As a new landlord you are entering a minefield of fees, percentages, checks, legal requirements and multiple party working strategies and it can all feel a little overwhelming to start with as everything seems so far from your own sphere of knowledge. However, it doesn’t have to be this hard. With a small amount of research and a little bit of know how you can soon have an easier start to your career as a private landlord. So if this is the first property that you are letting out then be prepared by reading up on all the little things they don’t tell you. Continue reading “Things They Don’t Tell You”
The CEO (Chief Executive Officer) of a company or organization must possess certain qualities in order to be successful. For one, the person must be forward-thinking. In order for a company to grow, it needs a CEO who understands that a company needs to adjust with the changing times. A company that does things exactly how it has always done them is not going to grow and improve. Of course, successful practices can be improved upon. An effective CEO sees the changes that need to be made and figures out how to make them in order to move the company forward. Here are some other qualities that many successful CEOs possess. Continue reading “Some Qualities of Successful CEOs”
There are a great many ways to help a business to succeed. Would-be entrepreneurs need to keep an eye on every aspect of the organisation, from the most efficient way to use electricity to the best sanitary bin disposal arrangements. You need to be ticking every box when it comes to establishing commercial services within the workplace. Continue reading “Constant reviewing is the key to a successful business”
All employees have the right to work in a safe environment and, as the business owner, it is your legal and ethical responsibility to ensure their safety. Here are some of the core tactics you’ll need to employ in order to meet regulation and make your workplace a safe one.
A thorough risk assessment is essential, particularly if you’ve recently taken over a building or office. By performing a in-depth check of all potential hazards, you’ll know whether there are some hazards that need looking at in order to make your business a safer place.
Every business must have a set of official fire safety procedures, which will be carried out in the event of an emergency. Diagrams of all fire escapes, exit procedures and fire assembly points must be easily viewable around your place of work, with mock fire drills carried out on a regular basis. It is also a very good idea to install some professional smoke ventilation systems from Rocburn, as an added safety precaution.
It is very important that each of your employees feels prepared to deal with emergencies, should they occur. For this reason, having regular training days is a must. Ideally, training should not just cover First Aid and Fire Safety, but things like stress and food hygiene as well. The more informed your staff are, the safer they will feel, and the more prepared they’ll be for dealing with a crisis of any kind.
What was the last time you checked your fire extinguisher or first aid kit? It’s incredibly important to see that all of your safety equipment is working properly and does not need replacing. Obviously if an accident occurs and you haven’t provided for your staff, your business could become liable.
All of the above should be manageable by yourself. However, if you feel that you do not have time to organise these precautions and perform regular checks, you may want to consider employing a designated safety co-ordinator in order to make sure that you’re complying with all necessary safety precautions.
A Safer Place For Your Staff
Running a business carries more responsibility to your staff than just paying their wages. Safety is paramount. Hopefully, with the advice given here, you’ll know the steps you need to take in order to make your business a safer place.
The great thing is you will see techniques men and women like your small business owner as well as inspector could create your work natural environment more secure for the personnel together with virtually any guests, customers as well as customers that happen to be visiting your own office. To begin with vehicle recreational locations may be dangerous locations inside of excellent, together with signifies obscured and also the slick diseases it will create parking an automobile rather challenging in addition to the chances which any more excellent could possibly block automobiles inside of. Automobile recreational locations could be the primary locations that need eliminating associated with excellent since they are most certainly not powered on about streets wherever glaciers melts more rapidly.
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In the pursuit of achieving career goals and long term aspirations, you may well be forced into actions that are as daunting as they are disruptive. Take international relocation as a prominent example of this scenario, as although it is an arduous and emotionally challenging task it may well hold the key to advancing your freelance career or business and boosting your earning potential significantly. It is a process that needs to be managed carefully, however, especially when you consider the logistical and strategic implications of relocating for professional purposes. Continue reading “Relocating your Business Internationally : How to facilitate your Move”
More and more reputable companies in the private sector are waking up to the fact that sustainability and being environmentally conscious actually pays off in business. Going green is now way past the hippie fad that it once was and is a serious contestable issue. Any company thinking about reaching great, profitable heights needs to think about their environmental policy and carbon footprint before they get pulled up by the government or called out by consumers. Here are three main reasons why your business should start to care. Continue reading “3 Reasons Why Your Business Should Care About The Environment”
Contracting is becoming an increasingly popular way of working for a number of reasons. Many people assume this is primarily because more opportunities are available at a time when employers are less certain of economic conditions and so unwilling to take on full-time salaried workers. However, while this may be true and there are certainly a wealth of options open to contractors, it is the freedom and flexibility afforded by this career path that is most often cited as its major benefit. Continue reading “Maternity rights and umbrella companies – a guide”
Business Today and Nielsen has published the B-School rankings for 2012, in India. One of the interesting things this ranking has attempted to achieve the balance between “perception overlaps” among “chains of B-Schools”… (like IIMs, IMIs, IMTs, IITs, Symbiosis, ICFAI etc).. and estimate the individual B-School’s actual but relative position, somewhat unaffected by the umbrella brands. Indeed a good and novel way to rank institutes. There were two surveys, one to estimate the perceptive performances of institutes, and another to estimate the factual performances of the institutes.
The factual survey was done first, wherein we sent out a detailed questionnaire across multiple parameters to 1,832 B-schools across the country. Subsequently, after the factual data had come in from these schools, the perceptual survey was started. A separate questionnaire was administered to a group of more than 1,200 stakeholders of the B-school ecosystem, including teachers, students, young executives and HR recruiters. Their opinions are taken again on various aspects relating to the five key parameters – Learning Experience, Living Experience, Return On Investment, Future Orientation and Brand Value and finally a sum of products approach was undertaken and scoring of the institutes was achieved.
Check out the rankings below:
Whether you’re looking to benefit your company’s bottom line or your overall image, energy and the choices you make pertaining to its use and generation can make a big impact. There are a lot of things businesses can do to be smart about energy use, especially when you consider that most businesses use a lot of energy in comparison to a single residence.
Everything from embracing green energy solutions to conservation programs can help drive down your expenses each month, and you might get some added PR if you let people know what you’re doing.
Start with a conservative mindset
The easiest way to make an impact on your energy expenses each month is to institute a conservation plan. It can be as simple as leaving lights off in areas of the building that aren’t constantly in use, or as aggressive as keeping the air conditioning system a few degrees warmer in the summer. You don’t want to generate a mutiny from your employees, but a few new policies that are easy to follow won’t create too much of a stir.
This conservation can even spread to other areas of the business. Are you using a lot of paper on a daily basis? Maybe it’s time to switch to an all email system for memos. Are you providing Styrofoam cups in the break room? Encourage your employees to bring in their own ceramic mugs to cut down on waste. No matter how small a conservation project is, it will add up.
Consider pursuing green energy solutions
Is your business in an area with a deregulated energy market? If so, going green is easier than you think. Sites like www.texaselectricityproviders.com make it simple to find energy suppliers that offer green energy options. Even if you aren’t located in a deregulated market, there are ways to embrace green energy solutions.
Thanks in part to how affordable green energy technology is today, there are many businesses across the country that lease green energy infrastructure. Depending on the size of your operation, leasing equipment may be more viable than purchasing your own solar array but either way, having onsite infrastructure is a big step.
Onsite green energy infrastructure means that you’ll be actively reducing your business’ energy bills each month, usually at a rate that will allow your investment in the technology to pay for itself within a few years. In terms of PR, having a solar array visible gives your company a bragging point. It shows that you care about your impact, and you’re smart enough to save yourself money on the energy you know your company is going to use. Just think about it.
Other ways to promote energy conservation
If the majority of your workforce drives each day, consider incentivizing the closest parking spots. Designate the best spots for those who carpool or drive hybrid cars. You could even further encourage carpooling by creating a bulletin board where employees can find rideshare opportunities across the business.
In the end, controlling your business’ energy consumption is one of the easiest ways to make a significant impact on your bottom line, and the public’s perception of your company. Consider implementing some of these suggestions, but know that there are plenty of other ways to achieve the same goal.
Strategic management literature has established multiple popular frameworks which are used by decision makers to develop a roadmap for business strategy. Some of the popular frameworks for business strategy are Porter’s 5 forces model, BCG / GE McKinsey Matrix, PEST analysis and the Ansoff Matrix. However, all these frameworks focus on factors which are external to the firm. In this article, however, we focus on the frameworks which are a mix of the external view of the macro-environment and the internal view of the strengths and weaknesses existing within the firm, namely the Industry Structure view, the Resource based view and the Relational view of the firm.
The Industrial Structure view is somewhat more macro-industry focused. It postulates that firms operate in an environment of competitive forces of rivalry and forces involving barrier of entry (even exit). In general industry structure refers to the distribution of firms in an industry. The existence of a large number of firms in an industry both reduces and increases opportunities for coordination among firms in the industry. Depending on the degree of consolidation or fragmentation in the industry, the macro-economical dynamics affect the firm’s competency in how it deals with the forces of competition.
In contrast, the Resource based view is somewhat more internal focused. It stresses that the competitive advantage of a firm lies primarily in the application of the bundle of valuable resources at the firm’s disposal. To transform a short-run of competitive advantage for a firm to a sustained competitive advantage is like winning both the battle and the war. It requires creation of resources which are heterogeneous in nature and not perfectly mobile across competing firms. This again translates into the fact that the value of these resources arise from the criticality that they are neither perfectly imitable nor substitutable without great effort.
Similarly, the Relational view is a theory for considering networks and dyads of firms interlinked within the daily intercourse of business transactions, as the unit of analysis to study and frame strategies for sustainable competitive advantage. The relational view argues that idiosyncratic inter-organizational linkages are the sources of competitive advantage, whereby relationships play a major role in development and exploitation of competencies in an industry that is traditionally highly competitive.
In the next diagram, a comparative analysis of these important theories has been presented., which present how these theories are not only different, but also complement each other by taking a different lens to view the competitive landscape for a strategic decision maker.
Do let us know, if you have any query regarding more details on this article. We value the feedback from our readers very highly.
Globalization is the unification of the economies across the world beyond the barriers forged by the geographies, so as to to stimulate wealth generation, exchange of goods and services and mutual inclusive growth through an division of labor across nations characterized by efficiencies arising from international relations, specialization and competition. Typically the forces of globalization are driven primarily by economic, sociocultural, political, and technological factors although other factors have also played a significant role in the process.
Although the empirical evidence on the benefits of globalization on inclusive development is not very clear, the share in aggregate world exports and in world output of the developing countries has definitely increased due to this phenomenon. The emergence of global markets which has triggered a much wider access to a range of products both for consumers and firms has definitely triggered a kind of major industrial revolution. There has also been a stimulated growth triggered by access to better financial resources due to the liberalization of economies and thus the increased liquidity of financial resources.
A major impact of the globalization has been the stimulation of the Green Revolution, which has managed to address the needs of the burst in population globally. It is felt that without the green revolution, stimulated by the exchange of information, agro-products, fertilizers, seeds, bio-technology and expertise, much of the sudden burst of population growth would have suffered severely from lack of access to food, clothes and medicines. The development of agriculture and agro-based industries has had a major positive effect on the lives of billions of people on this planet directly and even more so indirectly.
The realization of a global market, based on the freedom of exchange of goods, information and capital, and thus setting up the preconditions for perfect market conditions has been one of the major benefits of globalization. This has actually stimulated a shift of monopolistic economic power from the United States (and European nations) to fast developing economies like China, India, Brazil and other similar countries, which are growing at a rate exceeding 8% year on year. The emergence of China and the Eastern tigers (Vietnam, Malaysia, Singapore) as a manufacturing super-power and the emergence of India and Brazil as a services hub has been extremely significant in this shift of political power.
A major trigger in the impact of globalization has been the adoption of internet based products and services. This has triggered a substantial increase in information flows between geographically dispersed locations and stimulated the formation of global markets. Today, consumers of lesser developed economies have access to all the products of developed economies through the establishment of e-markets like Amazon and e-Bay.
The social effects have been significant too in the context of globalization. English, although the third most popular language in the world, after Mandarin and Spanish, has become the Lingua Franca (official language) of the global economies. The access to global information, products and services has triggered the growth of cross-cultural relationships and facilitated the development of a new order consciousness and life-style stimulated from cultural diffusion, improved standards of living and access to foreign products, services and ideas. This development of “World culture” has been most significant among the Netizens triggered by fraternity shared on online forums which has stimulated the exchange and diffusion of ideas.
However, globalization has also triggered the brain drain from developing economies to developed economies to access better employment opportunities and also the formation of Sweatshops by the advanced economies in developing economies to take the benefits of cheap labor. The globalization of the jobs has a negative impact in developed countries where many of the jobs (especially the low knowledge centric ones like BPOs and KPOs) have been outsourced to economies where labor is comparatively much cheaper. Also, many argue that globalization has actually a negative impact on inclusive development of backward economies and the rich gets richer by taking advantage of the resources in the disposal of the poor by utilizing it better. Also, globalization has triggered many illicit trade activities involving drugs and trafficking and this has added to the woes of under-developed economies.
PEST analysis stands for “Political, Economic, Social, and Technological analysis“. It is a framework for Strategic analysis of markets to evaluate macro-environmental factors used in the environmental scanning component. Some analysts add the Legal factors to the analysis.
Thus when the PEST analysis is expanded to incorporate legal and environmental factors; this is called a PESTLE analysis or a PESTEL analysis.
- Political factors pertain to how the government intervenes in the economic functioning of the country (market) and more specifically how it affects the firm strategic decision making. Political factors such as tariffs, tax policy, labor laws, trade restrictions,environmental law, and political stability. Political stability is a major factor which affect the firm’s strategic decision making and overall legal framework.
- Economic factors consists of interest rates, government bond rates, risk free rate of interest, economic growth, inflation rate (adjusted) and exchange rates. These factors have major impacts on how a firm can operate in a market. Inflation rate and potential GDP affect the demand and prices of goods.
- Social factors include the cultural dimensions of the population in which the firm will operate and include gender consciousness, gender based product/service bias, population growth rate, age spread, health consciousness, career attitudes and risk appetite of the target segment.
- Technological factors consists of factors such as research and development focus in general industries, intellectual property protection laws, technology adoption rates, change assimilation culture, automation and the rate of technological change. They affect entry barriers, technology enabled products and service assimilation, product prices, quality, and innovation.
- Environmental factors consists of factors like ecological and environmental aspects such as forestry and climatic conditions which may especially affect industries such as tourism, farming, and insurance.
- Legal factors focus on discrimination laws, intellectual property protection laws, labor laws, consumer laws, antitrust laws, employment laws, health laws, safety laws and social security laws which can affect how a firm operates, its bottom-line (cost structure) and the demand and distribution for its products and services.
The PEST framework has been recognized as an extremely popular framework for market analysis. It is a part of the external analysis conducted while demonstrating an in-depth strategic analysis during new market entry or doing market research for a new product launch or even sometimes during a product extension, and gives an overview of the different macroenvironmental factors that the company has to take into consideration. It is a useful theoretical tool for estimating market growth or decline, business position, potential and direction for operations.