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What You Need to Know to Stay Alive During a Financial Crisis

Overview Having a superb product, soaring sales and stupendous customer service are undoubtedly some of the things which go into making a successful business. But all of this is irrelevant if you suffer a financial crisis. Without a sound stable financial position, the slightest shock can be enough to send your business crashing to the ground. So, what can you do to ensure that all your h ard work is not in vain? What can you do to make sure that a financial crisis doesn’t rock the boat or even sink it? Let’s take a look at what can cause these jolts and, more importantly, what you can do about it. 1) Poor Record Keeping and Administration Business owners are usually not good recorders or bookkeepers.People who start businesses are the ones who have great ideas, see a gap in the market or have the personality to sell anything. They are not people who jump out of bed in the morning and say “Great, it’s a VAT and paperwork day today!” If you are to keep your business on the str

Trends In The CPG Industry

Overview As CPG companies transform themselves, they become more competitive and efficient, delighting their customers and delighting their connections. CPG companies must digitally transform themselves to meet connected consumer expectations by delivering the right product at the right place using the right channel at the right time. As the consumer products industry evolves at a faster pace, it is preparing to reach the next level of growth. To survive in a highly competitive consumer products market , consumer goods companies historically relied on product innovation and understanding of market dynamics alone. In today’ s competitive environment, businesses can no longer rely on trends from the past to remain competitive. Increasingly, the consumer goods industry is becoming more complex due to factors such as digitization , consumer preferences, demographic shifts, global and local competition, and challenges arising from business process automation. Businesses that

Do small Businesses fail because they think to small?

Overview Most small business owners run into the problem of thinking too small. Many entrepreneurs ask for assistance with starting their business. There are five key areas where you can think too small and doom your business to failure. Niche Too Small Is your niche too small? It’s crucial to target a small ni c he with your business, but sometimes small niches are narrowed too much. For example , there may be a niche for dog dental products (as most dog owners will attest) and you could focus on a certain type of dog (such as lap dogs) but going for a specific breed would be too specific. Target Market Too Small Is your target market too small? Identifying only a single community or geographical region may spell doom for your product. Small markets are far too easy to saturate, and marketing mistakes are far too likely to end your campaign before it gets off the ground. When planning your target market in today’s economy, you need to think big, with the availability of global m

How important is Marketing & Sales in todays Business world ?

Both are equally important to the success of a company. In fact one could easily argue that every department is equally important to a company's success. Marketing is very important for attracting leads and building awareness but another huge role of marketing is research to understand your buyers. Marketing should develop the strategies on how to sell your products/services so that sales can more effectively move prospects through the sales funnel. Understanding your target market, why they buy, who they are, where to find them, etc. is more important now then ever before. With all that being said it sounds like marketing is more important, but remember strategy is useless without execution; that's where sales comes in. The role of sales should be to quickly quality or disqualify leads and move them from awareness of a need to close. As someone mentioned in an earlier response, they are responsible for generating revene, without which your com

Procure to Pay (P2P) Cycle- by Amod Bhat SAP Consultant at SAVIC Technologies

Procure to Pay, also known as P2P , is the process of obtaining the raw materials needed for manufacturing a product or providing a service, and making payment for these. Every manufacturing concern or service provider needs to run this cycle efficiently if they are to continuously manage their cash flow, build goodwill with suppliers and make profits. Steps of the Procure to Pay (P2P) Cycle: * The process begins with planning what materials are required, when they are required, and the price that the company can afford to pay for them. * Then the company prepares a list of vendors that they think can provide the materials for them. * The company asks each of the vendors to submit a quotation, which includes the price, terms of delivery, quality of materials, and any other information that they need for making their decision. This stage could also involve negotiating with the vendors for the best deal. * Once a vendor has been chosen, the buyers create a

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