finance-worldwide

Personal Finance Planning Strategies – Why You Should Treat Your Household Like a Business

By: Christopher
Music

Do you treat your household like a business? Maybe you feel that treating your business like a business is quite enough. But think about it for a minute. As someone who owns a small business or a professional practice, you know there are some fundamental ways to operate that group activity so that it is a profitable, expanding endeavor. Read on to discover how you can apply the same rules to your household as well, which will go a long way towards helping you with your personal finance planning.
And not only do the same fundamental rules apply to your household activities, but the more you apply sound business practices to your household, the more financially secure you and your family will be.

But how do you get started?
(more…)

5 Tips to Strengthen Your Business Concept

By: Michael Paul Valentine/ The Plan Doctor

Sound business planning is vital in today’s marketplace. It’s important that before you start any business that your core concept is tight. My experience as a business proposal writing and fundraising specialist has shown me time and time again that simply having a well written business plan does not cut it. Investors and funders alike are more likely to be drawn to projects that display a strong overall concept. Below I’ve expanded upon 5 tips to help you strengthen your business concept.

#1) Offer an Extraordinary Good/ Service. Whether or not your product/ service is better than what is currently on the market will play a major part in your success or lack of it. Let’s face it… if there’s no need for what you’re offering, you’ll have a steeper hill to climb when it’s time to gain the buzz necessary to reach the masses or even your target audience(s) for that matter. Investors are always looking for the next hottest thing and brand recognition/ selling potential is key. The better picture you can articulate of how vast of a market there is for your product/ service, the more they (investors) will love you.
(more…)

By: James Copper

Marketing is an extremely important thing from point of view of the growth of any company. One needs to be innovative and market his or her product in the most attractive way possible. If you stay under the impression that it’s just business and don’t start advertising properly then you may face some losses as you wont gain enough customers. Many people think of starting up their own small business but only the few who market it well go ahead and become successful. If you don’t market your business you could end up going bankrupt. Given below are some marketing strategies that may come in handy to help you market your small business.
(more…)

By: Mark Woeppel

We Have a Problem!

There was no doubt that improvements were needed at Brown Fintube. No systematic method of planning or scheduling was in place and jobs were accepted without regard to capacity or loading. Consequently, we were not able to accurately predict shipment dates for contracts and never knew when a job was going to be late until it was late. Our on-time delivery performance to meet original promise dates was dismal (in the low 40% range). Designs and drawings were too often late getting to the shop because we were unable to provide Mechanical Engineering and Drafting with real need dates. There was confusion on the shop floor about how to prioritize jobs. In order to compensate for problems and still attempt to meet ship dates, overtime and intense expediting was necessary. Each month began from scratch. By the end of the month, the floor was clean and there was no new work in progress.

Because we couldn’t accurately anticipate or account for variation in the process, we were unable to correctly predict revenue or forecast late shipment of jobs for any current month. We were able to meet customer needs, but only through last minute, heroic efforts by the organization. We realized that, like so many long-time manufacturers, our order fulfillment process was out of sync. In order to bring our system under control, planning and execution needed improvement. The operations group proposed implementation of a formal scheduling system using drum-buffer-rope (DBR), a Theory of Constraints (ToC) solution.
(more…)

By: Curtis Hannah

Successful business owners know the importance of retaining loyal customers, while always attracting new clients. Businesses with good reputations keep customers coming back again and again. Although a business’ reputation is built on the satisfaction of its customers, this good reputation is only valuable if satisfied customers can share these positive experiences with others. Using customer testimonials can be a helpful way to build your company’s reputation, while offering your clients the ability to give their feedback.

When customers have the opportunity to provide feedback, they feel that the company cares about their concerns and values their input. By capturing that feedback, the company gets to encapsulate the best of their word of mouth advertising and broadcast it to a larger audience. While traditional word of mouth advertising is by definition beyond the control of the business itself, customer testimonials can be refined and incorporated into the business’ marketing plans and advertising campaigns.
(more…)

By: Reynor Buenaflor

Do you know how the lion tamer train a lion?

He enters the lion cage with a wooden stool on his hands. He points the four legs towards the lion. The lion, unable to determine which one to attack first, become helpless and powerless.

If you are a businessman or you know someone, you are aware of the many business activities that are going on in the life of a business. Entering into a situation where all of them clamors for attention can lead the business owner immobile and helpless. The phenomenon is known as paralysis by analysis.

Fortunately, all business activities can be boiled down to seven areas of business management.

The seven areas of business management are:

1) production
2) marketing
3) finance
4) accounting
5) human resources
6) management information system
7) product research and development

How do you know if your business is healthy? How do you know if your business needs help?
(more…)

By: Joanne Simmons

Even during a recession, business keeps getting done. The question really is whether or not you are going to shift your mindset to one who leverages opportunity instead of someone victimized by the winds of chance. If you’re like most people, you would rather shift than suffer.

Here are some tips on how you can identify great business opportunities and begin to apply them to your life so you can enjoy success because of, instead of in spite of, the economic challenges of the day.

• Look for industries that everyone needs regardless of their economic situation

By identifying industries that need help providing the day to day services that everyone needs – food, shelter, clothing, day to day amenities of sustenance, and health care – you will likely find ways to either find a job or identify a market you can serve with your talents.

• Find companies that offer products for managing tough economic times

Look for companies that supply temp workers, handle business liquidations, or provide comfort items such as counseling services. They are all going to need help for the extra business they are flooded with.

• Try brokering excess inventories through barter or trade
(more…)

By: Randall Goruk

One of the great things about being an executive and leadership coach is the opportunity to work with a variety of people who work in a variety of different industries. I have been doing some work recently with Kara Rosner, owner of Key Virtual Office Solutions – a Virtual Assistant (VA) business based in Scottsdale, Arizona.

I asked Kara if she would mind sharing her experiences of starting up her small business through an interview – she was in full agreement. I thought sharing her experience will benefit many of my other clients as well as those who intend to start up their own small business one day.

Kara epitomizes the American entrepreneurial spirit and has demonstrated the leadership traits to be successful in any new enterprise … I hope that you find some benefit into her thoughts about her business.
(more…)