Even if your business is moving along in a seemingly smooth manner, someone in the company may be dropping the ball in certain areas. It only takes a few small holes to eventually sink a ship, so now is the time to assess how many mistakes are being made.
When you add up all the little problems, you may find you are losing major money because of them. Here are the top five "little" company mistakes that cause big problems:
1.Invoice Errors – Your accounts receivable department has a very important job on their hands. Are you sure they aren't slacking off or making mistakes? From typos on invoices to failure to mail out invoices, there is no room for error when it comes to getting paid.
2.Misfiling Documents – Your administrative team should be diligent about keeping accurate, orderly files. You need to have back-ups for everything and those files should be easily accessible. When something falls between the cracks, major problems could occur later.
3.Running Out of Stock – If you have customers who are getting frustrated by your constant lack of stock, then it's time to increase production. Otherwise, you may find they stop returning altogether.
4.Delivery Problems – Whom are you depending on to deliver your goods? It starts with your own company, so make sure everything is properly packaged and sent out in a timely manner. Then, make sure the delivery service you offer is fast and dependable. If something is damaged or lost in shipping, you will pay for it.
5.Poor Customer Communication – Customer service is paramount to your business, so don't ignore or disrespect your patrons. Hold everyone in your company to the same standard when answering phones or contacting customers in any way.
Perhaps a few of the above mistakes only happen from time to time, but that is enough to slowly whittle down your business' profits. While no one enjoys working for a micromanager, it is very possible that you are being too passive about your company's "little" mistakes.
Heather Johnson is a freelance business, finance and economics writer, as well as a regular contributor at Business Credit Cards, a site for best business credit cards and best business credit card offers. Heather welcomes comments and freelancing job inquiries at her email address heatherjohnson2323@gmail.com
Monday, March 17, 2008
Sunday, March 9, 2008
FINANCIAL Planner
What makes a good Financial Planner or what are the fundamental traits of a successful Financial Planner.
1. Building trust with the client by empathizing with them and understanding their aspirations,concerns and needs.
2.Familiarity with taxation and estate planning issues.
3.Good knowledge of financial products and options, their risk-return profile, and a strong understanding of the behaviour and track record of various investments and asset classes.
4.An understanding of the various stages in a client's life and wealth cycle and the asset allocations that make sense of each of these stages.
5.An organized way of working, with one of the critical elements being a written financial plan which documents client needs and resources,a specific investment strategy and the progress made towards achieving these objectives.
6.A clear focus on the overall financial well-being of a client,rather than on individual transactions.The financial planner should link his remuneration to the overall achievement of client goals,rather than relying on a fee from each transaction.
1. Building trust with the client by empathizing with them and understanding their aspirations,concerns and needs.
2.Familiarity with taxation and estate planning issues.
3.Good knowledge of financial products and options, their risk-return profile, and a strong understanding of the behaviour and track record of various investments and asset classes.
4.An understanding of the various stages in a client's life and wealth cycle and the asset allocations that make sense of each of these stages.
5.An organized way of working, with one of the critical elements being a written financial plan which documents client needs and resources,a specific investment strategy and the progress made towards achieving these objectives.
6.A clear focus on the overall financial well-being of a client,rather than on individual transactions.The financial planner should link his remuneration to the overall achievement of client goals,rather than relying on a fee from each transaction.
Friday, February 29, 2008
I INVITE!!!
I invite any budding business or strategy consultant to be a co-author of my blog. I need writers who are good in industry analysis and possess knowledge in consulting practice. They should be able to analyze the happenings in the business world and can present their opinions with facts and figures. Interested people can write to me at ashutosh11.bose@gmail.com and I would appreciate if you can send some of your articles so that it would be easy for me to select the best writer for my blog. Looking forward to meet some really interesting people. So, what are you waiting for?
Thursday, February 28, 2008
CORPORATE IDENTITY
Corporate identity merges strategy, culture, and communications to present a memorable personality to prospects and customers. The term is closely linked to corporate philosophy, the company’s business mission and values, as well as corporate personality, the distinct corporate culture reflecting this philosophy, and corporate image. The main objective of corporate identity is to achieve a favorable image among the company’s prospects and customers. When a corporation is favorably regarded this is likely to result in loyalty. If the corporate identity is the self-portrayal of a company, then the corporate image is the perception of an organization by the audience. The closer the corporate image is to the corporate identity; the closer the public’s perception of a company is to how the company defines itself, making for superior corporate communication. For example, most companies have access to the same technology. If they want to further distinguish themselves, the strategy must rely on another factor than technology: the user experience. As the audience’s focus changes constantly, corporate strategies must move in the same direction as the customer. The consumer s impression of a company, or the corporate image, is highly influenced by how he or she experiences the company’s products. The product identity, the sum of the products formal and functional properties, will help the user shape a mental image of the product manufacturer. Therefore the corporation needs to carefully plan what it wants to communicate through its product, and how.
The type of corporate identity will determine the characteristics that link the product to its company or brand. The identity can be monolithic, meaning that the whole company uses one visual style and that the consistency between the corporate identity and the product identity is very strong, the product reflecting the corporation directly. The identity can also be endorsed where the subsidiary companies (brands) have their own style, but the parent company remains recognizable in the background. In this case, the link between the corporation and its different brands may take the shape of a common factor, tying the different brands together. Finally, there is the branded corporate identity in which the subsidiaries have their own style, and the parent company is not recognizable. The products represent the brand identities rather than the corporate identity. All the same, a strong general corporate identity remains of great importance, as it defines the guidelines and strategies of the subordinate brands. Therefore the identities of the products of each brand are consistent with the main corporate identity and values. The consumer s impression of a company, or the corporate image, is highly influenced by how he or she experiences the company’s products. The product identity, the sum of the products formal and functional properties, will help the user shape a mental image of the product manufacturer. Therefore the corporation needs to carefully plan what it wants to communicate through its product, and how.
Courtesy: CEONEX
The type of corporate identity will determine the characteristics that link the product to its company or brand. The identity can be monolithic, meaning that the whole company uses one visual style and that the consistency between the corporate identity and the product identity is very strong, the product reflecting the corporation directly. The identity can also be endorsed where the subsidiary companies (brands) have their own style, but the parent company remains recognizable in the background. In this case, the link between the corporation and its different brands may take the shape of a common factor, tying the different brands together. Finally, there is the branded corporate identity in which the subsidiaries have their own style, and the parent company is not recognizable. The products represent the brand identities rather than the corporate identity. All the same, a strong general corporate identity remains of great importance, as it defines the guidelines and strategies of the subordinate brands. Therefore the identities of the products of each brand are consistent with the main corporate identity and values. The consumer s impression of a company, or the corporate image, is highly influenced by how he or she experiences the company’s products. The product identity, the sum of the products formal and functional properties, will help the user shape a mental image of the product manufacturer. Therefore the corporation needs to carefully plan what it wants to communicate through its product, and how.
Courtesy: CEONEX
Wednesday, February 20, 2008
BANKING on the BRAND: HSBC
HSBC, Europe’s largest bank by market value, has been named the world’s most valuable banking brand according to the Banker magazine’s Top 500 Financial Brands listing. It was also the only bank featured in the study to achieve the highest possible triple ‘A’ brand rating. The strength of the band depends on the bank’s focus on emerging markets. A great example of this was the launch of HSBC Premier in September last year. Premier customers now have the ability to open accounts in 37 different countries and HSBC assist them wherever they are in the world using their network of branches and dedicated relationship managers. The benefits offered by Premier Banking Services include free travel insurance, preferential lending rates, and improved customer service.
But, what it takes to be the best banking brands?? Credit card oriented bank brand display the highest proportion of brand value to market capitalization. This is because emotional and image related factors are significant drivers of demand in this sector. Consumer-focused banks generally display a higher brand value to market cap than corporate-focused banks. This is because consumer banking involves more emotional and image related factors than business and wholesale banking. Investment and wholesale banks display surprisingly large brand values. This is because banks of this type do not need large retail networks, infrastructure and similar tangible assets. Much of their value is intangible and the two main assets are key personnel know-how and the corporate brand itself.
HSBC as a brand has been always on the forefront of creating and subsequent sponsorship of a new advertising channel: the ‘airbridges’-the gateways linking aeroplanes and passenger terminals - at major international airports. The bank’s ‘Managing for Growth’ strategic plan has reaped huge rewards in growing the earnings, shareholder returns and the overall global footprint of the business in the past.
But, what it takes to be the best banking brands?? Credit card oriented bank brand display the highest proportion of brand value to market capitalization. This is because emotional and image related factors are significant drivers of demand in this sector. Consumer-focused banks generally display a higher brand value to market cap than corporate-focused banks. This is because consumer banking involves more emotional and image related factors than business and wholesale banking. Investment and wholesale banks display surprisingly large brand values. This is because banks of this type do not need large retail networks, infrastructure and similar tangible assets. Much of their value is intangible and the two main assets are key personnel know-how and the corporate brand itself.
HSBC as a brand has been always on the forefront of creating and subsequent sponsorship of a new advertising channel: the ‘airbridges’-the gateways linking aeroplanes and passenger terminals - at major international airports. The bank’s ‘Managing for Growth’ strategic plan has reaped huge rewards in growing the earnings, shareholder returns and the overall global footprint of the business in the past.
Tuesday, February 12, 2008
CEO’s and SUCCESS
Everything is in a constant change. The business and the way the business is conducted has seen a sea change, a complete transformation in the last decade. To ensure success is consistent, CEOs balance the risks and opportunities of competing and collaborating in a world where globalization, technology, and rapid social change are transforming the business landscape. There are many factors which contribute to the change in business environment and are definitely the point of contention for the CEOs. These include Business Confidence, Mergers and Acquisitions, Global Risks, climate change and North America/Asia Pacific region. The fear of a global downturn has emerged as the number one threat to growth because of the recent global credit crunch and the heightened risk of recession on business confidence. The countries in the south Asia are turning to be a major contributor to the global growth. Last year, China overtook the US as the greatest contributor to global growth, measured at market exchange rates. It’s interesting to see that the developing countries in Asia are turning out to be the major hubs for business success. Despite fears of an economic downturn, CEOs continue to recognize the strategic importance of overseas expansion. However, interest in M&A is highest in Asia, where CEOs are the most confident, and where Asian companies have increasingly become acquirers rather than the acquired. Obstacles to M&A activity were headed by cultural issues and financial considerations. It’s a fact that the global risks has fallen in the past 12 months. The world turning to be a global village has resulted in diversifying the opportunities and thus diluting the dangers occurring due to local difficulties. The CEOs believes that climate change is less of a threat to their business than last year, with only 34 percent of them worried about the impact of climate change. But, as expected, CEOs are concerned about energy costs, although they are also taking notice of the impact on the environment.
CEOs continue to believe that people are a key factor in achieving success, but that it is difficult to find people with the right combination of skills. CEOs globally said that combined technical and business experience, global work experience and leaderships skills are the most difficult areas for their companies to recruit. As far as collaborative business networks is concerned, CEOs now regard them as a defining principle of the organization of the future, although actual implementation is still lagging behind these expectations. They also stress the fact that governments and regulators could make significant improvements ― particularly in matters of labour law, tax regimes and, to a lesser extent, education. However, despite all the talk about Sarbanes-Oxley and other financial regulations over the last few years, CEOs are less concerned about requirements for listing of public companies for new listings.
For more, please visit “Emerging markets and economies: The 11th Annual Global CEO Survey”, PWC.
CEOs continue to believe that people are a key factor in achieving success, but that it is difficult to find people with the right combination of skills. CEOs globally said that combined technical and business experience, global work experience and leaderships skills are the most difficult areas for their companies to recruit. As far as collaborative business networks is concerned, CEOs now regard them as a defining principle of the organization of the future, although actual implementation is still lagging behind these expectations. They also stress the fact that governments and regulators could make significant improvements ― particularly in matters of labour law, tax regimes and, to a lesser extent, education. However, despite all the talk about Sarbanes-Oxley and other financial regulations over the last few years, CEOs are less concerned about requirements for listing of public companies for new listings.
For more, please visit “Emerging markets and economies: The 11th Annual Global CEO Survey”, PWC.
Tuesday, January 29, 2008
If I say....
There are certain things which we do not say thinking of the consequences. Everytime we are asked of something, we tried to portray as if everything is fine and the reasons cited are extremely honest. But do things changes or what is the probability that if I say what I wanted to say will not affect my life and it will go smoothly. Why you want to leave the company was a question I was asked by Ernst and Young and my answer was because the line of business of Ernst coincides with my interest area which is true but not enough to give me a job. But, if I would have spoken the truth, can it guarantee a safe place in the organization. If I would have said about the politics played with me in my previous organization by my ex-manager and the mental trauma I underwent because of that and my current company is nothing more than a compulsion to me just because I left that company and didn’t have a job, will Ernst and Young would have recruited me??
There are lots of things which you come across when you are in an interview. And, being in the corporate field for the last 2 years and having attended numerous interviews, I could say there is no way a company could judge the real potential of an employee asking these questions. There is no specific way to measure whether the candidate fits in an organization. Even if I had a bad experience with my ex company I can never abuse or malign it in front of the other company who is taking my interview as it is not politically correct. What seems to be correct is purely a fake picture that the HRs considers as the valid reasons for an entry in an organization.
Where do I see myself after 5 years is a question posed by most of the employers? Well, I saw myself as a person who could easily go up the ladder just because I was quite confident about my abilities when I joined HSBC and yes, I made it a reality giving my 100% to the project I was working for, took initiatives and maintained a good rapport with all employees. But, due to a dirty trick played by someone, now I am somewhere else trying to build my career again from scratch, just to have something in my resume which can earn a job which I want. I have lost my 2 years in an attempt to see myself what I thought. Did my honesty pay?? No…..But, I have to fake everytime whenever someone asks me the question and my obvious answer is “ Well, I would like to see myself as a strategic consultant in an organization where I could exercise my existing talent and benefit the organization”.
Taking the right candidates is a challenge for sure when it comes to the HRs. But, more than that posing the right question to the candidates is much more important. Don’t judge a candidate asking a wrong question but judge them asking a question where they can do justice to themselves and to the organization. Commitment to an organization comes only when there is a mutual benefit. Attrition exists everywhere but that can be tackled when proper employee counseling takes place in an organization by the HRs. The first round of interview before selection is just an attempt to read the profile and not judging the person.
The next time when you ask, “How do you fit in the organization??”, think twice. Because, fitting in the organization is just not what the candidate thinks, it also depends on the project he works for, his line manager, circumstances around him and a lot many factors.
There are lots of things which you come across when you are in an interview. And, being in the corporate field for the last 2 years and having attended numerous interviews, I could say there is no way a company could judge the real potential of an employee asking these questions. There is no specific way to measure whether the candidate fits in an organization. Even if I had a bad experience with my ex company I can never abuse or malign it in front of the other company who is taking my interview as it is not politically correct. What seems to be correct is purely a fake picture that the HRs considers as the valid reasons for an entry in an organization.
Where do I see myself after 5 years is a question posed by most of the employers? Well, I saw myself as a person who could easily go up the ladder just because I was quite confident about my abilities when I joined HSBC and yes, I made it a reality giving my 100% to the project I was working for, took initiatives and maintained a good rapport with all employees. But, due to a dirty trick played by someone, now I am somewhere else trying to build my career again from scratch, just to have something in my resume which can earn a job which I want. I have lost my 2 years in an attempt to see myself what I thought. Did my honesty pay?? No…..But, I have to fake everytime whenever someone asks me the question and my obvious answer is “ Well, I would like to see myself as a strategic consultant in an organization where I could exercise my existing talent and benefit the organization”.
Taking the right candidates is a challenge for sure when it comes to the HRs. But, more than that posing the right question to the candidates is much more important. Don’t judge a candidate asking a wrong question but judge them asking a question where they can do justice to themselves and to the organization. Commitment to an organization comes only when there is a mutual benefit. Attrition exists everywhere but that can be tackled when proper employee counseling takes place in an organization by the HRs. The first round of interview before selection is just an attempt to read the profile and not judging the person.
The next time when you ask, “How do you fit in the organization??”, think twice. Because, fitting in the organization is just not what the candidate thinks, it also depends on the project he works for, his line manager, circumstances around him and a lot many factors.
Friday, January 25, 2008
Sensex says, STICK to your STOCKS
The market is volatile. A sudden fall initiated a fear in the mind of the investors. Reliance IPO excitement almost resulted withdrawal of from the secondary market. The market noticed large outflows of FIIs adversely impacting market sentiment. In such a scenario, what could be recommended investment strategy for long-term equity investors?
The strategy is to remain unfazed by near-term market movements and invest in mid-cap funds. Key is to maintain a balance of mid-cap funds and actively managed funds in building long-term portfolios, alongside themes such as Infrastructure, natural resources and gold. The market is uncertain and definitely there is no reason to worry about your portfolio if it is diversified. In a volatile market, mid-cap funds have always performed better and if the funds are managed by fund managers having knowledge on which funds to invest, and then surely it’s a win-win situation for the investors. It’s necessary to keep a close look in the sector funds which are not sensitive to global trends which potentially give rise to such fluctuations. It gives an indication of the sectors performing in a volatile market situation and when the market is stable or upbeat. India is surely in the midst of strong domestic growth. With a positive indication of conducive global monetary environment coupled with stable domestic macroeconomic factors, monetary policy going forward is widely expected to support economic growth. Market performance over the medium term will thus benefit from the strong growth story as well as the increased investment interest it shall attract from both domestic as well as global investors.
The strategy is to remain unfazed by near-term market movements and invest in mid-cap funds. Key is to maintain a balance of mid-cap funds and actively managed funds in building long-term portfolios, alongside themes such as Infrastructure, natural resources and gold. The market is uncertain and definitely there is no reason to worry about your portfolio if it is diversified. In a volatile market, mid-cap funds have always performed better and if the funds are managed by fund managers having knowledge on which funds to invest, and then surely it’s a win-win situation for the investors. It’s necessary to keep a close look in the sector funds which are not sensitive to global trends which potentially give rise to such fluctuations. It gives an indication of the sectors performing in a volatile market situation and when the market is stable or upbeat. India is surely in the midst of strong domestic growth. With a positive indication of conducive global monetary environment coupled with stable domestic macroeconomic factors, monetary policy going forward is widely expected to support economic growth. Market performance over the medium term will thus benefit from the strong growth story as well as the increased investment interest it shall attract from both domestic as well as global investors.
Thursday, January 17, 2008
JUST PUNCH IT
Business is a catchy affair!! Glamorizing business certainly helps to boost the profits. The best way to glamorize is Punchline. Before anyone could think of what you want to sell, your punchline should convey the message. Sometimes, a punchline makes a lot of difference in selling of a product in the most unconventional market. If I think of selling a Deodrant in a cold country, how would I sell it through a punchline?? I might market it something as “ Let the Fragrance matter more than the Odour”. This simple punchline solves two issues:
1)Deodrants should not only be used as a Odour removing spray.
2)And, your deodrant’s fragrance is too sensual.
Sometimes, a catchy punchline conveys your organization’s vision and mission.Sometimes its easy to differentiate a product's target market just by seeing the punchline for e.g.
Kingfisher:Fly with the good times
Deccan Airlines:Simplyfly
Deccan is an airlines for masses and Kingfisher for Classes.For a common man, there can nothing be more attractive than "Simplyfly" and for the men of class,they obviously fly with the King and its always a good feeling with Kingfisher.A punchline conveys more than a product use or value.It reflects sometimes an organization's culture.Just make your product near to your customer just by saying "LOCAL" wherever they are in the world.A simple punchline just convey the organization's message accurately.Nike-"Just do it"-There is no other better way to boost the self-confidence the way Nike has put through their famous Punchline. Thus the ad line simply communicates that using Nike can improve your performance by enhancing the self-confidence.IBM ThinkPad- " I think, therefore IBM"-Here IBM tries to say that if you have the capacity to think then you should go for IBM ThinkPad, the Punchline exactly conveys the message.
So,ready to punch!!!
1)Deodrants should not only be used as a Odour removing spray.
2)And, your deodrant’s fragrance is too sensual.
Sometimes, a catchy punchline conveys your organization’s vision and mission.Sometimes its easy to differentiate a product's target market just by seeing the punchline for e.g.
Kingfisher:Fly with the good times
Deccan Airlines:Simplyfly
Deccan is an airlines for masses and Kingfisher for Classes.For a common man, there can nothing be more attractive than "Simplyfly" and for the men of class,they obviously fly with the King and its always a good feeling with Kingfisher.A punchline conveys more than a product use or value.It reflects sometimes an organization's culture.Just make your product near to your customer just by saying "LOCAL" wherever they are in the world.A simple punchline just convey the organization's message accurately.Nike-"Just do it"-There is no other better way to boost the self-confidence the way Nike has put through their famous Punchline. Thus the ad line simply communicates that using Nike can improve your performance by enhancing the self-confidence.IBM ThinkPad- " I think, therefore IBM"-Here IBM tries to say that if you have the capacity to think then you should go for IBM ThinkPad, the Punchline exactly conveys the message.
So,ready to punch!!!
Thursday, December 27, 2007
Consultancy MODEL
Every Consultancy follow some practices and models to deliver effective solutions to the Clients.Before operating as a Consultant or having your own consultancy,prepare a checklist:
1)Your Clients,Markets and Business trends.
2)Knowledge of technologies and how the implementation of these technologies will affect the Business Strategy,
3)Alliance with key supplier inorder to fully understand their products and servives.
Generally,consultancy begins with addressing business strategy creating opportunities for programmes of business change.These programmes address the design and implementation of new technologies along with change management.During the Consulting lifecycle or process,business benefits and key success factors are articulated and measured which leads to business performance at the end.The key elelment is a consulting is programme management which includes either Change Projects led by Business Consultant or Technology Projects led by Technical Consultant.The Change Project encompasses the benefits,business acceptance and support,cultural change,communication and traning needs and implementation while Technology Projects focus on infrastructure,development projects,technical acceptance and production support.
1)Your Clients,Markets and Business trends.
2)Knowledge of technologies and how the implementation of these technologies will affect the Business Strategy,
3)Alliance with key supplier inorder to fully understand their products and servives.
Generally,consultancy begins with addressing business strategy creating opportunities for programmes of business change.These programmes address the design and implementation of new technologies along with change management.During the Consulting lifecycle or process,business benefits and key success factors are articulated and measured which leads to business performance at the end.The key elelment is a consulting is programme management which includes either Change Projects led by Business Consultant or Technology Projects led by Technical Consultant.The Change Project encompasses the benefits,business acceptance and support,cultural change,communication and traning needs and implementation while Technology Projects focus on infrastructure,development projects,technical acceptance and production support.
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