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Added for You - Aligning Departments With Your Strategy
Four Ways to Maximize the Success Potential of Your Small Business
There is a difference between small businesses that are just making it, and companies that are truly taking off. This difference commonly lies in the strategy being used to maximize the success potential of the business. Such strategies are made up of important techniques – primarily the four following – that allow a small business to make sure that it is functioning at its very best.To be sure that your business is maximizing its potential, it is advisable that you employ the following practices as a part of your own business strategy:• Make sure that your business offers knowledge or services along with its quality products. No matter what industry or niche your company happens to fill, you will need to make sure that you have information and services to offer your customers that are different from your competitors. Success, especially when marketing on the internet, is all about having something to offer, whether it’s knowledge, services, or something else. This will also help you to be seen as an expert. The more you are perceived as having expertise, the greater the trust you
ng — In many purchasing departments, performance is measured strictly by how well the department cuts costs. This is clearlThere is a difference between small businesses that are just making it, and companies that are truly taking off. This difference commonly lies in the strategy being used to maximize the success potential of the business. Such strategies are made up of important techniques – primarily the four following – that allow a small business to make sure that it is functioning at its very best.To be sure that your business is maximizing its potential, it is advisable that you employ the following practices as a part of your own business strategy:• Make sure that your business offers knowledge or services along with its quality products. No matter what industry or niche your company happens to fill, you will need to make sure that you have information and services to offer your customers that are different from your competitors. Success, especially when marketing on the internet, is all about having something to offer, whether it’s knowledge, services, or something else. This will also help you to be seen as an expert. The more you are perceived as having expertise, the greater the trust you
Russia At A Glance - Why Do You Need To Invest In Russia?
Russia is still an emerging market and the challenges are plenty. However, the country’s economic growth has been remarkable, with an average seven percent GDP growth backed by the favorable energy situation on the world markets, tighter government budget policy, and faster development of other key industry sectors, such as machinery, automotive, info-communication, construction and food processing. The Russian government introduced positive changes into the tax system; including a flat rate of 13% for personal income tax, reducing the corporate tax rate from 35% to 24%, and reducing the value-added tax (VAT) to 18%. Surpassing even some developed economies, Russia reduced its public debt to 13% of its GDP . Finally, Russia’s evolving middle class creates a strong consumption wave that is a tremendous boost for the Russian economy.Yet, Russian economic problems and challenges are well-known: corruption and bureaucratic red-tape hampers foreign investment and small business development, while omnipresent piracy hits hard the image of Russia’s intellectual property environment. And on t
Over the years, several CEOs have asked me how I would go about getting departments of their organizations to support the vision we created in the strategic planning process. To begin with, it's important to recognize that this is a good idea: any department in your organization can either support your strategy by being aligned with it, or block your strategy by pushing against it. To see how, let's take a look at how several different departments might affect strategy.
Russia is still an emerging market and the challenges are plenty. However, the country’s economic growth has been remarkable, with an average seven percent GDP growth backed by the favorable energy situation on the world markets, tighter government budget policy, and faster development of other key industry sectors, such as machinery, automotive, info-communication, construction and food processing. The Russian government introduced positive changes into the tax system; including a flat rate of 13% for personal income tax, reducing the corporate tax rate from 35% to 24%, and reducing the value-added tax (VAT) to 18%. Surpassing even some developed economies, Russia reduced its public debt to 13% of its GDP . Finally, Russia’s evolving middle class creates a strong consumption wave that is a tremendous boost for the Russian economy.Yet, Russian economic problems and challenges are well-known: corruption and bureaucratic red-tape hampers foreign investment and small business development, while omnipresent piracy hits hard the image of Russia’s intellectual property environment. And on t
Purchasing — In many purchasing departments, performance is measured strictly by how well the department cuts costs. This is clearly
How To Communicate Your Sales Message So Buyers Take Action Now!
Wouldn't it be great that every time you made a sales presentation, write a letter, send your sales literature or place an ad that you knew, with some certainty, that you could get your prospects to take action and respond to your offer?Well, to put it bluntly, it's not that difficult if you simply apply the basics of marketing. Unfortunately, marketing is one of the least understood and arguably one of the least underutilized, course of action, in business today.Marketing has and will continue to make the difference between the survival and extinction of a business today. Treading our way into the future with the overwhelming velocity of day-to-day change in this wildly unpredictable changing marketplace, with shorter product life cycles, require businesses, small or large, to have an edge or lose share of market to the competition.Having the edge today will involve refining your marketing with a holistic approach and razor-sharp strategies that accelerate your business growth. The more I research and study how businesses stay alive and well -- the more I am convinced and respec
ision we created in the strategic planning process. To begin with, it's important to recognize that this is a good idea: any department in your organization can either support your strategy by being aligned with it, or block your strategy by pushing against it. To see how, let's take a look at how several different departments might affect strategy.
Wouldn't it be great that every time you made a sales presentation, write a letter, send your sales literature or place an ad that you knew, with some certainty, that you could get your prospects to take action and respond to your offer?Well, to put it bluntly, it's not that difficult if you simply apply the basics of marketing. Unfortunately, marketing is one of the least understood and arguably one of the least underutilized, course of action, in business today.Marketing has and will continue to make the difference between the survival and extinction of a business today. Treading our way into the future with the overwhelming velocity of day-to-day change in this wildly unpredictable changing marketplace, with shorter product life cycles, require businesses, small or large, to have an edge or lose share of market to the competition.Having the edge today will involve refining your marketing with a holistic approach and razor-sharp strategies that accelerate your business growth. The more I research and study how businesses stay alive and well -- the more I am convinced and respec
Purchasing — In many purchasing departments, performance is measured strictly by how well the department cuts costs. This is clearl
Small Business Marketing Secret #2: Marketing Is Like Fishing - You Need A Hook
When’s the last time you went fishing? Think back to that day. What did you use to fish? A pole, fishing line, bait, maybe a sinker and a bobber. Oh yeah…and a hook.You wouldn’t go fishing without the hook, would you? The hook is probably the most important part of the fishing process.The same is true in your advertising. If you want to be successful in advertising you have to resign your position as general manager of the universe and realize that your ad is not a personal soap box to speak your mind, hype accolades, regurgitate philosophies, spout jargon and blab about anything else.The people who see your ad really don’t care about you, your personal agenda or that you’ve spent good money to talk to them. As you know they only care about one thing…themselves. Likewise your advertising should focus on only one thing…them!You have already identified that “YOU” is the most powerful word in any advertisement. That is why a hook works so well. A hook is something of value you offer your target, which they can’t live without.It’s something that provides them with
department in your organization can either support your strategy by being aligned with it, or block your strategy by pushing against it. To see how, let's take a look at how several different departments might affect strategy.
When’s the last time you went fishing? Think back to that day. What did you use to fish? A pole, fishing line, bait, maybe a sinker and a bobber. Oh yeah…and a hook.You wouldn’t go fishing without the hook, would you? The hook is probably the most important part of the fishing process.The same is true in your advertising. If you want to be successful in advertising you have to resign your position as general manager of the universe and realize that your ad is not a personal soap box to speak your mind, hype accolades, regurgitate philosophies, spout jargon and blab about anything else.The people who see your ad really don’t care about you, your personal agenda or that you’ve spent good money to talk to them. As you know they only care about one thing…themselves. Likewise your advertising should focus on only one thing…them!You have already identified that “YOU” is the most powerful word in any advertisement. That is why a hook works so well. A hook is something of value you offer your target, which they can’t live without.It’s something that provides them with
Purchasing — In many purchasing departments, performance is measured strictly by how well the department cuts costs. This is clearl
Later Stages of Entrepreneurial Financing
The later Stages of Entrepreneurial Financing are often called the Third, and Harvest stages. They are briefly described with Status, Tasks, and Financing as follows:Third Stage (also Mezzanine Stage)Status. All systems are really go and the potential for a major success is beginning to be apparent. Snags are being worked out in all areas from design and development of second-generation products; to marketing and distribution; to management and all its applied systems.Tasks. To increase market reliability, begin export marketing, put second-level management in place, begin to "dress up" the company for harvest.Financing. At this stage, the company may need to obtain more venture capital, or "bridge" or "mezzanine" financing to carry increased accounts receivable and inventory prior to harvest. Other possibilities include being acquired (perhaps by one of the earlier-stage strategic partners), or selling out to a cash-rich company. There is a great amount of pressure to prove second- and third-generation products, increase profitability records, improve the balance sheet, a
ng against it. To see how, let's take a look at how several different departments might affect strategy.
The later Stages of Entrepreneurial Financing are often called the Third, and Harvest stages. They are briefly described with Status, Tasks, and Financing as follows:Third Stage (also Mezzanine Stage)Status. All systems are really go and the potential for a major success is beginning to be apparent. Snags are being worked out in all areas from design and development of second-generation products; to marketing and distribution; to management and all its applied systems.Tasks. To increase market reliability, begin export marketing, put second-level management in place, begin to "dress up" the company for harvest.Financing. At this stage, the company may need to obtain more venture capital, or "bridge" or "mezzanine" financing to carry increased accounts receivable and inventory prior to harvest. Other possibilities include being acquired (perhaps by one of the earlier-stage strategic partners), or selling out to a cash-rich company. There is a great amount of pressure to prove second- and third-generation products, increase profitability records, improve the balance sheet, a
Purchasing — In many purchasing departments, performance is measured strictly by how well the department cuts costs. This is clearl
Hourly Rates - Don't Lowball To Get Clients
Hourly rates that you charge your clients are very closely related to the ultimate success or failure of your business. Your hourly rates must be high enough to sustain your income needs and not so high that you drive away your sweet spot, small business, target client.The most common mistake people make early on is setting an hourly rate that it too low. You have to get your small business clients used to paying a certain hourly rate up front. It is very difficult to raise your rates up to where they should be after the fact. Increase of 5 - 15% overtime are ok but if you need your hourly rate to jump form $5 to $85, you will likely lose all of your current customers.Setting a low hourly rate in the hopes of attracting new clients is a poor strategy. These clients expect low rates in the long term and you can't afford to give permanently discounted hourly rates. By charging too little you may have to effectively dump your whole client list and start over. This could put you out of business real fast.If you want to attract a few clients fast, you can do a grand opening specia
ng — In many purchasing departments, performance is measured strictly by how well the department cuts costs. This is clearly useful for a company that is pursuing commodity customers, but it can be highly counterproductive when your target customer is a specialty buyer. The problem of measuring other values — such as the impact the purchase has on our operations or on our customers — sometimes makes purchasing a difficult department to align with the organization's strategy.
Hourly rates that you charge your clients are very closely related to the ultimate success or failure of your business. Your hourly rates must be high enough to sustain your income needs and not so high that you drive away your sweet spot, small business, target client.The most common mistake people make early on is setting an hourly rate that it too low. You have to get your small business clients used to paying a certain hourly rate up front. It is very difficult to raise your rates up to where they should be after the fact. Increase of 5 - 15% overtime are ok but if you need your hourly rate to jump form $5 to $85, you will likely lose all of your current customers.Setting a low hourly rate in the hopes of attracting new clients is a poor strategy. These clients expect low rates in the long term and you can't afford to give permanently discounted hourly rates. By charging too little you may have to effectively dump your whole client list and start over. This could put you out of business real fast.If you want to attract a few clients fast, you can do a grand opening specia
Accounting — Accounting typically gives the company a way of measuring performance (financially) after the fact, as well as man
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