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Business Planning – Short Term, Medium Term and Long Term Goals

Friday, June 3rd, 2011

As the owner or executive of a business, you have business goals. You have your 5-year goals or your long-term goals, and then there are steps along the way to reach those goals: medium-term goals and short-term goals.

If you were a retailer you might have the following goals:

Short term: sell a certain amount each sunny day, a certain amount each rainy day, a certain amount each holiday, weekend and weekday.

Medium term: Identify your best suppliers. Establish relationships with the most efficient, timely, reliable and innovative suppliers. Attract a higher number of baby boomers than your competition.

Long term: Continue to create innovations in the marketplace that can set you apart from your competition, such as innovative loyalty programs or bleeding edge point-of-purchase technology.

In business planning and business performance management, key performance indicators (KPIs) are fundamental to knowing where you are in your path towards a certain goal.

This is what Wikipedia says about KPIs:

A performance indicator or key performance indicator (KPI) is a measure of performance. Such measures are commonly used to help an organization define and evaluate how successful it is, typically in terms of making progress towards its long-term organizational goals. KPIs can be specified by answering the question, “What is really important to different stakeholders?”

Wikipedia mentions long-term, but that misses out on important short-term and medium-term goals which I’ll explain shortly. The other key term here is “stakeholders.”

Each goal, whether short-term or long-term, has different stakeholders.

If you have daily retail sales goals, then a store manager has to have access to data that shows him or her in real time what’s going on in the store.

If you have quarterly or yearly goals vis-a-v?s your suppliers and different customer segments, then an operations person or sales director needs access to information that shows how you’re doing along these paths.

If you have long-term plans to create innovative solutions and become a market leader, then the CEO or owner needs access to key data to know how you’re doing against these plans.

Different time-frames, different stakeholders, different goals, different KPIs.

What tools are available to help you along the path?

David Abdo wrote a post entitled “Business Intelligence Software: Who Is It Really For?” where he argued for the democratization of business intelligence software across the enterprise.

The existence of a multi-tiered goal structure as illustrated above implies the requirement of a company to implement a business intelligence tool that’s accessible to all people within the company.

What are your thoughts on the matter?

For more information on how to implement a business intelligence tool to navigate your way towards your goals, click here to sign up for a free webinar!

Fernando Labastida is a communications specialist for KPI Online [http://kpionline.bitam.com]. He blogs about how small and medium sized business can improve performance with Business Intelligence software.

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Tags: amount, business, competition, goal, indicator, innovative, intelligence, key, kpi, long, performance, plans, software, tool, wikipedia
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Fund your New Business Venture With Loans

Wednesday, September 29th, 2010

In order to kick off a jump start in the business world, you need a handsome amount of running capital along with proper planning and adept man power. You may have a nice business plan and enough human resource to execute it. But you lack the capital needed to give shape to your business vision. Well, if this is the case, you can raise necessary fund for the running capital with new business loans.

New business loans are taken by the businessmen who are going to start a new business venture. These loans are highly useful for the businessmen who lack in start-up capital to open a new business. So, these loans can be an ideal choice if you are looking for funds to start up a new business. Due to the availability of these loans, your desire to expand your business by conquering new field can easily be fulfiled.

To launch a business you may need to buy machineries, equipment, business plant etc. With the fund advanced by new business loans, you can easily carry out all these purchasing. This loan provides freedom of usage making it possible for you to fund any of your new business need with it. Whatever way you use the loan, it can help you make a mark in the business world.

New business loans are available in both secured and unsecured type. You can take the secured one by offering collateral. In UK, a house has better acceptability as security, though any valuable asset like car, jewellery, etc. can be used for the purpose. Secured new business loan is basically a long term loan with big loan amount, small repayment instalments and competitive interest rate.

The unsecured new business loan is available without collateral. It is typically a short term loan. It may not carry as flexible terms as the secured one. But it attracts borrowers due to its risk free nature. You can ensure better profit from your business by financing it with any type of new business loan.

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Start Your New Business On A Virtuous Cycle With Promotional Giveaways Under $1

Thursday, September 2nd, 2010

There are a ton of small businesses across the country that are trying to get the word out about their brand. Either they are relatively new companies that are just starting to break into their industry, or existing business that are strapped for capital. In both these cases, promotional products could greatly benefit the growth of the business. Yet, these companies have a very low budget to spend on these items. If you own a business and fall into one of these two categories, then this article is for you.

The real solution here is to find promotional items that have a very low cost, yet still a strong enough advertising value to resonate within the demographic that you are trying to appeal to. Enter promotional giveaways under $1. There are a ton of items that any business owner can choose from in this category designed to give small businesses a chance to grow. You will be able to invest in some of these items, and impress your potential customers and clients at trade shows and promotional events without having to break the bank to do it.

Once you build up some business, then you can consider purchasing some higher quality promotional items in order to repeat a virtuous cycle that will allow you business to continue to develop. Let’s consider a few categories of under a dollar promotional products to see how they can help you achieve your goals.

To start, one of the most popular and successful categories of cheap items exists in promotional pens under $1. The small business owner will easily be able to find writing utensils that exists for as low as 11 or 12 cents, so you can maximize the quantity based on your limited budget. These cheap writing instruments are so fantastic because of their universal demand. You only need two functions in a promotional pen: the ability for it to write, and your imprinted logo to appear. Everything else is gravy when it comes to pens and pencils, and people will appreciate these all the same.

These pens will be carried along in the purse or pocket of the recipient, and will be taken out for use in the public where an exponential amount of new potential customers will be able to see it. The advertising potential is infinite while the amount of money your company has invested is next to nothing.

Another excellent group of promotional giveaways under $1 are stress relievers. The key to these custom stress balls under $1 is entertainment value. If you can offer your customers an item that will provide them with some fun, then the cost really does not matter. You will be able to find plenty of promotional stress relievers for less than a buck, so you can have the opportunity to distribute a whole bunch.

There are endless amount of themes to choose from, and many are sports related. You can appeal to any market that exists with this item, and especially those at outdoor events. Any sports game or company picnic is the perfect occasion to offer people these cheap stress balls as a way to get them excited about your brand.

Finally, consider promotional food products under $1 to create a positive buzz for your company. The reason why this category is so great is because it provides the recipient with an instant satisfaction that they will automatically associate with your brand. You can find certain candies and chocolates for as low as a nickel a piece, so this is truly a bargain that can’t be beat. Each candy will come individually wrapped in a packaging that contains your imprinted logo, so the promotional value of the item won’t be lost once the food is consumed. People appreciate items like this at trade shows and company events since they are sure to get hungry throughout the day. They won’t care how much it costs as long as it tastes good.

There are plenty of other promotional giveaways under $1 that you can choose from as a small or new business owner. Once you start the sequence of marketing your brand through promotional products, you will start to see a positive growth for your business that would not have been able to generate without the benefit of these items acting as a catalyst.

Daniel Namm is an e-marketing specialist for Motivators, Inc., a Long Island based promotional products distributor. The company’s website, Motivators.com boasts over 40,000 e-commerce enabled promotional products. Check out the latest selection of promotional giveaways under $1 to create the best marketing value for your new brand.

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New Business Loans: Grow and Become a Big Name in Business

Tuesday, August 24th, 2010

With so many expenses to take care of while starting a new business, it takes a lot of capital to manage everything. The new businessman may not have the requisite amount but that should not stop him from initiating something when he has New business loans by his side.

Various expenses related to starting a new business may include the registration of the business, opening franchises for the business, buying new machines, renting a site for the business. All these expenses can be done with money obtained through new business loans.

New business loans can be secured or unsecured as per the need of the businessman. If the businessman needs a small amount, then he can opt for unsecured new business loans. For this he will not have to pledge any of his valuable collateral for a small amount. The term of repayment for unsecured new business loans is shorter of upto 10 years.

For bigger amounts, it is suggested to the lender to borrow secured new business loans. Collateral will have to be pledged but this will entitle the borrower to get lower rates of interest. He will have to pay lesser amount as interest on the loans. The term of repayment for secured new business loans ranges from 5-25 years.

While borrowing new business loans, the borrower should take care about various aspects like the market reputation of the lender or lending agency, any hidden costs or processing fee, early repayment fee etc. The necessary precautions should be taken for the prevention of any hassles to the borrower in the future.

Bad credit borrowers can also avail new business loans. The rate of interest offered to them is slightly higher but that can be lowered by researching online. Low rates are available due to the competition in the online market. These rates can be compared and lowest rates be obtained.

New business loans provide opportunities for the borrowers to lay the foundations of a big venture and establish themselves in the field of business.

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