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Archive for the ‘Business’ Category

It was in 2007 when Facebook launched their Facebook Pages feature where their main goal was to help people share and make the world more open and connected. This was a great news for local and international businesses as they can use Facebook Pages with more assist than Facebook Groups.

                Each business’ goal is to engage with their customers. This is where a great consumer-producer relationship begins as customers always look for people and places that give them what they want or need. As a marketer, you want to cater their needs as much as doable because that is the sole purpose of your business. In order to sell, you need to find the right people. In order to profit for a long time, you need to build a good reputation for people to always come back.

                However, small and local businesses find it more difficult to create a solid study in the industry. With the other huge establishments in tow, earning loyal customers might be a tough challenge. But on the other side, it is not impossible. With Facebook Fanpages, businesses are given the privilege to make their own statement in the business world. 

                A Facebook Fanpage or Facebook Page is very simple to navigate. A marketer can customize their whole page based on what their business is all about. By using this astonishing and one-of-a-kind Facebook feature, promoting a product or service can be done in many effective ways.

*Facebook Fanpage is all about first impressions

                A business must always create a good impression on their potential customers even on the internet. It always starts with the image. This is why Facebook gives importance to each business’ image. Creating a page on Facebook doesn’t only give the marketer a chance to promote products and services.

                The page can be customized based on what the business is all about. It has a selection of tabs where the business’ information can be divided per topic so that all the details wouldn’t go all over the place. Businesses can upload photos and videos and post announcements and information just like a normal Facebook user. The only difference is Facebook Fanpage enables the creator of the page to place additional tabs on their fanpage. These tabs accept HTML codes for graphics and videos or even a peep show of the business’ own website.

*Facebook Fanpage is all about connections

                With an average of 500 million users worldwide, staying connected and having mutual connections will not be a problem. Facebook is like a gigantic loop where everybody is granted to join – except, of course, when the privacy settings are changed. When the fanpage is already created, the next goal here is to get people to like the page. These people are called likers. Once they like on the page, they will be healthy to see all the contents from the business. This is where the business makes its study since more people know about it.

                Facebook has a very excellent news feed where people can see what the others are doing on their own Facebook accounts. So when one likes a Fanpage, this action will immediately appear on the News feed where all of the other hundreds of friends will most likely see and like eventually. It’s like a contagious virus spreading from news feed to news feed, as the business is spreading from mortal to person.

*Facebook Fanpage knows what it’s speaking about

                The fanpage wasn’t just built for connections, conversations and image. Facebook has put features that has more than what meets the eye. Facebook has a one-of-a-kind calibre and this is holding all the information of each single registered Facebook users. All these data are like gold to each business. Because of this, Facebook can let marketers know who are most likely to support their kind of business based on these people’s interests. This is going to lessen the marketer’s job of finding potential customers. Also, this social media also has the capability to track records of Facebook users who disables to view a business’ news feed. Surely, a marketer would need these graphs for business reports.

                More and more businesses are creating their own fanpages on Facebook. Other than the fact that it is easier to navigate and really effective, Facebook fanpages are free as well! It was in 2007 when Facebook launched their Facebook Pages feature where their main goal was to help people share and make the world more open and connected. This was a great news for local and international businesses as they can use Facebook Pages with more assist than Facebook Groups.

                Each business’ goal is to engage with their customers. This is where a great consumer-producer relationship begins as customers always look for people and places that give them what they want or need. As a marketer, you want to cater their needs as much as doable because that is the sole purpose of your business. In order to sell, you need to find the right people. In order to profit for a long time, you need to build a good reputation for people to always come back.

                However, small and local businesses find it more difficult to create a solid study in the industry. With the other huge establishments in tow, earning loyal customers might be a tough challenge. But on the other side, it is not impossible. With Facebook Fanpages, businesses are given the privilege to make their own statement in the business world. 

                A Facebook Fanpage or Facebook Page is very simple to navigate. A marketer can customize their whole page based on what their business is all about. By using this astonishing and one-of-a-kind Facebook feature, promoting a product or service can be done in many effective ways.

*Facebook Fanpage is all about first impressions

                A business must always create a good impression on their potential customers even on the internet. It always starts with the image. This is why Facebook gives importance to each business’ image. Creating a page on Facebook doesn’t only give the marketer a chance to promote products and services.

                The page can be customized based on what the business is all about. It has a selection of tabs where the business’ information can be divided per topic so that all the details wouldn’t go all over the place. Businesses can upload photos and videos and post announcements and information just like a normal Facebook user. The only difference is Facebook Fanpage enables the creator of the page to place additional tabs on their fanpage. These tabs accept HTML codes for graphics and videos or even a peep show of the business’ own website.

*Facebook Fanpage is all about connections

                With an average of 500 million users worldwide, staying connected and having mutual connections will not be a problem. Facebook is like a gigantic loop where everybody is granted to join – except, of course, when the privacy settings are changed. When the fanpage is already created, the next goal here is to get people to like the page. These people are called likers. Once they like on the page, they will be healthy to see all the contents from the business. This is where the business makes its study since more people know about it.

                Facebook has a very excellent news feed where people can see what the others are doing on their own Facebook accounts. So when one likes a Fanpage, this action will immediately appear on the News feed where all of the other hundreds of friends will most likely see and like eventually. It’s like a contagious virus spreading from news feed to news feed, as the business is spreading from mortal to person.

*Facebook Fanpage knows what it’s speaking about

                The fanpage wasn’t just built for connections, conversations and image. Facebook has put features that has more than what meets the eye. Facebook has a one-of-a-kind calibre and this is holding all the information of each single registered Facebook users. All these data are like gold to each business. Because of this, Facebook can let marketers know who are most likely to support their kind of business based on these people’s interests. This is going to lessen the marketer’s job of finding potential customers. Also, this social media also has the capability to track records of Facebook users who disables to view a business’ news feed. Surely, a marketer would need these graphs for business reports.

                More and more businesses are creating their own fanpages on Facebook. Other than the fact that it is easier to navigate and really effective, Facebook fanpages are free as well! 

Studying business ethics for all business people should be a must and top priority in order to keep their business legally profitable. To begin, when business people have good business ethics and individualized ethics they bring the company to a highly profitable level, because their ethical and legal conduct will only increase the reputation of the business. No one business mortal knows everything there is to know about business ethics and studying business ethics only adds more tools to the toolbox allowing the business to prosper with a good reputation. When a business has unethical conduct amongst their employees and employers, the business’ reputation falters. When a business’ reputation is grim their profits start as consumers oppose their customer service and products. Not only does a business reputation drop by not studying and knowing business ethics it can also lead a business to legal ramifications that could send those unethical business persons to slammer and even have the company shut down. In other words, business ethics is the foundation that all businesses should work their business up. It is not always simple to see the difference between ethical and unethical business practice, but it is always attainable through continuous business ethics study.

There are several doable benefits to companies, individuals, societies, and the overall world of business when it comes to studying and knowing business ethics. I have mentioned a couple benefits for companies studying business ethics, but it is worth re-addressing the benefits. When companies have strong ethical reputations they have a stronger competitive advantage over their competitors in the marketplace. A company’s ethical reputation will have an obvious impact on the purchasing and investment decisions of Americans.

In order to have sound business ethics it is imperative to also have sound individual ethics. However, I would like to note that just because an individual has good individualized ethics doesn’t mean they could make good ethical decisions within an organization if they have limited experience in the area they are making the decision. In fact, it could actually work in an opposite way. Outside of this, studying business ethics on an individual level can benefit that individual in several ways. First and foremost, studying business ethics on a individualized level will assist in recognizing ethical dilemmas and using the tools learned to resolve the issues recognized. In addition, studying business ethics can help an individual with coping with conflicts between organizational leadership beliefs and individualized beliefs.

The benefits of studying business ethics in society and the world of business as a whole coupled with learning ethics on a individualized and business level really boil down to four contributions. These four ethical contributions benefit the business, employees (individuals), society, and the world of business: employee commitment, investor loyalty, customer satisfaction, and profits. When employees are committed, they are happy and learn to maintain ethical conduct on a individualized level, because the people they work for are ethical. When a business is ethical, investors are not afraid to invest in the company because they know they will make a profit. As a society, customer satisfaction is a necessity to making profit. All of this in the world of business begins with the foundation of studying and learning business ethics. One key contributing bourgeois can sum all of this up, social responsibility, which covers what is fair, just, or in keeping respect within the world of business ethics.

Writing a Business Plan

A business plan is a written document showing how people intend to run their businesses. It is a road map to success and gives a clear guide on how the business will be operated. It also shows the foreseen challenges as well as the projected profits. Writing a business plan shows the viability of a business. It also details what makes it have an edge over others in the proposed market. People looking at starting their own business must take time to sit down and think about the whole intent and place them down.

A draft on the same must be place down to include such things as to why they are writing the business plan. The business strategy must also be place down as well as planning it to include all the vital pillars of a successful business. A business outline must be drawn to guide people in writing the business plan. There are many reasons as to why people prepare business plans one of them being defining the business’s objective. A business plan is well researched to cover many business aspects and this information helps examine the business by just skimming through the document.

A business plan is also prepared to serve as a selling tool. This happens where people want to form relationships with investors, lenders, and banks. They are healthy to run over the document and rate how a good venture it is. The planning process is sometimes hazardously done omitting many vital business tools. Writing a business plan acts as a bridge in this scenario to highlight all the necessary business processes. It uncovers the business’s weaknesses prompting people to spring into action to rectify them.

With a business plan, it is doable to solicit views from other people who might help. People in the same line of business will have valuable information on what it takes to run a successful business of that nature. Writing a business plan might run under different formats depending on the business needs as well as individualized preference. It must contain a vision statement that outlines the purpose of the business and the goals people are looking at meeting. It should also contain details about the people who will be involved in the business. It also details their contribution to the business and their qualifications, which make them assets to the business.

The business profile is another part that should not miss when writing the business plan. This is whereby people describe their nature of business in details defining each particular aspect of it and how the business will be ran. Economic assessment involves the environment in which the business will be launched. Cash flow assessment must be spread out in the business year for at least one year. This will include the capital stipulations of the business and the challenges plus how people plan to overcome them. Marketing plan is vital in writing a business plan and people must expound on the strategies they will employ. Future expansion plans must also be well documented to show the future directions the business would take.
 

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The structural, technological, strategic and human facets of a business become complex as the organization expand in size.  There is a direct correlation between the managerial inputs and the size of the business.  The larger the organization the more demanding it becomes for the management to initiate its managerial function.  As small businesses advance to transform into massive corporations, the managers and investors are confronted with more challenges to place the company into performance.  It’s therefore evident that running small business entities is quite simplistic and simple than operating huge businesses.  This does not mean that investors should not strive to have their business expand.  In fact, when businesses grow, it provides more opportunities for the investors to acquire good returns.  There is also a test of capability to apply the human skills of intellectual, intuitive, cognitive thinking and conceptualization in business management.  The investors are healthy to enjoy the economies of scale in a larger proportion compared to their counterparts with the small businesses.  Otherwise, who doesn’t want to have a massive piece of the economies of scale in the business platform?  Some of the advantages that small businesses have over massive companies are;

Less capital requirement

There is obviously tiny capital required to set up of small businesses as compared to massive corporate.  This implies that more prospective business investors can manage to establish small businesses.  It must be concurred that the financial aspect is one of the setbacks to setting up of businesses. Massive business entities require enormous amount of starting capital and many people who would like to place up businesses are tumbled around constrains of financial abilities.  Even though with the visions, aspirations and plans to have huge businesses, they end up starting small entities and build up their visions from that platform.  The small businesses profile provides a building block for the larger entities.  With good managerial initiative the small business owners are healthy to transform the small entities into massive corporate.  It’s just a matter of time and focus and soon an investor begins enjoying massive economies of scale.

Easy management portfolio

Due to the fact that the structural, technological, and human aspects of small business are inexpensive, there is simple management of these resources.  The manpower is controllable, the financial resource is manageable, the technological innovations are sizable and the strategic approaches are simplified.  Basically there is less input in the management aspect of small businesses.  It thus requires a basic understanding of business operations to run a small business which would be difficult in the case of massive corporate.

Less cost implications on risks and uncertainties

The small businesses are preferred by many because of the conceptual framework in cost analysis in case of eventualities.  Indeed, there are fewer costs that are attached to risks and uncertainties in small businesses.  Any way, businesses are but just about taking risks, and when the events of uncertainties occur, there is a cost implication.  The amount in which a small business suffers is much less than in the case of massive businesses.  For instance, when a natural disaster such as an seism strikes in an area, the huge businesses suffer more losses than the small businesses.  Nevertheless, investors should not shy off from running huge business where appropriate, as the opportunities are great in terms of monetary achievements.

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The actual value of creating a business plan lies in the process of approaching a business intent in a systematic and controlled way. Rather than getting the final product at hand, researching and planning about a business intent enables future entrepreneurs to obtain a critical approach at their ideas. Thinking through their ideas might be time-consuming in the beginning, but in the long run, it can save a business from fatal mistakes.

Typically, a business plan is a standard model that describes all the necessary steps to the establishment of the new venture idea. However, depending on the type of the business, a business plan is refined in order to accentuate certain areas. For instance, if the venture intent is a retail business, the business plan emphasizes on the prospects of the retail industry; if it is a manufacturing business, the industry analysis refers to the manufacturing sector and its prospects.

Most of the time spent for developing a business plan is for research and revising the original ideas and assumptions. However, in order to be healthy to move on a road map and develop a well-structured business plan, it is required to follow some standard steps. These are:

> Introductory Page

The introductory page includes a brief description of the nature of the business, business contact information, a statement of financial need and contact information for owners. For instance, if the new venture is a fast food store, the introductory page will say retail food and beverage supplier in the nature of business, the business address in the business contact information, how much money is required to begin the business in the statement of financial need and home address and phone numbers in the contact information for owners. Additionally, a plateau of proforma sources and uses of funds for year one is included in the introductory page as a break down of the total amount of money required for starting up the business.

> Executive Summary

In no more than two pages, the executive summary provides information about the venture idea, what the business is about, the target audience, the product, the qualitative and decimal objectives, and the background of the owners. The most important part of the executive summary is to explain the opportunity that lies behind the new venture because this shapes the ground to estimate the future position of the business in the industry.

> Venture description

In the venture description, the business plan should primarily describe the vision, mission and values of the business. By stating the business philosophy in no more than a 30-word mission statement and by clearly sharing their values with their customers aiming to maximize their customers’ value, many businesses explain their reason of existing in the market and their guiding principles. Besides, a venture description includes information about locations, operations, equipment, products & services, suppliers, target audience, and a general opportunity assessment explaining why the business is significant in relation to the industry.

> Industry Analysis

Industry analysis includes all up-to-date statistical data that support the business idea. Proper evaluation of the industry forces is a key bourgeois in developing a concise and well-structured industry analysis that will depict the potential of the venture intent to investors as a result of favourable industry trends. Typically, industry analysis includes an upside-down pyramid that starts from the general environmental and demographics trends and narrows down to local competition, a Porter Five Forces Analysis that assesses the industry structure, a SWOT analysis that identifies the strengths and weaknesses of the venture as well as the threats and opportunities of the industry, and a competitive analysis that portrays the positioning of the new venture in relation to competition.

> Operational Plan

Operational Plan provides analytical information on the physical stipulations of location (amount of space, type of building, zoning, facilities, and utilities), production (production techniques and costs, calibre control, inventory control, product development, customer service), suppliers, credit policies, equipment, organisation responsibilities, operation schedule, and pay structure.

> Marketing Plan

Marketing plan includes all the marketing and advertising efforts that take place in order to promote the venture intent to a broader audience. Product, price, place, promotion is the marketing mix model, also known as 4P’s, that is typically used in the marketing plan section of a business plan. Besides, the marketing plan involves product forecasting methods and estimates for the first three years of operation as well as control patterns of business processes to ensure a constant flow of business.

> Organizational Plan

The organizational plan includes the description of the legal form of the venture (Sole Proprietorship, Partnership, Corporation, Limited Liability Company – LLC), short bios of the management team, and roles and responsibilities of personnel.

> Financial Plan

The financial plan includes any start-up expenses that occur before operating the new business. For an accurate estimation of these expenses, it is important to perform accurate financial assumptions that are based on the forecasts provided in the marketing plan section, but also on the industry analysis section and the trends that are expected to have an impact on the business. Accurate estimates are important for accurate funding of the venture. Besides, the financial plan includes analysis of the sources and uses of funds, financial ratio analysis, as well as income statement, cash flow and equilibrise sheet proforma statements.

> Risk Assessment

Risk Assessment presents any contingency plans prepared after finding of areas that carry significant risk for the successful operations of the venture. Contingency plans are implemented for the anticipation of unexpected and threatening events.

> Appendix

Appendix includes any statistical tables; graphs from the industry analysis section; market research studies; blueprints and floor plans; advertising materials; location photos; equipment lists; duplicates of operating agreement; management team bios; anything that can ruin the flow of the business plan with redundant information.

In effect, a good plan undertakes three important responsibilities. First, it aligns the management team toward a common set of objectives, expressed on organizational vision. Once the vision is expressed on paper, the management team is forced to investigate the feasibility of the business. Finally, the business plan is a income document that intends to attract professional investors.

In conclusion, a winning business plan should be professional, enthusiastic, and concise. The great difference between a successful businessman and a mediocre entrepreneur is the capability to admit own weaknesses. Combining a good business intent with a well-structured business is a profitable joint venture that will bring money in the business and will attract more customers in the future.

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