Strategy - page 4

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...

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...

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 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...

How future trends of retail impacts the small retailer

Darryl Bachmeier Mar 17, 2019 Strategy

Retailing is an old business model that goes back a few thousand years. Only in the last hundred years has there been some drastic changes. Customers today have more choice than ever before. They can buy from small to giant retailers. They can buy local or buy from the other side of the planet via ecommerce. The growth of giant retailers, shopping malls and technological advances have put a lot of pressure on the small retailer. Giant retailers make it hard for small retailer to compete. Giant retailers have become so powerful that most of consumer spending is done in a handful of large companies. These giant retailers have strong purchasing power to buy their inventory for less than the smaller retailer does. They also have collected an incredible amount of information on their consumers. Big Data allows them to analyze trends so they know exactly where to place items...

2020 © Zenbo Services Ltd. All rights reserved.