August 2012 | business degree

Monthly Archives: August 2012

Why Study It, If Your Not Going To Use It !!!!

Why Study It, If Your Not Going To Use It !!!!

Why Study It, If Your Not Going To Use It !!!!

This is a serious question that each and everyone of us should ask themselves, What did you do with your bachelors degree? How did you use all the knowledge you gained from your professors? Well if ask me I don’t think it should go to waste, Here is one endless dream: Once upon a time I was a student attending Business School and wondering when it will end so I could start my career as a business consultant and have all the money in the world, pause that dream for one second… Did you know that your dream to be successful is not only yours but a million others around you, so now instead of continuing that dream we are about to adjust it…

Once upon a time I was a student attending Business School who made notes of the classes I took to use them later on in pursuing my business career, the first subject I took was Micro-Economics which is the study of how societies make more with less to produce valuable resources to distribute products different types of people. Lets brain storm together why study Micro-Economics maybe… because it helps us save money from our earnings to invest in our lives, people in some countries are seem illiterate to the laws of supply and demand, what else could be a possible reason for you to study economics maybe because technology has become an important role in life it has shaped our entire universe, or perhaps because without economics we wouldn’t understand the cause and effect relation between inflation and employment or any other major factors out there.

You could brain storm all day long with economics, its one of the broadest subjects out there its main purpose is to feed the minds of different ideology which means that each one of us has a different perspective to how they want to run their business or company which is understandable because mankind is born differently but there are things out there that act like a changeable variable in our algebra equation, such as resources, prices, people, tastes, or thoughts etc…

There are also constant variables in this equation as well, there are two ideas in economics that will always be there to haunt us no matter how far technology goes or how much people change, something just have to remain the same, and these to thoughts haven’t changed since economics was discovered by the Greek Ancestors, the first is there are some people who see the world from the resource point of view meaning that when resources are scarce the society should use them efficiently till they find away to redeem more resources. The second are the people who see the world from the people’s point of view meaning the people’s demand is so high leading the scarcity of resources, so people should reduce their demand level to apply with countries limited resources.

Those are some good notes you took up there, if you try doing that for each class you took or chapter you read just think where would you be right now, probably climbing up the worlds largest success ladder.

What Comes to Mind when You Hear….

What Comes to Mind when You Hear....

What Comes to Mind when You Hear….

I’m here to ask you this time around I’m tired of answering and i have a few questions that i would like an answer to: As a business owner you consistently have to keep asking yourself a billion questions over and over again, its endless chain because the world around you isn’t stable, what are some factors that could cause you to be confused all the time?, why don’t you just stick to one plan instead a million?, who out there has to deal with all the changes you deal with, how do your customers feel, or where does your mind take you when you here Operations Management?

well while you answer in your own way i have a theory as well, The factors that change around us aren’t limited they can include products, services, consumers, time value of money, or competitors etc.. sticking to one plan means you’ll never flourish to get that opportunity of a life time to rise with the market but instead you’ll find yourself in debt after a while…your consumers make the change for you people dealing with it are like me and you business owners or just competitors…your customers will always have a specific vision in their heads that you might not be able to achieve but that’s okay because they always have a backup image the one that you make for them with a price to fit their needs.. thinking of operations management i know i put my foot into a big pile of products and service adjustment and changes.

So what is the solution you ask its simple, read about operations management and be careful with every stage because they all complete each other like a sort of cycle that turns round and round, Operations Management is the part of your organization that is responsible for producing goods and services, it also traces feedback from consumers to see the level of satisfaction they are at, so they can improve quality and cost. There are Three main steps for operational management Design, Operation, and Improvement of productive system…

Design is the number one aspect in a products feature, along with packaging there the first impression for the product if the wrapper of a candy has two people killing each other on it would you rather buy that or buy a regular candy bar with a shiny package, for me i would go with the second one maybe many people may not agree with me on that but almost 95% of the population would, its described as the plan to reach the consumers hearts and the firms goals.

Operations as the second step it falls after design placing number two on your to do list, the operations here refer to the management of the product phases from top to bottom are also referring to the look out for competitors and it doesn’t stop there be aware of the time value of money along with comparison to you competitors try to always be the middle price.
For example: lets say there is a coffee maker at store x for 10 dollars and at store y its for 11 dollars then you fall in between you sell yours for 10.5 dollars.

Improvement of Productive System the last and easiest step to do, here after all the hard work is done and your product is in the market you should look out for feedback actually you should go look for it yourself, after feedback from your consumer comes back you take that feedback put the good in a pile and the bad in another after sorting them out turn the good into excellent and then the bad into good, and that’s how the process keeps moving for each product you distribute.

For More information about Operations Management check in again I’ll be adding some more great information and advice.

The Number One Do On Your List

The Number One Do On Your List

The Number One Do On Your List

Each and every business has a do’s and don’t’s list which is like a journal where you write down all the things you want to do and see if they will work out for you in the environment your planning to be running your business in, to do so you have to make a chart but not any kind of chart: it should be the activity based chart this chart distributes the activities, management, and costs of the company. First step to apply this chart correctly take out your financials and start by making an activity based costing also called ABC chart this will help you :

a) Allocated the money in the right place.
b) It determines the cost to perform activities yet it doesn’t reduce cost or create more cost its all based on the financials you have for the project.
c) and Forms the basis for process improvement this leads to the second step

Second Step:

Activity based management this step is also called ABM it evaluates the cost and value of activities to identify opportunities for improvement, it identifies value added and non-value added activities and works on enhancing value added ones while reducing non-value added ones, usually to do that sufficiently make a list of all the departments you have and start thinking of each separately and asking yourself are they value adding or non-value adding. for example make a list like this:

Activity value adding non-value adding

Material handling yes no

HR department yes yes

Set-Up no yes

Packaging no no

now this a bit confusing if you get a double no or a double yes then that department is half good and half bad so what you have to do in that case is draw up all the problems you believe aren’t causing you to be satisfied with your department or product, and then try and figure solutions out. You could also hold a meeting and discuss all the things you don’t like with your staff and see if they have any ideas as well. After you make this list ask yourself a couple of really important questions like if i changed this activity would the consumer enjoy it?, does changing this activity help the organization reach its goals? always keep the questions coming because that will also help you realize any other weaknesses you might have in your firm.

In the ABM Step there are several functions it takes the liberty to perform as such,
– Make your activity analysis ( the list above)
-Identify your cost
-Identify opportunities for improvement (all discussed in the above paragraph)
-Identify the root cause of the problem dig so deep inside each activity you write down and don’t just cure the symptoms no you have to fix the problem and like i said earlier ask yourself as many questions as possible.
-Estimate the costs of fixing those problems and evaluate how much you have saved.
– Make the changes and evaluated the results if all works well repeat it all again for a different activity.

The Last and Third Step is how to implement both the first and second step together in one plan:

this step is called ABC/ABM implementation meaning putting your knowledge from step one into step two to get a better organizational culture, start looking at the firm from a deeper end and willing to provide change, it helps enlarge the firms communications and brings upon teamwork, as well as wrapping up the scope of your project into one chart starting with resources ending with goals.

This is a great method for businesses with trouble if you try it out and it doesn’t work then your firm is already well on its way but is just going under a bit of pressure which happens to the best of companies.

Pros and Cons of Business Life

Pros and Cons of Business Life

Pros and Cons of Business Life

Every little inch in our life and our bodies has its own pros and cons some are visible and some aren’t. But in the business world there are many mistakes that have been made by early entrepreneurs which we are learning from today, the motto they all follow is ” Management before Business” meaning the best way to get your business running is by creating a strong bottom block of managing, managers, and management skills.

Global Business Management has many branches but the most important and frequently used is Strategic Management because it binds together a set of managerial decisions with the actions taken to determine and achieve the long run performance of the corporation. This branch includes some important tasks to study the business environment very well, it scans the internal and external environment, formulates strategy and implements it, as well as evaluating and controlling the strategy results.

This cycle has to be undertaken in a specific technique meaning that you have to follow a sequence of four small phases in order to get the results you want:

1) Start by drawing up your financials all in a small black book where you will perform your basic financial planning process.

2) Then you forecast those financial draw ups that you made also in the form of a forecast-based plan.

3) Next you make your external planning chart to see the opportunities strategically from many different points of views such as location,size,financially, or demographics etc…

4) Finally combine the four tasks we mentioned earlier about strategic management to make the perfect strategy.

As successful as this maybe keep in mind that your strategy should be updated from time to time because like the time value of money changes so do consumer tastes , and market prices always be aware of those changes and continuously update your strategy so people won’t get bored and leave. This is called Strategic Flexibility where you shift from one strategy to another according to changes around you.

I can assure you that there are more benefits (pros) than risks (cons), some of the benefits that you’ll find from building up a continuous strategy are clearer vision for where your firm is headed, a great focus on what is important, acquiring understanding skills of the changing environment, improves organizational performance, ties between strategy and changing environment, and most important helps keep business balance in an unstable environment.

However the risks you could encounter are rapid climate changes in the environment such as litigation risk, reputational risk, product and technology risk, also you could face globalization impact where too much globalization isn’t healthy in changing environments.

Like I mentioned earlier the pros are greater than the cons if you start your business right then you won’t have to worry about a thing, you’ll be set the most important thing to keep in mind is if your bottom block is strong then anything that happens in the middle or at the top is fixable because the base holds it all.

You Failed Because They Made it Boring

You Failed Because They Made it Boring

You Failed Because They Made it Boring

When hearing something for the first time you get an impression, that impression is called the first impression meaning you either make it interesting and worthwhile or you just go home. First impressions apply for everything: people, job interviews, relationships, and advice. The advice I’m bringing your way today is not because you read an article that bored you or a professor that tortured you means that what they were saying wasn’t important but what was wrong about there presentation was there “first impression”.I want to give you a taste of my own first impression and i want you to be the judge if I’m the same as both the people i described earlier then I’ll stop offering advice and get help myself.

As you all know that being a business owner is a tough job and requires so much time and energy well by following a few easy steps you’ll be on your way to starting your business, every business is shaped like a pyramid needs building blocks and usually the strongest are at the bottom because they hold it all together, if your base is wrong then the whole business is wrong.

#1 Base is Organizational management, and I’m not going to lecture you by saying management is the process of coordinating work activities efficiently and effectively etc… what i want you to do is break down that definition into three important words you’ll be using through out your entire business career : process, efficiency, and effectively. Process is an on going function engaged by all employees especially managers, efficiency is using less to achieve more ( less input more output) , and effectively is attainment of your goal in the correct manner.

#2 Base Divide your organization into a pyramid chart your bottom base would be the Non-managerial employees such as Accountants,Human resources, Staff, Labor, Maintenance, Cleaners etc.. The second level base is for the First Line Managers those whom that manage the work of the non-managerial employees such as Head of Accounting department, Head of Human resource department etc…. The third level base is for the Middle Managers those whom manage the work of the First Line Managers usually there titles as regional managers, project leaders,or division managers etc… The fourth level base and the last are the Top Managers those who are responsible for making the organizations wide decisions and the establishment of the goals and plans that affect the organization as a whole, such as CEO, COO, President, Chairperson , or Executive President.

Those are the first to bases to business success without getting bored a guide you can implement in ten minutes hassle free, don’t waste your time with those big words just get straight to the point and start your business right today.