business

What I Wish I’d Known When I Started My Business

I can’t believe it is now almost 4-years since I launched my business and it has been one hell of a ride! There have been days where we were riding on a high and exceeding our sales and customer expectations, and there have been days where we were really worried about whether we would be able to meet our payment obligations and just couldn’t get a sale over the line to save our lives. Business, if you get into it for the right reasons, can be highly rewarding. Even on days where you are not meeting your sales targets. If you get into business just to make money though, you will be in for a huge shock. To avoid this shock or do your best to minimize it think about studying  a Business diploma – course info available here or using the number of resources provided by the Australian government. No success occurs overnight. Success takes time, hard work, perseverance, and determination. It takes the right team to bring out the best of the business, to bring the business to great heights, and to help the business rise up and overcome its hurdles. There were times I really wished I knew some of the things I know now, and I want to share this with you. Hopefully, it can help you cut out a lot of heartbreaking moments and sleepless nights, and help you achieve successes in your business much quicker than I did!

Know your market inside out

This is business basics. Knowing your market inside out, knowing your customer intimately and knowing what they need and what their triggers are can help you build an irresistible offering. Do not ever underestimate the need to know your market inside out. Take insurance startup – Huddle. They saw the crisis of trust customers had with insurers and saw the gap in the market. They pounced on this opportunity and used all the information they could get about their market to market, sell and improve on their offering! Thanks to this, they now provide over $1 billion in insurance coverage for about 500,000 members!

Test out your commercial strategy

Research, analyse, build. Research, analyse, amend. Now, keep repeating this. Your commercial strategy is not a set-and-forget aspect of your business. You need to constantly make sure you have as much intimate details about your market as possible. Even sometimes down to how many times they call their mum! The market is constantly changing and not reviewing and your strategies, your policies and your processes on a regularly basis is a death sentence.  Sometimes, change happens overnight and your business must be ready for it. A good example of this is driverless cars. If you a business that is currently depending on drivers and you don't adapt to the new technology your business will be out of business very soon. A good starting point would be to create a touchpoint strategy. Consider what media you will use to reach your target audience, and what your message will be. Every touchpoint you have with your prospect is a potential to build a relationship and sell, sell, sell; regardless of the market changes. When a customer is loyal to you, and they have a reason to stay loyal to you, even when the market changes, they will continue to buy from you. Give them a reason to stay loyal to you.

Getting your pitch right

If your business is at the capital or fundraising stage, be sure to get your pitch right and practice it with your family and friends before facing potential investors. Family and friends are great at giving you honest and brutal feedback on how you went and what you can improve on. When designing your pitch, you need to make sure you have refined and tested your business plan, and most importantly, know it like the back of your hand. You will be heavily grilled on your business plan by savvy investors and you need to know your strategies, your market, your research, and your projections (as well as how you have arrived at your projections) insanely well. Find out what is the characteristic of a good business here. If your business has already started and you are lacking traction, interview your customers and find out why they have bought. You might need to change your marketing strategy, or your price point, or even your offering itself to serve your market! If your business hasn’t started, be sure you have already tested that your product is something the market needs and that your marketing strategy is going to be viral! Most importantly, your passion needs to show in the delivery of your pitch! Show them how involved and in love you are with your offering! Show them how much your product or service can revolutionise the marketplace! Show them how you are in this for the long run and are ready for the challenges you may face! Don’t show any sign of weakness, especially not knowing your market or your offering well enough. This will put any investor off investing a single dime in your business. Employees also play a big part which is outside the scrope of this post but if you are interested visit this site. You might also want to look at if working from home is really a good idea.

By user23395, ago
business

Business SWOT Analysis

SWOT Analysis

What is a SWOT analysis in Business?

A SWOT analysis is a useful way to understand and evaluate one’s strengths, weaknesses, opportunities and threats when faced with a decision. What makes a SWOT particularly powerful is that with a little thought, it can help you uncover opportunities that you are well-placed to take advantage of. By understanding the strengths and weaknesses of yourself, or your business, you can then manage and eliminate any threats that may present. What do find out more information on how to complete SWOT analysis for your online business view details of our diploma of Business courses by clicking here for more information or have a look at the diploma of management course information here. If you are not ready to study at the Diploma level you court start by enrolling in a certificate IV level course such as the Certificate IV in Business administration.  This qualification will give you the foundation you need to have a better understanding of business administration tasks.  

How do I do a SWOT analysis for a small business?

First thought of by Albert Humphrey in the 60s, the SWOT analysis is a very powerful tool to help you understand your strengths and weaknesses, or your business’ strengths and weaknesses.  It is important to ask the hard questions, no matter how uncomfortable or confronting it might be. The characteristics of a successful business remain the same regardless if you remain the same regardless if you are trying to change the world with driverless technology or you have a small business at the local business district.  Here are some examples of questions you can ask to help you complete a SWOT analysis.  Strengths
  • What advantages does your business have?
  • What do you do better than anyone else?
  • What unique resources can you draw upon that others cannot?
  • What do people see as your strengths?
  • What is your organisation’s unique selling proposition?
  • What are the benefits of this strategy or this plan?
  • Why would a client choose you over your competitors?
Weaknesses
  • What could you improve on?
  • What should you avoid?
  • What are people in your market or your customers likely see as your weakness(es)?
  • What factors cause you to lose sales?
  • What factors cause you to lose customers?
 Opportunities
  • What opportunities can you spot?
  • What areas of the market is unserviced or under-serviced?
  • How can you help fix a problem the market/industry / a client has?
  • What changes are there in technology?
  • What local events are there that you might be able to present at?
 Threats
  • What obstacles do you face?
  • What are your competitors doing?
  • Are there any quality standards or specifications for your job, products or services?
  • Are there any changes occurring within your industry – legislative or technological advancements or consumer sentiment?
  • Do you have any bad debt or cash-flow problems?
  • Could any of your weaknesses seriously threaten you or your business?

A business example of a SWOT analysis

Strengths
  • Qualified workers
  • Constantly meet regulatory requirements without any haste
  • Able to respond very quickly
  • Can change direction very quickly
  • Low overheads
Weaknesses
  • Avoid negative conversations in the workplace
  • Has little to no market presence
  • No funds for marketing
  • Vulnerable to vital staff being sick or leaving the organisation
  • understanding of Budgets and industry
Opportunities
  • More technically capable and cheaper software out on the market
  • Local government wants to encourage small businesses
  • Competitors slow to adopt new technologies
  • Industry expanding with customers now more educated on their options
  • Workforce requirements 
Threats
  • Favouritism for staff with a particular manager
  • A small change in the focus of a large competitor might wipe out any market position the business has
  • The downturn in the market
  • Burnout from over working
   

By user23395, ago
business

Business telecommunications

Is telecommuting dead?

From IBM Australia to Yahoo!, are we seeing a growing trend in organizations restricting their telecommuting policies? Last week, IT News reported that IBM Australia has sent out a memo to all of its employees about changes to its telecommuting policy. Their HR team will be reviewing each employee’s case and budget to make a decision as to whether it is still appropriate for them to be working remotely from home. To find out information about business statitiosn in Australia click here. Both IBM Australia and Yahoo! have cited that they’re moving towards regrouping their teams in-house so that they can better connect with each other and synergise their operations. I’m sure many of their employees are huffing and puffing, I mean who wants to have to commute back and forth to and from work when you’ve had the privilege of working from home, with no distractions, no hours spent on public transport or in traffic. Some industry leaders have even predicted that it won't be long before many other organisations restrict their employees from the same arrangements. Especially in the wake of weak trading conditions resulting in falling profits and revenues. From an organisation’s point of view, the management team has a duty to make hard decisions – even if it is unpopular with their employees, to ensure the viability of the company. To ensure industry can be successful it needs to ensure staff members are qualified and a popular study option is the accredited business administration course www.edna.edu.au/online-courses/certificate-iv-in-business-administration can give you the edge you are looking for in the business world.

Benefits of telecommuting for a business

  1. Save time commuting to and from work each day – traffic and public transport delays can really take a toll on a person.
  2. Fewer sick days – employees who telecommute are more likely to have a healthier lifestyle, with many saying the time they save commuting to and from work, they spend outdoors instead.
  3. No geographical restrictions when hiring.

Disadvantages of working remotely for Businesses

  1. Can be isolating – employees not knowing each other or working in a team environment can really be mentally challenging in trying to bring a team working cohesively together.
  2. Poor communication channels – many have reported that communication is their greatest challenge. For Managers, many who are there to manage their team at times do not know what their team is up to as they are not physically there.
  3. Security concerns – many employees deal with a lot of sensitive data and are privy to secrets of an organisation’s operations. Telecommuting opens an organisation up to possible leaks and accidental breaches.

Future of Business telecommuting

Over the next few years, we can expect to find more and more organisations pulling back their telecommuting arrangements with their employees, especially in the wake of tougher market conditions. Companies will be trying anything they can to reinvigorate their workforce and to reinspire them to help the companies reach their goals. This Article is a good read about how woman are treated in business. More and more companies are also on the hunt for skilled and knowledgeable employees. Those that have strong analytic skills are able to steer the company towards the right direction and help pull the company out of a storm. That is why it is important that you learn as much as you can, put yourself in situations that will push you to practice what you learn, and get qualified! Find out more here about the business diploma  available or look at some of the other online diplomas and certificates

By user23395, ago