Home Based Business – 4 Proactive Measures For Business Development

Home based business owners must develop leadership skills to achieve the desired outcome. Methodical business methods must be replaced with the innovative solutions to bring about output oriented changes.

Effective Solutions for Problems:

Creativity can be used with sales techniques and discount offers for products to enrich the customer interest. Non essential spending must be cut down to have a positive effect on the bottom line.

Quality measures can help determine the appropriateness of a product with respect to client requirements. Primary business operations can be sustained for growth with a critical blend of management and leadership capabilities.

Directed Strategies for Growth:

The following measures can be put to practice to move towards more business development:

·         There should be constant monitoring and measurement of the factors which promote growth to augment movement towards goals and objectives of a home based business.

·         Certain critical success factors of a business have to be identified and communicated with coworkers and partners. This can help bring about strong focus with utilization of resources and available workforce.

·         The identified critical factors for success can act as a mutual point of reference to perform and help achieve targets within the stipulated time frame.

·         The desired customer satisfaction rate, product range and market share values can be increased in tune with the quality of relationship shared with suppliers.

·         Strategic goals and objectives of a company must be examined in relation to the current status of the functional areas.

·         Essential elements of a business strategy are devised from internal business forces, competency plan and entrepreneurial environment conditions.

·         Characteristics adopted to maintain business sustainability against challenges, barriers and external influences must be analyzed in detail.

·         The form of production undertaken, quality of marketing campaigns and volume proposition rendered must be considered.

Management Rationale:

Financial accounting must be paid adequate attention to achieve balanced books. Home based business owners must be aware of critical numbers that indicate operative efficiency. Successful entrepreneurs adopt the management rule “first things first”. Immediate efforts should be dedicated to completion of tasks laid out at the present moment.

An ability to face pragmatic situations and act on them requires non idealistic preference. Necessary changes must be incorporated in the functional business model to bring about prosperity.

Essential Entrepreneurial Actions:

Guidance in functional areas outside expertise can be obtained form third party sources. Essential business operations must be carried out in difficult conditions to work at endurance.

Constant evaluation must be carried out with the status of component factors to move towards desired goals. Problems should be identified and a multi-dimensional approach for a solution must be devised.

Business Development Tips For Massage Therapy Business

Massage therapy is one field where if you know your basics right, eventually there is just no need to market. The interested will in fact look for you. The field has a massive career opportunity waiting for you. Your massages can treat illness and as they say, only the rich can afford the luxury of being treated, so just no need to worry about making money.

So the first tip for business development of the message therapy business is to work on your offering. If your massages are capable of treating illness like joint pains, act as a stress buster, and help achieve the state of relaxation, then the business prospects are bright. On the other hand, if you are counting on your knowledge in the field, then ensure that you have the right subordinates with the requisite skill set.

The second crucial advice to grow your existing volume is to ensure that your existing clientele make more frequent visits than otherwise. This is one stream where slight manipulations can get you double the business from the exiting client base. Introduce some monthly packages, offer discount schemes on frequent visits, plan special massage therapy charts for specific requirements like pains, render the comfort edge and most importantly SMILE! Most of the time, you tend to ignore the importance of a smile. Your cheerful attitude can help you strengthen the client base more than your services. A simple smile can help you charge double the amount and still make it look meager. The trick is to befriend your customers who expect personal attention, especially in the small business segment. Entertain them and have all the necessary equipment. The right music, the right fragrance and privacy are a must.

Generating referrals is the third most-important aspect. Advocate consultancy, if required, free of cost. Encourage people to drop in with friends who have any specific problem, which you can solve with your massaging capabilities. This free advice can pay beneficially in the form of new customers. Give more time to curious visitors and tell them in detail about the associated benefits. Do not give discounts to new entrants, since this could create a commotion among the existing clientele.

Another tip is to pass on add-on services rather than advocating discounts. If you have to oblige an old customer, do so by adding more treatments in the existing package rather than allowing them to pay less. This is an addictive habit. If they can talk you into a discount once, the tendency would be to get as many more as possible. So discourage any monetary bargains.

Introducing life memberships, home massages, free pick-ups and other related add-ons are just a few more ways to increase the client base and hold on to what you have. However, the key is to impart the best massages and ensure a soothing effect to every one of your customers.

Software and Business Development In Chennai

In India, after Mumbai, Chennai is the second most popular city for foreign investment. Chennai is often called as the Detroit of India, hub of automobile industry, silicon alley of India, and so on, as it has witnessed tremendous growth in the field of software development, business outsourcing, automobiles and electronics manufacturing.

World’s leading software development centers are coming into Chennai providing huge employment opportunities for youngsters. Software development process and testing facilities are good at Chennai. The quality of education in Chennai is high.Not only Chennai, cities such as Coimbatore, Trichy are also getting foreign investments for software development. The growth of software in Tamilnadu is unbelievable in recent years.

Availability of human resource, scientific and technical manpower, liberal foreign investment policy of state government, pool of young software engineers and congenial work atmosphere has made Chennai, the cynosure of all eyes who outsource their projects to offshore countries.

Pentafour, Alcatel, EDS, IBM, Infosys, and Wipro are some of the software companies who have made huge turnover with their establishments in Chennai.

Many projects are outsourced to Chennai & Bangalore as these two cities are considered as favorable destinations for foreign stakeholders. BPO, call-centers, telecommunication and ITES industries. Bill Gates has praised south Indians for their performance and recognition in global product development.

Thus People of Chennai have done remarkable achievements in the development of the city, making it as one of the finest place in India for business development. If this current growth rate persist for years to come, Chennai will definitely become as the super city in India.

Eight Steps To The Next Level – The Business Plan, “The Engine of Small Business Development”

This is the second of a series of articles describing how small business owners and managers can drive their business growth and profitable development through the creation and implementation of a business plan.

I know the prevailing view among many small business people is that “planning” is for the larger, more substantial business and “they are too busy running their business to have time for planning”. Indeed, many small business owners are “too busy” running the business, but they ignore, at their own peril and survival, that “failing to plan is planning to fail.”

I am convinced that the small business owner will benefit from engaging in this business planning process because of the nature of carefully examining and thinking through the way their business competes and operates; – and how that will align with their determination of “what business they want to be in”.

This business planning process yields a stronger, more profitable business which provides real value to its customers and the marketplace.

The business planning process described in this article is the most logical, pragmatic and practical examination possible of the small business. This process is far from arcane or mysterious, but totally focuses on the reality of the small business environments (the business, the economy, competition, customers’ needs, wants and desires) as well as the determination and allocation of the firm’s resources).

Business Planning Process – Eight Major steps

For the past thirty years, I have successfully used the following business and strategic marketing planning process. The following process consists of eight major steps which are sequential and continuous. I will describe the nature and function of each of these steps.

This process applies to all types of organizations; regardless of size, products, services, or industry…. I have even used this process with a national religious organization.

1. DEVELOP MISSION AND POSITIONING STATEMENT
2. SITUATION AUDIT
a. Internal
b. External
3. WOTSUP ANALYSIS
4. MAKING ASSUMPTIONS
5. DEVELOPING OBJECTIVES
6. STRATEGY DEVELOPMENT
7. SPECIFY TACTICS AND ACTIONS
8. PREPARE FORECASTS/BUDGETS/FINANCIALS

1. MISSION AND POSITIONING STATEMENT

With respect to the definition of your businesses’ purpose and mission, there is only one focus, one starting point; it is the customer or user of your products/services. The user defines the mission of any function or business. The question “what is our mission or purpose” “what business do we want to be in?”, can therefore be answered by only looking at your business from the outside, from the point of view of the customer or potential customer. What the user or customer sees, thinks, or believes at any given time must be accepted by your business management as an objective fact to be taken seriously.

By definition, the customer is purchasing the satisfaction of a need or want.

For example, here is a well-known and real example of a business mission which defined the way in which that company conducted its activities.

A drill bit manufacturer defined its mission as determining “what size holes customers need” their focus was directly on customer needs and not on their product specifications. They were customer-focused and very successful.

Once the mission statement has been completed develop the positioning statement for competitive advantage and prepare the USP – your unique selling proposition. “Why the business is able to provide more effective solutions and greater value than the competitors.”

2. THE SITUATION AUDIT- Internal and External

The situation audit is a description and analysis of past, present and future data (information) which provides the basis for pursuing the business planning process. It is an organized method for:

  • collecting pertinent information
  • interpreting its effect on the business’s environments (market conditions)
  • analyzing significant trends
  • projecting all pertinent factors, which could influence company activities.

3. WOTSUP ANALYSIS

The acronym WOTSUP stands for Weaknesses, Opportunities, Threats and Strengths Underlying Planning. This step flows naturally from the fact base (Situation Audit). The Weaknesses and Strengths constitute an internal analysis, i.e. “what are we at good and bad at?”-

Opportunities and Threats, on the other hand, form an external analysis. From this analysis, objectives can be formulated with specific action plans designed to overcome weaknesses and threats by exploiting the business strengths and opportunities.

4. MAKING ASSUMPTIONS:

Assumptions make planning possible. Without the use of assumptions, planning would be almost impossible. Since planning deals with the “futurity of current decision-making” and events in the future are almost impossible to predict with unfailing accuracy; – assumptions make planning possible.

5. DEVELOPING OBJECTIVES

Overall objectives are the real crux of the Business and Marketing Planning Process. They deserve every last ounce of time and effort – often frustrating. The objectives form the umbrella under which the balance of the whole planning structure is built. Because of the key role they play they must be thought through and be expressed in the most specific and concrete fashion. In simplest terms an objective is… “what do you want to accomplish?” Objectives are prepared to overcome weaknesses and threats developed in the WOTSUP Analysis and to exploit the opportunities and strengths.

6. STRATEGY DEVELOPMENT:

Once the objectives have been developed, the preparation of strategies is the next step in the process. Strategies, must explain, in a broad sense, how the objectives will be achieved.

7. SPECIFY ACTION PROGRAMS:

After the objectives and strategies have been developed, describe the work to be performed. The actions must be very specific; what work is to be done, by whom, how and when.

8. FORECASTS/BUDGETS/FINANCIALS PREPARED:

The action programs when completed form the basis for budget preparation. The cost of each action and the revenues derived from the detailed actions generate the operating budget and cash flows for the Business Plan.

Many organizations confuse planning with budgeting. One important purpose of the budget is to ensure the business has adequate financial resources to function. Budgeting is about not failing, planning is about what is possible.