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Monthly Archives: September 2018

Creating A Killer Business Plan

1.) Finding All the Painting Customers You Can Handle. If you know how to do this you got it made and you can make as much money as you want. Whether a small, 1 to 2-man painting operation or a painting company that has a large painting crew, you can make it happen when you know how to find customers.

2.) Knowing How To Estimate Paint Jobs – for maximum profits, this is the second power stroke that should be in a painters marketing plan. When you know how to get as close to the “threshold of pain” as you can get, (the maximum you can charge someone before price resistance kicks in) whether residential or commercial, you can MAX your profits.

3.) Customer Retention – just how much is a painting customer worth to you? When you know that, you will really do whatever it takes to hang on to them. Finding new customers is not always as easy as painting for the existing ones. If they run out of things to paint over time, how many “referrals” can they give you? Why wait 10 years for them to call you again when you can be painting for their family and friends right now?

HERE ARE 3 WAYS TO SQUEEZE MORE PAINTING BUSINESS OUT OF EACH EXISTING CUSTOMER:

4.) Go the Extra Mile – always do a great job and even do a little more to please your customers. This gets you more repeat business and gets them talking about your painting service. And “word-of-mouth” advertising also kicks in, which is the BEST form of advertising there is!

5.) Thank You Cards – sending out thank you cards after every job completed “shows professionalism” and creates more business for us house painters. Plus they see your contact info again and will put it on file for future use.

Concept of Strategic Management

Reforms and changes undertaken by the World Bank supported Sectoral Adjustment Programs have raised serious questions about the way the public services are run and how users are treated. Managers and politicians at the central level have had to rethink about the management of public sector institutions in Bangladesh. Most of the reforms and changes have been based on two main ideas: firstly reduction of public spending and secondly, the market mechanism is a good thing, if a market style of relationship is suitable, it should be introduced. In many respects the public sector is different from private sector. In public sector the activities of the Government are rarely based on the need to attract customers. Prices are not normally set to maximize profits or market shares. Investment decisions are not generally based on prospective profit. Motivation may even be different; earnings do not wholly motivate managers and workers. ” What all this means is that the values require to run the public services are different from those required to run a successful business. For example, it is rarely appropriate to withdraw from parts of the ‘market’ because they are no longer profitable. ‘Customers’ who cannot afford to pay still have entitlements, which they would not have if they were receiving service from the business. Those entitlements derive from citizenship and social policy rather than from cash.

It has been further argued by the management specialists that values of equity and justice have to play a vital role in the administration in a way that would be irrelevant to most business. 16{51bef0338c1434d1c0a7d9be046c2e0668f22ecf97bdaa13e416355c8dd940dc} of total GDP is controlled by the public sector in Bangladesh. Any reduction in the size of the public sector would be a painful job for the politicians. In response to the growing demand for public accountability and improved performance, public management scholars and practitioners have been coalescing for quite some time around the theme of which have been identified by Hood as being, ‘New Public Management is the idea of a shift in emphasis from policy making to management skills, from a stress on process to a stress on output, from orderly hierarchies to an extendedly more competitive basis for providing public services, from fixed to variable pay and from a uniform and inclusive public service to variant structure with more emphasis on contract provision’ Hood.

It is argued by strategists like Joyce, Quinn and others that in the organizations of any size and complexity, it is possible to manage for result in the long or short run without a well-developed capacity for strategic management process to provide a coherent approach to establishing, attaining, monitoring and updating an agency’s agenda.

Joyce claims that strategic management can help new public services emerge. It can do this by helping to decide what should be done and how it should be done and by creating the dialogue and consensus need to make the changes. He further argues that in the absence of effective strategic management, the new public management services will still emerge, but in more haphazard way. Strategic management, when practiced well, can help to call for transformation to occur more efficiently and creatively. He further states that this is not to say that strategic management is a magic word, or that it can be continued on to work perfectly every time. It is certainly not a simple method of bringing about fundamental changes. One of the key challenges for public services management in the years ahead is to find out ways in which strategic management may be developed and applied to ensure that both performance and innovation are achieved in the interest of better public services.

Start-Up Business Financing

Start-ups have always struggled at getting capital before launching their businesses. They have no revenue, no real prospects, no assets and no brand name. In fact all they really have is a hope and a prayer.

Thus, no lender or investor in their right mind would touch a start-up business – and they usually don’t.

But, year in and year out, some 600,000 + new businesses are started each year; according to the Small Business Administration.

These businesses have to get funding somewhere. The question becomes, where?

Each business is different and as such each may find a different or unique way to scrape together the capital needed to launch their company. Some new businesses have to either cash out all their personal resources like home equity, stocks and bonds, deplete savings accounts while some may find investors in their local area or tap their friends and family.

Whatever they do, the bottom line remains the same; small, new start-up businesses can’t get outside capital from traditional business loan resources like banks or other financial institutions.

But, over the last decade or so, there have been some really ingenious and innovative entrepreneurs stepping up to fill this lending gap.

By now you might have heard of peer-to-peer lending where members of a network borrow and lend to each other – cutting out the banks or professional investors.

And, recently there has been a renewed push for a similar form of start-up business financing, termed Crowd Funding.

With the huge popularity of social networking and the reach that this direct interaction can bring to one person’s idea, crowd funding is getting a new foothold in the business world – really picking up since 2008.

Now, crowd funding is not going to provide your new business with millions of dollars in capital like a venture capital deal would or will it provide you with hundreds of thousands of dollars like a bank loan would. But, it could (should if used right) provide your start-up business with enough initial capital to get launched and begin to generate customers and revenue – because, once your new business does start to show some promise or begins to generate actual business, other financing options will open up to it.

Think about the typical start-up business – a business that is only an idea at this point. What expenses will it really face before opening its doors?

Most new businesses have the following start-up costs:

Legal – For incorporating your business or filing for your business registration – usually around $300,

Rent / Lease – $500,

Leasehold Improvements – $600,

Office supplies and office equipment – $1,000,

Web design and marketing materials to include logo design and brochures – $550,

Utilities / Insurance – $250,

Inventory – $300.

That totals about $3,500. Moreover, for those businesses that don’t need inventory or a building to operate out of in the beginning (online businesses), their start-up costs are much lower.

Now, many new business owners end up putting this amount on their credit cards then open their doors and start to build their company. But, given our recent recession and slow recovery, you just might not have the available balance on your credit cards to do this.

In steps crowd funding: Use your social network – those people you know and those you don’t but are friends, followers or fans with – to raise that needed start-up cash.

According to VC Deal Lawyer, based on several reputable publications like the Wall Street Journal and the Economist, crowd funders can typically raise between $2,000 and $10,000.

While this amount will not let your business push a national marketing campaign with a Super Bowl ad this coming February, it should be enough to cover those initial start-up costs – allowing your new business to open its doors and begin to get after paying customers.

Further, and as another solid benefit, most crowd funders are not giving away large portions of their company like they might do with local or angel investors or even with strategic partners like CPAs and attorneys.

In fact, very few crowd funding businesses are giving away equity. Why, because it runs up against the Securities and Exchange Commission’s rules regarding equity investment in private companies (think Reg D).

Instead, these companies are providing their donors or contributors some type of perk or reward – something tied to the business after it gets up and running – like a coupon or sample or even a personal phone call from the owner.

Just image that you get a personal call from the next Mark Cuban before he becomes a household name – pretty neat!

Mid-Year Business Strategy

Principle 1: Sustained profitability

The conditions for generating profits are created when clients value your products or services enough to pay more than what it costs the business (you) to produce and provide them. Strategic planning is your opportunity to define business goals and objectives and devise strategies and action plans with thoughts of short and long-term ROI in mind. Assuming that profits will be inevitable if sales volume and market share are the only measurements of success could be misleading.

Principle 2: Value proposition

Be certain that what company leaders consider to be the value proposition—that is, the most desirable benefits—matches what target customers consider to be the value proposition. Do not attempt to produce and offer products and services that you expect will be all things to all prospects. A business needs strategies that allow the venture to compete in a way that allows it to effectively and efficiently deliver what its most loyal customers feel has value.

Principle 3: Competitive advantage

Those highly desirable benefits that sustain the value proposition must be reflected in and supported by strategies that shape them into sustainable competitive advantages. The successful enterprise will differentiate itself from competitors through not only the products or services offered, but also how those are packaged and/or delivered, customer service practices, pricing, branding and so on. Those unique features and practices will matter to current and prospective customers. Nevertheless, the company’s business model may resemble that of its rivals.