Risk management is a identification process of upcoming threats and danger to an organization. In an organization risk can enter through many ways, it can come from project failure, financial market, an accident in organisation such as flood, earthquake, cyclone, power failure, public health and safety and legal risk etc. Risk can be low to medium, or medium to high. It is difficult to say that an organisation can solve all the upcoming risks to the organisation like earthquake, we can just assume that earthquake can damage the business, but we cannot say how much, but there are some alternatives of upcoming threats like in power failure we can use generator to keep running the business. The purpose of risk Continue reading
Business Articles
Why You Should Be Balancing Your Books Every Single Month
Call it a habit or just refer to it as downright procrastination. A lot of business owners, MBA holders and other business professionals only contact their accountants on two occasions: during tax season and when something goes wrong. It’s easy to guess that your business is swimming in money and that all your accounts are paid if you simply glance at your books and balances on occasion. However, only certified accountants or online bachelors of accounting graduates know what is necessary to reconcile all your business accounts and how to maintain a proper paper trail. You may not need to have a company-wide audit, but you should be aware of how all your business funding is being saved, spent, and Continue reading
7 Things to Consider When Choosing a Location for Your Business
One of the most important things before starting business is to choose the best place the business is to be started because in the first step or question before starting a new business is ‘Where to start the business’ because the finance is required when the plan of the business got final. Following are the tips and factors which needs to be satisfied by the person going to start a new business and is in the process of choosing the best location: 1. Nature of the Business Before choosing a location for a new business the owner has to understand the nature of the business and then he should choose the area that whether the community of the vicinity is Continue reading
When Your Company Should Seek Help From The Outside
There’s no reason you should do it all. Everyone needs help once in a while. Days are jam packed with meetings and checking off to-do lists. That leaves little time to nurture your business and employees. There’s no shame in working with a person on the outside to help you grow your business. Do yourself a favor and stop doing it all alone. Work in teams and build partnerships outside your company to stay ahead of the curve. Don’t sell yourself short just because your schedule is busy. Find ways to work around it and still succeed. See times when your company should seek help from the outside. Marketing Marketing is a large undertaking. There are various forms of marketing Continue reading
How To Make Your Small Business Stand Out
There are many small businesses out there, but they’re not all the same. It’s important to distinguish yourself from the competition right away. Avoid getting clumped together with all the other guys. You have the power to communicate your uniqueness. Doing nothing will only keep you invisible. You have to take action and constantly be brainstorming ways to offer a distinctive edge. You have to want to be the best to get to that level. Unfortunately, there are no shortcuts, but there are techniques that’ll get you to where you want to go. See how to make your small business stand out. Business Cards One way to differentiate yourself is with your business cards. Go online and choose or create Continue reading
Business Model – Definition, Components, Role and Importance
Business model describes entire procedure of creation, delivery, and capturing of organizational values in both economic and social aspects. It represents core aspects of the business which include strategies, organizational structure, purpose, operational processes, policies, infrastructure, and business practices. Entire functioning of the business is based over this business model as it provides guideline to the organization to carry out all its activities. Thus there is a need to define business model of any organization at first in an explicit manner to avoid all the discrepancies at first end. Business model directly focuses over customer needs as it is this particular aspect along with product differentiation strategy, i.e. to introduce new product to make sure that company is able to Continue reading