The primary goal of the business plan is to help you define your project, define what your business will be and its future direction. Clarifying your goals and vision allows you to understand what needs to be done to move forward.

It is, therefore, a reflection exercise that will allow you to answer the essential questions: is there a market & customers for my product? Who is my client? What is the interest and value of my project for him? How much is he willing to pay? How much should I budget to start my business and grow it? How to be profitable?

Communicate And Find Partners

Your business plan is also a great communication tool, intended to convince, with words and figures, future financial partners or others. This document must be flexible and adapted to the context and each interlocutor.

Search For Investors And Financial Partners

The financial part of the Business Plan should show the potential of your business. Investors want solid, concrete numbers, and ideas and passion are not enough. Everyone will want to see complex numbers, whether you’re talking to bankers, private investors, or whatever.

Likewise, if you request particular start-up or take-over aid measures, a business plan will be necessary so that your file can be examined.

Search For Associates or Business Partners

Your business plan will also serve to convince future partners or associates. In this case, it will serve as an alignment tool

Monitor The Evolution of Your Financial Flows

The Business Plan does not guarantee the success of your business, but it will help you manage it better to link your costs, your sales, your expenses, and your debts. It also helps you differentiate between profit and cash.

By following your BP, you don’t wait for things to happen: you anticipate them and plan the appropriate actions according to the context. When you take action, you follow up regularly and, if necessary, correct course whenever things don’t go as planned.

Forecast and Manage Growth

A business plan is a management tool to which it is interesting to refer regularly to ensure that the company remains on the right track, pursues its objectives, and sets the planned operational milestones. The business plan thus becomes a roadmap to be followed in the short, medium, and long term.

Companies that don’t have a plan can more easily go astray, lose sight of their business goals, and find, sometimes too late, that the revenue isn’t keeping up. A plan with spending projections, income forecasts can help you stay on course.

Manage The Business

Above all, a Business Plan is a living document that helps you achieve a predetermined goal. As well as being flexible, it allows you to correct your course if things don’t go as planned.

To maintain control, it is essential to create a dashboard (monthly or quarterly) and compare reality with the forecasts that appear in the business plan.

Also Read: Five Tips (Business Plan) To Effectively Ensure Your Start-Up

The post Five Reasons To Create A Business Plan appeared first on TechReviewsCorner.

All areas under control

Many people think that Business Intelligence tools are only useful for CEOs of companies. In the end, they are the ones who have to make the most important decisions. However, Business Intelligence can provide us with specific dashboards and reports on each and every one of the areas of our organization. From accounting to logistics, through marketing and sales.

In this way, the information can be shared in real-time among the different members of the company, facilitating decision-making by the area managers.

Excel vs Business Intelligence

Despite the advantages that Business Intelligence brings, the vast majority of companies continue to rely on their traditional systems. Thus, only one in four SMEs has a BI solution, while 54% continue to use Microsoft Excel exclusively for the preparation of their financial reports.

However, spreadsheets don’t always help you make operational decisions. That is to say, we can introduce a large amount of data, but when it comes to extracting that information, the problem or problems arise:

• It takes a lot of time and a lot of resources
• Does not update in real-time
• We can make mistakes when entering manual data
• Visually unattractive

Benefits of Business Intelligence

Due to the introduction of ERPs in companies, managers, and heads of departments increasingly have more information to analyze: accounting, customer and opportunity management, supplier data …

As we said, Business Intelligence tools are a perfect solution for both SMEs and large companies that want to make correct decisions based on data and information in real-time. What does Business Intelligence offer us?

1. Right data at the right time

Business Intelligence allows having all the data of the company structured and above all centralized. As a consequence, agility when making decisions is increased and the vision of the business is broadened.

This avoids making decisions based on assumptions, intuitions, or speculation. With BI, decisions are made based on concrete and real data.

2. Custom reports

It allows adapting the Business Intelligence reports to the needs of each of the company departments. With this, those responsible for the different areas will have updated information in real-time on the data that really interests them.

3. Attractive dashboards

Create your own dashboards, with your key indicators and your filters. Also, do it in a matter of minutes, however, you want and with the data you want.

One of the great advantages of Business Intelligence is that most of the tools provide very visual dashboards that are very easy to interpret.

4. Collaboration

Custom reports facilitate communication, allowing you to share information with the rest of the company. Each department has the data it needs and, at the same time, the management team can have access to all of them.

5. Time-saving

Inefficiency is one of the great problems of not having a Business Intelligence tool. In fact, users can spend a lot of time searching for information and, if found, it may be out of date.

Sage Enterprise Intelligence

In short, the implementation of Business Intelligence or Business Intelligence systems is a commitment to the centralization of data and to clear and precise information.

Also Read: What is Business Intelligence & Cloud Computing

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There is a simple principle: if the advantages do no longer cowl the constant costs, the enterprise will have to seem to be for alternatives, both to decrease these fees or to expand its income. Having a technological device that approves automating, managing, and controlling the profits and fees of a company does now not imply that the employer need to exercise a linear administration model. In different words, now not all fees are managed in an identical way. In fact, the extra know-how one has about the special kinds of expenses incurred via the enterprise and the higher the price manipulate machine that has been put in place, the greater probable the organization is to make a profit.

In this sense, understanding the charges -fixed and variable- of a commercial enterprise is indispensable to manipulate its solvency and facilitate decision-making processes. That is why it is critical to have the science that allows getting entry to applicable economic information. But, in addition, it is vital that these statistics are easy and comprehensible in a way that offers a fundamental understanding to act accordingly.

In addition to having terrific technology, SMEs have to turn out to be conscious of the significance of the economic characteristic and price factors associated with fee administration and control. And, they need to do so, from the planning of their resources, setting up budgets that are sensible and that take into account no longer solely the facts of every region however the interrelation of data.

In different words, SMEs need to use monetary and accounting options that permit them to distinction the influence of some movements on others or, in different words, the penalties that a business decision, for example, can also have on the economic method of the business. To do this, they should facilitate the updating of facts in real-time, so that all adjustments are seen from the second they occur.

Tight finance allows, on the one hand, to expect feasible disaster situations, to stop the organization from walking out of liquidity, for example. And, on the other, make greater rational monitoring of constant costs, which affords an extra practical view of the commercial enterprise and allows the implementation of corrective measures that warranty the viability of the corporation or measures to take gain of new commercial enterprise opportunities.

On the different hand, the finest way to limit constant fees is through environment-friendly and rational management. Decisions that have to do with the renegotiation of money owed or prerequisites signed with suppliers and/or customers. The objective: to achieve extra effective conditions. However, to begin this negotiation method it is quintessential to have the essential information. An economic ERP presents excellent data, really and in real-time, additionally supplying a large battery of reviews on which to assist the argumentation in the negotiation.

Also Read: Three Recommendations To Address The Digital Divide In SMEs

The post Importance To Control Fixed Costs In An SME appeared first on TechReviewsCorner.

The smart tool uses an information system made up of data extracted from production data, company information, and economic data. This system is the ETL system (extract, transform, and load) and it works by extracting data from different sources preparing them for loading into a data warehouse. 

In this way, query-based representations are made possible to create a dashboard for reporting.

Examples and more information

BI can put in place both for large companies and for small.

For example, in a clothing store, if we want to build customer loyalty, we must have an adequate analysis of it, such as its marital status, age, geographic location, consumption habits, etc. For this, discount cards or loyalty cards are very effective, where we obtain customer data. 

Also if we apply it to an SME like ReasonWhy, we can study what are the hours where there is the most audience and therefore from there establish working hours and know which day is the most appropriate to have it as a break.

Also Read: Remote Engineering In The Times Of Corona

Cloud Computing

System data storage in the “cloud” (virtual space) to which access a server using the Internet as a communication channel.

It can be accessed from any place and device that has a network connection regardless of the operating system available. Its advantages are connecting anywhere in the world, making the information you need accessible at all times, and reducing the costs of maintaining a physical storage system. Its disadvantages include the need for an Internet connection and the possibility of loss or dissemination of information in the event of an account hack.

Also Read: 5G: Benefits And Applications Of 5G

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