively decelerate now. The rate of change of human beings seems to be asymptotic. It cannot skyrocket upward at a 45 degree angle forever. Instead, it must eventually level out and perhaps even reverse its course, depending on a number of ecological, political, philosophical, and even astronomical (in the literal sense (ie. Asteroids and comets, (even space aliens?))) factors. Eventually we will get tired of acceleration and learn to value deceleration. The question is whether or not we are past the point of no return as a species, even as individuals with our rush to the accumulation of material wealth, conquest, and other decadent drives leading to nowhere.
Go ahead and take your dietary supplements, your melatonin, your viagara, see if that stops the scam and slows you down inside business reports of today’s world!
The question is whether or not the deceleration will have to be a screeching halt or worse a fatal collision, instead of a willed slowing down. Letting life pass you by means driving slowly in the fast lane, always arriving late for important meetings, turning in assignments past their deadlines, being late for work, making slow art, playing the drums with fallen limbs from the forest, making love slowly instead of stampeding to the clitoris, using high-speed supercomputers to perform word processing tasks or simple calculations such as 1+1=2, and so forth
Business benchmarking is the process wherein you determine which company is the best, the one that sets the standard and identify the standard. Basically, you compare your own processes and the metrics that you use with your competitors. However, benchmarking is not only about concentrating on your rivals. You will actually take a look at the wide industry itself and compare it with the other industries. That is certainly a difficult thing to do and being tasked to do so means that you have to take a look at a wide variety of dimensions including quality, time and price. When you benchmark, you will be able to do things better, quicker and much more cost effective. In this case, business benchmarking is a crucial process for organizations. Even though it is tricky and complex, you can simplify the whole procedure by means of benchmarking with balanced scorecard.
The balanced scorecard is known for being one of the most versatile business tools ever invented. You can measure the efficiency and the performance of the most important factors that affect and may affect the success of your business. Using key performance indicators, you can create performance based management and use that system to monitor the efficacy of various processes. The BSC takes on the customer, the internal processes, staff efficiency and growth and not only the financial capabilities of your company.
Now, how do you use benchmarking with balanced scorecard? The answer here is simple: you will need your company data and use them to compare against your toughest rivals in the industry. Thus, you will have to measure your products, services and practices that are similar with the top firms in the world. This will allow you to determine the reasons as to why those companies are seen as progressive and productive. Knowing such elements and details will also enable you to incorporate your present knowledge about how to run the company better.
Those enterprises that are considered at the top of their game know what they are doing. This is why you also have to know yours. In this case, you have to be fully aware about the standards so that you can compare yourself against them.
Benchmarking with balanced scorecard lets you compare and evaluate your business against the other firms so that you can improve the situation of your business. You can use the information that you have obtained to enhance not only on your profitability but also in attracting new customers, retaining them and in meeting their expectations. In addition, you can also help your staff acquire more knowledge and develop their skills in selling products or performing their jobs. In this case, you are able to manage your company better through the benchmarking with balanced scorecard.
One of the useful things about benchmarking with balanced scorecard is that this permits you to effectively reduce time and expenditures without sacrificing the quality of the project or the product. Lastly, this whole process can aid in making the right decisions. Exploiting the data obtained from the tool, you can determine the right choices and avoid errors in judgment.