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Category: Starting A Business

Strategy Selecting New Business Direction

Posted on March 6, 2020September 24, 2020 by Bella E. Hussain

New Business
You’re working out a direction for your new business and have some degree of clarity on what that will be, and how you will execute it. You believe it will be profitable, but you’re not sure whether or not you’ve put the plans together to maximize your profit. Here are a few ideas on how to examine your new business direction through the profit “lens”.

1. Is your new direction powerfully bolstered by playing to your strengths and expertise?

When you build a new business plan where you’ve clearly got the skills and experience, it automatically raises the value of your services. Starting anew, as one of a crowded field of competitors where you don’ have standout credentials, makes closing sales harder, and lowers your potential profitability.

2. Aim for a well-funded niche willing to spend for the solutions you provide.

It’s best when this niche recognizes your specific specialty as uniquely prepared to handle their needs. This will increase your profitability by making it easier and more predictable to close sales. Aim for a target market who has the money, and a willingness to spend it. Position your business so that you’ve got unique ability to solve their problems.

3. Look for a market with a “crying need”.

When working to solve crying needs you don’t have to do such hard work convincing prospects that they need your solutions. They are desperately looking for resolution. There’s intensity to their search and they want their problem solved, NOW, or even better yesterday.

4. Make yours service better, more complete than your competitors’.

Make a point of fully satisfying the client’s needs. Put together your offering to encompass all facets of the prospect’s needs. Go beyond what your competitors do. Make your service distinctive, rising above the competition. This allows you to increase your profitability.

5. Select a target market that values excellence – and deliver excellence.

Clients will pay a premium price to receive excellent results. Targeting those who value excellence will save you from working with those who are underfunded and under-motivated (and can often be a drain on the profitability of your business). Of course, they have higher expectations, but if you’re aiming for the correct target market, that should not be a problem for your business.

6. Look for ways to increase your value to clients.

Combine a product with your service. Create packages of services. Add a new expertise. Combine skills for a new offering. Examine what clients request of you. How can you add value by fulfilling client requests?

7. Let your prospects know that you have solved that same problem they suffer from.

When you have a compelling story to tell about having had the same problem your target market is looking to solve, it increases your credibility and profitability to tell it. It’s even better if you’ve come up with your solution because of your own experience. Make it plain that you want to help others who are now suffering as you once did. The whole story about how you came up with the solution and evolved it through working with clients is a moneymaker. Of course it must be sincere and genuine.

8. Ooze competence.

Competence is valuable and shows up in net profit. Present yourself as a problem solve and be one. This is a singularly attractive trait. Prepare ahead and show professionalism. We are all intensely attracted to the highly competent.

9. Keep it simple.

Everyone has such complex lives nowadays, that simplicity itself lends considerable value. Don’t make it simplistic, but do make your services easy to understand. You want prospects to be able to easily imagine working with you and to be able to fantasize about what that could be like.

When you’re taking your business in a whole new direction, take the time to examine how you can increase the potential profitability of what you are embarking on. Spend that time up front, build profit into your endeavor, and you will take home the money later.…

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3 Questions to Start Your Day With

Posted on April 7, 2019September 22, 2020 by Bella E. Hussain

Start
More and more I am beginning to find that the first 2 hours of my day will determine the productivity for the rest of the day. This isn’t in the same vein as someone who jumps on the scales and is depressed all day if they have gained a pound. What I am talking about is the mental and strategic preparations you do to make sure you know what the day ahead involves. If my first two hours are very lax, I find I don’t get much done for the rest of the day.
If I start my day in the frame of mind where I want to make this day count towards increasing my success in business, I find my day becomes geared towards that.

In this post I detail 3 questions you can start your day with to focus your attention on what is important about the day ahead. When I have started the day by getting up and going straight into work, I have found my mind isn’t completely in the game and as a result the outcome suffers. If you are an early bird like me, the morning should be the time when you do your best work; having a mind that is all over the place prevents you from taking full advantage of the situation.Whilst in future articles I will go into more strategies to ensure your day is the most productive it can be, here are 3 questions you can start the day with that can fine tune and stream line your thinking for the day forward;

1. What do I have to do today?

This is your checklist question. What actions are you going to do today that will work towards achieving your more long term goals (you’ve got those, right?). Make the list no more than 6 actions and look towards them being actions you can complete today. “Write my book” isn’t likely to be complete in one day but “write 5 pages towards my book” is more realistic to complete.

2. How can I improve my connections today?

More and more it is becoming apparent that connections count when becoming successful in building a business. In his book, ‘tipping point’ Malcolm Gladwell talks about ‘connectors’; people who have a massive network of people and one of the interesting points that comes from the piece is ‘connectors’ actually work at building their network. They know the birthday of each connection, they send Christmas cards, and they attempt to bring together people who could help each other. It is very rare to have someone with a large number of connections who is not successful and that is because your network of connections is big enough for opportunities to occur more frequently.

3. How can I add value?

Apple gave people value through innovative technology, Gary Vaynerchuk gave value by educating people about wine in a down to earth easy way, and Tim Ferriss gave value by showing people how they can make changes in their life quicker. By consistently asking how you can add value, you are ensuring that ideas are never far away from the forefront of your mind. You might not always get an answer when you ask this question, yet don’t let that dissuade you; have trust that, in time you will come up with answers that could potential change the game for you.

For some, the morning time is met with a feeling of contempt especially in the Winter time as we dragged ourselves out of the comfort of our bed. By starting the day with some strategically directed questions you can quickly get into a productive mindset far quicker and begin to start your days on a high.…

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Data Warehouse and Business Intelligence

Posted on July 31, 2018September 16, 2020 by Bella E. Hussain

Warehouse
An integrated set of software and hardware that is designed to meet a specific use is what constitutes a data warehouse appliance. This generally is made up of many servers, data storage devices, operating systems etc being very affordable and effective has emerged as a vital part of the data warehousing market. This appliance can be used to optimize different areas of data processing. Many appliances use languages like the SQL for interacting with the appliance on a database request level. Generally a true appliance requires no indexing or fine tuning and like other ordinary household devices is very easy to use and maintain. This makes it possible to set up a big data center warehouse in just a short span of time.

A data warehouse tool draws

A data warehouse tool draws power from Massive Parallel Processing nodes and can deploy countless query processing nodes in a single appliance package. An appliance is capable of giving performance advantage that is practically a hundred times faster than general-use data warehouses. This amounts to low costs and low maintenance and automatically lesser power and cooling requirements since processors are not made to handle voluminous data. Data warehouse appliances are advantageous because they allow big companies to staff their warehouses better and help smaller organizations to resolve business challenges. Data center warehouse is therefore largely responsible for the manner in which businesses operate today.

Business intelligence implies activities

Business intelligence implies activities that a company undertakes to get data about their competitors covering areas like market analysis, industry analysis and competition analysis. Even industrial espionage, it is believed, is a part of business intelligence. Here either an organization hires an outside agency or builds its own intelligence group to get inside information about the company’s performance and areas that need improvement. It may then go through records of other businesses in the same field and customer surveys and at times also employ a spy to discreetly gather data. Unlike classic information gathering techniques, business intelligence systems make use of advanced technologies in data mining. Here all segments are interconnected and help to inform each other about their insights to get the complete picture. Business agility grows with business intelligence allowing an organization to exploit constantly changing market conditions.

Business intelligence in Australia is highly developed with the country ranking amongst the top five IT nations in the world. It can boast of good broadband connectivity, great internet security and strong government backing. It services are found to be taking control over nearly all spheres of the economy here ranging from social services and education to business, engineering projects to media and computing applications.…

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All About Intellectual Property

Posted on April 8, 2018September 16, 2020 by Bella E. Hussain

Intellectual Property

Have you ever seen a product that you knew you had seen somewhere else before? Have you ever read an article that you thought sounded awfully familiar to something else you had read? If either of these cases are true, you may have experienced the stolen intellectual property on display.

When people think of stolen property, they usually and automatically think of a tangible object being stolen from one individual and transferred to another. In cases of stolen intellectual property, a copy is made of one idea and then used or altered, usually for a profit. Every year, thousands upon thousands of new creations hit the market and are exhibited to the public or in private meetings. The most types of intellectual property are patents, designs, trademarks, and copyrights.

Patents or Designs

The usual victim to intellectual property theft including patents or designs are businesses. A patent is an object or system that is protected under law. Patents also have very recognizable features that make the patent what it is, so when someone steals a patent it is usually apparent.

Certain designs belong to a certain system or machine and have the same recognizable features. If someone steals a design that is produced to perform a certain function and he or she profits off of this, he or she can be charged under the court of law for theft of intellectual property.

Trademarks

Branding is one of the most fundamental factors to a great marketing strategy. When a business owner gets his or her trademark stolen, the name of his or her business is diluted. Many people believe that trademarks only involve business brands. However, trademarks are anything an organization or business uses to represent itself. This means that phrases, graphics, or the symbols that makeup a company’s identity are also protected under law.

Copyrights

Original works also play a part in copyrights as well. Copyrights are any intellectual properties that are backed up by an author. Even if the work is not published, an author of a work is protected under law from theft. If somebody makes a copy of a work that is not his or hers, he or she may face a lawsuit by the owner of the property. He or she also cannot make a variation of the same work and pass it off as his or her own work. Common copyright works are:
– literary materials
– music
– artistic work
For more information on intellectual property and your rights, contact the Minneapolis business lawyers at the Skjold – Barthel, P.A. law firm.…

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