• What is a business analyst?


    A business analyst works in many industries and thrives in a changing business environment. A business analyst improves business processes, plans elicitation activities, manages requirements, negotiates with stakeholders and compares and confirms solutions. A business analyst acts a as a liaison between stakeholders. They need to understand business operations and how organizations function. A business analyst uses investigate skills to determine the problem. Analyzing different types of information. Given the problem to solve, the business analyst identifies the best course of action for the business to take. Identify the best solution that delivers the most value to the organizati...
  • What Makes A Good Leader?


    Business Leadership Owning your own business makes you the boss by default but a leader is more than that. Leadership is about earning the trust and respect of employees through by supporting them. It is about what you can do for them and acting in a way that inspires them to perform. Good leaders tend to have similar qualities. Adaptability Change happens. What worked before may not work today. Just because it is the way we have always done things does not mean it is right. Look for new opportunities to become better. Appreciation Providing positive feedback regularly boosts your employee’s self-esteem. It shows you are paying attention and you care. This works for customers al...
  • What is overhead and why should you try to reduce it?


    Overhead is the total expenses paid by the business. It is the expenses paid to keep the business running day-to-day. There is no way of getting around it. It must be paid for the business to generate any profit. What makes up overhead? Rent, wages, insurance, legal fees, supplies, taxes and utilities are all examples. Overhead costs can be grouped into either administrative or manufacturing. Administrative overhead includes anything that supports other areas of the business some of this includes admin staff wages, office equipment, supplies and travel expenses. Manufacturing overhead re all costs in order to create a product or service. These costs are much more visible. They ca...
  • What is benchmarking?


    It is difficult to understand how well you are performing unless you measure. Benchmarking allows you to determine how well you are performing by comparing your numbers to an average of others. It is used often in sales and operations. Benchmarking forces management to look beyond its own company and see what others are doing. Benchmarking is a proactive discovery method. You can compare your business externally with industry data or internally by comparing different teams, locations and departments. For industry data, it is best to compare against companies of the same type within the same industry. What may look good in one industry may be horrible in another. You look for what ...
  • What is a Statement of Work?


    A statement of work defines the work to be done for a project. It defines all the requirements to client. It includes what must be delivered, how and when it must be completed by. These are all the projects deliverables. A statement of work is often used between a client and supplier. It should not be a template. It should be custom to the client. It is often a few pages in length and it must be well written, clear, and concise with little ambiguity. It is the first deliverable the client receives often soon after an initial meeting with the client. It confirms the understanding of what was discussed. It tells a story by giving the background of the situation and what needs to be d...
  • What is appreciative inquiry?


    Appreciative Inquiry is all about making change. It looks to the positive strengths to make change happen. The leader has to motivate and empower followers in order for the change to occur. Often when businesses or individuals have a problem they seek to find what is going wrong and focus all their efforts at resolving the negative. Appreciative Inquiry turns this on its head by finding what is working and focusing all efforts on make the positive even better. There are four stages of appreciative inquiry Discovery, Dream, Design and Destiny. (Daft, R. L. 2014 P.467) Discovery looks for the strengths to find what is working. Dream this allows us to imagine a world in which the organizat...
  • What is social responsibility and what are the benefits?


    Social Responsibility gets businesses to think externally and look for ways they can contribute to the community. The goal is to preserve our natural resources and show your business is committed to improve the local community. There are many ways small business can adjust to open up to social responsibility. Waste Reduction Using green can and recycling can greatly reduce the waste produced. Less printing and use electronic formats. If the business is in the food industry a better, handle of inventory tracking to limit wastage. Reduction in Energy Usage Using appliances and electronics with better energy ratings. Using efficient light bulbs. Contribute To Global Causes Focus on a...
  • What is the balanced scorecard?


    Balanced scorecard is a strategic management tool modeled after successful organizations. It was found that successful businesses have clear vision and do not only rely on the financial performance to determine their success. The balanced scorecard brings a balance between financial and non-financial measures. It is made up of four perspectives, financial, customers, internal processes and knowledge and growth. These four perspectives act as four legs to a table, all must be working together or the company will lose balance. Balanced scorecard allows management to make better business decisions. It makes it easier for the business to find areas it needs to make improvements. It giv...
  • What is Supply and Demand?


    Supply and demand are what makes the market. Supply is how much the market is able to provide. Demand is how much a product or service is desired by buyers. Demand comes from how much quantity buyers are willing to buy at a certain price. Supply and Demand have key relationship. Demand relationship, price and quantity demanded relationship. Supply relationship, producers willing to supply at certain price. Price affects supply and demand. In this market economy, it rewards efficient use of resources. The law of demand All things being equal, the higher the price the lower the demand. Buyers are less likely to be able to afford the good so they will either save their money or spe...
  • How to Write SMART Business Goals


    All companies no matter the industry or size must create business goals to keep improving. Goals helps steer your business in the right direction. The best goals are SMART. They help you to achieve business success and identify what’s most important. SMART goals is an effective method used by successful business owners to consistently reach their business goals. Allows you to go from general ideas to creating an action plan to achieve real results. SMART Goals are Specific (clear, distinct, unambiguous) Measurable (quantitative, significant) Achievable (attainable, feasible) Relevant (important, related) Time bound (time sensitive, ending) Smart business owners know the ...