POST CATEGORY : Management

How to Stand Out of Competition in Business: 5 Successful Tips

If you’re a business owner, I am sure you feel the whole world is turning against you. There is SO MUCH competition in the market and it is only increasing with time. To become successful, it is important to stand out and beat the competitors.

Winning the business competition

Here are some successful tips to do just that:

1. Recognize Your Target Market and Their Needs

You are in the world of business to offer a solution to a particular problem. The most important thing that you need to do is to figure out who exactly is facing the problem that you are offering a solution to.…

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How to Elevate Your Resource Planning

We’ve all heard the saying, “Prior planning prevents poor performance.” However, there is “planning” and then there’s Planning. The latter entails careful consideration of the resources needed to complete a project and ensuring that they’re exactly where they need to be — in the exact quantities required — to deliver the desired result.

Resource planning

With that in mind, here’s how to elevate your resource planning to increase productivity, enhance morale, eliminate delays, ensure quality, keep costs minimal and benefit from every opportunity.

Identify Your Needs At The Onset

Rather than getting halfway in only to discover a key element is missing, spend some time at the very beginning figuring out exactly what you’ll need.…

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Will the Estate Agent of the Future be Completely Remote?

In response to the COVID-19 pandemic, most businesses within the property industry made significant and decisive moves towards remote working. This was, of course, in order to successfully implement social distancing wherever possible.

Real estate agent remote working

While steps had been taken in this direction throughout previous years, the outbreak of the coronavirus saw a major change in the way in which estate agencies operated.

But , what is next for the remote aspects of property sales and lettings now that society is “re-opening” to a significant degree? In this article, we look at the possible extent to which the “estate agent of the future” will function remotely, and how much will be undertaken in-person.…

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Your Crash Course in S&OP (And It’s Important for Your Business)

No matter what industry you’re in, supply chains are all over the news. There have been big changes in global supply chains that have happened over the last year and there are more supply chain changes on the way.

S&OP

This means our companies need more robust responses to supply chain problems. S&OP is one way to create a responsive and adaptive operations plan that will allow your company to weather any supply chain storm. Let’s take a look at how S&OP works.

What is Sales & Operations Planning?

Here’s what everyone gets wrong about S&OP. Many executives see S&OP as a new way of managing their supply chains, but it’s actually so much more than that.…

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How 24/7 Live Phone Answering Improves Your Business

Every business owner knows how important it is to be accessible to customers at all times. If your customers can’t reach you when they have inquiries or need help, you risk losing them to your competitors.

Live phone answering

Although businesses are always looking for ways to increase their customer base, they also work hard to retain customers by preventing or reducing customer churn. A 24/7 live phone answering service can go a long way in solving this problem and improving your business’s bottom line. The service uses human agents—often virtual—to respond to customer calls.

The virtual receptionists give customers the help they need by handling incoming calls professionally and friendly.…

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What Is “Mergers and Acquisitions?”

Mergers and acquisitions is an overarching term used to describe the consolidation of company assets through financial transactions including mergers, acquisitions, consolidations, tender offers, purchase of assets, and management restructuring.

Mergers and acquisitions talk

Often, companies need the assistance of M&A advisory to help facilitate these transactions. Outsourced accounting firms and law firms can provide valuable insight throughout these negotiations to ensure the transition goes smoothly for all involved parties.

How Do I Understand Mergers and Acquisitions?

When one company takes over another and a transfer of ownership occurs, the purchase is known as an acquisition. A merger, however, describes the combination of two businesses of approximately the same size.…

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Expanding Your Restaurant Business: 3 Things to Keep in Mind

You’re turning out the best food you’ve ever made. You have diners lining up to compliment you on your flavours, professionalism and turnaround. And the Google reviews are in: your business is a certifiable local hit.

Restaurant business owner

photo credit: Tim Douglas Via Pexels

Where do you go from here? If you’re like most enterprising restaurant owners in this country, your thoughts turn to expansion. How can you get your locally-loved product into hungry mouths in other neighbourhoods, other cities, perhaps even other countries?

Expansion takes planning and consideration. Expand in the wrong way – or too quickly – and you could risk over-extending.…

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How Businesses Can Avoid Workplace Retaliation

When an employer punishes an employee for exercising their rights, this is known as workplace retaliation. This punishment can be any action that may be construed as adverse and hinder an employee from pursuing legal action. Workplace retaliation can happen for a variety of reasons, but sexual harassment and racial accusations are two of the most common.

Workplace retaliation claim

However, even though it happens a lot, it’s illegal for your employer to retaliate against an employee for filing a sexual harassment or a racial discrimination complaint. Retaliation charges are usually harder to drop than the original claim.

Businesses often find themselves walking into a retaliation complaint due to easily avoidable mistakes.…

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Effective Ways to Reduce Customer Churn

Every day, companies lose customers. The average business loses about 20% of its customer base each year. However, there are effective ways to reduce customer churn and retain as many valuable customers as possible. Here’s a look at the benefits of managing churn.

Long time customer meeting

Increase Customer Lifetime Value (CLV)

A company’s CLV is the amount of money a business expects to earn from each customer throughout their relationship together. If you can increase your average customer lifetime, then you are increasing your chance for revenue growth.

According to Harvard Business Review, you should aim for an average customer lifetime that exceeds the industry average by at least 50%.…

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How to Make the Most of Small Business Success

Many businesses naturally undergo ups and downs. There will be episodes of a great boom while others will be sluggish. This is usually precipitated by various factors such as prevailing economic conditions, changing consumption patterns, and internal factors, among others.

Small business success

If your business is making a killing and enjoying a period of tremendous success, you should take advantage of such times to compensate for low periods. Here are five tips on how you can make the most of small business success.

Manage Your Personal Debts Better

Personal debts can cripple your progress if there is a huge cash outlay to settle personal debts such as a mortgage or student loan.…

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