Archives for 2016

You are browsing the site archives by date.

image_pdfimage_print

Cash Flow Management Strategies that Actually Work | Extraordinary Business

image_pdfimage_print

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.
 [···]

Read More

Market Assessment Series: Part 5 | Extraordinary Business

image_pdfimage_print

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.
 [···]

Read More

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

image_pdfimage_print

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 to have top-quartile financial performance, according to Bain & Company research. If you’re not using data, you may be falling behind your competition and losing out on opportunities to gain ground in your market. Here are some tips for effectively collecting, storing and deploying data in order to grow faster than your competition.
 [···]

Read More

Why Your Best Employees Leave | Extraordinary Business

image_pdfimage_print

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.
 [···]

Read More

Market Assessment Series: Part 3 | Extraordinary Business

image_pdfimage_print

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 consuming process that requires businesses to get a deep understanding of their target market.
 [···]

Read More

What Bankers Look for in a Loan Application | Extraordinary Business

image_pdfimage_print

Loan Application
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.
 [···]

Read More

Market Assessment Series: Part 2 | Extraordinary Business

image_pdfimage_print

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.
Moving on, we’ll now look into the importance of ascertaining how much share a company can take in a new market in which it is planning to expand.
 [···]

Read More