Strategy - page 3

Benefits of Mind Mapping for Your Life

Darryl Bachmeier May 13, 2019 Strategy

Mind mapping can either be a tool for you or an exercise for your brain. And gaining a skill out of it brings tremendous benefits for you. Whether you are a student, a professional, or even a stay-at-home mom who is juggling tons of tasks, mind mapping can help you organize your thoughts better so you can give your day a better direction. Contrary to popular belief, you do not need to be creative to do mind mapping. In fact, mastering it can unleash your inner creativity. Mind mapping mimics how our brains work when brainstorming, and learning how to do it in the physical can help us jive with our brains. While everyone else is scrambling to get the most effective digital tools to help them become more organized and creative, I find that they underestimate the capacity of their brains that way. Learning how our brains work, that...

Why should I invest in Business Intelligence for a store?

Darryl Bachmeier May 6, 2019 Strategy

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...

5 business intelligence trends for 2019

Darryl Bachmeier May 5, 2019 Strategy

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: 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...

SWOT Analysis How to Use Before You Do Your Strategic Planning

Darryl Bachmeier Apr 27, 2019 Strategy

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. How to do a SWOT Analysis? To get started you need to list all the strengths and weaknesses of the company. You can brainstorm with your team to list all of these options. One technique that can help you analyze better is to score strengths and weaknesses to find out which ones are the most important and the least important ones. When using our Ready...

7 Tips to learn to negotiate

Darryl Bachmeier Apr 10, 2019 Strategy

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? 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...

What’s the best strategy for business decision making?

Darryl Bachmeier Mar 24, 2019 Strategy

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...

What is benchmarking?

Darryl Bachmeier Mar 23, 2019 Strategy

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...

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