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Weaknesses And Strengths Of Owning A Family Business

Business

Family businesses have a different set of circumstances, then regular businesses, which they should be aware of.

This article will attempt to address some of the strengths and weaknesses of a family business, so that you can help to improve your family business, by addressing the weaknesses and optimizing your strengths.

First I will start off by addressing the 3 main weaknesses that come with owning a family business.

1) Less Concern over profits – Family businesses sometimes have a tendency to focus on things that don’t necessarily bring their company the most profits. They will often try to lower the price of their product, and raise their products quality, which will usually hurt the companies profits per sale.

Family businesses tend to have much lower profit margins that publicly owned companies. Studies have shown that the family businesses tend to have half the profit margins of publicly owned companies. This is partially do to the fact that public companies feel required to show growth, in earnings were as private businesses usually don’t feel as much of an obligation for increasing revenue.

2) Non-Financial Goals – Small business owners have the ability to pursue their own goals. These desires and goals may not always be in the companies best interest. Publicly owned companies on the other hand feel pressure from the share holders, and thus will be much less likely to do things that aren’t intended to help the company.

3) Nepotism – Family businesses sometimes feel an obligation to promote and hire family members, solely because of their relationship. The business owner(s) will often overlook people that are better suited for the job, in order to hire family members who may or may not be the best choices. This can wipe out a companies profits, and cause problems within the company.

Next, I will mention the strengths that family businesses have over public companies.

1) Greater Sacrifices – In family businesses, the members of the family are more likely to work extra hours, and get paid less, because they know that they are helping there company, and they are working to help their family. They will often not take dividends unless the company has a surplus cash flow.

2) Company Loyalty – There is less turnover in family businesses, specifically with management, this makes it much easier to keep employees for long periods of time. In non family businesses the managers of a company will often go to a competitors company, in order to get an increase in salary, or they may even set up their own company. If a family member does decide to quit the family business, it is very unlikely that they will go to work for a competitor.

3) Greater Employee Interest – Employees for family businesses are interested in improving the companies profits where as the employees of larger public companies, will often just work the 40-hour workweek, and then go home. Taking their salary with them. Family business employees on the other hand will try very hard to make sure that their company is successful, often putting in extra hours.

4) More Teamwork – Members of family businesses don’t have to try to figure out the motives of their fellow employees, they know that whatever the other employees want will usually be in their and the companies best interest. This makes communication, and teamwork much easier.

For any business it is essential that the company recognizes its weaknesses and deals with them, and that they also recognize their strengths, and try to utilize them for the biggest advantage. If you are the owner of a family business, you should figure out what your companies strengths and weakness are, and what you should do about them, to try to benefit the company the most.

Whats The Business Value Of Soa Show It With Kpis

Business

Whats the Business Value of SOA? Show It with KPIs

If youre in IT, youre being asked to add more business value than ever. In fact, todays CIOs are being asked to become drivers of the business while at the same time many are trying to replace old and inflexible infrastructures with modern and flexible ones, according to InformationWeeks Analytics 2009 Global CIO Survey. This report adds that across the globe CIOs are fighting the stubborn perception that IT in generaland CIOs and their teams in particularare cost centers rather than creators of value and accelerators of innovation. Does this sound familiar? Whether you already have an SOA in placeor youre just getting started with SOAit is essential to prove business benefits.

Today, measuring cost and revenue impact as well as other SOA metrics is vital to any leading organization. Measuring the value and tracking changes to these metrics are critical as your SOA grows and its portfolio expands. Recent surveys from Forrester Research show organizations are increasingly implementing SOA as a business enabler. Furthermore, recent Gartner research concluded that:

More than 60% of organizations said their SOA projects had a positive impact on their organizations ability to grow revenue; and

SOA projects generated positive returnstypically within 10 months
A proven way to demonstrate an SOAs business value is through Key Performance Indicators (KPIs). KPIs use a language your business colleagues understand: metrics. They give you the means to measure a return on your SOA investment and directly link SOA projects to real business improvements:

What KPIs you can use to start measuring SOA results

How leading organizationsAvnet, Coca-Cola Enterprises and France Telecommeasure how SOA contributes to business success

How Software AG can help you analyze and deliver on your SOA-based KPIs

Software AG, provides a complete solution for SOA Governance, CentraSite, that enables customers to manage their IT assets and measure their business value.

If youre looking for an introduction to SOA, please read our book, SOA Adoption for Dummies.

How Steeple Analysis Evaluates External Business Environment

Business

STEEPLE analysis considers various external factors that can influence business performance of a company. This tool is often used to identify those factors that can influence business or organization. There are seven areas that STEEPLE analysis takes into consideration.

Thus, STEEPLE analysis deals with political, economic, social, environmental, legal, ethical and technological factors that have both positive and negative impact on the company or entire industry.

Why is use of STEEPLE analysis recommended for businesses? This is a very good way of analyze and external environment in which the company is operating. Moreover, STEEPLE analysis can also offer suggestions on how to respond to challenges and solve problems, if any.

One of the most common mistakes in use of STEEPLE analysis is separate consideration of various factors. They are all interrelated and thus have to be analyzed in complex. Besides, one should come up with suggestions and answer the question What does it mean for my company? Response and counter actions are required.

Such factors can generally present strengths and weaknesses, threats and opportunities in various external environments every company is bound to operate in. This article will offer a short overview of the seven external factors that can influence business performance as well as focus on pros and cons of STEEPLE analysis.

Social factor often includes demographics, social and labor mobility, changes in lifestyle, balance of work and life, education and fashion, health and welfare, poverty levels, work security and living conditions, as well as income distribution. In other words, this is information related to social trends.

Technological factor studies new developments and discoveries, speed of technology transfer, use of energy, the impact of IT Technologies on business, Internet progress, spread of mobile technologies, average spend on IT etc. Every company should keep up with technological progress.

Economy is all important, especially for companies operating in the international market. This factor studies monetary policy, government spending, taxation issues, inflation, exchange rate, unemployment policy, general economic situation, customer expectations and purchasing power etc.

Environmental issues are very hot these days, as people came to understand they have to take proper care of nature. This factor addresses global warming, carbon emissions, climate change, environmental regulations and legislation, green agenda etc.

Politics is inseparable part of social processes. This factor studies political situation, results of elections and possible consequences for the business, governmental decisions on regulation of business relations etc. Very often political decisions are made to normalize economic situation in the country.

Every company is operating in a certain legislative system, and thus should comply with the applicable laws. Legal departments of companies must pay a special attention to corporate governance, and international trade regulations, legislation on competition and monopoly etc.

Ethical constituent is very important as well. Client confidentiality, business ethics and reputation are very important factors to consider.

Among key advantages of STEEPLE analysis are focus on external factors that influence company performance and ability to respond to certain challenges. Some business analysts claim that STEEPLE analysis only underlines something that is already known, and this viewpoint has also its supporters.

Virtual Tour Can Increase Sales Of Business

Business

People in Kelowna, Vernon and Penticton can enjoy virtual shopping experience from home. There are certain sites that showcase virtual tour on hotels, restaurants, wineries and sports venues to its US and Canadian clients. Through this tour, customers will know more about the product with the help of a click. Nowadays, most of the people are so busy in their work that they do not have time to visit a shop for shopping. Most of the people want to know in advance, whether their product is sold in a particular shop. They dont want to waste time searching their product from shop to shop. So if a shop owner showcases their product through virtual tour, people will know whether their required product is available in that shop and order it online or just go that particular shop and buy that product.

Virtual tour can increase sales of clients business. For example, before visiting a restaurant many people would want to know more about the place, type of food served and its ambience in advance. After a deal is made, business people generally throw a party to their clients. Business people get confused as to where should they give a party as they do not know much about the restaurant and its ambience. One best thing that they can do is to take a virtual tour of the restaurant. Through this they will know more about the place within a short period of time.

Nowadays you can find there are various websites that offer virtual tour on real estate. Buyers find it difficult to have a look at each house. It is very tiring and waste of time. With the help of this tour, buyers will be able to analyze the house properly and find out whether it is their dream house or not. In virtual tour, you will know exactly as to how the house looks like. How the balcony, bedrooms, bathroom or kitchen does look like.

Nowadays, even retail stores are providing online virtual shopping experience to their customers with the help of 3-D graphic images of products and services. Virtual shopping can be enjoyed for broad range of goods and services such as fashion accessories, travel kits, home decoration items etc. Some major benefits of virtual tour are they are comfortable, convenient and customers can view their goods and services from one place without moving from one store to another. Customers can take their own time for shopping without waiting in mall lines. In addition, you dont have to look for parking space while shopping online.

Virtual shopping ensures product quality, excellent pricing, online credit or debit card payment, quick delivery, time saving and easy retail shopping experience.

How Office Cleaning Services Can Improve Your Business

Business

Your business and your office represent a major investment of your time, effort, energy, and finances. Keeping them up and running effectively is important for many reasons, then, and the payoff for keeping things in great shape is multifaceted. A clean space allows more work to get done and keeps your employees happiness levels higher. In order to get the best service and cleanliness possible, you can seek expert help from people who have been in the business for many years. Quality office cleaning services in Gainesville, FL, are a necessary part of running an office, and there are many benefits to utilizing an outside service.
A Clean Office Is a Happy Office
The benefits of having a clean office over one that does not receive regular, thorough cleanings are too numerous to count. For one, a space that is more sanitary prevents the spread of germs and diseases, which not only keeps everyone healthier, but also keeps people working harder and cuts down on time spent at home, sick.

In addition to physical health, a clean office leads to better morale, whereas a cluttered space leads to cluttered minds, and it is hard to work efficiently in a dirty space. This also leads to better employee retention, since no one wants to work in a disgusting space, and someone with real talent wont stick around for long if they do not enjoy the office in which they work every day. If things are kept clean and nice-looking, people are much more likely to work hard and stick around.

When your companys reputation is on the line, you want everything to be as perfect as possible. Being known for a clean, tidy, and pleasant office space can go a long way, and the benefits you will reap will be well worth the effort.

Take Care of Business

To make things easy on yourself, sign up for a cleaning service and get on a regular schedule. Something consistent, regular, and thorough will keep things clean and make sure they run smoothly. When setting up your services, you can discuss your exact needs and expectations, rather than just hoping that things work out for the best, and you can monitor the state of the office over time to make sure that those needs and expectations are being met.

Benefits of a Contractor

When considering office cleaning services in Gainesville, FL, your two main options are to set up a contract with an outside company or to hire someone in-house to work for you specifically. While both options have pros and cons, hiring a contractor has many benefits. First, the employees of the company should be licensed and insured, which could be a lot of work to obtain if you were taking care of it all yourself. There is also the benefit of using someone professional and experienced, even if you are new to the business. The company will know how things normally work (although you can personalize your contract as much as you desire) and how to keep things running smoothly. Cleaning companies already have efficient systems, preferred vendor relationships for cleaning products and equipment, the benefit of cheaper costs for materials because of buying in bulk, and more. The company will also take care of staffing, subs, etc., taking one more responsibility off of your plate. Additionally, since companies are eager to maintain their contracts, the quality of work is often higher because the employers hold their employees to very high standards. Quality work, good prices, and years of experience make these kinds of packages very cost-efficient and very beneficial to your business.

Conduct Online Business Properly And Securely

Business

With the advent of technology, the ways of conducting business have also improved staggeringly. E-business or online business is the use of communication technologies and information so as to support all the activities of a business. Commerce can be defined as the exchange of goods and services between groups, businesses and/or individuals. It is an integral part of any business. Online business is aimedat the use of communicating information, technologically, so as to improve business relationships between various businesses or a group of individuals. In the year 1997, the term was first put forth by the IBM marketing agency, Ogilvy and Mather. IBM published an eight page article in the popular business magazineThe Wall Street Journal where they pioneered the use of information technologies in conducting a business but they did not copyright the term e-business so as to allow other businesses use it to promote their business. But, in the year 2000, when nearly all the businesses started using this technology, IBM launched a $300 million campaign where they introduced themselves as the pioneer of e-business and advertised their own e-business infrastructure abilities.

If you are looking towards conducting big deals online, there are a few tips you need to remember which are

Make sure the companies with whom you are dealing with are reputable and well advised
When you sign a loan or credit application with a business for your online deal, be sure to check out whether the company stores this information or deletes them instantly
Check out the companys privacy policy and ask them how your information will used
If you are using a bank account number or a credit card while doing business online, keep a copy of all the important details like credit card and bank account numbers, the credit limits and the expiration dates of your card
Keep the phone number of the anti-fraud department handy in case you have been duped
Only provide you PAN number or Social Security number in case of government activities and nothing else
Make sure the website you are using to conduct business is secure (check for the word https:// in front of the web address) otherwise dont conduct the business.

Whether you are looking for online services review or the best restaurant deals online, you can always visit dealshi5.com for each and every deal available all throughout the country. They are a website for registering all online events in the country and help you locate the business you require for your purpose with the help of online maps.

Characteristics Of Business Phone Services

Business

Businesses put much accentuation on cutting their operational costs of which the business telephone bill is a significant cost. This issue might be appropriately tended to with a scope of cheap business phone alternatives, each one conveying distinctive rental arrangements and diverse service quality.
The ordinary phone line, likewise alluded to as the landline is suitable for an office with few connection utilized by ten workers or less.
The brilliant business broadband or the fiber optics broadband connection.
The internet subordinate Voip connection for a lessened call cost
The superfast fiber optics connection is not key for little businesses as lower number of connection and clients permit the conventional choice to perform well without bargaining the quality or proficiency of service.
The fundamental characteristics of business phone services are:
Cheap Rates:
The most paramount concern while choosing cheap business phone services are the call expenses caused. Business phone lines, particularly landlines are cheaper than local landlines. Business landline bundles accompany an assortment of gimmicks which infers that the expense of the bundle will extraordinarily fluctuate as indicated by the peculiarities chose.
Rental Cost: Most business landline bundles accompany a fundamental rental charge, which is the cost that is brought about to utilize the telephone set and link charges.
Landline Types: Vendors offering cheap business phone services by and large different sorts of landlines including single and numerous simple lines, Isdn2e, a great single and Isdn30, a various channel advanced line.
Different Lines: Some businesses require more than one landline connection and merchants of business phone connection have cheaper rental arrangements with expanded number of connections.
Call Rates: Different cheap business phone bundles offer distinctive call charges in the classifications of nearby landline, portable, national and global calls, off-peak and peak calls.
Arrangements: Customized bundles made up of a blending of call decisions for instance rental charge, nearby call, portable or off crest call alternatives. For instance, if a business makes more universal calls, a global call cost saver bundle could be picked.
Topped Call Charges: Some business phone line sellers offer the alternative of topping or altering a specific kind of calls, for instance, if a business makes more call to portable numbers, the bundle could be modified to settle those calls at a specific rate.
Simple to Remember Numbers: On unique solicitation, business phone service suppliers can give simple to recall contact number for clients and for printing on the business leaflet.
Upkeep and Support: Though for most business managers the call expenses are an essential concern, for some the accentuation is put on the help service accessible with the phone connection. Business connection by and large get more elevated amount of help service contrasted with household lines as a couple of hours of downtime can mean considerable budgetary misfortune to the business.
For more information about Business Phone Line, Business Landline and Business Broadband please visit the website.

Ways To Finance Your Vending Machine Business

Business

When starting a business, theres that one big wall that block your way, and thats your startup money. Without money to fund your business, there will be no business at all. So how and where can you get money? Read on to get some ideas on where you can find funding sources for your vending business:

Home Equity Loan
Most people immediately think of getting a standard business loan when thinking of financing a home business or business startup. While this may be appropriate, do not fail to consider using your home as a bank.

Small Business Administration Loan
Banks administer this loan and are more favorable to this type than a standard bank loan because they are only liable for 15% of what they loan (the government carries the other 85%). There are a number of types of documentation required with this loan, but it is certainly worth the trouble if you are willing to follow the process.

Standard Bank Financing
This financial source is probably the most difficult, yet not impossible with good credit and some net worth. Banks typically do not look favorably at vending machine loans and consider them risky because they are not considered a fixed asset.

Invest Your Tax Return Money
For a lot of people, April 15th is bonus time every year as they receive tax returns with earned income credit and deductions for kids. You can use this to slowly build your vending business. Its a great, safer way to build your business.

Family Loan
In some cases, a family member may be favorable to loaning you the money for starting your home-based business. While there may be relationship risks to this setup, it needs to be considered as an alternative to standard business financing. Some family members would rather invest in your business vision and draw a little interest rather than lending it to a bank at 2-3%.

Sell Items You Dont Need
If you badly need to create an income steam, opt for this least popular fund source. How about downsizing your car and investing the money in machines? Why not have a huge yard sale to raise $500-$1000? Why dont you downsize your home and invest your profits in the business? All of us have some money around us in our life that we could put to work.

Lease Purchasing
An option to getting into the vending business is to make an offer to buy an established vending route by lease-purchasing. You agree to lease the route from the seller with an option to buy at the end of the lease period. You invest your profits from the lease period into the purchase of the business or you can continue leasing for the cash flow you are receiving. Remember to get legal help in setting up any contractual agreement like this.

Owner Financing
Not that always easy to find but dont let it stop your from asking the seller of a vending route for it, especially if you have some money to put down.

How Outsourcing Content Projects & Software Development Helps Your Business

Business

As Tom Peters, the American writer who has written extensively on business management practices says, “Do what you do best and outsource the rest!”. There is no harm in outsourcing. In fact, outsourcing is not a novice idea and there are lots of businesses that outsource more than one project. Outsourcing content projects is a common practice among many businesses. Most of them lack the core expertise that is required to handle content projects and this is why they prefer to get it done by experts. On the other hand, there are businesses that can’t handle software projects skillfully, and therefore, consider outsourcing software development to be a safer option.

How does outsourcing benefit your business?

While outsourcing is undeniably beneficial for your business, you need to know the exact benefits. Does it help you focus on the core activities or manage the risks better? Handing over the responsibility of some of the most financially rewarding projects to a third party is indeed a smart move for your business. But before you make that move, let’s take a look at the exact benefits of outsourcing.

Lets you focus on the core aspects  There are several functions, which are not related to the core aspect of your business. The moment you start expanding your business, the workload of the non-core functions continue to increase. As a result of this, the core activities get neglected and the quality deteriorates. In a situation like this, outsourcing seems to be an easy solution. Since you transfer the responsibility of some of the projects to a third party company or an individual, your key resources can focus on the primary business tasks.

Allows access to skilled expertise  One of the main reasons why businesses prefer to outsource some tasks is that they get access to skilled expertise. It may not always be possible for a business to hire employees for a particular skill set. Outsourcing seems to be the most feasible solution in a scenario like this. This allows you to get the job done by professionals, who are expert at handling it. This also saves you the hassles of hiring full time employees and training them for specific projects.

Enables better risk management The moment you outsource a project, you share the risks associated with the project with your outsourcing partner and thus, reduce the burden. By outsourcing a task to a company that is competent enough to handle that, you can rest assured of the quality of the task.

Lets you run your business 24X7  By outsourcing projects to a country like India that is in a different time zone, you can make use of all 24 hours. By the time your working hours are over, the Indian company with which you are working can take over and continue with the work. They can work on several critical tasks and make considerable progress by the time you get back to work the next day. This way, you can abide by the follow-the-sun working model. This also helps you focus on time and material development.

These are some of the ways in which outsourcing helps your business.

Business Coach Nj Boost Your Business Profits!

Business

Selecting right business coach NJ can help you to boost business profits by gaining good guidance.

Do you want to increase your business profitability? Are you planning to expand your business? Business coaching services can be of great use for you in such scenario where you can learn the way to expand your business and enhance profit margin. If you residing in NJ, then hire business coach NJ that can help you with your business plan. Business coaching services should be such that it should not obstruct in your day to day business life. Select coach that is cost effective and can assist you in forming smooth business functioning system.

Following are few points you should consider while selecting business coach NJ:

Learn some details about coaching facilitators.
You need to count experience of coach in order to gain better services.
Inquire about their area of expertise and select services accordingly.
Coach that is well qualified can definitely offer you with better services and guidance as compared to not so qualified coach.
It is important to inquire about the type of coaching they are willing to provide.

If you consider the above mentioned factors then it can become easy to select particular type of coach for your business. Growth in business can be gained when you are on right path. Many people have myth that selecting business coach means doubting on your own capabilities. If you have that myth then just eliminate this though process because selecting coach is gaining guidance and not doubting on your own capabilities. Business coach NJ you select will guide you can show you the right path which can promote your talent successfully.

Following are some of the ways to find right business coach for your business:

Going online is the desirable option to find business coach that can meet your business requirements.
Inquire about the expertise of coach and selecting it accordingly.
You can find the coach by inquiring about their work experience and the clients that are satisfied with their guidance.
Inquire about market reputation of coach and personal services they offer.
Look for the coach that can offer you with guidance via telephonic conversation and also via personal meeting.
Ensure that program they plan for your business is ethical.
They should be trustworthy enough and should not leak out your business secrets.

Business coach NJ can be many in number but you should select the one that is expert in your business field. Gain proper guidance form such coach and boost your business profits.