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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.

    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.

  • A training plan is a definite record that manages the arranging and conveyance of guidance. In the case of preparing individuals one-on-one or in gatherings, face to face or on the web, a well-created training plan enables you to get ready for and convey exhaustive dynamic classes. Some key things to recall when developing a training plan is that you need to be definite, sorted out, and realistic. Thus, here is how to develop a successful training plan

    A. Establish and Document the Training Goals

    To develop a successful training program, you have to establish your training goals, and this can only be done by doing the following;

  • Ever wondered what financial forecast is, and whether you needed it? When most start-up companies work and hope things work out, Financial forecast prepares you for the worst, giving you a smooth and more predictable outline of events.

    A forecast is a blueprint that gets you from your potential point to the final destination. It utilizes chronicled information and analysis of the industry and practically identical organization patterns to illuminate your best courses of action and foresee the results. A financial forecast gives you the reins to move your organization where you need to go in all aspect of success. As it is well known that finance is the backbone of any organization, be it small or large. As an entrepreneur, you must guarantee that you have designated your funds to various procedures and offices in the most brilliant manner conceivable. This is the place the financial forecast is significant for organizations.

    A financial forecast just like a google map provides a clear path towards your business goals. In short, it is a budgetary spending plan that appraises the anticipated salary and likely costs of your business.

    The financial forecast gives these various benefits:

  • 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.

  • To make your company grow, it is fundamental to carry out production planning and control. They ensure a tuning of work inside and outside the company. This process facilitates the integration of production and sales sectors of your average or large company, as it balances internal activities with appropriate procedures and externally connects your business to the market.

    In this way, these measures facilitate planning practices and standardize your company’s products and processes, and so your business will achieve success with ease.

    Make sure your business is ready to grow

    The first step in this process is to have the primary goal outlined, whether you want to expand geographically, increase revenue, or expand market share.

    After this analysis, evaluate the situation of your company acting in a larger dimension. To do this, do some planning, find out what is necessary for your company to increase sales, which areas would be impacted by the expansion of the company, which is feasible for the company in the new branch.

    With this process, the entrepreneur will have a sense of what will be the risk points of an expansion of the company and will find the best alternatives and improvements needed for the company.

  • 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.

  • The biggest mistake of (almost) every entrepreneur

    Every business owner must keep an eye on all areas of his business. Since the financial indicators to sales, production and inventory figures. The problem is that this general view can often make the manager unaware of the true details of his finances. In my opinion, one of the biggest mistakes most business owners make is a cursory look at their finances. If you believe that knowing your income, expenses, and whether you make a profit or a loss is enough, think again. Nowadays it is important to know these 4 indicators in order to make convincing and informed decisions:

    1. Financial margin - contribution margin

    This is perhaps the most important financial indicator because it will tell the business owner how much of the proceeds from sales after deduction of direct costs carry fixed costs and ultimately make a profit. The process is very simple if your contribution margin is negative; it means that something is wrong; after all, it is impossible to pay the fixed costs with a primary loss. If your contribution margin is positive, you will need other indicators (such as the break-even point) to understand if this margin is sufficient or not.

  • Importance of Communication

    Continuing to develop the theme of the previous entry, on Communication and project management. Communication has become indispensable to achieve success in projects and the organization of companies. It is, therefore, necessary and extremely important to reflect and plan on how is the best way to communicate in the field of project management and organization of the company. Communicate, is an important part of our day to day and we should pay the attention it deserves. A project manager invests most of his time communicating with all stakeholders or stakeholders of the project:

    • The members of the work team.
    • The clients of the project.
    • The users.
    • Providers.
    • The managers of the organization to which it belongs.
    • The co-workers. This communication is made with different purposes:
    • Negotiating
    • Reporting the status of the project.
    • Assigning work to the team.
    • Obtaining information on the execution of the project.

    Communication in project management

    Different dimensions of communication in project management: