Business

Improving Process Orientation in Business

Posted by Bob on
A great skill to utilise in business is the ability of process orientation. Process orientation is the management of time, staff and additional resources around, and to the high priority of tasks and functions, within a business environment. In other words it is making sure that tasks are focused on and prioritised to a high degree. This will mean that the business will donate a great deal of its functional capacity to (seemingly) basic tasks. To improve process orientation the business should look at its ability to carry out tasks, from beginning to end. Can the business handle its day to day tasks with ease and efficiency? If not then focusing on making...
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Business Services/Business

Tips on Franchising a Business

Posted by Bob on
Becoming a franchise is a goal that many businesses work towards. But getting there is not something that comes too easily. This post looks at some quick tips on how your business can evolve into a franchise. For a business to become a franchise has to appeal both to end consumers and to prospective franchisees. There should also be an expectation that more units will create economies of scale and increase profits. A business needs to be something you can systematize and replicate, not something that needs close adoration to be successful. Consider how to move forward. It can help to assess, depending on your situation, slower growth, finding debt financing or taking on partners. These are all alternatives...
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Business

Business Financial Terminology

Posted by Bob on
The world of business finance is sometimes viewed as having its own language. While this isn’t the case entirely, there are many unique words that are used solely to describe financial terms. Because of this, its important to have a basic understanding of the terminology used in business finance. This post looks at some of the main terms used in the business financial world. Budget In the financial world, a budget is an amount of money that has planned expenditure. This could be on a particular activity or resource, typically over a trading year, although budgets can apply to shorter and longer periods. Cashflow The movement of cash in and out of a business...
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Business

The Consequence of Understanding Customer Connections

Posted by Bob on
All businesses work with customers in some way. The nature of business is that it provides some kind of resource to another entity. With this as a foundational aspect of business, it is clear that connections, physical or otherwise play an important role. Because of the connections that are made, a successful business is one that understands how these connections work. The only way to really understand this, is to understand the customers you are working with. Understanding your customers will provide a great deal of clear analysis that your business can immediately integrate into its working operations. This analysis comes in the form how your business works. Not just in a general...
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Business

Understanding Other Businesses and Their Approach

Posted by Bob on
An important part of business is the understanding other businesses. Other businesses that could be constructive in helping your own, and others that are destructive in their operations, for themselves and yours. Being able to spot the constructive and destructive aspects of another business is difficult and is a skill that takes many entrepreneurs years to understand. However, these aspects are in all businesses so beginning to learn the skill can be done immediately. Some businesses may have seemingly successful approaches to their operations. They may have many clients and turning over a great deal of money, but are still destructive. These are the businesses that are running on soft foundations....
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