Blog - page 57

What is the balanced scorecard?

Darryl Bachmeier Mar 22, 2019 Strategy

Balanced scorecard is a strategic management tool modeled after successful organizations. It was found that successful businesses have clear vision and do not only rely on the financial performance to determine their success. The balanced scorecard brings a balance between financial and non-financial measures. It is made up of four perspectives, financial, customers, internal processes and knowledge and growth. These four perspectives act as four legs to a table, all must be working together or the company will lose balance. Balanced scorecard allows management to make better business decisions. It makes it easier for the business to find areas it needs to make improvements. It gives a holistic view of the company. In developing strategic goals, balanced scorecard gets management to consider changes in one area may affect another. Each of the perspectives contain their own strategic objectives, targets and performance measures to determine success or failure. Performance measures should...

What is Supply and Demand?

Darryl Bachmeier Mar 22, 2019 Business

Supply and demand are what makes the market. Supply is how much the market is able to provide. Demand is how much a product or service is desired by buyers. Demand comes from how much quantity buyers are willing to buy at a certain price. Supply and Demand have key relationship. Demand relationship, price and quantity demanded relationship. Supply relationship, producers willing to supply at certain price. Price affects supply and demand. In this market economy, it rewards efficient use of resources. The law of demand All things being equal, the higher the price the lower the demand. Buyers are less likely to be able to afford the good so they will either save their money or spend their money on something else. There is a negative relationship between price and quantity demanded. The law of supply The higher the price the higher quantity is supplied. If producers can get...

How to Write SMART Business Goals

Darryl Bachmeier Mar 21, 2019 Strategy

All companies no matter the industry or size must create business goals to keep improving. Goals helps steer your business in the right direction. The best goals are SMART. They help you to achieve business success and identify what’s most important. SMART goals is an effective method used by successful business owners to consistently reach their business goals. Allows you to go from general ideas to creating an action plan to achieve real results. SMART Goals are + Specific (clear, distinct, unambiguous) + Measurable (quantitative, significant) + Achievable (attainable, feasible) + Relevant (important, related) + Time bound (time sensitive, ending) Smart business owners know the value of setting goals. Goals should be set for the short, intermediate and long term. Examples of SMART Goals + Specific: My retail store will start selling women’s shoes in style A and B. + Measurable: My retail store will sell 100 men’s shirts in...

How to Sell Your Small Business

Darryl Bachmeier Mar 21, 2019 Business

Selling your business can be difficult, a long process and be emotional. There are steps you can take to help smooth the process and there are certain external professionals you should consider consulting with. The first thing you probably want to know is how much money will I get. A quick way to ballpark the price of the business is three times cash flow after all expenses and taxes. If your business nets you $100,000 per year, a good starting price for the business is to sell for $300,000. Everything is relative however. First, consider your situation. Why are you selling? This is one of the first questions any potential buyer will ask. Retirement, overworked, relocating, family issues or just other interests are all valid. Your reason will affect the urgency in which the deal must complete. Selling when you do not have to sell is the best place to...

How to schedule staff to reduce costs

Darryl Bachmeier Mar 20, 2019 Business

Scheduling staff can be difficult and time consuming. There is just so much to think about. Labor laws, absences, vacation time and seniority to name a few. Employee wages can account for a majority of the costs to run a business so it is important to optimize it as best as possible. It is important to get scheduling done right so it reduces stress for not only management but also the employees. Job satisfaction increases if you allow employees a variety of shifts to pick from and allow them to swap shifts with others. Schedules should be as consistent as possible and any changes should be communicated to the staff. Do not forget to ask for their input. The requirements of the business is to ensure there is enough staff available to handle customers but at the same time not to be overstaffed and wasting money. Thankfully, there is scheduling...

How to retain your good employees?

Darryl Bachmeier Mar 20, 2019 Business

It is important for an employer to attract and keep employees. Employee retention is focused on keeping those good employees. Employees can be lured away to another company with offers of better salary or benefits. It is important to stay connected with employees and to allow open communication and that they feel respected and valued not only from management but also from their fellow employees. One thing we can start with is gathering feedback from employees to understand what they enjoy and what they would like to see changed. It is important to know what motivates employees to stay with the company rather than look for other work. This can be done through employee satisfaction surveys and exit interviews. Exit interviews is a way to find out the reasons an employee is leaving although in exit interviews leaving employees may not be so truthful. Once the feedback is received, the...

How to relocate your business

Darryl Bachmeier Mar 20, 2019 Strategy

Are you thinking about moving your business to a new location? There is a lot of preparing to do. To make the move to a new city or country you should start by doing a lot of research to learn as much about the location and its people as you can. Even cities less than 100 kilometers away can have different attitudes. There are many reasons to move a business. Expand into new markets, increase quality of life, access to more labor, decrease costs and increase revenues. Some locations are difficult to find skilled workers. Perhaps you need new facilities. Moving to larger cities gives access to transportation hubs, rail, international airports and ports. Research Do research on the city first. What are the population trends? How are the demographics different and how do they relate to your target market. Are the costs of doing business more or less? Are...

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