If you run a retail store, you will want to ensure that you do what is always best for your customers. This is easier said than done, especially when you look at the fact that every business is different, and every company serves a different demographic. That being said, there are some big red flags that apply to every company, so it is important that you look out for things like this if you can.
Choosing a Bad Partner
This is easily the worst mistake you could possibly make whenever you decide to start your own retail business. If you choose the wrong partner, then this will really bring your business down, probably in the first few years. It may be that they have different goals to you, or that they are not a perfect fit for your company. At the end of the day, you should not let stress or promises of success or even money sway you into making bad decisions with your partnership. Your company will only grow if you have a solid level of groundwork and at the end of the day, initial partnerships are a key part of this.
Having a Bad Location
You have probably heard this time and time again, but location is everything. It is key to your company’s success. Don’t settle for a place that is cheap or good because it is convenient. Instead, you should be trying to invest in a location that is a good fit for your company overall. If you can do this, then you will soon find that it is easier than ever for you to ensure that you are making the best decisions for your company.
Not Investing
A lot of retail owners set up their shop, but then they stop investing. The store then eventually runs into the ground, and this is the last thing you need. If you want to avoid this, then you have to make sure that you are willing to give back to your company time and time again. Think about it, why do businesses play music? Because it engages customers, and it makes them feel more at ease. Investing in a good sound system isn’t hard either, so make sure that you are mindful of this and that you also be mindful of what your customers want from you.
Trying to do Too Much
It doesn’t matter how small your company might be because you will always benefit from having a bit of help. On the surface, you may feel as though your day-to-day operations are reasonable, but you will be over your head very quickly if you are not careful. Managing, marketing, ordering, and selling inventory can quickly take its toll, so make sure that you hire carefully and that you also take your time to delegate tasks. If you can do this, then you will soon find that you are able to achieve a lot of success and you can also do your bit to prevent a lot of burnout too.
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If you’ve been operating a small business for some time you will understand the ebb and flow of sales. When it’s up, it’s up, but when it’s down, it’s really down. Let’s show you some reasons why your sales are dwindling and what you can do about them.
You’ve Lost Your Goals
Many businesses want to just sell as much as possible but this is a very transparent directive. Understanding the why you want to achieve more sales is a far more tangible approach to increasing motivation amongst your sales team. While platforms like Salesforce and the Salesforce playbook can help you with finding clear goals, you’ve got to understand that, if your team is not hitting targets, it’s not to do with the individuals, but the fact that you are not setting clear goals.
Your Workforce Is Unhappy
If you find your employees are not happy, they’re not motivated. If you really want to give your business an advantage, you’ve got to focus on happiness. But what does it take to create a happy workforce?
Making your team feel valued.
Offering competitive benefits and perks.
A better work-life balance.
Not applying pressure.
The latter point is pivotal, and while you may find that if somebody is not keeping up their end of the bargain despite the rest of the team hitting targets, you’ve got to delve deeper into why they are not doing as best as they can. It’s a common misconception that we only look at the last week as a hallmark of performance but this is an incredibly short-sighted but endemic part of in modern sales. You’ve got to look at the bigger picture and if your sales team is not performing, is there a real reason that’s beyond them? Because if you’re applying too much pressure this results in an unhappy workforce.
You Don’t Understand the Reasons for the Sales Slump
It’s not just about performance but about recognizing that there are things that are either your fault or beyond your business scope. For example, there can be a global problem affecting the business, but there can also be other issues that have nothing to do with your sales team. You might not be keeping up with the times, and therefore you could benefit from upgrading your knowledge of the marketing world.
Additionally, you might come to the conclusion that you’re not targeting the right customers. If this is an issue, you need to sort out the problems on the inside and invest in a CRM (Customer Resource Management) system. You can have the best salesperson in the world but if they’re not targeting the right person it’s the equivalent of selling mulled wine to a Mexican.
Your New Candidates Aren’t Cutting It
One of the biggest problems we all make as businesses that focus on sales is giving a new candidate a very short space of time to find their feet. It can take up to 8 months for an employee to fulfill their potential. Give people time!
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People often close doors for learning after stepping foot into the corporate world with a bachelor’s degree. After all, the goal is to have a stable job offering a lucrative salary package and added benefits. But, in this rat race, what we forget is career progression.
You might have a high-paying job at a well-established organization, but what’s next? Don’t you want to climb up the professional ladder? When aiming for career progression, you need more on your CV than your years of experience. So, maybe a master’s degree to specialize in a field of your choice? Besides widening your horizons, a master’s degree can give you better command over the subject matter.
So, why not give a thought to MBA? It is a versatile degree that opens doors to different career paths. For example, MBA graduates can easily bag jobs in finance, marketing, human resource, or consultancy. Similarly, it allows students to pick a specialization and become masters in their field.
Here we have highlighted nine career options you can pursue after an MBA.
1. Business Consultant
Lately, the demand for business consultants has skyrocketed. Companies facing obstacles desire an outsider’s perspective, requiring a consultant to assess the situation and suggest a solution. These people look at the problem from a new perspective, giving valuable advice about how to overcome obstacles. Fortunately, a general MBA degree’s entire curriculum revolves around developing business understanding in students. Hence, it proves to be extremely valuable in the consulting world. It equips students with expertise to gain clients’ confidence.
2. Financial Analyst
The prime job role of a financial analyst is to assemble and examine a company’s financial information. In addition, they have to keep up with data and market trends to identify new business operations. All in all, they have to research macro and micro economic conditions to ensure financial soundness. Hence, an MBA degree can be the ideal training for a career as a financial analyst. It will provide the skills and expertise required to scrutinize a company’s fundamentals.
Believe it or not, many companies hire senior financial analysts right out of college because of their calculable and problem-solving skills. Thus, it could be a viable career path if you are passionate about numbers and statistics.
3. Internal Auditor
Internal auditors provide organizations with an autonomous and unbiased view of their financial and operational processes. They emphasize corporate governance, entailing the rules and policies to regulate and direct the business. Hence, auditors work independently to authorize that a business’s financial statements and matters comply with all laws and regulations. As the role is demanding, they also get high compensation and benefits. As of 2021, the average salary of internal auditors is $77,250.
4. Corporate Finance Manager
Unlike conventional finance managers, corporate finance managers cultivate and manage a company’s budgets. They identify funding sources and capital structure and support different investment decisions. Their goal is to expand shareholder value and establish long-term plans around investment strategies. For this role, you must be well-versed with cash flow strategies, forecast earnings, and financial modeling capabilities.
5. Marketing Manager
Today, both thriving and struggling companies require the expertise of a marketing manager. After all, they must spread the word to build brand recognition in the market. Thus, a savvy marketing manager is nothing less than an asset to a business. It could be the perfect role if you have the drive to craft ideas and strategic marketing plans. You would have to pursue MBA with a marketing specialization to learn the ropes.
6. Product Manager
When hiring product managers, employers look for someone with command over different things. Therefore, having an MBA degree can come in handy. Your advanced business knowledge will help you optimize costs while ensuring high product standards. Likewise, as a product manager, you will determine if the product fulfills customers’ needs. These business skills, combined with number-crunching and critical thinking skills, can help you become a competent product manager. In addition, it will allow you to work with different people, from company executives to IT personnel.
7. Health Services Manager
After Covid’19’s outbreak, healthcare organizations better understand the need for business experts and skilled managers to overcome structural hurdles. They need people who can manage the logistics, procurement, and day-to-day managerial tasks in a healthcare setting. That means you can become a health services manager after your MBA degree. The job role involves maximizing quality while minimizing the costs for patients.
At the same time, you will have to maintain accurate records and ensure the organization complies with regulations. It might seem like a demanding job, but it is equally rewarding. On average, healthcare managers earn $101,340 annually.
8. Investment Fund Manager
Investment fund managers provide financial advice to companies and help them make investment decisions. Organizations often face disagreements over investment decisions such as buying machinery or outsourcing production. Fund managers conduct a cost-benefit analysis to help companies make the most profitable decision.
Similarly, they help expand income sources. Instead of investing 100% of profits in the business, they advise the team to invest in the stock market, financial securities, and real estate. Since it is a specialized field, you will also have to specialize in finance to qualify for this role.
9. Operations Research Analyst
People with an eye for detail can become incredible business research analysts. They help managers determine the best way to allocate the company’s resources to gain maximum returns. Similarly, they create efficient production schedules and methods to ensure no obstacles in the production process. Analysts also manage the supply chain effectively to establish a stable pricing structure. Only an MBA can help build solid business acumen for these diversified job roles. Therefore, opt for concertation in supply chain management or operation management as your MBA specialization.
Final Thoughts
Truthfully, MBA is one of the most recognized degrees worldwide. These MBA career paths represent a few of the many options available out there. From technology and health to finance, there are many other growing fields. As companies continue to rely on business management, marketing, finance, and accounting, the demand for MBA degree holders will keep escalating. Therefore, choose a relevant specialization that fosters your career development.
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If one of the main metrics you were using to determine which platform is the better host for your digital marketing efforts you would probably opt for Facebook as a result of its superior number of active users compared to Linkedin.
However, when you are evaluating the potential effectiveness of Linkedin ads vs Facebook ads it can be a too simplistic approach to base your decision on audience size alone.
Here are some key points to consider when trying to put together an effective digital marketing strategy that involves Linkedin and Facebook as part of your plans.
Audience numbers and demographics
Facebook is estimated to have more than 2 billion active users. Compare that to the estimated 550 million users on Linkedin and it is clear that Facebook has the largest audience by some margin.
However, it is not always as straightforward as simply comparing audience numbers.
Both platforms have unique audience profiles. Facebook offers a way to communicate in a family-friendly way. Linkedin is all about professional networking and collaboration.
If you are looking to penetrate B2B markets, Linkedin is the clear winner. If you are targeting B2C markets Facebook ads are going to be more appropriate. Audience numbers are not that relevant when you look at what either platform offers in terms of market penetration relating to consumers and businesses.
Comparing targeted campaign options
There are definite similarities between Linkedin and Facebook ads. This is due to the fact that they both deliver lead generation solutions. Both platforms offer a lead capture form that prospects can complete from an attachment to the advert.
You could argue that Facebook offers more advertising options. A stories ad campaign, for instance, lends itself to a more immersive experience that is enhanced with a visual demonstration.
A fundamental targeting advantage offered by Linkedin is its ability to offer account-based marketing. Linkedin captures a lot of valuable data when people sign up and create an account. Information such as job title, industry, and company name makes it easier to create a targeted campaign.
What about costs?
The bottom line is that Facebook’s cost per click is considerably cheaper in comparison to what you pay per click on Linkedin.
Facebook tends to be the lowest cost per click when compared to what the other three major social networks charge. The price is relative. You could argue that Linkedin ads are not overpriced when you consider the quality of each lead and the higher ROI that you can achieve.
Facebook may be cheaper but your conversion odds are often higher with Linkedin, so you could argue that you get what you pay for.
Which one is best?
As you can see, the Facebook ads vs Linkedin ads debate is more complicated than simply comparing numbers.
The best solution for your needs depends on the audience you are targeting. It is perfectly possible to make a case for both platforms and the specification for your advert requirements will dictate whether you target potential customers on Facebook or Linkedin.
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Operating a business is not always an easy task. It requires you to stay updated on various trends to remain competitive and significant to your customers. Usually, IT complexity within companies will stall S/4HANAmigration projects. Nevertheless, many companies will find it helpful to shift S/4HANA. This article will provide you with the benefits your company will enjoy after migrating to S/4HANA.
Reduced Ownership Costs
S/4HANA facilitates functions like master data governance and Global Available to promise. From an infrastructural perspective, the reduced boxes to manage translates to lowered maintenance costs. Again, S/4HANA allows a shared infrastructure, thus enabling businesses to eliminate bare metal that needs replacement every five years.
Easy Business Model Updates
Typically, the SAP ECC was developed for business models that have not been forced to change as fast as today’s models. For instance, today’s models are changing to keep up with various influences such as customer expectations, hybrid workforces, supply chain disruptions, and advanced technologies. However, following the increased opportunities to pivot and apply data to new business models, organizations can allow easier model change through SA S/4HANA. Besides, SAP S/4HANA is developed from the bottom up and facilitates how organizations do business now.
Simplifies the Introduction of Acquisitions into the ERP Environment
In the consumer packaged goods sector, businesses add complementary goods to their offerings and expand into new markets by getting smaller brands. Before SAP S/4HANA was developed, companies were required to combine these acquisitions into their core ECC systems. Unfortunately, these activities needed many resources and time to accomplish. The good news is that with S/4HANA, companies do not have to fold acquisitions into their core; instead, they can store them in the SAP public cloud.
Faster and Better Analytical Insights
S/4HANA elevates its performance exponentially, especially running through the HANA in-memory databases. It incorporates an intelligent data design that decreases aggregate data and table redundancy, thus making it exceptionally efficient. Also, the core ERP system provides faster insights and analytics instead of keeping data in the warehouse and waiting for it to load each time you need it. Also, you will enjoy speed insights from the analytics capabilities and business transactions in the same system.
Enhances Forecasting Accuracy
Although they are evolving slowly, embedded machine and AI learning applications are steadily changing in S/4HANA, facilitating improved forecasting, predictive outcomes, and modeling. For instance, a retailer can utilize a Universal Data Element Framework to forecast demand based on historical data. This allows them to pull in third-party aspects like the weather. Therefore, a retailer can develop a model that can predict the demand for a specific product in a particular area.
Facilitates Proactive Assets Management
AI, machine learning, and in-memory databases allow businesses to combine industrial sensors with S/4HANA. This facilitates predictive analysis, especially in receiving alerts if a machine malfunctions and monitoring assets on the manufacturing shop floor. Additionally, the sensors work full-time, constantly monitoring movement, temperature, and vibration.
Also, guided by the baseline measurements, businesses can predict unexpected shutdowns or when a particular machine requires maintenance.
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If you run a retail store, you will want to ensure that you do what is always best for your customers. This is easier said than done, especially when you look at the fact that every business is different, and every company serves a different demographic. That being said, there are some big red flags that apply to every company, so it is important that you look out for things like this if you can.
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