In the business world, the terms Business Analytics and Business Analysis are often used interchangeably. Even though there are some obvious differences between the 2 processes, people tend to equate them. The Key Difference between Business Analysis and Business Analytics The main difference between the 2 processes is that Business Analysis is more related to functions … [Read more...] about The Difference between Business Analysis and Business Analytics you Should not Miss
A business plan is a written document that explains in detail how a business — usually a startup — defines its goals and how it should continue to achieve its goals. The business plan sets out the company's written guidelines from sales, financial, and operational ideas. Business plans are important documents used by the external and internal audiences of the company. For … [Read more...] about What is a Business Plan?
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
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
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
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
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
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: How to Use for Business Growth
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
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?