Starting a business can seem like an easy thing to do. After all, what’s so difficult about identifying a target market and selling a product or offering a service to people within that demographic? Ask any successful entrepreneur and they’ll agree that appearances are deceiving. No businessperson is capable of running all operations with no outside help. There are so many … [Read more...] about 4 Things You Should Know Before Becoming an Entrepreneur
business planning
Everything You Need to Know About MRP
In every successful business, they were able to manage their inventory, production equipment, and other resources in the best way possible, thanks to the Material Resource Planning system implemented by the higher management. The more you think about the scale, the more difficult it will be for you to work without this system in place. In this article, we will know the … [Read more...] about Everything You Need to Know About MRP
3 SWOT Analysis Templates for Efficient Business Planning
What is SWOT Analysis? SWOT Analysis is a strategic business planning tool that can be used for analyzing different business situations faced by a company. This analysis allows businesses to assess their current positions in the market. It also extends to the resources and efforts required to change, sustain or strengthen that position. Four key aspects of a situation … [Read more...] about 3 SWOT Analysis Templates for Efficient Business Planning
The 5 Whys As a Practical Tool to Solve Business Problems
If you’re thinking that the 5 Whys mean you have to say why five times, no, not exactly. The 5 Whys in business is a process that you would actually use to help you to find out the real root of a business problem and ways to fix it. Sometimes in business, managers can spend so much time in the boardroom, discussing the potential problem and discussing what might have … [Read more...] about The 5 Whys As a Practical Tool to Solve Business Problems
5 Ways Ad Hoc Analysis can Help in Business Planning
Ad hoc analysis allows businesses to make quick and smart decisions to stay ahead of the competition. When a company is trying to figure out the specific cause of something, this analysis can help them find a solution. Ad hoc allows for the gathering of analytical and statistical data from company-wide and outside sources. And unlike reports made monthly or annually, ad hoc … [Read more...] about 5 Ways Ad Hoc Analysis can Help in Business Planning
Ansoff Matrix: 2 Smart Ways to Use in Business
The Ansoff Matrix is a lesser-known strategic planning model that describes business growth strategies. It focuses on whether growth is driven by new products, new markets, or both, and offers insight into how risky a given strategy might be. In this article, we'll look at the basics of the Ansoff Matrix, including what it is, when to use it, and how to use it. What Is the … [Read more...] about Ansoff Matrix: 2 Smart Ways to Use in Business
Business Impact Assessment: What, Why, and How
There are dozens of business analysis tools out there, and they all serve slightly different purposes. While frameworks such as PESTLE, SWOT, and Porter's Five Forces allow you to analyze the overall standings of a business, there are very few tools that guide you on the day-to-day operations of your business. Thankfully, business impact assessment is a tool specially … [Read more...] about Business Impact Assessment: What, Why, and How
Should You Use SWOT Analysis in Your Marketing Plan?
Ever seen a marketing plan with SWOT analysis included? It may have confused you a bit. You may not see the importance of doing an entire analysis just for marketing. But here’s the thing: by not including SWOT analysis into your marketing plan, you’re setting yourself up for failure. The analysis helps you understand the crucial internal and external elements that will … [Read more...] about Should You Use SWOT Analysis in Your Marketing Plan?
Where Does PESTLE Analysis Fit Into Your Business Plan
If you don’t have a business plan, especially one with PESTLE analysis included, you’re going to want one after reading this. Here you’ll find the answers to what PESTLE analysis is and how it’s used in companies by business owners, marketers, and business analysts. Plus where PESTLE analysis information should be placed in your business plan (and if you don’t have one, where … [Read more...] about Where Does PESTLE Analysis Fit Into Your Business Plan
Why All Business Owners Should Have a Business Exit Strategy
Do you have a business exit strategy? Was it included in your business plan? Or now you’re looking to make a graceful exit from your business and you’re not sure where to start? I’ve got you covered. In this article you’ll find out: What a business exit strategy is The common type of exit strategies A brief introduction to liquidity Which strategy is best for … [Read more...] about Why All Business Owners Should Have a Business Exit Strategy