Recources

Deciding When To Call It Quits

By: Debbie Dragon

Starting your own business is not for the faint of heart. According to the U.S. Small Business Administration, half of all small businesses will fail before reaching their fifth anniversary. With a 50% chance of failure, individuals starting a small business have many challenges to overcome for long term success. For the 50% who succeed, owning a small business can provide financial security for the business owner and their family. Unfortunately, for those who do not succeed, failure represents the loss of not only future financial security, but in many cases, financial insolvency in the present. Recognizing the signs that your business is headed in the wrong direction may help mitigate the financial loss. Here we look at signs it may be time to call it quits and possibly salvage some of your financial stability.

What Makes A Business Fail?
There are dozens of reasons why a start-up or small […]

2017-12-18T17:32:28+02:00December 18th, 2017|Other, Recources, Syllabus Topics|
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Total Quality Management’s Impact on Different Business Processes

By: Adam Colgate

Total Quality Management (TQM) is a competitive approach to long-term success that’s derived from a dedication to customer satisfaction. Within this system, every employee in a company endeavors to enhance the products, services and internal culture to produce a streamlined set of business processes that deliver an improved customer experience.

Also commonly known as Quality Management in the United States, a TQM effort is unique in that it requires a high level of commitment to an established philosophy, with every member of the organization not only familiar with the end goal but committed to it – a dedication many attribute to the self-motivation of employees through reward-based incentives.

For the overall process to be effective, there are 10 key practices management can use to promote the culture of Total Quality Management and, in doing so, positively impact nearly every process within an organization. These include:
• Foster a continuous drive toward improving […]

2017-12-18T17:31:07+02:00December 18th, 2017|Performance of the business, Recources, Syllabus Topics|
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Three Objectives of Brand Awareness

By: Lea Nathan

Marketing strategists agree that brand awareness in any industry gives that company an edge. Brand awareness accomplishes several objectives for companies seeking to increase sales in the marketplace. A brand awareness campaign needs to be flexible enough to grow with the company and adjust if needed. The company should seek to build customer awareness, promote its website and add value.
Brand awareness follows a certain process, although customers do not usually think through these steps when choosing a product. First, the customer has a perceived need for a product. In many cases, he will seek information on what product to buy. He will often evaluate his alternatives, although in some cases, such as in buying a drink, he may simply buy what’s convenient. At the same time, he will place a value, both financial and personal, on the product he plans to buy. After he buys your product, he […]

2017-12-18T17:29:34+02:00December 18th, 2017|Marketing, Recources, Syllabus Topics|
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The Price of Bad Financial Decisions for Small Businesses

By: jayhawk

Start-up companies and small businesses have always had a relatively large percentage of failures, which is the ultimate price of making poor financial decisions.

Fortunately, many of these business failures can be avoided if those managing the enterprise can keep from making some common financial mistakes.
Why Small Business Owners Often Make Bad Financial Decisions
Many people go into business for themselves having ample skills at making a business work on a day to day basis. This is often one of the chief motivations for becoming self employed by opening up a small business in the first place.

Nevertheless, too much effort is often put into the daily operation of the business, while not enough attention is paid to bookkeeping and accounting practices, which are essential to running a small business efficiently and profitably.

Read more @ … http://www.businessdictionary.com/article/591/the-price-of-bad-financial-decisions-for-small-businesses/

2017-12-18T17:28:15+02:00December 18th, 2017|Entrepreneurship, Recources, Syllabus Topics|
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Six Effective Ways to Foster Innovation

By: Adam Colgate

Employee creativity and innovation are essential for the success of any business, particularly in times of economic turmoil. There is a clear connection between employee engagement and innovation according to a 2006 Gallup poll. Engaged employees are more creative and more willing to accept innovative ideas from others. Most CEOs value creativity, and employees who are allowed to be creative are more engaged with their current positions. A company’s culture can either foster or stifle innovation. Fortunately, business leaders are able to shape a more creative work environment if they follow a few basic guidelines.

Maintain an open dialogue between employees and upper management
Dialogue will effectively motivate and engage employees. Always allow employees to present their ideas before important decisions are made. Provide feedback to employees, even when their ideas are not used, so that they know that they are not being dismissed.

Read more @ … http://www.businessdictionary.com/article/510/ways-to-foster-innovation/

2017-12-18T17:26:54+02:00December 18th, 2017|Other, Recources, Syllabus Topics|
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Should a Small Business Practice Total Quality Management?

By: Adam Colgate

Total Quality Management is the dedicated effort to providing a continuously-increasing level of quality in an effort to retain the attention (and repeat business) of your customers. Widely practiced throughout the world, large corporations are continuously examining their products and services through the practice of TQM to optimize their competitiveness, paying particular attention to their core customer base. So why can’t small businesses do the same?
The short answer is: they can. But if you’re a small business owner and you want to apply the analytic practice of TQM to your company, there are a few pitfalls to be aware of, each of which could lead to excessive costs to your bottom line.

Benefits of Total Quality Management
When stacking the pros and cons, the potential for boosting your company’s success makes the implementation of a TQM business philosophy extremely attractive.

Read more @ … http://www.businessdictionary.com/article/630/should-a-small-business-practice-total-quality-management/

2017-12-18T17:25:26+02:00December 18th, 2017|Performance of the business, Recources, Syllabus Topics|
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Selecting Insurance Plans Using Needs Analysis

By: Adam Colgate

Knowing how much insurance you will need as a small business owner can be a challenging endeavor. Nevertheless, having the appropriate insurance policy can save a small business a lot of money.

Needs analysis can give you a better idea of what kind and how much insurance would be the optimum for your business. Of course, buying liability, property and health insurance, in addition to Workmen’s Compensation, can be quite expensive, so assessing your business’ needs and what kind and how much insurance can be crucial.

Evaluating Your Business

The first consideration when using needs analysis for deciding on an insurance policy for your small business consists of accurately analyzing the different liabilities and assets which directly affect the business. These include:
• Property – this includes equipment, real estate and other assets.
• Business Volume – the amount of accounts receivable and the average cash flow of the business.
• Salaries – how much you pay […]

2017-12-18T17:23:46+02:00December 18th, 2017|Investment and insurance, Recources, Syllabus Topics|
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Principles of Creative Leadership

By: Ryan May

When properly managed, creativity can be found in any employee, regardless of the job description. On the whole, creative people typically fall into a variety of categories, ranging from those who are quick and dramatic to people who are careful and quiet. But one thing remains true of all: most creative ideas are not flashes of inspiration in an individual’s head but rather come from how people identify, create, store, share and use the knowledge they’re exposed to in their surrounding environment.

And fostering that environment (not the act of creativity itself) is the task of creative leadership.

Defining Creativity
According to the Snowflake Model of Creativity, developed by Professor David Perkins of Harvard University, there are six common traits present in creative people:
1. Strong commitment to personal aesthetics
2. Ability to excel in finding solutions
3. Mental mobility

Read more … @ http://www.businessdictionary.com/article/669/principles-of-creative-leadership/

2017-12-18T17:22:00+02:00December 18th, 2017|General management and CSR, Recources, Syllabus Topics|
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Mission Statement vs. Vision Statement

By: Jeffrey Glen

An important aspect of corporate governance and providing clear messaging to stakeholders is the creation of a mission statement and a vision statement. These are two distinct concepts and this article will provide an understanding of the differences when considering a mission statement vs. a vision statement.

Mission Statement
A mission statement has a more ‘present day’ focus and really describes how a company plans on achieving its objectives. This is really a statement to employees, shareholders, and others with an interest in the organization that clearly articulates what an organization is doing, how it’s going to do it, and ultimately why it’s doing it.

Read more @ … http://www.businessdictionary.com/article/1089/mission-statement-vs-vision-statement-d1412/

2017-12-18T17:20:44+02:00December 18th, 2017|General management and CSR, Recources, Syllabus Topics|
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