Blog | Business Leaders’ HeadsUp!

Market Assessment Series: Part 7 | Extraordinary Business
in Blog, Business Growth

Market Assessment Series: Part 7 | Extraordinary Business

by Fatima Mansoor

Question 7: What sort of margins are expected in the new market and how do these compare to the overall margins in our company? In the previous article we discussed the matter of sizing up competitors in the new market. In this seventh part of our market assessment series, we’ll look into another crucial aspect – profit margins.

31

Jan
2017
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Credit: Getty Images
in Blog, Innovation

How Small Business Owners Are Leading the Country in Innovation | Extraordinary Business

by Rick Meekins

Recommended Reading: How Small Business Owners Are Leading the Country in Innovation If you have been in business for a while, you and your staff probably have had some great ideas about how to improve your business. The interesting thing is, you are not alone. As a matter of fact, according to Patricia Greene, Professor of Entrepreneurship, Babson College in her article, “How Small Business…

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Jan
2017
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Accounting Software Solutions for Small Businesses | Extraordinary Business
in Blog, Financial Management, Software

Accounting Software Solutions for Small Businesses | Extraordinary Business

by Ravinder Kapur

Every small business needs an easy to use and reliable accounting software that tracks the company’s finances accurately. Entrepreneurs cannot afford to spend a great deal of time on monitoring their firm’s accounting records. What they require is a robust software package that is capable of providing the reports and data needed to run the business efficiently. Fortunately, there are a number of high-quality small…

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Jan
2017
Market Assessment Series: Part 6 | Extraordinary Business
in Blog, Business Growth

Market Assessment Series: Part 6 | Extraordinary Business

by Fatima Mansoor

Question 6: Who will our competitors be in the new market? Why do customers buy from these market players? And above all, what do we need to do to make them buy from us? In the sixth part of our market assessment series, we’ll discuss one of the most crucial aspects of entering any market – the competition. Who will your company, your products and…

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10

Jan
2017
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Making a Case for ‘Insourcing’ Jobs | Extraordinary Business
in Blog, Staffing, Team Building

Making a Case for ‘Insourcing’ Jobs | Extraordinary Business

by Rick Meekins

There has been plenty of conversation lately around outsourcing jobs, with the topic being a primary talking point during the recent presidential election. Moving jobs overseas has much-discussed benefits, not the least of which include lower costs. However, in our new geopolitical climate, research shows that there are plenty of reasons — profitability being a key motivator — for insourcing – to return these jobs to…

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3

Jan
2017
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Cash Flow Management Strategies that Actually Work | Extraordinary Business
in Blog, Financial Management

Cash Flow Management Strategies that Actually Work | Extraordinary Business

by Ravinder Kapur

Every business owner needs to monitor his company’s cash flow very closely. In large organizations, this task is usually delegated to the CFO. Even if there is an entire department handling a company’s cash resources, it is essential for the CEO to remain directly involved in this activity.

27

Dec
2016
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Market Assessment Series: Part 5 | Extraordinary Business
in Blog, Business Growth

Market Assessment Series: Part 5 | Extraordinary Business

by Fatima Mansoor

Question 5: What are the different market segments? Do we need to enter in all or just a few of these segments? Which segments are expanding and which are shrinking? Market segmentation is a crucial part of a marketing strategy, especially one being utilized when entering a new market. In this fifth part of our market assessment series, we’ll discuss the importance of market segmentation.

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Dec
2016
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Building Your Business Brand One Step at a Time | Extraordinary Business
in Blog, Branding

Building Your Business Brand One Step at a Time | Extraordinary Business

by Ravinder Kapur

Every business needs to establish a strong emotional link with its customers. The best way to do this is to create a business brand that conveys those qualities that you want your product or service to represent. Companies like Apple, Google, and Microsoft have built brands that embody their corporate values and which help them to attract new clients. A business with an effective brand…

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13

Dec
2016
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Market Assessment Series: Part 4 | Extraordinary Business
in Blog, Business Growth

Market Assessment Series: Part 4 | Extraordinary Business

by Fatima Mansoor

Question 4: What are the new market’s buying habits and how can these be exploited? Knowing the buying habits of a market is critical for any business hoping to sell in that market. This is what we’ll discuss in this post, the fourth in our market assessment series.

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Dec
2016
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How Small Businesses Can Use Data for Decision Making | Extraordinary Business
in Blog, Management

How Small Businesses Can Use Data for Decision Making | Extraordinary Business

by Rick Meekins

The ability to analyze and deploy business intelligence (BI) data is increasingly becoming a competitive differentiator in today’s marketplace. By 2018, most business users and analysts will have access to self-service BI tools, Gartner projects. Companies that use data are five times more likely to make decisions much faster than the competition, three times more likely to execute decisions as intended and twice as likely…

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29

Nov
2016
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Why Your Best Employees Leave | Extraordinary Business
in Blog, Staffing

Why Your Best Employees Leave | Extraordinary Business

by Ravinder Kapur

Small business owners often struggle to retain their most competent workers. Why do good employees leave? It is true that some employees quit for better-paying jobs or to join a company that offers them the opportunity to utilize their specialized skills. But there are many who leave simply because they are not happy in their current job.

22

Nov
2016
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Market Assessment Series: Part 3 | Extraordinary Business
in Blog, Business Growth

Market Assessment Series: Part 3 | Extraordinary Business

by Fatima Mansoor

Question 3: How well do our services fit in the market? Is it possible to create a new market for our services?   In this third part of our market assessment series, we’ll talk about the importance of a company’s products or services “fitting” in the new market. Will Caldwell, founder and CEO Dizzle explained on Entrepreneur Magazine that it is a challenging and time…

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15

Nov
2016
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What Bankers Look for in a Loan Application | Extraordinary Business
in Blog, Financial Management

What Bankers Look for in a Loan Application | Extraordinary Business

by Ravinder Kapur

Getting your loan application approved by a bank is not easy. After the great financial crisis of 2008, banks have tightened their credit norms and instituted a practice of scrutinising each request for funds very carefully. Consequently, small businesses find it increasingly difficult to obtain a bank loan or a line of credit.

8

Nov
2016
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Market Assessment Series: Part 2 | Extraordinary Business
in Blog, Business Growth

Market Assessment Series: Part 2 | Extraordinary Business

by Fatima Mansoor

Question 2: Conservatively speaking, how much market share can we take and what’s that worth to our company in terms of finance and other factors? This is the second post of our market assessment series that explores the questions a company must ask when analyzing a new market. In the first post, we talked about the importance of knowing a market’s current and potential size….

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1

Nov
2016
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Is Your Business Ready for the Next Downturn? | Extraordinary Business
in Blog, Financial Management

Is Your Business Ready for the Next Downturn? | Extraordinary Business

by Ravinder Kapur

A successful business often tends to add costs indiscriminately. Business owners get blinded by the fact that their company is rapidly growing its revenues while maintaining a healthy bottom line. This lax attitude percolates down to employees who start incurring expenditure that does not provide any real benefit to the organization. In many instances, company staff do not even provide customers with a basic level…

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25

Oct
2016
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Market Assessment Series: Part 1 | Extraordinary Business
in Blog, Business Growth

Market Assessment Series: Part 1 | Extraordinary Business

by Fatima Mansoor

Question 1: What is the market’s current size? And what is its potential size? Will the market expand or contract, and why? This is the first of an 8-part series focusing on the questions a business should ask when assessing a new market. The ability to carefully estimate the market size is crucial to successfully entering a new market. Too many business owners rush into…

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18

Oct
2016
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