Do you have access to quality IT infrastructure and want to dominate your niche? If YES, here is how to gain Competitive Advantage using information technology. The term competitive advantage refers to a unique advantage a company has over other companies that are offering similar goods and services. It should be noted that it is …
Strategic Planning
What are the sources of sustainable Competitive Advantage a business can exploit? How can I dominate my niche? How did companies like Apple, Google, Microsoft, WalMart, General Electric, Berkshire Hathaway and Virgin become market leaders? Well, you will find out below. Most entrepreneurs and business owners know that one of the key to surviving in …
Today, I want to reveal to you seven businesses I am modeling. As you know, I am in the entrepreneurial process of building a business so I have to follow the footsteps of the great business leaders. Just as I have business mentors and entrepreneurial role models, I also have business models that I strategically …
Do you want to learn how to prepare a business disaster recovery plan? Or you simple need a sample business disaster recovery plan template? Then I advice you read on as this article will help you out. After many years spent as a business owner, I have come to acknowledge the fact that shit happens …
What is the difference between a business continuity plan and a business data recovery plan? Well, I advice you read on to find the answers you seek. When two terms are so closely related that only experts can figure out the differences between them, chances are that they will be erroneously regarded as the same, …
Do you have a business disaster preparedness plan? If no, then below are ten benefits of having a business disaster preparedness plan. Disaster can strike a business at any time. Even a successful business can find it very hard to recover from the harsh effects of natural and man made disasters. So, it’s very important …
What is business intelligence? What are its benefits and how does business intelligence help in decision making? Well, this article will answer your questions in detail. Wikipedia defines business intelligence (BI) as “a set of theories, methodologies, architectures, and technologies that transform raw data into meaningful and useful information for business purposes.” The main purpose …
Business process modeling (BPM), also called process modeling, is the analytical illustration or representation of an organization’s activity or set of activities that will help the organization achieve its goals. Businesses use business process modeling to map out their current processes, create a baseline for process improvements, and design future processes with those improvements incorporated. …
With many businesses being crippled by natural and man-made disasters on a daily basis, it’s important to have a business continuity plan in place for your business. This way, your business will be able to effectively cushion the effects of these disasters. In case you are feeling lost, business continuity planning involves identifying the internal …
Growing a business that started small into something bigger is not easy. According to research, only about ten percent of companies will ever reach $250 million in annual revenue. And an even more microscopic 0.036 percent will reach $1 billion in annual sales. So, in other words, most businesses start small and never leave that …
You have spent time to create what looks like the perfect business continuity plan. You have even trained all stakeholders and made sure that all key employees know exactly what to do at every point in time. But how can you be sure that you have a solid plan? Really, you cannot tell unless you …
It doesn’t matter how much you have spent on insuring various aspects of your business; you still need a business continuity plan. A business continuity plan makes it easier for you to manage disaster and get your business up and running again in the event of an unforeseen unfortunate occurrence. With a business continuity plan …
Your company is at risk. Yes, if you operate any type of business under the sun, that business is prone to a lot of risks. You may think you are very careful. You might have insurance in place. You might have trained your staff perfectly and might even hire only professionals. But the truth is …
Is competition evil? How possible is it for a small business to operate without competition? Is it a good move to try and avoid competition? Is competition good for a business? One of the dreaded challenges most beginner entrepreneurs face is competition. In fact, most entrepreneurs and small business owners perceive competition as evil. Every …
What plan do you put into action when a disaster renders your business location unusable? Here are 5 recovery steps to take in the event of a disaster. Although no one has control over when a disaster might strike, your business can and should take steps to map out a clear path to recovery, especially …
When we talk about strategic plan, tactical plan, and operational plan, we are talking of the plans that work together to move or propel an organization forward and the difference between them lies in the level of specificity and the level of management which deals with them. In order to clearly state the differences between …
Always remember that high involvement in the process of strategic planning tends to generate better outcomes and a greater sense of ownership. Many organizations are using broad engagement strategies to increase participation in and commitment to strategic planning. Key stakeholders that are meant to be involved in strategic planning are those that have vested interest …
When trying to make an important decision or plan strategies, it is imperative managers examine all of their options carefully. One tool they can use to do so is a decision tree. Decision trees are simply flowchart graphs or diagrams that help explore all of the decision alternatives and their possible outcomes. Every “branch” of …
Running a small business or being self-employed can offer flexibility, freedom and control over your earning potential. While the perks are plentiful, there’s one thing that is usually missing when you own a small business: an employer-sponsored pension plan. Creating pension plans for your small business might be a smart move as a small business …
Business continuity (BC) and disaster recovery (DR) are indeed closely related practices that support an organization’s ability to maintain operation after an adverse event. In this modern business era, resiliency has become the benchmark for organizations facing variety of threats, from natural disasters to cyber attacks. In this climate, business continuity and disaster recovery (BCDR) …
A business disability buyout plan is designed primarily to buy out a disabled business owner or partner. The proceeds from the disability policy are issued to fund an agreement designed to provide the company owners with the financial resources needed to purchase a disabled owner’s or partner’s interest in the company or partnership at a …
How often a business continuity plan should be tested will vary based on a few important factors. Experts recommend you review your business continuity plan at least once a year; in addition, carry out a comprehensive review anytime something in the business changes (e.g. a process, product, service, etc.) or there is an external factor …
A business contingency plan is a plan that identifies potential risks to your business and also notes the necessary strategies or course of action the business and its stakeholders would have to assume to combat them. These risks could be a global pandemic, natural disaster, loss of a key employee, breakdown in the supply chain, …