Monthly Archives: September 2016

Boo!! It’s Halloween Time – Is your business Celebrating this Year?

Halloween is exciting in the same way as Christmas and that’s why most people including kids and adults prepare for this creepy festive with full enthusiasm.

Halloween 2015

But the one’s at work face the real challenge of finding the right costume and the right way to be a part of it without interrupting their office routine. Celebration is important but you cannot let it affect your professional life. If you are a business owner then its best to take some time out of your business hours and throw a small Halloween party instead that you force your employees to work and spoil the festivity of the hour.

So, here are few rules to engage your employees in Halloween 2015 without letting it ruin your business.

Mummy Invitation Cards:

To add fun to the daily routine of your employees, you can send them invites by creating simple mummy invitation cards for the Halloween party. You can create these simple cards with the help of glue gauze, googly eyes, and a cardboard that you can cut into square sized cards.

Mummy Cards For Halloween

You can simply place the card on each employee’s desk a day before the party. This will create excitement and a feeling of being welcomed at the party.

Halloween Costumes:

The best way to create the Halloween ambiance is asking everyone to be dressed up in the ghostly costumes. You can ask to be original and not too ghoulish like wearing a black outfit with a makeup that looks scary but not horrible. Make sure they don’t spend too many bucks in buying a costume and put together stuff available at their home.

Halloween Costumes

Decorate Your Office:

There are endless options to set your office in the Halloween theme. You can use candy, pumpkin, spider web, boo bottles to decorate your office in Halloween theme. You can even gather all the materials and involve your employees to decorate the entire office or simply their desks.

How To Decorate Office This Halloween

For example: You can ask them to create anything with cheap and budget friendly items (such as creating lanterns with empty boo-bottles or milk cans and placing white light inside them) as a part of an activity and give reward for best three or two. This will set out a spirit of healthy competition amongst them and also increase their coordination at work.

Make It an Open Festival:

If your business deals with customers directly and you can easily afford it then you can declare it as an open celebration for city dwellers or anybody who wants to join in. This will let more and more people know of your business and would be fruitful for your business in long term.

To make it more fun, you can collect ideas from your employees and ask them to host the event. You can plan this for 2-3 hours after your office hours or cutting short sometime from the office hours only. Anyways, your profits will double up later.

Enjoy Halloween!

 

How Swot Analysis is Important for Business Marketing Plan?

The first job of a marketer before designing a business plan is to closely analyze the environment in which the business is to work in. If the marketer knows the target audience then he can design the ways to accomplish the task.

SWOT which stands for strengths, weaknesses, opportunities and threats is a simple yet excellent tool to achieve a better understanding of the business environment. With a good SWOT analysis, a business can easily make a place in the market and create opportunities for growth and expansion.

Read further to find how SWOT analysis can prove beneficial for a good business marketing planning.  

1. Finding Strengths of the Business:

The ‘S’ of SWOT analysis stands for strengths which means recognizing what keeps your business ahead of other competitors of the market. Identifying strengths can help in doing a better groundwork for targeting the right audience, improving sales and providing quality services.

Strengths of the Business

It is very necessary to find out strengths as it will help differentiate the business from other competitors and also strengthen those areas of expertise.

2. Working on Weak Areas:

The “W” in the SWOT analysis represents the weaknesses of any business model. Since no organization can be flawless, figuring out weaknesses is also important for consistent growth of the business.

Analysing Weakness Of Business

If a business is lacking good marketing or providing good quality services then figuring out such weaknesses can help to improve upon these areas. This can help marketers to design strategies accordingly.

Gaps in a business, unnecessary expenses and other fixes can be recognized by finding weaknesses.

3. Finding Opportunities for Increasing Profits:

After recognizing the business’ strengths and weaknesses, next thing is to work on maximizing profits. Strengths and weaknesses give a real picture about where the business stands and opportunities are about external openings for growth. Opportunities include many things, like identifying the needs of the client which no other business is working for.

Finding Oppurtunities For Business

A good marketer will discover new opportunities and correlate them with strengths of the business to generate more revenue.

4. External Challenges:

The last thing about SWOT analysis is recognizing the challenges or threats to a business. Although it is not possible to eliminate the threats completely but if we are aware of the challenges we can adopt counter measures to tackle them.

This can also help in avoiding mistakes common to new businesses such as selling a product in a crowded marketplace.

 

5 Reasons You Need A Business Plan

The basic purpose of a business plan is to have clear information about the business concept, marketplace, financial conditions, marketing strategies, competition analysis, design and development, operations and management etc.

The following points summarize the importance of the business plan for a business.

 

1. Clarify the Purpose of Business:

The primary reason a business plan is created is to state the actual purpose of the business and the direction in that it will follow. Clarification includes description of the services you offer along with the ideal customers beneficial for your business.

If you have a clear purpose about your business then you can design strategies accordingly to achieve it. 

Importance Of Business Plan

2. For Accomplishing the Future Goals:

A good business will describe the future scenarios of the business and policies to achieve those goals. It not only includes the present course of action and marketing techniques but it will also describe ways to maintain a fine balance between short term and long term goals.

Future Goals of Business

If your business plan is designed as per the changing market trends, it is definitely going to be successful in long terms as well. 

3. For Growth and Funding:

It is practically inevitable for a business to encounter financial issues due to losses or the ever changing market. Such situations demand external funding but it is easy to find suitable funds because of high competition in the market. To seek help from the investors your business plan should clearly answer the following questions.

Why they should invest in your business than in any other business?

Why would people spend to buy from your business?

Growth & Funding in Business

If your business plan answers these questions then it can convince investors to invest in your business.

The most significant role of business plan here will be to make investors believe in the credibility of your business whether it will be able to generate sufficient cash flows to meet debt obligations and also operate effectively

4. To Manage Cash Flow:

Managing the cash flow is a fundamental requirement for every business because it is important not just to cut costs but also to generate profits.

Cash flow management is also important to pursue investment opportunities where there are considerable cash out flows, in advance of the incoming cash flows.  Such prospects should be evaluated against any seasonal variations in the business and the timing of the flows. If a business is “cash-only” then it can bank the income straight away but if it is credit based then you need to pay some expenses before the money comes to your account.

Cash Flow In Business

 

Such situations are strenuous for a company and the only way to escape can be a well structured business plan. 

5. To Bear a Strategic Exit:

This is the hard fact: At some point in time, the owners of the business will have to pass on their responsibility to partners, family members. So, keeping this in mind, the present day decisions can be molded accordingly. The basic purpose behind this is to liquidate the investment, so that the current investor or the owner has the option of cashing out whenever they wish to.

Strategic Business Exit

Common exit strategies:

  • Initial Public Offering of stock (IPO’s)
  • Overtake by competitors
  • Mergers
  • Family succession

A good business plan cannot just take care of the present investors but also create opportunities for future incoming investors.