Role Of Customer Service In Success Of Business

Business success is dependent on a variety of factors -

a realistic business idea, a well thought-out business plan, an appropriate marketing strategy and great customer service are amongst the top ones. While customer service is a part of marketing, it can be segregated as a separate field on its own. It's important to define the term customer service before we proceed. Customer service includes all aspects of interaction with a customer and speaks to the organization's image in the mind of a customer.

\"strategic Management\"

A customer provides an organization with that most organic of all advertising tools -

word of mouth advertising. A happy and satisfied customer is much more likely to send more customers your way. Further, there is the potential for repeat business, which is the backbone of many businesses. It is obvious that a customer who has been provided with a product or service that he or she desired in the ideal way, would build a relationship with the seller.

Further customer relationship management teaches the business where there are flaws in the system and provides valuable customer feedback. When a business receives feedback, it is able to see the customer's image of the organization and the impression of its services. This tool is invaluable in correcting systems as well as image management for the business. It is also an outsider's perspective, which provides the business owner or management a unique insight.

Additionally, a satisfied customer would be more likely to participate in activities that help to generate customer preference data. This data goes back to the marketing function in assisting the organization to better target and attract it potential customers.

In fact, it would not be a stretch to say that without good customer service, a business would not survive. The old adage 'The customer is always right' has been the foundation of many an organization and what it really means is that keeping customers happy is the foremost principle of any business. The reason for the survival of many small businesses in a tough and competitive market is their ability to provide personalized customer service. It is the human touch that warms and enlivens an organization in the customer's mind and goes towards building a relationship. This relationship is the basis of future growth for a business.

Regular and sustained interaction with a customer ensures that the customer feels connected with the business. For instance, a small pub owner who chats with his customers and knows them by name builds a relationship with them. Further, when he makes sure that their regular bartender makes their drinks and the food is fresh and hot, he is providing customer service. The customers have a good experience and feel that the establishment treated them well. Once an organization grows or goes online, there is less potential for this face-to-face interaction and then the business must find creative ways to ensure customer satisfaction.

The role of customer service to a business, online or offline, is essential to its growth and survival.

Role Of Customer Service In Success Of Business

William King is the director of Wholesalers & Drop Shipping Trade Suppliers, Trade Wholesale Suppliers Directory, and Drop Shippers & Wholesale Drop Shipping Products Directory. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.

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Advantages of Using SharePoint for Your Business

For any business, running day to day events like web content and document management, administrative tasks, managing collaborative workspaces etc need a lot to be done in quick time and without errors. In case you have been looking for a solution to meet your common business needs, you can check out how the collaboration software of SharePoint can come to your rescue.

To begin with, SharePoint can help you to access and use unstructured information in quick time. Remember that when it comes to information related to your business processes, a mere 20% of it is structured. The remaining 80% includes unstructured information that lies scattered in documents, letters, e-mails etc. Since most business application systems are designed to manage only the structured information, retrieving, managing and working with the unstructured information often proves to be a cause of big concern. However, by using SharePoint, you can integrate both the structured and unstructured information systems so that you can access the latter without much hassle. Since the unstructured information is most valuable when you can directly access it in its related (structured) context, SharePoint can prove to be a big boon for the task.

\"project Management\"

For business processes that need collaboration, SharePoint can offer a lot of help. For instance, in case members of team are working on a single document, you can keep a tab on who did what by using SharePoint. What's more, you can even link projects to relevant documents. You may also restore earlier versions of any project in case the worker doing the job is prone to making too many mistakes and you want to keep the original document handy in case you need to rework on it from the scratch. Assigning jobs to team members also becomes a cakewalk as SharePoint will send them notifications as and when they are assigned a new task. Thus, you no longer need to buy expensive project management solutions as you can easily manage all projects for your entire organization or team, that too without wasting much of your time.

Apart from helping you with your digital document management tasks so that you can meet industry and government compliance standards, SharePoint also provides the benefit of a central location where you can store and work on the documents, which can significantly reduce duplicated work and emails in an organization. The new DM features of version 2010 can even help you to solve the toughest challenges related to information governance.

Apart from managing jobs related to the Enterprise Content Management (ECM) area, business applications like ERP, CRM can also be simplified with this collaboration software. For example, you can insert and update (new) supplier/customer data, insert purchase/sales orders in your ERP system by means of a solitary SharePoint screen rather than using several ERP screens, and approve new suppliers/customers via SharePoint workflows instead of routing the request forms by mail or fax to reach the approvers. You can even use the SharePoint portal for decentralized time entries in the ERP system rather than doing the job via excel sheets, which are sent to a central person to be entered into ERP.

Some native functionality of this collaboration software can provide you a rich environment to manage sales and service objectives, define relationships, as well as scale, extend, personalize and configure them to fit your business processes.

Thus, SharePoint can help you to bring down the process elapse time, improve communication, enhance quality of data in your business applications, enable quick access to information which helps in faster decision making, and bring user-friendliness, which in turn will improve user satisfaction. So, if you haven't yet used it, it's time to check how this collaboration software can help your business.

Advantages of Using SharePoint for Your Business

Article produced Cathy, Professional writer for otssolutions.com provides information on sharepoint application development, sharepoint development services and more.

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Importance of IT in Business

These days IT is crucial to the majority of businesses. Almost all companies use IT to some extent, making it important for employees to have proficient knowledge in the area. It is not longer just IT jobs where staff need a good knowledge of IT. Almost all office based jobs are now almost entirely based around computers and IT.

Having good IT skills gives you a major advantage over those who do not. Even if a role is not an IT job per se, IT knowledge may give you an advantage over other candidates and help you once you are employed. Employees are expected to know the basics of IT in most jobs and there is an assumption that you are able to perform basic computer related tasks. Email is often the main mode of communication, while employees are also expected to be able to write documents and use spreadsheets. In most cases the Internet is the main research method, so being confident using Google, for example, can be a must.

\"it Management\"

Most admin tasks in any business are now performed through the use of IT and for the large part the traditional numerous filing cabinets are gone. Accounting is usually done with spreadsheets, so accounting staff also need knowledge of IT. Even those working in shops and restaurant will use IT is certain ways, such as the tills. Anyone working in management in any job will need to be able to use computers to either a small or large extend, depending on the nature of their particular job.

With IT playing such an important role in business today, good IT training, either in education or once in employment, can make an important difference. IT is there to make life easier, but if you do not have the necessary confidence it can turn into a nightmare. Staff need to understand the processes they are using, and this requires sufficient training.

IT can be complex, especially in businesses that use it to a large degree, and as with all technologies there will be things that go wrong. Therefore support staff who can solve any issues are useful. Some companies will have a person, or even a whole team of people, whose sole job it is to run and maintain the IT systems and networks. IT is there to help, not hider, but if things are not managed properly it can cause a whole host of problems. The IT department and processes need to be managed for IT to have the best possible impact on a business. Things need to be in place so the business can make the most of the advantages IT offers.

Some will use some kind of IT methodology to keep their IT management on track. The most widely used methodology is ITIL, which stands for Information Technology Infrastructure Library. ITIL is a set of concept and policies for managing the IT within a business. Essentially it is the IT best practice.

Andrew Marshall ©

Importance of IT in Business

ITIL Training

See Also : Advertising Techniques Motivational Techniques How to time management

Human Resources - Strategic Business Partner

Human Resources, with its diverse internal and external customer base, the ability to touch all levels of the organization and the legendary understanding of the organization's environment could not be more suited for the critical role of a strategic business partner.

In General Electric's recently published 2008 annual letter to shareholders, the CEO Jeff Immelt stated the following: ".....The secret to all of these dimensions of developing leaders is to have a great team of human resource professionals. Enduring companies must have a passion for people. GE has a great HR team that protects our valuable human assets. I want to give them special recognition this year...." For years, GE has acknowledged the success of Bill Conaty, their Senior Vice President of Corporate Human Resources. Bill Conaty is highly valued for his continued contribution to the organization. His insight and input have been invaluable. In a 2004 article written by Anne Freedman, Conaty himself stated: "I consider my real core competency and my value to the organization as being a human resource leader, but without having the business grounding, I don't think I would be an effective HR partner."

\"strategic Management\"

Organizations that consider their employees to be the most valuable asset cannot afford to not have human resources functioning in a true strategic business partner role. Human Resource professionals are equipped with the knowledge, skills, and abilities, the talent to partner with senior leadership to not only be involved in the strategic management of the organization but drive the implementation of it. As stated in "The 8 Practices of Exceptional Companies, How Great Organizations Make the Most of Their Human Assets" by Jac Fitz-Enz, "Strategic plans must be laid on a core strategy, a solid wall of values. Core strategies lead to strategic plans, organizational charts, operating plans, quantitative objectives, and ultimately, to specific human behavior and task performance." Business oriented HR professionals can help design a strategic plan that balances the needs of the organization, its employees, and other stakeholders. It can help align the efforts of the various functions in the organization with the plan's strategic goals, and it can support those functions by ensuring that they can recruit, develop, and retain the necessary company team members. HR, as strategic business partners should be the drivers of the organizations values thus the drivers of the strategic plan.

HR should be made responsible for owning the leadership and employee development, as well as direct all communication efforts, especially as it relates to the pulse of the employee population. Succession planning is an area that a strategic HR business partner should be involved in. As discussed in "Good to Great" by Jim Collins, having the right people on the bus, the wrong people off the bus, and the right people in the right seats is the key element to the success of any organization - who better than to manage the people process than a strategic HR business partner.

To fulfill a strategic business partner role, HR leaders must understand the organization's business. In addition to fully understanding the business, HR must understand the environment in which it operates, the competition, and the circumstances that could influence the progress of the organization. HR can no longer focus on its own internal tasks. It must be responsible for ensuring that HR's strategy, goals and priorities are driven by and aligned with the overall business needs. It must establish key business partnerships with senior management, as well as key figures in other functions within the organization. Although the operational role of HR, the day-to-day tasks required to run an organization are not strategic in nature, the responsibilities must mirror the goals of the organization. There needs to be a more integrated global company-wide process that considers how each of the HR programs can help move the entire organization in the right direction.

In addition to HR increasing its own knowledge of the organization and creating solid partnerships through collaborative communication efforts, increasing its knowledge in other areas is extremely important to being a successful strategic business partner. HR must increase its knowledge of Finance and Accounting, Marketing and Sales, Operations, and Information Technology and hone in on key business skills. Almost every activity in an organization can be referred to as a project. That is why it is important for professionals in HR to improve their project management skills. In addition to project management skills, strategic HR business partners must fully understand the strategic planning process. HR must be able to manage change, perform environmental scanning, and understand the importance of outsourcing and the process associated with outsourcing. Being able to manage technology and measure the effectiveness of all company-wide programs and efforts are equally important. HR should also be playing a vital role in leadership coaching, should be responsible for implementing strategies to become an employer of choice, and should be responsible for leading programs to safe guard your company performance from external elements.

To summarize, Human Resource professionals touch every level and every department in the organization. Due to the involvement across the company, employees at all levels get to know and trust the members of the HR team. Because of HR's familiarity with the change management process and human capital development, successful companies benefit from having HR fully functioning in a strategic business partner role. If your company is not already doing so, allow Human Resources to be represented in meetings along side other senior leaders. There is not a more suitable functional group within the company to be responsible for leading the development of strategic plans, implementing key tactics, and measuring the organizations success in executing its plan than Human Resources.

Human Resources - Strategic Business Partner

Jeannie Moravits Smith

Principal Consultant, President/CEO

HR - Rx, Inc. http://www.theHR-Rx.com

April 2008

Recommend : Management Concept Style

Forces and Trends in Business

The corporate environment is characterized by a number of variables: competition, dynamism, turbulence, complexity and change. All organizations must develop ability to continuously and consciously transform themselves and their contexts. Such contexts include restructuring for optimum effectiveness, reengineering key processes and streamlining functions that are able to provide a source of competitive advantage. The aim is to adapt, regenerate and most important, survive. (McLean, 2006).

For a company to thrive today, strategists must find ways to increase the organization's ability to read and react to industry and market changes. They must know their goal to boost the company's strategic flexibility by recognizing disruptions earlier and responding faster.
Strategic flexibility or adaptability can be defined as the organization’s capacity to identify major changes in its external environments, quickly commit resources to new courses of action in response to such changes, and to recognize and act promptly when it is time to halt or reverse existing resource commitments. Being adaptable means leaders must not get stuck in a too-rigid way of looking at the world. The organization must view change as an inevitable and essential part of an organization's growth, in order to achieve this adaptability.

\"strategic Management\"

When there is uncertainty or unpredictability in the environment, managers tend to focus almost all their energy on successfully executing the current strategy. What they also should be doing is preparing for an unknown future. Flexibility stems from the ability to learn; managers tend to overlook the negative and emphasize the positive. They need to understand not only what led to the positive outcomes but also what led to the negative ones. This will optimize their learning experience. According to Ford (2004) four points to foster and maintain adaptability include challenging complacency, giving all employees a voice, encouraging participative work and driving fear out of your group.

The companies chosen for this task vary by industry: a famous automobile manufacturer (Ford) a bank going through a merger (Compass) and a start-up software company (DawningStreams). Ford and Compass have been in business for a long time; it is likely they have changed their strategic plan based on changing forces and trends. DawningStreams is new (established in 2005 and incorporated in 2007). Even though they have not had their first sale and have no staff, the owners have devised several iterations of their strategy.

There is a diversity of stakeholders all that are interested in the activity of business organizations. Emphasis must be placed on their adaptability in strategic analysis and their adaptability in strategic management of business organizations. The organization must have a strategic management model.

Each company might scan the same areas, but for different reasons. Considering technological advances, Ford would prepare itself to lead the market by having various electronic equipment in their vehicles, as well as robotic equipment with which to build them and the supply chain technology to keep all in check. Compass Bank is going through a merge and expanding globally; therefore they will need to keep abreast of communication technology. DawningStreams is a software company; they will need to monitor those companies who would be their competition to ensure their product offers better functionality. All three companies would make sure potential customers would be able to get good information from internet websites and advertisement, which encompasses yet another area of technology the organizations may need/want to scan. In this instance, many members of the organization must be enrolled: upper management and finance, who will determine budgetary factors; the IT department, who will be responsible for the implementation and maintenance of some of the technology; the staff who must be trained to use the technology; a sales force who will sell the technology.

To the outside observer, it may seem unnecessary for any but Ford to scan the (actual) environment when it comes to issues such as emission control, fuel efficiency and hybrid cars. That is true however; Compass Bank and DawningStreams can plan a strategy to be friendlier to the environment (and their pocketbooks) by practicing paper reduction (through the aforementioned technology). Lastly, DawningStreams’ product may be useful as a file sharing service to environmental groups.

With regard to the legal environment, all three must be acutely aware of laws, which affect their respective industry among others. To Ford, legal applies, among other areas, to environmental protection laws and department of transportation safety laws. To Compass Bank, they would abide by the rules of the Federal Reserve (www.federalreserve.gov) and the Federal Insurance and Deposit Corporation (www.fdic.gov). DawningStreams must follow laws as they pertain to the transfer of files, which have intellectual property and also the export of products, which have algorithms. All three companies are global and will need to monitor those laws in other countries, which could effect the strategic planning.

At one company after another--from Sears to IBM to Hewlett-Packard to Searle, strategy is again a major focus in the quest for higher revenues and profits. With help from a new generation of business strategists, companies are pursuing novel ways to hatch new products, expand existing businesses, and create the markets of tomorrow. Some companies are even recreating full-fledged strategic-planning groups. United Parcel Service expects to spin out a new strategy group from its marketing department, where strategic plans are now hatched. Explains Chairman Kent C. Nelson: ``Because we're making bigger bets on investments in technology, we can't afford to spend a whole lot of money in one direction and then find out five years later it was the wrong direction.''

In such a world we need a planning model that allows us to anticipate the future and to use this anticipation in conjunction with an analysis of our organization--its culture, mission, strengths and weaknesses--to define strategic issues, to chart our direction by developing strategic vision and plans, to define how we will implement these plans and to specify how we will evaluate how well we are implementing these plans. The fact that the world is changing as we move forward in the future demands that the process be an iterative one.

Ford Motor Company – Socio-cultural

Ford Motor Company embraces the socio-cultural changes taking place to allow the company to move in the right direction with respect to attitudes in the society. Two areas that stand out in terms of socio-cultural attitudes would be that of fuel economy and smaller cars. The growing concern by the public for better fuel economy has influenced the company’s introduction of the Ford Escape Hybrid and Mercury Mariner Hybrid. The organization is committed to the hybrid to improve fuel economy as a global strategy to meet customer demands. The increased demand in society for such environmentalism has assisted in the decision for Ford Motor Company to look forward to adding the hybrid feature to the Ford Fusion and Mercury Milan and continue in such a strategic planning direction.

The customers that use these vehicles get a substantial break on their insurance in many states and a tax credit as well while enjoying the increased mileage of a vehicle that runs on gasoline and capabilities for 100 percent electric power. The environmental scanning by Ford Motor Company has allowed the company to be knowledgeable of the fact that the people in the United States are buying more small cars today than any other type of vehicle segment. The lifestyles changes have been monitored and there is good data that shows that such a trend will continue in this direction and the expected growth in this segment will continue. The company has redesigned the inside and outside of the Ford Focus to set the car apart from the competitors in the small car segment while increasing upgrades and features to experience positive outcomes. The direction that the company is taking is based on a competitive advantage and being a leader in the industry. The vehicle line has both a sedan and a coupe to attract targeted markets including younger buyers at an entry level to build upon brand loyalty and customer retention. Ford Motor Company will continue to use the socio-cultural factors to drive the business and enjoy future success.

Ford Motor Company – Legal –

Ford Motor Company with regard to the Environmental Protection Agency adheres to the legal aspect of environmental scanning. Ford Motor Company accepted an award in March 2007 from the Environmental Protection Agency called the Energy Star 2007 Partner of the Year Award in Energy Management. The company is the first automaker to have ever been awarded the award two years in a row. The award has come to be presented due to the commitment made by the company to increase energy efficiency and to reduce the greenhouse gas emissions from all of the facilities in the company.

The organization is committed to the responsible use of resources and energy efficiency. The leadership realizes that the environmental protection laws are of great importance and use the environmental scanning to move in the right direction to obtain future success in the company. In 2006 alone the company has improved the energy efficiency in the United States operations by five percent and saving approximately million with enough energy saved to equal 220,000 homes. The effective energy management protects the environment and reduces the greenhouse emissions. Some of the actions taken by the company include replacing lighting fixtures that use 40 percent less energy and using different low-energy, long-lasting compact fluorescent lamps in the properties to include the plants, corporate offices, distribution centers, and research and development campuses. Due to the environmental scanning that takes place at Ford Motor Company the company will use the information that is collected and continue in this direction. New projects for the company include Fumes-to-Fuel that is a system that converts paint fumes into electricity that is being performed with Detroit Edison along with attempting to consolidate the application of primer, base and clearcoat paint applications into a single application to eliminate the need for separate applications and ovens. In addition to the paint booth emissions Ford Motor Company will continue to rely on alternative energy sources such as landfill gas and wind and solar technologies to power their manufacturing facilities.

Ford Motor Company – Technology –

Another environmental scanning tool that Ford Motor Company monitors and uses would be the technological portion. The company has invested billion in the latest technology for flexible manufacturing. The technology that is involved is in many forms to include wireless technology that is installed on the delivery trucks with supplies to the plant as a monitoring status and improved efficiency to reduce inventory. The flexibility of products in the same plant allows the organization to use the same machinery and process for all areas from body assembly, paint facility, and final assembly. The improved efficiency at the manufacturing facility allows for several vehicle platforms to be built on the same line to produce multiple models and quickly change the vehicle mix, the volume, and options based on customer demand.

The technological changes that are being embraced by Ford Motor Company through environmental scanning enables the company to experience huge cost savings through new product launches and 50 percent reductions in cycle changeovers along with waste reduction. Robots are among the technological changes that are being experienced within the organization to include the 400 from the project that are used to weld and assemble the metal body of the vehicle for stamping and assembly. Artificial intelligence in the form of advanced visions systems and laser tracking systems are used to ensure quality through accuracy and dimension abilities. A multi-million dollar training facility is used to ensure that the workforce has the knowledge, skills, and ability to reap the benefits from the new technology that is being used by the company. The training that is administered includes the new servo-electric weld gun system that identifies the perfect center for welding that has replaced the older and loud air-powered system that used a less sophisticated spring system. The environmental scanning of technology that is performed by Ford Motor Company has allowed the company to have positive outcomes in efficiency while remaining a competitive company in the industry through cost savings and continuous improvement.

Compass Bank- Political -

On February 16, 2007, Compass Bancshares, Inc., the parent company of Compass Bank, announced the signing of a definitive agreement under which Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBV Madrid: BBVA) ("BBVA") will acquire Compass for a combination of cash and stock. Compass will become a wholly owned U.S. subsidiary of BBVA and will continue to operate under the Compass name. The transaction is expected to close during the second half of 2007, pending customary closing conditions, including necessary bank regulatory approvals in the U.S. and Spain and the approval of the stockholders of both Compass and BBVA.

BBVA, which operates in 35 countries, is based in Spain and has substantial banking interests in the Americas. The transaction will facilitate BBVA’s continued growth in Texas and will create the largest regional bank across the Sunbelt. Upon completion of the transaction, Compass will rank among the top 25 banks in the United States with approximately billion in total assets, billion in total loans and billion in total deposits. In addition, the combined company will rank fourth in deposit market share in Texas with .6 billion in total deposits and 326 full-service banking offices.

Compass is a billion Southwestern financial holding company that operates 415 full-service banking centers in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Compass provides a broad array of products and services through three primary lines of business – Corporate Banking, Retail Banking and Wealth Management. Compass is among the top 30 U.S. bank holding companies by asset size and ranks among the top earners of its size based on return on equity.

Under the terms of the definitive agreement, which has been approved by the board of directors of Compass and the relevant bodies of BBVA, Compass will become a wholly owned subsidiary of BBVA. After closing, BBVA intends to merge its U.S. based banking affiliates – including the former operations of Texas Regional Bancshares, State National Bancshares and Laredo National Bancshares – with Compass.

The aggregate consideration is composed of a fixed number of approximately 196 million shares of BBVA common stock and approximately .6 billion in cash. The merger is subject to customary closing conditions, including necessary bank regulatory approvals in the U.S. and Spain and the approval of the stockholders of both Compass and BBVA. The transaction is expected to close in the second half of 2007.

The merger between both companies will be determined by the political factors ranging from implications of laws and regulations to the state of world politics including the consideration of wars which may be going on in different parts of the world. New laws, regulations, tax programs and public policy create forces and trends, which may provide challenges and barriers or opportunities for any company or organization.

Compass Bank – Technology –

Ford is in the process of implementing a laser marking system on its production line to ensure the highest standard on each transmission assembled. The system will be checking for quality on different points on the assembly line. Ford is teaming up with a company called MECCO to implement this process and a trial run of the new system will last for 3 months. MECCO is a leader in its industry when it comes to laser technology. The decision to implement this new laser marking system came because it is more cost- effective and safer than previous ways of marking checkpoints for quality.

Although this process at Ford has not officially been implemented yet, Compass Bank can learn a few different things. It may be a good idea for Compass Bank to do a short trial of online cell phone banking to see how popular it becomes and if it worth all the time and effort, being spent to get it launched. Compass Bank should also consider investing into a company who is the best at what they do, is in the same time zone, and can meet their demands in a timely manner, not simply because they may be cheaper. Finally, Compass Bank can learn that they need to consider what will be most cost-effective and in the best interest of the company over time. Organizing a time line and a list of costs and potential risks would also be beneficial to Compass Bank so they know what to expect and when with the implementation of online cell phone banking.

When completing the global scan one looks for emerging new technologies which may impact any business in any industry. At one time the emergence of the Internet was a technology that was becoming an emerging trend across all industries. Today very new technologies are used to develop information systems at a fraction of the cost and time of processes that were used five years ago. Wireless is a telecommunications technology that may have moved from a trend to a force in revolutionizing the way information is stored, accessed and used across all industries around the world. Some, if leveraged by a company within an industry before competitors use it, may even provide a competitive advantage.

Compass Bank – Competition –

Although mergers may be costly and rather difficult, the value it creates in the end is the desired outcome companies seek. The eagerness to merge is based on several beliefs, those beliefs are, that the performance gains are greater, expenses are reduced, market power is increased, and shareholder’s wealth is also greater than before. The value of a merger is enhanced when the overall benefit is more valuable than the aggregate of two separate pre-merger companies.
In the end, both John and Bernard should consider this before finalizing a decision. When Zion’s purchased Stockmans, there overall value increased by 43 branches. These branches will help performance and brings much more power to the financial market. In the Journal of Money article, Pilloff states “Companies are more willing to acquire others to avoid being acquired themselves.” Keeping this in mind, companies must figure out a cross border strategy.

As part of the broad environmental scan, it is important to identify the internal capabilities of the organization. There are various models for defining capabilities. Most focus on the broad set of intangible assets such as brand, human capital, organizational capital and even relationship capital. Others include the more concrete assets such as available capital, the organization structure, current technologies and information technology infrastructure. In addition to doing a broad environmental trend, Compass Bank needs to do a more detailed capability assessment using any of the models available.

DawningStreams - Competitors –

Business activities are becoming more and more complex to manage, because of distance, time zones, number of parties involved in projects, number of tasks to achieve, multiple prioritizations, lack of general synchronization, insufficient secure and confidential communication channels and growing complexity of IT infrastructures. The use of task list managers has become very common. It is becoming more difficult to keep teams synchronized, to follow and to implement new business processes and to exchange sensitive information confidentially. The DawningStreams software application is aiming at increasing the practicality of daily executive activities. The types of business, which will most probably be interested in our product, are construction (size of network), consulting (need for synchronization), pharmaceutical research (secure exchange of information) and the software industry (complexity of manufacturing).

Many companies have already developed software applications that enable secured communications and file sharing. However, most, if not all, are relying on Microsoft technologies, which prevent them from expanding to Mac or Unix users. DawningStreams is developed in Java, which can be used on any platform, including Mac and Unix. Microsoft has acquired the Groove Company and has released a new version of the product, which can perform many of the functionalities of DawningStreams, but not generic activities (http://office.microsoft.com/en-us/groove/default.aspx). This is our closest competitor by far. More recently, we found, merely by accident, a company called Shinkuro (www.shinkuro.com), which offers the file sharing aspects of DawningStreams but lacks other capacities.

Although DawningStreams will face competition from many existing players, the fact that it will combine a super-set of functionalities in one application, for a very reasonable price, will give it some leading edge over other competitors. If the US patent is granted, the position of DawningStreams will become a niche. Even if the patent were not granted, it would take a profound architectural redesign of Groove (or other competitors) to include generic activities and match the offer of DawningStreams. As a strategy we will monitor the activities of those companies’ websites and understand what they offer in terms of similar functionality and try to ensure we match or best those functionalities to the best of our ability and resources

DawningStreams – Political -

Maintaining the secrecy of information is the fundamental function of encryption items. Persons abroad may use such items to harm US law enforcement efforts, as well as US foreign policy and national security interests. The US Government has a critical interest in ensuring that persons opposed to the United States are not able to conceal hostile or criminal activities, and that the legitimate needs for protecting important and sensitive information of the public and private sectors are met. Since 2000, US encryption export policy has been directed by three fundamental practices: technical review of encryption products prior to sale, streamlined post-export reporting, and license reviews of proposed transactions involving strong encryption to certain foreign government end-users and countries of concern. US encryption policy also seeks to ensure that American companies are not disadvantaged by the European Union’s “license-free zone.” (Bureau of Industry and Security, 2007).

DawningStreams will contain cryptographic functions. Any reliable and efficient cryptographic system requires a central authority to avoid identity theft. Cryptography is a key functionality of DawningStreams. All specialists insist on designing systems using well-studied algorithms and fully tested protocols; novelty is considered a source of risk. The cryptographic layer of DawningStreams will rely on a dual public-private key system. The private key encryption system will implement Rijndael, the Advanced Encryption Standard (http://csrc.nist.gov/CryptoToolkit/aes/rijndael/), the public key system will implement RSA (www.rsa.com) and the hashing function will implement the 256 bits version of the Secure Hash Algorithm (http://secure-hash-algorithm-md5-sha-1.co.uk/ ).

Encryption products can be used to conceal the communications of terrorists, drug smugglers, and others intent on harming U.S. interests. Cryptographic products and software also have military and intelligence applications that, in the hands of hostile nations, could pose a threat to U.S. national security. The national security, foreign policy, and law enforcement interests of the United States are protected by encryption export controls. These controls are consistent with Executive Order (E.O.) 13026, which was issued on November 15, 1996, and the Presidential Memorandum of the same date. (Bureau of Industry and Security, 2007).

DawningStreams also plans to be an international company, as offices now exist in the Netherlands and the US. As part of the strategy, we will ensure we remain compliant by registering our product with any necessary agency and allowing those agencies access to the processes if they feel there is a threat. We will be responsible to monitor (as best as we can) our client base and to put the proper verbiage in our contracts that illegal activities will not be tolerated. We will continue to monitor the BIS site mentioned in previous paragraphs and also sites in the European Union such as the Crypto Law website of legal expert Bert-Jaap Koops (http://rechten.uvt.nl/koops/)

DawningStreams - Technology/Intellectual Property –

The management of organizational strategy requires a comprehensive assessment of the macro environment of the business. Intellectual Property (IP) refers to the original ideas and innovations evolved by an organization in order to haul up its systems and processes. Creation of ideas requires large investments. This necessitates the protection of IP. Benchmarking is the continuous process of measuring products, processes, and systems of an organization against those that are rated best in the industry. It helps in uncovering weaknesses and flaws in the organizational systems, processes, and products. (Watson, 2003)

The study of the global research conducted by McAfee Inc. and MessageLabs Ltd. on security threat in small businesses in the U.S. reveals that 80 percent of small-and-medium-sized businesses (SMB) believe that an information technology (IT) security failure would be damaging in attaining their business priorities. Yet, only few are courageously making steps to fight against infringements due to resource limitations from other business related priorities. The research implies that company size plays an essential part in the way senior management views security. Among the challenges that SMBs face include keeping up-to-date with security solutions and keeping costs low. Small-to-medium businesses’ behavior towards security is very tactical and meets only immediate requirements. (unknown, 2007)

DawningStreams’ relevance to these forces is two-fold. We are a software company—there is an opportunity for us to lose the intellectual property by those who would download and attempt to modify the code. We have competitors who offer functionality similar to ours, however we offer an additional functionality the others do not. It is this ‘specialty functionality’ for which we applied for a patent the United States Patent and Trademark Office. If the patent is granted, there is less likelihood of software piracy or the loss of our IP. Environmental scans should show us if there are other companies trying to do this.

The functionality, which most resembles our competitors’, is the ability to share files. That brings in a different concern with intellectual property- the possibility someone else’s IP could be sent from one of our users to another, as this could seriously damage our reputation, as what happened with Napster. (www.napster.com).

Conclusion

At one company after another--from Sears to IBM to Hewlett-Packard to Searle, strategy is again a major focus in the quest for higher revenues and profits. With help from a new generation of business strategists, companies are pursuing novel ways to hatch new products, expand existing businesses, and create the markets of tomorrow. Some companies are even recreating full-fledged strategic-planning groups. United Parcel Service expects to spin out a new strategy group from its marketing department, where strategic plans are now hatched. Explains Chairman Kent C. Nelson: ``Because we're making bigger bets on investments in technology, we can't afford to spend a whole lot of money in one direction and then find out five years later it was the wrong direction.''

In such a world we need a planning model that allows us to anticipate the future and to use this anticipation in conjunction with an analysis of our organization--its culture, mission, strengths and weaknesses--to define strategic issues, to chart our direction by developing strategic vision and plans, to define how we will implement these plans and to specify how we will evaluate how well we are implementing these plans. The fact that the world is changing as we move forward in the future demands that the process be an iterative one.

References

Bilek, E. (n.d.) Compass Bankshares to be Acquired by Banco Bilbao Vizcaya Argentaria, S.A.,

Investor Relations. Retrieved from the Internet on March 31, 2007 at

http://media.corporate-ir.net/media_files/irol/77/77589/bbvarelease.pdf

Cole, Jim. Zions makes small deal, cites growing Arizona market. American Banker, 171(175), 1-1. Retrieved March 31, 2007 from Proquest Database.
Ford Motor Company (2006). Ford Motor Company. Retrieved March 2007,

from the World Wide Web, Web Site: [https://ford.com]
Ford, S. (2004) Adapted from 13 Skills Managers Need to Succeed, Harvard Business School

Press. Retrieved March 31, 2007 from EBSCOHost Database.

Hockenberry, Todd. (2006). Ford implements advanced laser marking. Industrial Laser Solutions, 21(4), 6-7. Retrieved March 31, 2007, from EBSCOhost database
Jacobs, P. (2005) Five Steps to Thriving in times of Uncertainty. Negotiation (p.3) Retrieved

April 1, 2007 from EBSCOHost Database.

McLean, J. (2006) We’re going through changes! British Journal of Administrative Management

54. Retrieved March 30, 2007 from EBSCOHost Database.

Pearce, J. & Robinson, R, (2004). Strategic Management: Formulation, Implementation, and Control. [University of Phoenix Custom Edition e-text]. The McGraw-Hill Companies. Retrieved March 2007, from the University of Phoenix, Resource, MBA 580-Strategies for Competitive Advantage Course Web Site: https://ecampus.phoenix.edu/secure/resource/resource.asp
Author Unknown, Strategic Planning, After a decade of gritty downsizing, Big Thinkers are back in corporate vogue. (2006) Retrieved from the Internet at http://www.businessweek.com/1996/35/b34901.htm

Unknown (2007) 80% of Small-to-Medium Sized Firms Fear a Security Threat. Computer Security Update 8 (4). Retrieved March 30, 2007 from EBSCOHost Database.
Unknown (2006) Strategic Planning, After a decade of gritty downsizing, Big Thinkers are back
in corporate vogue. Retrieved from the Internet at
http://www.businessweek.com/1996/35/b34901.htm
US Department of Commerce (2007), Encryption (ch.10, section 742.15). Retrieved March 27, 2007 from the Bureau of Industry and Security Website at http://www.bis.doc.gov/news/2007/foreignpolicyreport/fprchap10_encryption.html
Watson, G. (2003) Business Environmental Scans for Intellectual Property Strategy (PowerPoint Presentation). Retrieved March 28, 2007 from the Oklahoma State University website at http://www.okstate.edu/ceat/msetm/courses/etm5111/CourseMaterials/ETM5111Session3Part2.ppt#260,1,Business Environmental Scans for Intellectual Property Strategy

Forces and Trends in Business

Steven Brown, MBA is a loving husband and father of two boys. He enjoys his time with his family by providing a strong family foundation of Christian Faith. After completing his Bachelors degree, Steven wanted to further his ability to teach and share to others his mindset that they can do anything if they would believe in themselves.

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Implementing Creativity in the Six Sigma Business Strategy

Six Sigma Black Belts Can Include Creativity in Strategy Design

During the design of the Six Sigma business strategy, a Six Sigma Black Belt can incorporate creativity in various design aspects. By examining the needs of the business, as well as the DMAIC (Define-Measure-Analyze-Improve-Control) model, a Black Belt will be able to determine where creativity is allowed. Keeping creativity in mind within the design of the DMAIC business strategy is one way to obtain the goals with a more customized approach.

\"project Management\"

Creativity and Six Sigma Structure Can Co-Exist

In addition to the design, a Six Sigma Black Belt may also choose to insert creativity into the development of the plan. The DMAIC model itself is actually quite open to creativity, even though it is structured. For some, the act of thinking up new ways to define business goals and measure the success of the current strategy could be considered creative. Further analysis to determine what is in the way of the business goal also may be creative, even though statistical tools often are used.

Within the improvement part of the DMAIC model lies an area that is very wide open to creativity and new ideas. Being creative can play a big role in coming up with effective improvements on projects and project management. Innovation and fresh ideas can be the underlying reason for the success of goals within a company. Creativity also is required in determining how to control the ideas that ultimately lead to the goals within a business strategy.

Creative Means of Communication and Customer Relation

Communication between all Six Sigma training levels is key in successful Six Sigma implementation. It also is key in customer relations, the main focal point of most businesses. By using creativity within the customer relations aspect of the Six Sigma business structure, a Six Sigma Black Belt may find added benefits in effectiveness, teamwork, and cooperation. These ideas can be incorporated during the design and development of the DMAIC model.

This can be done without interrupting the main focus of a Six Sigma business strategy. Taking example from above wherein creativity is used in the development of the DMAIC model, one can see where this could lead to success in customer relations. The main goal of most businesses is to make the customer happy. Creative and innovative ideas can help attain, as well as maintain that ultimate goal.

Implementing Creativity in the Six Sigma Business Strategy

Tony Jacowski is a quality analyst for The MBA Journal. Aveta Solutions - Six Sigma Online (http://www.sixsigmaonline.org) offers online six sigma training and certification classes for lean six sigma, black belts, green belts, and yellow belts.

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Implementing Change Management in Your Business

Assessing the Need for Change

While "change management" is a popular concept and the term is thrown around a lot now days, you first need to assess whether or not a change is needed in your business. Usually we assess our business when it is in a slump, trying to figure out how to enhance or grow our customer base, or making significant changes to how we do business.

\"change Management\"

Assess your business need for change when things are going well. Look at the best practices of your competitors and compare their results with yours. Adjusting your strategy to enhance your growth or customer base is not change management.

What is Change Management

Many people think change management means one thing. They mistakenly lump the three distinct parts of change management together and then wonder why it is so hard to implement. When implementing change management, it is important that we keep each area compartmentalized to avoid unnecessary stress and aggravation for ourselves and those we are working with.

Change Management - People

This area deals with the people in our organization. How we relate to each other in our work environment and what changes we can implement to make our organization function more effectively. If you are focusing on people in your change management plan, this is not where you change processes. The changes you make, whether in reorganizing your business or department or creating more productive teams lie within the "people" portion of change management.

When implementing a change management plan it is important that all of your staff understand why the change is needed. The explanation must be detailed enough to encourage a personal investment on the part of your staff for the success of the change. If staff do not feel a real need for change, or have not made a commitment to it's implementation it will not only take longer to make the change, but also the change will not be long term and sustainable.

One of the mistakes that we, as leaders make, is to assume that because we can see the picture clearly, everyone else can too. It is important to take a step back and think about the "pieces" of the picture that our staff are seeing and what they are not seeing. In order to implement change, everyone must see and understand the same picture and have the same understanding of how it will benefit them.

People will respond with enthusiasm if they see a benefit to themselves or their work environment, if they understand the need for a change and if they are included in the change process. Too often decisions to implement change are made without the involvement of the staff who will be most affected. This is the primary reason that those efforts fail. There must be buy-in from a majority of the staff to effectively implement change. Especially change that is going to involve people and how they interact and communicate with each other.

Change Management - Processes

This area deals with the way things are done in our organization. How we process the paper, and what we do with it. This is where forms and processes are analyzed and changes are made to meet the needs of our growing business.

Not everyone in our business deals with the same processes. As much as we would like uniformity, what makes our business unique is the way that our staff interacts with customers or meets other needs with quality and precision. If we are going to assess and change processes, it is important that the process needs changing. Sometimes it is not the process but the people who need to change, but because we have lumped change management into one big ball we wind up trying to make changes to perfectly acceptable processes or change people when the process needs to be changed. No one knows better about the need to change a process than the people who are actually using them day-to-day. It is important that we discuss with our staff the possibility of changing a process and involve them in the implementation of the change. Changing a process, like changing people, requires commitment and buy-in on the part of those who will be required to use the changed process on a daily basis.

As it's name implies, this area deals with our equipment and software. Changing or adapting to meet our needs, getting rid of the old stuff and figuring our what we need to add to our arsenal of tools. It is important to note that this aspect of change management does not involve changing "people" rather, it is changing tools. It is our nature to use equipment until it wears out. This can be very costly to our business and also can cause a lot of problems when we do finally make a change.

Change Management - Equipment

One of my associates has owned their business for over 20 years, when they began the business, they had a program created in a state-of-the-art program and hired an individual to work on this program. I might add that it is a major piece of what makes this business profitable. Now, twenty years later, there is one person in the company who knows how to use this software. It is so outdated that it cannot be upgraded, but must be completely re-input to a different software program which will involve several weeks. Even if he wanted to implement change, he is unable to do so because he is stuck in the software and the one person who knows how to use it. It is very costly if you do not keep up with the changing market of available equipment. In the end, this is going to be extremely costly to the business and will result in their having to shut their doors for several weeks to get the information transferred to an updated program.

Equipment is one portion of change management that should be addressed continuously. It is the most critical piece of your business and will cost an incredible amount of money if not tended to regularly.

Implementing Change Management

When you decide to implement change, be sure to categorize the changes you want to make first. Once you have a visual of where the changes need to take place, it will be much easier to research and discuss the changes with the stakeholders who will be most affected by the changes.

If you are going to change people, remember that anyone affected by the change is a stakeholder. Don't wait to tell the staff about a change after the decision has been made that will affect them in an adverse way. Get buy-in and personal investment from all staff by first sharing the benefits of the change and gathering data to support the change. You win in two ways by doing this. The people who do not feel they can commit to the change will leave and thus will not sabotage the change before it can get off the ground. And the people who do make a personal investment will be excited about the change and drive it with the enthusiasm needed to make the change successful and sustainable.

If you are going to change processes, remember to include all stakeholders. In other words, include everyone who will be involved in making the new or changed process work. Whether you have to have representatives from groups or your business size is such that you can discuss the changes with each individual, be sure that you do discuss the change and get a verbal commitment from each person to help in driving the process change. This will save you a lot of time on the backend and will instill the kind of loyalty that you need from a high quality staff.

You staff will always appreciate updated equipment and software that will make their lives easier. The only caveat is that you will need to include in your software or equipment purchase, training for those staff who will be using the software. Don't get the equipment or software and assume that the staff will know how to use it. If someone on your staff does, great, you won't have to pay an outside person to train everyone else. But you need to be prepared to make the investment for training of your staff on the new equipment. This cost should be included in your yearly budget. It is not a one-time cost and definitely does not end. So you must be prepared and be vigilant of the changes in the industry related to your business and processes.

As long as you do not lump all three of these pieces of change management together, you will find that you can effectively implement change in all three areas with minimal disruption. It is important also that you think about the big picture your staff see as opposed to your own big picture vision. If these big pictures do not match, the key to successful implementation of change management is to create a big picture that both you and your staff share.

Implementing Change Management in Your Business

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HR as a "Strategic Business Partner"? 5 Concepts To Really Being A People Oriented Company

The Human Resources team being a "Strategic Business Partner" with the Operations team is not a new notion.

HR should not be considered a "partner" because HR is part of the organization making it whole not a separate organization with similar goals as term partnership implies. Maybe the view of being a "partner" contributes to ongoing battle that HR can be viewed quite often as a separate identity from other departments in the company.

Management Concept

I often hear things like "How do we get HR a seat at the table?" HR professional often view themselves as an individual entity from the other teams in the organization if they want to admit it or not. "What are WE (HR) going to do to get THEM (everyone else) to understand?"

Human Resources team is often viewed by people inside HR and out as "HR against everyone else." So for instance, if the strategy of the HR team is to "break down the walls between departments" How can this effectively occur when HR is viewed as an outsider? Trying to break the walls down before they are ready to can inadvertently create higher ones and can continue the cycle.

So what do WE (The organization as a WHOLE) do? There as so many concepts, theories, practices and models out there it can make your head spin. Which one is the best?

Almost anything I delve into has HR/Business concepts or elements that are in common. Most things that I personally agree with are integrated in one way or another with the next and it is not because I am being one sided in my research. It is because the books, articles, and website and blogs I research are by people that have proven success in HR and Business and are sharing their knowledge, successes and failures.

So what do WE (The organization as a WHOLE) do join all forces inside the company?

REALLY be people oriented.

1-Listen to your people.

Many companies like the idea of saying they have an open door to all employee's ideas. BUT do they really? Many companies like to say they are "focused on the people" and I am sure they would really like to be. If you dissect the actual facts, they are not. If you look at the "Best Places to Work" in the USA they have one thing in common, no matter what the product, it is people focused first.

It is amazing what you can learn about your organization when people are truly encouraged to speak up.

2- Foster a work environment that truly embraces a "Bias for Action" atmosphere at all levels. In many organizations if you just act in the best interest of your customer, client, subordinates and then ask for permission, you get in trouble.

More often I see organizations that are inconsistent with this philosophy. In reality it is more of a "some people can be take action, and others can take action sometimes but only if those actions are nominal."

Other companies will claim to encourage employees to be to take action but in reality they are really "if you are part of upper management or in HR you can bias for action but if you are lower on the totem pole, there will be career consequences for your actions."

Pretending to take action is not taking action.

3- Challenge The Same Old to Change the Status Quo

How can an organization move forward if no one scrutinizes what they are doing today to make it better?

Staying the same doesn't grow an organization. Not ever being complacent with status quo does. The biggest hero's in the business world are never referred to as the man/women that just showed up each day and did the same thing over and over day in and day out. Personally, I would be uncomfortable to be known as someone who is just consistent. I prefer to be known as someone who is consistent, BUT consistently passionate about growing the business, taking action and inspiring others to do the same!

You have heard the saying- "If you do what you always do, you will get what you have always got" It doesn't even fit anymore. It should now be "The companies that do what they always do, get a bankruptcy attorney."

4- Discover underutilized and underdeveloped talent in your organization. To put it plainly and simply "Use um' or Lose um'!" To quote Marcus Buckingham author of First Break all the Rules and Go put your Strengths to Work, "People are not an organizations best asset, peoples strengths are." This is actually one of my all time favorite quotes.

How many times have you heard variations of "It is too bad he left us for them, he has so much potential." Potential!? Potential!? The definition of potential is the capable of being or becoming possible. Is it possible? DEVELOP HIM! Don't lose HIM!

I speak to hundreds of talented candidates in a year. Of course I often ask the obvious question. "Why do you want to leave your present position? All to often I hear "I am looking for a better opportunity" This can mean so many things but can it be I am just speaking with someone that is under developed or underutilized? Am I speaking to a person that may work for you?

Often employers are under utilizing talent. I am not saying everyone can be promoted to CEO I am saying if you have people that unmistakably stand above the rest as consistent, high performers and/or leaders, you better pay attention, these are the companies future. Many companies like to refer to these people as "High Potential." If you know they stand out, often they know they do as well and are in waiting for you to notice. NOTICE! If you aren't in a position to promote this person, or if that is not an option in your company, show appreciation, provide them with ability to lead, develop others and themselves. Do something! Make sure they do know that you notice! Because if you don't, I promise you, other companies will.

Strategic Business? How about aligning the talent you have. Now that's a Strategy! Move your company forward by utilizing current talent, these people already work for the organization, and they are invested in to the future of the organization that is why they are there. Stop over analyzing the past, learn from it, and use this talent to move forward, discover future goals and future threats.

5- Continued Training and Development in all areas.

Never, never stop training and developing talent.

All too often programs come and go with no real impact on the organization. What a waste of time and money. Often promising programs are developed and implemented. They come out of the gate full force, EVERYONE is trained and energized! Then, that it. No continued support or development of the program and the developers want to know where they went wrong. Often they didn't do anything wrong, they did exactly what they were to do but take the blame when it fails. It was a failure after the initial implementation when it was out of the hands of the developers and trainers. The program gets passed over to the people it was designed to benefit and they are trained and then sent out to put it into practice and they don't.

Why? Did the program stink? Probably not. How about this for a concept; Are the people that should be executing the plan, actually trained on executing the plan or was the "training" just understanding what the plan is designed to do?

HR is part of the organization making it whole. As a HR professional stop trying to get a seat at the table in which you sit. Just be a rational, influential, motivating part of the business strategic plans moving forward. Acknowledge past good and bad patterns make informed suggestions and decisions to move the organization forward.

Human Resources professionals tend to be the first to embrace change. This is your opportunity to be influential and inspiring to those reluctant to embrace the strategic change.

If you view yourself as an individual entity apart from the other teams in the organization you will be an individual identity. This practice will not be effective when bringing your expertise forward when Human Resources changes are necessary. Be part of the organizations solutions, not part of the barriers.

If companies do not grow and change they do not move forward. In reality change is much less threatening then having to look for a job when your company becomes extinct because it didn't keep up. So if that is the case how come often when we see a "major" change to processes you see a negative vibe to follow? To me, it is clear. Too much all at once, it is reactive to the company's lack of continued ongoing incremental growth changes.

Personally, I not only embrace any change in my organization, I actually thrive on it! It invigorates me even it if can threaten my very existence in the organization. I have heard comments like "If you don't like this plan, process, policy, don't worry, just hold on, it will change. All I can say is, "I hope so."

HR as a "Strategic Business Partner"? 5 Concepts To Really Being A People Oriented Company

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Business Management - What Are The Good Traits

To start a business and have it up and running successfully, you will need to think of some realistic business management plans. With these plans and your dream in mind, you will have to work through the initial difficult stages to build up good business management strategies and the ways to achieve them. Your business-management skills may be the crux between mediocrity and success.

The first and most important step in a good business management plan is to set clear specific goals and objectives. It is easier to achieve goals or objectives that are distinctive and focused. In addition, it will take lesser time but produce better results continually. As such, design your strategies to achieve your objectives. It makes good business sense to organize the "to-dos" for each day so that there is better focus on every task.

Management Concept

Another important business management trait is align your own personal goals and objectives with that of the company's and give them full focus until each task has been completed. The more time you spent on perfecting a skill, the lesser will be the time taken to complete the task.

Another purpose of setting goals and objectives is to create a way to measure performance and track accomplishments. Such goals and objectives have to be challenging but achievable. You need to be creative and innovative in order to achieve the specific goals and strategic objectives set up in the business management plans.

At the same time, create your company's mission and vision statements and find solutions on how to implement or accomplish them. Outline the performance targets and the ways to achieve them. This is to avoid going in different directions. Define the company's passion and the methods to excel in it. Such business management strategies will strengthen the company's competitiveness in the industry. In addition, setting up long-term goals will determine the company's position in ten years' time and mark out the path to achieve them.

Some entrepreneurs may confuse activity with productivity. Most of the entrepreneurs who succeeded have the ability to identify and categorize specific activities that are extremely crucial or create an extraordinary significance that will contribute towards the overall success of the business. More time will then be allocated to ensure that these are carried out thoroughly and effectively. A successful entrepreneur also has an in-build drive that motivates them to persevere and make things happen. This is one of the most important business management traits.

Another business management characteristic is to know how to respond to industry changes and market conditions. A successful entrepreneur will learn through other people's knowledge and efforts especially those of their clients or competitors. Capitalize on these new ideas or concepts and your business may expand with lesser efforts contributed and within a shorter period of time.

Due to continuous changes, good business management is an ongoing process to constantly evaluate strategies and monitor performance to see if there are better ways to accomplish the goals and objectives or whether improvements and adjustments need to be made. This may even lead to changing the company's mission or vision statements.

Business Management - What Are The Good Traits

Ske Chay of www.inventoryanalytics.com [http://www.inventoryanalytics.com] Providing some comprehensive information on business management at www.trade-opportunities.com

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Five Success Tips For Restaurant Management Business

If you are business savvy and have a strong passion for providing service to customers in the food service industry, you can prepare to set up your own restaurant business. It is quite surprising to note that almost 60% of the newly set up restaurants shut down within three years. Though new restaurant success rate is not quite promising, you can prepare yourself well for the practical realities of restaurant business to achieve success.

Given below are 5 important steps or tips that you follow to increase your chances of establishing a successful restaurant business.

Management Concept

1. Defining the Business Concept
First of all, you need to come up with a strong business concept and a unique theme. To become successful in your business, you must have a clear vision about your goals. Consider the restaurant locations and the requirement of local patrons while brainstorming to come up with a unique business theme. A catchy name for your restaurants is also an important part of entire process. So, try to come up with a name which is short, appealing and easy to remember.

2. Deciding the Budget
The next important step is to develop a budget for your business. Once you have decided the budget you need to stick to it. Do not underestimate the start-up cost, as it can have a negative effect on your restaurant business. You can also use resources for the first round of financing for your business. There are many investors who would like to finance your business. However, for that, you need to work out an effective business plan illustrating your business concept, risk management strategies and planning for return on investment (ROI).

3. Designing the Restaurant Space
The design of your restaurant space should be completely in tune with your business goals. Right from lighting to bathroom fixtures, you need to take into consideration all the fine details. The restaurant design should be done in a way that it reflects your business vision. Relaxing ambiance and functionality are the two most important components of the restaurant design. Pay attention to kitchen space, storage area and sitting room for customers.

4. Recruiting New Employees and Retaining Experienced Ones
While in the restaurant management business, you need to handle the human resource task as well. To achieve success, you should be ready to prepare for hiring a great staff. The success of a restaurant has a direct connection with whether your employees are happy. You can put up a 'Now Hiring' sign during the construction of restaurant and place advertisements in print media and online. The interviewing process and training of employees should begin at least six months in advance before the business actually starts operating. Maintaining a positive work environment and addressing to employee issues are essential to establish a successful business.

5. Publicizing Your Restaurant Business
Start publicizing your business as soon as the construction work begins. Hang banners around revealing the name of your new business and the tentative time of opening. It is a great idea to throw a free food samples party to create a buzz. Issue press releases to gain more coverage. After your business starts to operate, you can use the online media for advertising. Hosting local food events without spending too much on it is also an excellent tip to promote your restaurant business. Find other methods of low-cost business advertising as well.

Five Success Tips For Restaurant Management Business

Do you want to Become a Restaurant Manager? To ensure this is the right career decision, Take a Free Career Test now. And remember, you need to have a strong passion for serving customers in the food service industry to make the most of your career.

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Effective Restaurant Management - Keep The Business Afloat

Restaurants rate of failure can be a rather elusive number, the actual ratio determined by which analysis you prefer to consider. Everybody in the business understands that it is substantial, even though - anywhere between twenty-three percent and sixty percent of businesses close up shop in just 36 months of opening.

What exactly will it take to end up being among the survivors of this investment-gobbling enterprise? Most certainly, what you offer, however; initially you need to continually supply the clients with meals they are happy to shell out good money to have another person put together. Next: Service. The restaurant business is, mainly, an entity which provides a service.

Management Concept

As with every organization, administration is vital to becoming successful. Whether or not the product or service is first rate, inadequate supervision will practically guarantee your dining establishment is going to be counted among the twenty-three to sixty percent above mentioned.

Adopting the Fundamental Concepts of Restaurant Administration listed below can help ensure that you keep the Prime Rib or hotcakes coming out of the kitchen door.

Team Management

Just as much - and possibly much more - just like any enterprise, the restaurant game is a group activity. Every one of the players must carry out their given tasks at the highest grade possible to guarantee the patron's total satisfaction. The manager is the chief of this group and ought to keep his participants equally inspired and happy, a difficult task at best in the highly charged industry of the hectic restaurant setting.

The initial concept of management is to direct. A restaurant boss who can not bus a table or assist the chef anytime it becomes hectic is not going to be in the position for long. Dictatorship isn't going to work in the restaurant business; it is negative aspects which will more than likely drive the business into financial disaster. Constantly keep up, lead by example and become the busiest one in the restaurant. Employees will observe and follow suit.

Effective Restaurant Management - Keep The Business Afloat

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