Articles in the Featured Category
I was recently invited by one ‘Fitness company’ to advise them on how to cut the losses. One of the ways devised by them were to appoint franchisees so that they can have economies of scale for buying equipments and marketing expenses. Now that the company had decided to expand through franchisee route, the whole focus of the said company was to find people, though acquaintances or any other other means who would be their potential franchisees. I had no problems in this strategy, which perhaps was a good and viable option. However, I was my concern was they were missing an important piece when you are expanding your business. In my assessment, they needed to expand their bandwidth at the top and it was necessary to think about composition and functioning of the board. The kind of milestones the company intended to reach would be near to impossible to achieve without a proper board.
Often I see entrepreneurs or small business owners moaning about lack of “enough business”. Some are more crude – Can you get me a customer? Or, can you email our brochure to all your contacts? I try to be as polite as possible on such requests, but many are offended as to why I am not helping them! The thing is that if I am not convinced about their work, I have no choice but to gently decline. Interestingly, when I quiz them back on their sales or lead generation plan or process, their answers run on these lines:
-Attending random events (some of which have same visitors coming repeatedly or the percentage of target customers is very low)
We had advised earlier to Clarify Your Goals in a previous post here. But then temporary clarity using a few smart technology tools is not good enough in these “interesting times”.
Especially when you are in a critical business situation and decisions need to be made among a series of contradictions.
Often, we find ourselves overwhelmed with a large number of exciting options, immense possibilities, conflicting opinions, changing priorities, shifting bottlenecks, fluctuating market scenarios and unpredictable customers!
Test your situation with this TEN-QUESTION-TOOL to re-engineer and transform your situation into a workable strategy and clear-cut plan!
Praveer Shukla is an advertising and marketing professional with 35 years’ experience in India, Hong Kong, the US, and Oman. His clients have included Dupont, ITC WelcomGroup, ITC Golf, Uncle Chipps’, DCM,Escorts, Star TV, Rajasthan Tourism, Kashmir Tourism, The Oberoi, Milkfood, HM The Sultan of Oman, HH Mahesh Maharishi Yogi, among others.
He is sharing some of his “secrets” here and introducing his company, Onetree Content.
He says, “Unlike earlier times, today, a brand is not recognized by its trademark, mission statement, logo or slogan. That kind of branding went out of the window around the time that electricity was discovered. “
Days Sales Outstanding (DSO) is your company’s average collection period.
The smaller this number, the faster you are in collecting money from clients.
Depending on the nature of your business (for example, number of transactions, customer profiles, and competition), you may choose from a variety of strategies and tactics to reduce your Accounts Receivables Average.
The deadline for filing Corporate Tax Returns for FY 2008-9 in India, September 30, 2009, just passed by. This date was known a year back.
Many businesses did not file the returns on time, and would be paying late/penalty fees!
Accountants and Business Owners “know” about this deadline much in advance. But, the balance sheet is finalized on the last day, after days of frenetic late night error fixing by the accounting team and auditors. If you have a relatively large-volume business, the COST of such an approach could be HUGE