Reasons why Businesses Fail

There are many reasons why businesses fail and here are some of them.

No Proper Planning
Having a business plan will give you an insight if the business will succeed or fail and will give you an advantage in planning for a proper strategy. If you are having a hard time creating a business plan then this business may see failure even before seeing a glimpse of success.

Lack of Market Knowledge
Having knowledge on your market will give you an insight on what will sell to them and how to sell it. This is also necessary in preparing for the 4 P’s of marketing. Knowing your target market will give you an idea how much to price, where to place, how to position and what sort of promotion will they respond to.

Non-profitable Business
IF at first you have prepared a business plan you will have an idea if the business is profitable or not.

Being Stagnant when there are Changes
Being able to react quickly on changes on your competition on your target market will ensure that your business is up to date and if not it will be behind on the fast-paced environment of industry.

Being Everything for Everyone.
Having a niche market will ensure that your will have a loyal and fanatic customers. Being everything for everyone will give you a very thin line on focusing your marketing budget and communication efforts.

Dependence on a Single Customer.
It’s not a bad business practice in obtaining a niche market but sometimes there are changes. After you have established your share on your niche market the business must not be complacent instead try to develop new product or service that will cater to new market while maintaining your good relationship with your current customer.

Published in: on December 9, 2008 at 5:49 am  Leave a Comment  
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Marketing your business

163148_the_marketing_eraAfter launching your business you still have to market it in order for the public to know your services and that your business exist. There are many ways to market your business traditional and non-traditional marketing schemes have been practiced for many years and it will be a combination of the four P’s (Product, Price, Placement and Promotion) of marketing that will ensure your success. Advertising falls under promotion.

Here are the traditional forms of advertising.
Television advertising – This form will reach more number of people however it has a lot of loss in terms of targeting the right market. This form also is the most expensive of all.

Radio Advertising – This will reach a broader number of people but the same as a television ad it is more costly and has a lot of loss in target market reach.

Print Advertising – This one can be targeted to your niche market but you have to pick the right magazine for this one. A lot of company uses this because the ad is permanent on the issue unlike in radio and tv wherein the slot given will be only for a few seconds.

Brochures or Flyers – This option is inexpensive and you will have more chance to explain your product or service.

Published in: on December 3, 2008 at 4:32 am  Leave a Comment  
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Analyze your Competitions

1092493_trackIn every business there will always be strengths and weakness and it is important that you know yours. Knowing your strength gives you leverage over your competitors so you know which part of your business you would want to push on your marketing strategies.

It is also imperative that you understand your competitors weakness. This way you can develop a product or service that can fight the rival company using their weakness. But how will you analyze the competitor?

Here is a checklist of some points that you can investigate when analyzing.

  • Product/Service Features
  • Price
  • Indirect Costs
  • Quality
  • Durability
  • Perceived value
  • Customer relationships
  • location
  • delivery time
  • convenience
  • credit policies
  • customer service
  • social image

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Published in: on November 26, 2008 at 6:07 am  Leave a Comment  
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What makes an Entrepreneur

1. They have passion in everything they do.
2. They have endless desire to learn.
3. They are willing to try new things and experiment.
4. They work hard.
5. They are persistent and patient.
6. They have a vision.
7. They are creative.
8. They are innovative.
9. They seek opportunities.
10. They are persuasive.
11. They value networking.
12. They have a word of honor.
13. They only pursue calculated risk and intelligent guesses.
14. They are efficient and will demand the same from the others.
15. They are systematic.
16. They are confident.

Published in: on November 20, 2008 at 3:51 am  Leave a Comment  
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Starting an export business

1072845_freighterExporting is exchanging of wealth between countries. Exporting is simply selling to a more worldwide market. This means of selling gives great benefits to small and medium scale business who are finding it difficult to penetrate the local market or there are no market existing on the country and exporting requires less capital investment.

Exporting is also heavily supported by government agencies and sometimes there are also detractors from the importing countries. Of course, local businesses will be affected from importing goods and services.

Exporting is not an easy venture and there are many complexities involved such as cultural differences, conflicting trade theories, and opposing political policies.

There has been an exponential increase in export and import for the past decade between many nations and it is time to consider doing so as well.

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Published in: on November 19, 2008 at 3:49 am  Leave a Comment  

Project Issues Every Manager Should Prepare For

861513_interviewDelayed Project Launching
The date on which a project must start should happen on that date otherwise timelines and deadlines will be affected. If it cannot be met the deadline should be moved or additional resources are to be added in order to compensate for the crunched timeframe.

Failing to Report Critical Problems at First Notice
Some members who noticed some discrepancy on the data they are working on may fail to report it to the project manager. They will just wait for the other to notice it and at that time it may already be irreparable. Another reason why a member may fail to report critical problems is they may think that they can resolve it on their own and asking help may seem the person is weak.

There are many ways to address this problem, first is to inform the team that they shouldn’t be resolving issues all by themselves. Inform them that it is a team effort and failures and successes of a project is the result of teamwork. Two heads are better than one as the old saying goes, so it is best to inform every one of any problems encountered on its onset.

Critical Members Leaving the Team
Members of the project who have significant share on project load leaving the team is a disaster. The project will have delays while searching for a replacement. Sometimes these critical members of the team have skills that are rare that is why they are important.

If instances like these are not included in projects plans it is important to have a list of contractual specialist who can give their expertise while you are searching for a replacement. It is also advisable to assign an assistant to one of your experts so the assistant can at least take over when the critical member went on AWOL. The assistant has more knowledge than the rest of the team to take over what’s left to do. It is also advisable to know all the details of the task of your critical member to lessen the learning curve needed on taking over.

These issues are much better included in contingency plans on the project management plan.

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Published in: on November 18, 2008 at 3:37 am  Comments (1)  
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Australian ISP
Aussie ISP offers 4 group of ADSL products with varying prices, speed and download quota. The lowest they offer is plan 256-lite for $25.95, upload and download speed of 256k/64k and the download quota is 3gig. The highest is 512-512 max at $79.95 at 512k/512k upload and download speed with a download quota of 15gig.
IInet have 10 groups of broadband plans. The lowest they offer is Home 1 which should be bundled with a phone line at $29.95, no specification on speed and quota. The highest they offer is for broadband2+ plans bundled with Phone 1 and iiTalkpack– home 7 at $179.90, ADSL2+ speeds, with quota of 60gig for off-peak plus 80gig for high-peak.
Isp offers 13 plans wiht varying speed and quota. The lowest plan is at $33.00 with speed of 256kbps/64kbps and quota of 3GB. The highest is $88.00 with speed of 8mbps/384kbps and quota of 30GB.
Internode offers 5 home adsl plans, $34.95 is their lowest plan while $69.95 is their highest.
The speed for the lowest plan is 256/64 kbps with 5gig of quota and 1500/256 kbps for the highest speed with 40 Gbytes of quota.

Published in: on November 17, 2008 at 3:48 am  Leave a Comment  
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Managing Successful Projects

33012_workflowMany new project managers are struggling to cope up with the overwhelming responsibilities of planning, monitoring and leading. The list of tools and advices on how to manage successful projects is as overwhelming as the tasks at hand. In the end the steps to do on how to achieve the end goal will still depend on the manager. It is up to the manager on what steps to do that will fit the structure of their project. However, there are general guidelines that every project manager must know and the manager can just fine-tune those strategies according to their needs.

Guidelines to success for project managers

Scope Project Specifications
This is somewhat similar to a business plan. All pertinent information about the project should be written down thoroughly and accurately. On the project specifications the manager must define the purpose, goals and deliverables. In the specification, limitations should also be set such as timescales and budget. The people involved should also be specified along with their duties and responsibilities on the project. Another important specification to add is ways to measure quality and performance. Lastly, set a definite time for reviewing project status.

These specifications should also be consulted with the people involved in the project to get an insight on their end. An agreement must be made between parties involved regarding the specifications then announce to the team the final plan.

Project Planning
This is putting the project specification in detail. Planning involved identifying the tasks to be done to achieve the goals specified within the timeframe allowed. After identifying the tasks that needs to be done, identify the best candidate from the team to execute the task and set due dates. Identify tasks that are a prerequisite to another task and put it in the timeline accordingly. Lastly, it is important to plan project contingencies because there will be some tasks that will not be done by the due date. Project contingencies is important in order for the project to move on even if a certain task is delayed.

Launch and Execute the Project
After setting the project specifications and planning out the details of the project, the manager can now launch it. A project handbook based on the specifications and plan is usable and should be created and distributed to the team in order for them to check on the plan if they feel they are losing track. While the project is being executed the manager will have to monitor progress, encourage and motivate employees, keep the team on the right track, and inform the team of their progress. The project manager will have to check against the project specifications and plan while the project is in progress in order to check that the team is on the right track. The project manager can use project management software in order to execute and monitor the project well.

Review Project Performance
Reviewing project performance is vital in order for managers to make necessary changes to the plan while they still have time. Monitoring team performance is also important to check whether the members are up to the tasks delegated to them.

Project Completion and Documentation
Upon project completion, a project report is necessary in order to document the outcome of the project. Include in the report goals that are met and not met, difficulties encountered and how were the problems encountered solved. On this report an analysis on why the project was successful or why it failed should also be included. Lastly, a recommendation on the how the project could be improved in the future should also be added.

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Published in: on November 16, 2008 at 3:35 am  Leave a Comment  
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Project Management

There are many online project management tools on the net that people can utilize to improve productivity. It is vital for a small-business company to manage projects effectively.


Imagine sending an email on project updates to a wrong client or sending an outdated invoice that has already been paid. This is where project management tools can show its uses to a project manager who is finding it difficult to keep up with so many things to do.

What to look for in a Project Management Software

  • ability to assign tasks to members of the team with ease
  • inform client of project status on demand
  • efficiently track time spent on each task/project
  • send correct invoice to clients

Try Proworkflow and see if this software meets your need.

Published in: on November 15, 2008 at 3:23 am  Leave a Comment  
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Google Apps Overview

Google apps is a collaboration and communication service provide by google to sme businesses. The premium edition is $50/user/year. You will have gmail, calendar, google docs, google sites and google videos.

You can have an option to register your own domain and use the google apps services for that domain. A domain normally costs $10.

Then you can customize the site and upload your own logo and customize the colors of the interface.

Google apps allows keeps your data private by having a log-in only for users that you will add. So no unknown personnel can register and access your data.

What is good about this is you don’t have to maintain a server, all data are securely stored at google.

Published in: on November 14, 2008 at 3:47 am  Leave a Comment  
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