Posts Tagged ‘Strategic Business’
Business – Top Ten Tips On How To Deal With A Crisis
March 2nd, 2009 | 
Author: As human beings, we’re very good at thinking that really bad things only happen to other people – or that by virtue of Murphy’s Law, they are inevitable and unavoidable. The same attitude applies in many businesses despite well documented casualties from recent events such as flooding and supply chain issues. Crisis planning is an essential component of being a well managed and resilient business and offers the best chance of staying up and running after a significant disruption.
What qualifies as a business crisis?
The nature of a crisis can vary widely – from natural disaster, through a leaked memo containing sensitive information to the office next door involving you in their crisis by default. In other words, a crisis can come from almost anywhere but by definition is unexpected and has the potential to have negative consequences. A crisis may affect the safety of staff, the availability of resources, critical systems, shareholders and potentially threaten the mid to long term success or existence of the business.
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How to Effectively Use Social Media for Business
The use of social networking sites to connect people has become so widespread today. But other than those who just want to communicate with friends, old and new, social media is also currently being taken advantage by business oriented people as a way to reach their target clients and improve their businesses.
People involved in small business have found a powerful marketing tool in these social networking sites.
Among the top social media used by business people today are Facebook, Twitter, LinkedIn and YouTube. By using these sites, you are able to expose your business to more people, at both a local and international level.
Facebook has become highly popular in recent years attracting millions of users from across the globe. This popularity has, in fact, led the site’s management to offer marketing platforms that encourage people to share their business endeavors and build communities as well.
To use Facebook to your advantage, make sure to create an interesting personal profile page. Include photos and business information that will attract visitors and encourage them to read through your profile.
Update your information regularly so that existing and potential clients know what you’re up to. Discuss recent happenings regarding your business and interact with readers who post comments on your page.
Be friendly at all times and don’t forget to create a “fans” page and invite clients to join.
In just a few years, Twitter has attracted a steady following that is increasing rapidly as the “buzz” around Twitter spreads. This is the power of social networking sites – they are viral.
One advantage of Twitter over the others is that it lifts the lid on the activities and conversations of other people. What we are seeing today is news being reported on Twitter before the media even has a chance to tell us.
For business people who want to maximize the vast communication potential of this social networking site, it is best to be consistent when tweeting (telling people what you are doing).
This means not only providing information to your followers about what you are up to with your business, but also adding value. You need to share tools, tips and strategies and make your updates interesting and engaging.
LinkedIn is an ideal site for entrepreneurs because it gives you the opportunity to grow your business using less of your own money. How? LinkedIn is used by many professionals to search for potential employees and also as a means to expand their business contacts.
Providing a detailed profile (business information and photos) is the best way to expand your network of contacts through LinkedIn.
You can include a link to your website or blog for those people looking to access more information about you and your business.
Interaction is key and you can do this by answering questions that provide valuable and interesting information.
YouTube
YouTube is a phenomenal success in terms of video sharing on the internet. This social networking site has become the Number 2 search engine, behind Google.
If you have not tried live video streaming as a marketing tool for your business yet, it is time to jump in front of the camera. Videos are very powerful tools in drawing online traffic.
Create a short but clear video featuring yourself talking about your business and how you started out. Tell them about your journey, provide them with success stories and share your passion about your business.
Create several short videos (perhaps video seminars you conduct, presentations you make, or other business projects) and upload them on YouTube. Make sure that you post your videos in the category relevant to your business to draw the right target audience.
In using social media to market and improve your business, building trust with your audience is essential. You can only do this by being honest and providing consistently interesting, useful and valuable information. What matters most is that you share your experiences and knowledge. Doing so can influence people’s lives and encourage them to take action.
Little Investment, Great Rewards
Today, lots of business experts recommend getting into a business that needs very limited investment and yet returns to you twice or even thrice of what you first put in. With very minimal start-up capital, you could start your very own party rentals business and earn a heaping income every month or so.
1. Begin by building your business identity by researching or finding out the best deals and prices in your area. First and foremost, research what people are selling or leasing in your area, the package offers and the like. It will be easier for you to name your prices and products if you know what your competitors are providing. You’d want to be a more affordable option; however, you must also know the right products to feature.
2. If you know what the right prices are for party equipment in your city, it will be easier for you to make a more affordable price list. Customers are more attracted to cheaper and more reasonable solutions so try to make your services exactly what they are looking for.
3. Know what to feature. You must know what products to invest in and what to lease, as well as what to feature and what to buy first. Know what parents are most willing to get for their children or what children prefer to play with.
4. Know your capital. The capital is one of the most important amounts that could help in starting your business. Since you are planning to start a home based business with limited financing, it is important to know what you should rent first or what products to start off with. The easiest way to calculate how much to shell out is by being able to identify what to lease first; hence, once you know what your first few products should be, it will be easier for you to calculate your start up capital.
5. Set up your company’s reservations and delivery system. If your company follows an orderly manner when recording deliveries and reservations, it will be easier for you to meet your customer’s demands. Good planning and an organized system can help your company greatly.
6. Make it easier for you and your customer to agree to the terms in renting products by preparing a clear contract. These kinds of files will make it easier for you to keep up with costs and responsibilities in case complicated situations occur.
7. Tell the world. It is important to get the word out to your neighbors, friends, relatives, co-workers and to everybody else in the city. Advertise your services with the use of various mediums like business cards, flyers, getting a good website and the like. Also, nothing beats the conventional way of telling all your friends.
8. Offer exemplary service. To be able to win and keep good customers, always provide them with the service they will love. Be a good party rentals company and they will keep coming back to you. Also, they will tell their friends on how good your services are.
How to Pick a Strategic Partner for Business Success
What is a “strategic partner?” My definition: the Entrepreneur’s Strategic Partner is a “trusted resource,” that will give you advice, tools, and resources that will drive execution that bring about results. Effició’s tagline says it best…“getting to the CORE of business.”
Not only are we considered the Entrepreneur’s Strategic Partner, we also understand how hard it is to find the right strategic help. Here are the top ten things you need to know about getting the right strategic help for your small business:
1. Know that you make the choice and that choice should be a person and company you respect, admire and feel comfortable with. In order to achieve the goals you set, you have to work with someone who you can trust, and feel comfortable with revealing all of your proprietary information to. Don’t just choose a strategic partner because a celebrity uses them or your best friend uses them – You want to work with someone who takes your business just as seriously as you do. Take the time to evaluate and choose the right strategic partner based on your needs.
2. Don’t get caught up with the trends or latest thing. Instead get caught up with what’s best for you and your business. There are new ideas and programs’ sprouting up every day and it’s easy to get excited or overwhelmed. It’s Ok to stay abreast of the trends, just don’t try them based on your excitement; base it on your strategic direction and most importantly your business model.
