Lets talk business
Every once in a while we come across a business that doesn't just stand out visibly but is truly outstanding in every sense. I can’t help but think of Virgin and Richard Branson’s achievements as a business man! He has put in place a business that has a great Team of hard working people, a business that has mastered the art of delighting both new and existing customers, a business that is achieving spectacular growth and great profits! However I did find Duncan Bannatyne’s book ‘Anyone can do it’ a better read than ‘Screw it just do it’ by Sir Richard Branson.
I really believe that business is all about the journey you take, the decisions you make, advice you decide to take or ignore etc! It is great watching You Tube and seeing videos by Robert Kiyosaki and his Rich Dad however it is much more fun getting stuck in and doing it your own way! These video and books are great for relaxing and getting ideas however you should not get caught up in other peoples ideas, stories or ideas. There is only one way of life and that is your own! (I hope our Business Links section helps)
The A to Z of common business phrases
Business speak is full of jargon and phrases masquerading as English. To help you decode what they all may mean, mjward.co.uk compiled a list of some of the most commonly uses business phrases with a little help from businessfinance.com:
A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z
Starting a new business? You will need a business plan of action
This section of my web site will look at how to structure a business; there are two things that all businesses have in common. The first of these is systems. Not information or computer systems but systems for all basic things.
Explaining the fundamentals of the proposed business:
What will your product be? Who will your customers be? Who are the owners? What do you think the future holds for your business and your industry? Make it enthusiastic, professional, complete, and concise. If applying for a loan, state clearly how much you want, precisely how you are going to use it, and how the money will make your business more profitable, thereby ensuring repayment.
Every Company needs Goals and Objectives:
Goals are destinations—where you want your business to be. Objectives are progress markers along the way to goal achievement. For example, a goal might be to have a healthy, successful company that is a leader in customer service and that has a loyal customer following.
Objectives might be annual sales targets and some specific measures of customer satisfaction. Business Philosophy: What is important to you in business? To whom will you market your products? (State it briefly here—you will do a more thorough explanation in the Marketing Plan section). Describe your industry. Is it a growth industry? What changes do you foresee in the industry, short term and long term? How will your company be poised to take advantage of them?
Describe your most important company strengths and core competencies. What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture? Legal form of ownership: Sole proprietor, Partnership, Corporation, Limited liability corporation (LLC)? Why have you selected this form?
Market research - Why?
No matter how good your product and your service, the venture cannot succeed without effective marketing. And this begins with careful, systematic research. It is very dangerous to assume that you already know about your intended market. You need to do market research to make sure you’re on track. Use the business planning process as your opportunity to uncover data and to question your marketing efforts. Your time will be well spent.
Market research - How?
There are two kinds of market research: primary and secondary. Secondary research means using published information such as industry profiles, trade journals, newspapers, magazines, census data, and demographic profiles. This type of information is available in public libraries, industry associations, chambers of commerce, from vendors who sell to your industry, and from government agencies. Start with your local library. Most librarians are pleased to guide you through their business data collection. You will be amazed at what is there.
There are more online sources than you could possibly use. Your chamber of commerce has good information on the local area. Trade associations and trade publications often have excellent industry-specific data. Primary research means gathering your own data. For example, you could do your own traffic count at a proposed location, use the yellow pages to identify competitors, and do surveys or focus-group interviews to learn about consumer preferences.
Professional market research can be very costly, but there are many books that show small business owners how to do effective research themselves. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all-important sales projection
Tidy Wine is fine wine at affordable prices that can be found everywhere on the web! We also will rely heavily on business through flyers, networking events, email marketing and cold calling.
Company Products:
In the Products and Services section, you described your products and services as you see them. Now describe them from your customers’ point of view. Features and Benefits List all of your major products or services. For each product or service:
• Describe the most important features. What is special about it?
• Describe the benefits. That is, what will the product do for the customer?
Note the difference between features and benefits, and think about them. For example, a house that gives shelter and lasts a long time is made with certain materials and to a certain design; those are its features. Its benefits include pride of ownership, financial security, providing for the family, and inclusion in a neighbourhood.
You build features into your product so that you can sell the benefits. What after-sale services will you give? Some examples are delivery, warranty, service contracts, support, follow-up, and refund policy.
Business Customers:
Identify your targeted customers, their characteristics, and their geographic locations, otherwise known as their demographics. The description will be completely different depending on whether you plan to sell to other businesses or directly to consumers. If you sell a consumer product, but sell it through a channel of distributors, wholesalers, and retailers, you must carefully analyze both the end consumer and the middleman businesses to which you sell. You may have more than one customer group. Identify the most important groups. Then, for each customer group, construct what is called a demographic profile:
Business Niche:
Now that you have systematically analyzed your industry, your product, your customers, and the competition, you should have a clear picture of where your company fits into the world. In one short paragraph, define your niche, your unique corner of the market. Strategy Now outline a marketing strategy that is consistent with your niche. Promotion How will you get the word out to customers?
When in business dress to impress
I am sometimes asked why I wear a suit to meet the accountant for lunch, meet a friend for coffee or when I see a client to discuss marketing or the development of a website. I love hearing new quotes about business and life, one from a film titled ‘Swordfish’ goes something like this, ‘clothes make a man!’ When setting up a business you will defiantly need a good suit to visit clients or the bank manager as jeans are considered more casual! A "suit" generally means that the jacket, skirt or pants are made from the same material. Shoes should be black (Maybe brown) whichever complements your suit colour and you should always try to appear clean and ready to work!
Delegation in business
Delegating in business involves passing on the responsibility for completing tasks in your business. Like me you may find delegation difficult if you are used to completing most business tasks yourself. Some business owners or company directors fear losing control; others fear nobody will be able to do a task as well as they can! Effective business delegation does however make good business sense, it frees you up your time for planning and setting up new businesses!
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