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Strategy

  • 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.

    Manual tracking of the prices of the competition

    To follow up, a group of people must go through the stores and check the prices of different items one by one, and then turn that information into spreadsheets. It is an arduous task, which demands that there be personnel that dedicates a lot of time to that.

    The enormous time and effort required means that this task is often left aside. Especially in the smaller stores, it seems that such an effort is not justified, although paradoxically it is only in this type of company that manual tracking can be effective.

    Automatic tracking of the prices of the competition

    There are programs and applications that carry out this work, mainly through searches on the Web but also thanks to the interweaving of data and the information that other retailers offer.

  • 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.

    It is an ideal strategy for these times when the barriers between physical and digital commerce are tending to disappear. It is not uncommon for new stores and platforms to emerging that allow the purchase process to start online, to withdraw the product and make the final decision in the store.

    5 benefits of implementing omnichannel retail

    The equipment for home and clothing are, worldwide, the most advanced industries in terms of omnichannel retail. But the benefits they get, call the attention of all the rest of the market that does not want to be left behind in innovation to attract and retain new customers.

  • 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 basic concept of Bussiness Intelligence

    This tool uses a series of tactics and own strategies for day-to-day data processing, such as; how much, what and when we sell it and even who sells it. Allowing for answers through efficient data processing.

    Using the information collected, Bussiness Intelligence makes it possible to search for hypotheses and predictive patterns that allow improving business performance in its various areas, such as finance, marketing, human resources and even after-sales service.

    Its application will mean a significant increase in the efficiency of decision making and everything based on the study of data.

  • 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:

    1. Artificial intelligence

    We should not fear artificial intelligence, and although traditional learning has been questioned, it can contribute enormously as the best assistant any analyst can have.

    For example, linear regression of data can be a very complex task if you do not have the right technology, but thanks to artificial intelligence in a matter of seconds it is possible to obtain the desired results.

    Among its contributions to business intelligence stands out, the increase in efficiency, giving the analyst more time to think about the implications of his company, as well as the next steps to follow.

  • 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.

  • If your work routine involves endless to-do lists, if during your day you jump from branch to branch trying to do a little of each thing to meet all your demands, if you have the feeling that everything important was to yesterday, then maybe it’s time to stop to gauge how you’re working.

    The attempt to do several things at the same time (“multitasking” in the English term, which does not have a version like this in Portuguese) is very seductive. The notion that we will be able to do more during the day is extremely seductive, and we will do anything to make us believe we will gain a little bit more from this scarce commodity. However, today it is known that the idea that you can do several things at once is a myth.

  • 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.

    What do you need to know to learn to negotiate successfully?

    1. Do your homework

    Information is power. Sitting at a negotiation table without having investigated the company with which you negotiate implies leaving at a disadvantage. The more details you can discover about that investor or the company to which you want to sell your products or services, the better. You can use that information, for example, to present a personalized business proposal that arouses your interest in which you highlight the value you bring.

    2. Make your conditions clear from the first moment

    Negotiating consumes time, so it does not make much sense to move forward if you can not reach a first agreement on the basic points in which you are not willing to compromise. This advice to learn to negotiate may seem radical, but in the long term it will save you time and avoid many unsuccessful efforts so that you can concentrate your energy on negotiations that really bear fruit.

  • 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?

    First, we realize that we have a problem that requires us to make a decision. If it is a situation we have encountered before then we can draw on our own experiences to act. If we don’t know then we gather information. We can ask others, read this blog, etc. Once we have some information we can start to brainstorm some potential solutions. When brainstorming we let the ideas flow. Next we can analyze each and weigh the pros and cons. Once we see the favorite solution that has the greatest benefits and perhaps limited risk then it is time to come up with a plan to implement the solution. Once implemented some may stop here. The problem is solved but how do we know we are truly successful. We need to measure and review the outcomes so we can learn from successes and failures.

    It is important to stay focused on the outcome you wish to achieve. How will this decision impact the short and long term?

    By asking others and learning from their experiences it can save you many hours and effort.

    If your head starts to hurt take a break, go for a walk. When you stress your brain cannot think.

  • 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.

    You look for what makes others perform better and model your company to theirs. You look at which processes work and which do not. You can even look at individual products.

    It starts with knowing what are key performance metrics, what are the things you need to measure. Management must agree on the metrics and how they are measured. Measurements must be applied in the same way every time otherwise the results are not useful. You need to collect data over time to see changes in these metrics. You can collect your own data, gather free data or purchase data.

  • 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 be done regularly to get a pulse of the company. Some measures will be trailing and others will be leading.

    One of the great things about balanced scorecard is that the measures can be applied against different locations or business units.

    Balanced scorecard promotes continuous improvement. Performance measures are meaningful and management can compare actual values from goals.