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Having a price tracking of the competition is essential. New technologies give us ways to do this in a quick and simple way.
All retailers should keep track of the prices of their main competitors, to stay in the same range and even try to offer advantages (lower prices) to their customers, as much as possible. This has always been the case, and it is a usual practice for owners or store managers. But new technologies now allow other ways to perform this task automatically and, therefore, in a much simpler and faster way.
The benefits of implementing omnichannel retail, which many believe will be the next great trade revolution, make this a strategy that must be taken into account by all retailers.
What is the omnichannel retail? It is the sales strategy that integrates all existing channels in the market (physical stores, online stores, applications for mobile devices, contact center and those that will arise in the future). The client that initiates communication through an interaction channel can continue it and end it with another one.
When asked why you should invest in Business Intelligence for a store, the answer will be measured in higher sales. Next, we explain how.
Under the concept of “data-driven stores” Business Intelligence is born, given the need to take advantage of the infinite amount of data generated within the commercial activity and that can be very useful in the retail area.
Ignorance of the possibilities offered by the analysis of data becomes a disadvantage for modern retail companies since the vast volumes of quantitative data collected daily will allow better management and control of consumer preferences.
But before delving into the mystery of why should I invest in Business Intelligence for a store? It is necessary to understand how it works.
The hard work that is done inside the store is not enough to be the best, that’s why new Business Intelligence Trends have emerged for this 2019, designed to help you succeed Discover what they are!
First of all, we must make clear the meaning of the term Business Intelligence (BI), which offers the possibility of observing in detail the past of the company through analysis and reports, this occurs from the historical information of the business.
The vertiginous changes that business presents go hand in hand with technology, which is why it is necessary to constantly review business intelligence trends, because what used to work, today may not be so useful.
Below we detail the top 5 business intelligence trends for this 2019:
SWOT analysis is one of the main tools in support of Strategic Planning. With that in mind, we decided to talk more about how to use SWOT Analysis to start doing your Strategic Planning.
What is SWOT Analysis?
SWOT analysis is a management tool created decades ago and used until today for you to analyze the external and internal environments that your company finds. With it you raise the Forces and Weaknesses (internal environment) and the Opportunities and Threats (external environment) that affect your business.
Learning to negotiate is the key to success as an entrepreneur. The Center for Economics and Business Research revealed that companies could increase their annual profits by 7% if they only improved their negotiating strategies. The main problem is that many entrepreneurs negotiate by letting their instinct drives themselves and end up making mistakes that result in less advantageous agreements. The good news is that negotiating is an art that is learned.
We make decisions all the time. As a small business owner we have to make decisions on all the daily operation problems. You also need to be to make decisions today that will affect your long term strategy.
Let’s take a moment and break apart the decision making process. How does it happen?
It is difficult to understand how well you are performing unless you measure. Benchmarking allows you to determine how well you are performing by comparing your numbers to an average of others. It is used often in sales and operations. Benchmarking forces management to look beyond its own company and see what others are doing. Benchmarking is a proactive discovery method.
You can compare your business externally with industry data or internally by comparing different teams, locations and departments. For industry data, it is best to compare against companies of the same type within the same industry. What may look good in one industry may be horrible in another.
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.
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)