Tag: business plan

These Decision Making Tactics Can Help You Formalize Your Process and Make Better Choices

Entrepreneurship is, in large part, reliant on decision making for success. After creating your business plan, you’ll have a blueprint for what you want your business to be and how you’re going to develop it; but moving forward, you’ll be faced with countless tough decisions. On a small level, how do you want to prioritize your day? How are you going to negotiate this deal? On a larger level, who are you going to hire for this position? How will you challenge this new competitor? How are you going to pivot the business to escape bankruptcy?

It’s no surprise that some of the best entrepreneurs also happen to be the best decision makers. They’re able to take any decision, big or small, and address it in a way that’s both objective and appropriate. That doesn’t mean they make the right call every time; we all make mistakes, and successful entrepreneurs are no different. But over time, their decisions tend to lead them in better directions.

Related: How to Improve Your Critical Thinking Skills and Make Better Business Decisions

So what actionable steps can you take to make smarter decisions in your business?

What is a smart decision?

First, we have to define what a “smart” decision is. Smarter decisions tend to have a few things in common:

  • Objectivity. Good decisions are objective, based on facts and logic.
  • Stoicism. Decisions shouldn’t be influenced by raw emotions (in most cases).
  • Full information. The more information you have, the better.
  • Alignment with goals and values. Good decisions should be aligned fully with your company’s goals and values.

How can you achieve these qualities in your decision making?

Reduce decision fatigue

Decision fatigue is a simple psychological concept that many of us underestimate, but the more decisions we make in a given period, the weaker our decision-making abilities become. Over time, we become bogged down with stress and distractions, and ultimately make worse decisions for ourselves and our businesses. This even occurs with tiny, seemingly inconsequential decisions.

Many famous entrepreneurs and leaders, including Barack Obama, Richard Branson and Mark Zuckerberg, have strategies in place to reduce decision fatigue by stripping away unimportant decisions. For example, you might wear the same thing every day or have the same thing for breakfast. It may not seem like much, but over time, making fewer decisions each day can make you a better decision maker.

Get all the facts

As a leader, it’s important to be decisive, but it’s also important to have all the facts before you move forward with any decision. Are you sure that all the information you have is accurate? Are there any details you might be missing? What are the alternatives?

Related: Best Ways to Use Data in Making Decisions

Get to a neutral emotion

When it’s time to make a final decision, you have to remove emotion from the equation as much as possible. If you’re making an impulsive call about an emergency situation, this can be extremely difficult. However, there are a number of techniques that can help you, such as:

  • Walking away. Sometimes, moving to a different physical location is all it takes to shift your mindset. If you’ve ever experienced road rage, you know that as soon as you’re parked, away from the road and out of your car, the situation doesn’t seem so bad. Try walking away and thinking through your decision in another, less intense location.
  • Meditating. Many people swear by the power of meditation. Simply taking a few minutes to reflect on your own state of mind can be enough to dissolve the emotions that might otherwise influence your decision.
Invest $500 and you get $2500 in a week completely legit
  • Considering the decision from an outside perspective. You can also get a better sense for the objective reality of the situation by considering it from an outsider’s perspective. A common trick is to make your decision as if you’re advising a friend: If one of your closest friends were in this position, what would you tell them to do? You’ll suddenly consider more variables, and you’ll feel more detached from the situation (in a good way).

Talk to other experts

While the final decision is yours, it can be helpful to learn about the perspectives of other experts in this area. Do you have employees or partners who can share their ideas and gut feelings? Do you know of mentors or experienced professionals you can call for some quick advice? If you don’t have anyone to personally contact, you can substitute reading or podcast listening; what do other experts have to say about this situation?

“Good” decisions and “bad” decisions aren’t defined by the outcomes to which they lead; instead, they’re defined by the process used by the person making them. You can make better decisions by reducing decision fatigue, getting more information, clearing yourself of emotion and talking to other experts. This doesn’t guarantee all your decisions will work out, but it will increase each decision’s likelihood of success.

By: Timothy Carter Entrepreneur Leadership Network Contributor

.

.

Latest on Entrepreneur

Ready for Anything

Is the American Dream Attainable?

A 9-to-5 job may not help you reach the American dream, but adding passive income brings American hope. Eric Martel | 5 min read Data Analysis

Why Both Quantitative and Qualitative Data Are Vital for Results-Driven Businesses

As far as data is concerned, for good reason, quantitative data is what most brands look for to improve themselves. Don’t forget about qualitative data, though, as it’s equally important. Eric ‘ERock’ Christopher | 5 min read Patents

Christmas Eve, the flower of the Aztec warriors that Mexico gave to the world

Known as Cuetlaxóchitl in Nahuatl, the typical Christmas plant is famous thanks to an ambassador from the United States, where it is patented. Surya Palacios | 6 min read Entrepreneurs

How Content Creators Can Turn Their Creativity Into a Career

Don’t limit yourself to low-paying freelance gigs to try to make ends meet. Here’s how to build a meaningful career. Lucas Miller | 5 min read Coronavirus

Last minute! WHO confirms that Santa Claus is immune to COVID-19 and will be able to distribute gifts

However, Santa and his reindeer will wear face masks and work with a healthy distance. Entrepreneur en Español | 2 min read Perserverence

Emerging Stronger: Leadership Lessons from a Crisis

In 2020, we saw three crises: a contracting economy, a global pandemic and widespread racial injustice. I believe there’s a signature leadership lesson to be learned from each. David Steinberg | 4 min read Ready for Anything

How to Give Employees What They Want for the Holidays

Showing authentic appreciation this time of year could also boost your bottom line. Kara Goldin | 5 min read Success

3 Major Attributes Needed to Achieve Your Goals

Success or failure is within your grasp and no one else’s. Get a goal-achieving mindset. Tamieka Lee | 8 min read Holidays

How to Keep Your Team Energized During the Holidays

Here are two areas of focus that will revitalize your people during the holiday season. Brenda Pak | 5 min read Adapt to Bounce Forward

Simple Strategies for Restaurant Owners to Get More Customers and Make More Money

How restaurant owners can improve guest experience, be more efficient, and increase profitability through an order ahead reservations program. Raideesha Francis | 6 min read Social Entrepreneurship

How to Become a Successful Social Entrepreneur

It’s not the same as being a great business person. Chris Porteous | 7 min read Growth Strategies

How to Create Standard Operating Procedures for Virtual Assistants

It’s the best way to ensure freedom in your business with repeatable results. Jeff J Hunter | 5 min read Decision Making

These Decision-Making Tactics Can Help You Formalize Your Process and Make Better Choices

After creating your business plan, you’ll have a blueprint for what you want your business to be and how you’re going to develop it; but moving forward, you’ll be faced with countless tough decisions. What actionable steps can you take to make smarter decisions in your business? Timothy Carter | 5 min read Entrepreneurs

Santa Claus Named Entrepreneur of 2020

In a year of extraordinary challenges, the man in red has pivoted and adapted without ever losing that signature twinkle in his eye. Entrepreneur Staff | 2 min read Gifts

12 Gift Ideas (Plus More) for Your Work-at-Home Team

Here are 12 gift ideas that you can send them, which will highlight your gratitude and help your team step up their work-from-home game going into the new year. John Rampton | 11 min read Lifestyle

Why Personality Tests Are Flawed, and What to Look At Instead

Our survey results are in, and they shed light on four distinct identity types. Ben Angel | 1 min read Starting a Business

4 Clues to Help You Choose an Effective Business Name

To build a successful business, ensure that your brand identity is unique. James Jorner | 5 min read Real Estate Investment

Real Estate Management Could Be a Game-Changer for Your Income

This real estate and property management bundle can help you start a lucrative side hustle. Entrepreneur Store | 2 min read Personal Development

5 Personal Development Tools to Jump-Start Your Resolutions

Make 2021 a more productive, more successful year. Entrepreneur Store | 3 min read Playlist Entrepreneur

Get active with a Christmas playlist created especially for you, an entrepreneur!

With love Entrepreneur and Xóchitl Luján. Entrepreneur en Español | 2 min read Video game

KFC Introduces Video Game Console That Keeps Your Chicken Pieces Warm

This artifact was built in collaboration with Cooler Master. Entrepreneur en Español | 2 min read Social Media

How Brands Can Develop a Winning Social Media Marketing Strategy in 2021

2021 will be for agile brands that can pick up the pieces of 2020 and adapt their strategies. Arash Derakhshan | 6 min read Customer Experience

How Data and AI Will Keep Your Customers Happy and Engaged

By working together, data and AI can build a more in-depth, robust customer engagement system for a business. Chris Porteous | 6 min read Marketing

Is It Time to Hibernate or Accelerate Your PR Efforts?

Whether you are aggressively trying to grow your company or simply survive, these public relations strategies will help pay dividends for companies in both the short and long term. Josh Weiss | 6 min read Ready for Anything

3 Creative Ways to Monetize Your Next Business Event

Go from breaking even to breaking the bank. Jenn Murray | 5 min read Xbox

Xbox Series S breaks all-time record for lowest price

The new generation console will cost 6,799 pesos in Amazon Mexico. Entrepreneur en Español | 2 min read How Success Happens Podcast

How Success Happened For Former NFL Player Justin Forsett

Justin Forsett faced major rejections on multiple occassions during his life but each time he overcame them and eventually found success. That determination has now led him to success as an entrepreneur. Robert Tuchman | 2 min read Coronavirus

Scientists detect new strain of coronavirus in Rio de Janeiro, Brazil

Experts say they have no evidence that this mutation poses a greater danger. However, it shows that Covid-19 is sweeping across the region. Entrepreneur en Español | 3 min read Coronavirus

This is how Mexico received the first shipment of Pfizer vaccines, they will begin to apply it to medical personnel

The expected first shipment of the immunizing drug against the coronavirus landed in Mexico City around 9:00 a.m. from Belgium. Alto Nivel | 3 min read Leadership

What Do Bill Gates, Elon Musk and Warren Buffett All Have in Common?

5 Ways You Can Recession-Proof Your Business That Go Beyond Simply Saving Money

The economic outlook at any point in time can cause confusion. Is the market bullish or bearish? What if Wall Street is happy but wages aren’t keeping pace and thus customers are tightening their belts?

One thing we can say for sure is that traditional markers of economic growth and stability show the U.S. economy is improving. Hiring is up, and unemployment is down. California just posted it’s lowest unemployment numbers in more than four decades. However, there are always doubts about the economy when debt is high and many people have little extra spending money.

What are some unconventional but beneficial moves for small businesses to make in this economic climate, then? Here are a few options.

Invest in upgrades now, not later.

Typical posts about recession-proofing your business would have you save up and hunker down for the inevitable economic downturn. While saving up is always a good thing, sometimes the best strategy to meet economic uncertainty is to grow before it arrives. Growth requires facilities sufficient to sustain increased demand. Consequently, now’s a great time for your business to invest in better equipment and facility upgrades.

Make sure you line up funding before you begin a facility overhaul or equipment buying spree, however. Start shopping around now for the best funding options. Explore bank loans, lines of credit, or other kinds of financing from different sources so you can find the most competitive terms available to you.

The types of financing available to small-business owners are increasing these days. Financial and risk-management technologies are making the extension of business credit in the form of loans or revolving lines of credit more attractive for lenders. That means you’ll have an easier time securing financing now than, say, later on, if the economy takes a turn for the worse.

Add mobile payment options.

How easy do you make it for your customers to make purchases? According to a recent Bank of America report, 46 percent of small businesses were equipped to take digital payments in 2018, a substantial increase from 36 percent in 2017.

Expanding your customer base and making it easier for those customers to make purchases is one of the soundest investments you can make in your business. Leaning into digital payment technology isn’t something that’s usually at the top of the list for most companies when times are lean. With a healthier economy right now, make sure you’re keeping up with the technological times and helping your mobile customers give you their business.

Attract top talent.

If you want your business to dominate your industry or even just a slice of it, you’ll need the best possible people on your team. Figure out ways to court the best workers in their fields for open positions.

A key strategy for accomplishing this goal is to examine what your industry leaders do. What kind of compensation packages are they offering? Where do they recruit? Do they offer college internships, and are they paid or unpaid? Adopt and adapt their tactics to suit your own business.

Plan to expand.

The crash of 2008 put a lot of business plans on hold. While the economy has certainly improved, that sense of pressure and crisis is hard to shake off. And many companies have shied away from significant investments.

Therefore, an unconventional tactic may be to dust off those expansion plans. Be careful, though. Evaluate your revenue and cash-flow projections to make sure your future earnings warrant such a move. If so, then proceed with those plans if the expansion still makes sense for your business. However, remember that goals you set years ago may not necessarily fit your business today.

Attack your debt, and build up reserves.

Pay down both personal and business debt where you can. High levels of credit card debt can rack up thousands, especially with interest rates in the double digits. If you have college student loans, pay those down as well.

Also, aggressively add more to personal savings and build up cash reserves for your business. Extra cash on hand will come in handy during a downturn.

Get a professional opinion and advice about other smart money moves. Hiring a personal or business financial planner is a savvy investment. In addition, expand your own knowledge in other ways. Read books on the economy and financial planning, take a course at your local college or online, and spend more time keeping up with financial developments through news sites and financial blogs.

Finally, set realistic yet challenging financial goals, both for yourself and your business. Goals that feel like a bit of a stretch are usually the ones that keep us fired up and motivated. Write down your goals and then figure out how you can achieve them within a realistic time frame.

By John Boitnott Journalist and digital consultant

@jboitnott

Source: 5 Ways You Can Recession-Proof Your Business That Go Beyond Simply Saving Money | Inc.com

2.14M subscribers
How Do You Get Started In Sales And Business? With The Right Mindset. Click Here To Get Dan’s Book, F.U. Money For Free: http://improvesalesandbusiness.danlok… How do you improve your sales process and increase business? In this video, Dan Lok reveals some of the most important methods to making more money, getting more leads, and scaling your business. Watch this video now to discover how to improve your sales process and increase business. 👇 SUBSCRIBE TO DAN’S YOUTUBE CHANNEL NOW 👇 https://www.youtube.com/danlok?sub_co… Check out these Top Trending Playlists – 1.) Boss In The Bentley: https://www.youtube.com/playlist?list… 2.) Sales Tips That Get People To Buy – https://www.youtube.com/watch?v=E6Csz… 3.) Dan Lok’s Best Secrets – https://www.youtube.com/watch?v=FZNmF… Dan Lok is a Chinese-Canadian business magnate and global educator. Mr. Lok is leading a global education movement spanning across 120+ countries where Mr. Lok has taught millions of men and women to develop high income skills, unlock true financial confidence and master their financial destinies. Beyond his success in business, Mr. Lok was also a two times TEDx opening speaker. An international best-selling author of over a dozen books. And the host of The Dan Lok Show – a series featuring billionaire tycoons and millionaire entrepreneurs. Today, Mr. Lok continues to be featured in hundreds of media channels and publications every year and is widely seen as one of the top business leaders by millions around the world. ★☆★ CONNECT WITH DAN ON SOCIAL MEDIA ★☆★ Podcast: http://thedanlokshow.danlok.link Instagram: http://instagram.danlok.link YouTube: http://youtube.danlok.link Linkedin: http://mylinkedin.danlok.link #DanLok #SalesProcess #IncreaseBusiness This video is about How To Improve Your Sales Process And Increase Business https://youtu.be/dyihEhXje78 https://youtu.be/dyihEhXje78

Category

Education

How Your Small Business Can Maximize Profit & Minimize Loss With a Financial Plan

As one of the most essential aspects of a business proposal, the financial plan utilizes current financial data to project long-term profits and losses for your company. As a business owner, having a strong financial plan helps you identify potential issues and discrepancies while it’s still early enough to make changes. Having a good financial plan handy also improves your odds of securing funding from banks and other investors by showing you’ve done your due diligence.

Still, first-time entrepreneurs often struggle to create these all-important documents.

Below are five components every financial plan should have, along with suggestions for collecting the necessary data to plan your business’ future.

1. Income statements

Income statements reveal revenue, expenses and profits over a given period of time. Start by making a list of all the costs and expenses associated with running your business. This may include raw materials, suppliers, employee salaries and rent costs. Then record your revenue, which is the money you receive in exchange for providing goods and services. By subtracting your expenses from total revenue, you can determine whether your company can expect to make a profit or suffer a loss.

This information is crucial not only for planning purposes, but it can also help draw potential investors to your business.

While income statements for existing businesses convey data from the past one or two years, startups must instead forecast this information based on their research. When drafting your company’s first income statements, you may need to project profits and losses using information from similar businesses in the area. The goal is to determine if your company can support itself moving forward and make budgetary changes as needed.

2. Cash flow

Cash flow projections estimate the amount of money that will be entering and exiting the business on a regular basis. Determining net cash flow requires simply subtracting cash outflow from cash inflow, which reveals only those funds that are actually available at a given time.

Just as with your income statement projections, you’ll have to create a plan of how you expect your cash to flow based on rational observations, predictions and your own research. Again, while it seems frustrating, compiling a schedule of when cash comes in and out can give you (and investors) insight into how much cash you’ll actually have available to operate your business.

By keeping accurate cash flow statements as your business matures, you can identify problem areas before they grow too large to contain. For instance, if your projections suggest you need more immediate cash, you can try strategies to help bring it in, such as turning over inventory more quickly or reducing the length of your billing cycle. However you use it, a cash flow’s primary functions are to assess your company’s financial health and help you make business-development decisions moving forward.

Another thing to keep in mind: When calculating your cash flow projection, you won’t be able to use any revenue amounts from unpaid invoices. The reason? That revenue hasn’t been collected yet and thus isn’t available to go in or out. Yes, you may be able to declare the money from unpaid invoices in your revenue projections, but not as cash on hand.

3. Balance sheet

A balance sheet provides a snapshot of a company’s assets, liabilities and equity at a given time. As its name implies, a balance is struck between a company’s assets, which equal its liability added to the value of its equity.

First, take time to list all assets, including accounts receivable, savings, inventory and equipment. Next, you should detail all liabilities, such as accounts payable, loan payments and credit card balances. Lastly, you can add up the company’s equity, which may take the form of owner equity, investor shares and earnings from stocks. When you’re finished, check to make sure that the total value of assets equals that of your liabilities plus your equity.

As you may expect, your balance sheet can have a significant effect on your business’ ability to secure the funding it needs to get off the ground. Learn more about how to create a detailed balance sheet to track your startup’s liabilities and equity.

4. Break-even analysis

It’s no secret that startups rarely turn a profit at the onset. If and when your business does cross the threshold from red to black, it will have crossed the break-even point. The break-even point occurs when the expenses of running your business equal the revenue from your products and services. To increase your odds of reaching that crucial turning point, take the time to create a break-even analysis as part of your financial plan.

Along with your company’s fixed and variable costs, the document should include projected prices and account for the value of inflation. Not only does a break-even analysis show potential investors that your company has the potential to succeed, but it also enables you to make better decisions regarding resource allocation. If your break-even point is too high, you may want to consider ways to reduce your cost of business. This might include shopping for new suppliers, increasing prices or even temporarily working out of your home.

5. Financing schedule

Most of us can’t launch a new business entirely on our own. Because loans are an unfortunate fact of life in the startup world, every business plan should include a loan summary and financing schedule. Take note of the types of loans incurred, including interest rates and expected terms as well as securities information. After all, potential lenders want to know that you have a solid plan to pay off existing debts before investing more money in your business venture.

If you’re thinking of starting your own business, then you’ve probably heard the bleak statistics. According to one report, as many as eight in 10 startups fail in the first 18 months. To give your business a fighting chance, you need to have a strong financial plan in place before you launch.

By: April Maguire

Source: How your small business can maximize profit & minimize loss with a financial plan

1.37K subscribers
In this video, Kelly discusses how to maximize profits in business in just three simple steps. By taking advantage of what resources you already have within your company, you can maximize profits and grow your business. Your company can figure out how to improve sales by analyzing what your business is doing so already…and what your business is not doing. By putting these steps into action, you can figure out how to attract customers and increase profits Ask yourself: • When was the last time you last raised profits within your business? Are you getting what you want? • Is your business selling the right kinds of stock including individual packages, group packages, etc. for your services? If not, these kinds of products would bring in money that your company is not seeing already. • Are you engaging with previous customers? If not, these customers are just as important to figure out how to attract customers to your business. Want a quick overview of topics? Check out the time stamps below: 00:49 – Charge what you’re worth to grow your business 1:42 – When was the last time you raised your rates? 2:08 – Consider having reoccurring revenue to maximize profits 2:40 – Fortune is in the follow up! Make it your business growth strategy Learn how to improve your outlook on money but also create more income within your business. Not only will you learn to improve your vision of money but rethink your ideas so you can create new ones. ======================================================== THANK YOU for taking the time to watch these videos!! If you like what you’re watching, comment below to start a conversation! =================================================== To learn more about our program that teaches you how to build and scale your business to create more freedom go to: http://www.KellyRoachCoaching.com/yes ======================================================== Visit the Kelly Roach Coaching online store for products and programs to help you grow your business! http://www.kellyroachcoaching.com/shop ======================================================== **Click Below to SUBSCRIBE for More Videos** https://www.youtube.com/channel/UCwyA… ======================================================== Kelly Roach Business Growth Strategist, Rapid Business Growth Coach, Author, Host of Unstoppable Success Radio http://www.KellyRoachCoaching.com ======================================================== Join the conversation: Facebook: http://www.facebook.com/kellyroachint… Twitter: http://www.twitter.com/kellyroachint YouTube: http://www.youtube.com/kellyroach ====================================================== To learn more about how to grow your business and how to increase sales, watch Kelly’s “How to improve your Money Mindset” video at https://youtu.be/1mo_Fvrgpw4

Category

Education

 

3 Key Signs Your Startup’s Business Plan Needs to Change

Pivoting is expensive, but so is making smaller changes to your business plan to address the present-day realities of your market, your customers and your company. Revising your plan and implementing those changes can be time-consuming and expensive, and it can result in considerable operational upheaval.

But sometimes that’s exactly what your small business must do to ensure future success. How will you know it’s time to re-write your small business’s playbook? Here, three key signs:

1. Your growth is stagnant.

In a startup, momentum is everything. Growth provides the resources to continue to expand, beat the competition, improve quality and service, and increase efficiency through economies of scale.

Unfortunately, most small businesses can’t afford to simply plow additional funds into advertising in order to grow. Keeping customer acquisition costs down — and churn rate down as well — is key in the early stages for any bootstrapped startup.

In that case, growth might require jettisoning — or at the very least de-emphasizing — some products to focus on more profitable products. (See Steve Jobs when he returned to Apple in 1997.) That may require you to shift employees into new seats: sales, service, operations, etc.

Do this and the result might be a ripple effect of positives: Shifting employees provides opportunities for them to learn new skills, demonstrate new talents and learn about other functional areas. Moving a few employees into different roles can help re-energize and re-engage a number of other people.

Growth could also require introducing new products or services, especially when they complement existing offerings. Complementary offerings are a great way to re-engage existing customers as well as to bring in new customers who may then purchase other products or services.

In short: If your growth has stalled, what you planned to offer may not be sufficient. So how will you know what changes to make?

Ask your customers. They’ll tell you.

2. The needs of your “ideal” customer have changed.

Every business plan includes information on the target market: Demographics, interests, needs, pain points, etc. Over time, those needs can change (or maybe they never actually existed, at least on a sufficiently broad scale).

If you’re a tech company, evolving technologies can change the way customers interact with your service. If you’re in the restaurant business, today’s hot trend can be tomorrow’s outdated fad.

More likely, as your business has grown, so too has your infrastructure — meaning the level of one-on-one service you planned to provide is no longer necessary. (Or even desired.)

A great business plan lays out a blueprint for meeting customer needs and solving customer pain points. A great business constantly evolves to ensure those needs are met and those pains are eliminated.

Stay on top of metrics like return, service calls, churn rate, etc. to keep up with changing customer needs. Talk to your customers to find out how their needs may have changed.

Then revise your plan to make sure you provide not just what your plan says, but what customers really want and will pay to get.

3. You need full-time people in freelancer seats

Early on you may not have needed — or maybe couldn’t afford — to hire full-time people to perform certain functions. Wisely, you turned to freelancers. Freelancers are great for completing specific tasks, especially when sufficient expertise or specialized knowledge is a necessity.

The problem with freelancers is that they can only perform specific tasks. They can’t step into other roles. They can’t step into other functions. Because they aren’t a part of your company, they can’t learn and grow and develop with your company.

At some point it makes sense to hire a full-time employee. While they might not currently possess every drop of skill and experience they need to succeed in the role, when you hire people who are adaptable and eager to learn, they soon will.

And then they will help create an outstanding foundation upon which your company can grow.

By: Craig Bloem Founder and CEO, FreeLogoServices.com

@craigbloem

Source: 3 Key Signs Your Startup’s Business Plan Needs to Change

275K subscribers
Tutorial starts at 1:20 Whether you’re starting a new business or just trying to get your existing business a bit more organized, writing a business plan is the perfect way to clearly outline how your business operates, declare goals, and set out a strategy to reach those goals. In this video you’ll learn about the six essential pages every business plan should have, what to record on each of those pages, and also how to write your business plan as quickly and easily as possible — even if you’re a complete beginner! 🔹 Download the FREE Six-Step Business Success Plan: https://www.gillianperkins.com/downlo… // WHAT TO WATCH NEXT Six Ways to Earn Six Figures Working from Home https://www.youtube.com/watch?v=Y1i8x… How I (actually) Got My First Client Online https://www.youtube.com/watch?v=AST3P… How I Created Multiple Streams of Income for Myself https://www.youtube.com/watch?v=dfaH_… How to Decide What Business to Start https://www.youtube.com/watch?v=Mid_A… // LINKS Learn more about Gillian and find resources to build your online business: https://www.gillianperkins.com Join our private Facebook group! https://www.facebook.com/groups/start… Follow Gillian on Instagram to get a BTS look at what it’s like to be a digital entrepreneur: https://www.instagram.com/gillianzper… // MAIL Gillian Perkins International P.O. Box 13573 Salem, OR 97309 NOTE: This description may contains affiliate links to products we enjoy using ourselves. Should you choose to use these links, this channel may earn affiliate commissions at no additional cost to you. We appreciate your support! KEYWORDS how to write a business plan, free business plan, do i need a business plan, #entrepreneurship, #gillianperkins, business plan how-to guide, business plan step by step, business plan tips ,gillian perkins, gillianperkins, do you need a business plan, How To Write a Business Plan To Start Your Own Business, how to write a business plan step by step, business plan for beginners, simple business plan, business 101, business plan template, business plan example, how to write a business plan for beginners

Category

Howto & Style

How to Find the Best ERP Software for your Business

Businessmen trading stocks online. Stock brokers looking at graphs, indexes and numbers on multiple computer screens. Colleagues in discussion in traders office. Business success concept.

ERP offers a software platform to businesses in order to manage a wide variety of business functions such as invoicing, payroll, warehousing and much more on the field of varied and customizable options.

Selecting the right ERP software for your business is not an easy task as other major vendors like SAP, Oracle, and NetSuite does not offer a wide variety of ERP solutions to pick from. Henceforth, making an appropriate decision on the very first go becomes crucial while selecting the ERP platform as it cannot be scaled later according to your needs.

In this article, we will be looking at a few tips on how you can select the right ERP platform for your business.

What factors to consider while choosing ERP?

An effective ERP is sought to provide all the business processes together by improving collaboration that helps your organization make data-driven decisions and enhance business productivity. You can also look for a few solution software tools to get help for handling various sources. For instance – Choose financial management for improving your control over company assets and accounting, CRM to maintain better customer relationships, project management to manage to bill and monitor your projects, and business intelligence to provide optimized tools to deal with reporting, analysis and much more.

As your organization grows and expands on a global scale, ERP allows to maintain visibility and standardize your business procedures to work across the globe and explore into new markets. There are multiple benefits to using ERP global software which is listed as:

  • ERP allows you to easily work with other operation, partners and suppliers in collaboration or partnership on your value chain.
  • The platform supports new locations, industries and geographies with fewer efforts.
  • You can standardize a single ERP solution and innovate it easily by capitalizing on current investments.

How to find the perfect ERP solution?

It can be a daunting task when you want to search out for the most accurate ERP solution. But still, a few tips and tricks can help you go a long way. Here’s how.

  • Research according to your Needs

This is one of the most vital approaches you need to begin up with serious research of your business requirements. You need to look out for the specific answers as per the demands of your organization. There arise certain questions related to the processes and internal review which helps you to stay ahead in the bottleneck competition. Try to expand your reviews and research to see what other competitors are doing and how they fulfill customer expectations.

  • Select the right option

When you get a better grasp on the requirements and processes which you need to start with, you can readily delve into the ERP technology for meeting your needs. You should keep in mind the past records of your enterprise along with where you want to be in the future. By doing so, you can get to the right ERP solution.

  • Be selective when choosing Partners

There is no doubt in how a right technology partner can ease out the software deployment as per your needs be it from financial management to manufacturing and supply chain management. The best way in which you can maintain the value and relationship with your future partner to schedule a demo for seeing if they possess appropriate skills, industry expertise and the right technology to achieve your desired outcomes.

Wrap Up

Here, we come to the end of the article. We hope you must have got an idea of how to choose an appropriate ERP solution for your business. Till then – keep learning!

About the Author

Charles Richard possesses over 10 years of experience in the business analysis profession. He has written dozens of tech and non-tech pieces on the renowned publication.  He also enjoys mentoring BA professionals and his well-rounded knowledge in engineering concepts provided an easy way to make non-technical people understand basic theories. Currently, he is working at TatvaSoft UK. you can visit the website https://www.tatvasoft.co.uk/ to know more about his company.

Featured image: Matej Kastelic

Source: How to Find the Best ERP Software for your Business

407 subscribers
This presentation is supported by https://www.parsimony.com which is the ERP system developed from an open source core (ERPNext) to help ecommerce companies with their back end systems. Big businesses know all about ERP, but arguably the small and medium sized businesses could get more leverage from an ERP than a big business. This is a replay from a https://www.catalyst88.com mastermind presentation from Michael Pinkwoski talking about what a business operating system is.

Category

Education
%d bloggers like this: