Strategy - page 4

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...

Companies need to monitor their online presence

Darryl Bachmeier Mar 16, 2019 Strategy

For the last few years, online shopping has taken off but with smart devices, local presence has become important. Google search ranks results of local higher and it is based on the location of the user. In fact, many websites and applications are asking the user to reveal their location to give a better experience. Business must be aware of their online presence. How their website appears and functions on a user’s device. Mobile technology is thriving. In developing markets, the use of mobile technology is far easier since there is no setup of the entire infrastructure. It is likely in these markets that online browsing and shopping will be done on a mobile device. Social Media such as Twitter and Facebook give another medium for customers to give feedback whether it is wanted or not. Businesses must pay attention to what others are saying about their business and brands....

What are the objectives of business intelligence

Darryl Bachmeier Mar 13, 2019 Strategy

It is known as business intelligence or business intelligence, the set of techniques, strategies, and technology that through the measurement and subsequent analysis of data, seeks to improve the task of those responsible for a store and help them achieve their business objectives. The main objectives of business intelligence are: Collect all possible data about the clientele Among these data are: The number of people entering the store at different times of the day. This is done through an advanced person counter. Tour they make inside the premises. Websites that visit from their mobile phones through the free Wi-fi provided by the store. Analyze the data collected A set of numbers is useless if they are not interpreted. Business intelligence technology, in its current state, provides automated solutions for this. This way, among other issues, you can find out which are the most and least crowded days and hours or...

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