NOT ANALYZING THE COMPETITION

This is one of the most common mistakes seen in business plan writing. Whatever your sector of activity, note that there is always a form of competition. It would therefore be completely unrealistic to think that you have no competition. You will find all the necessary resources for an excellent competitive analysis of the supernova business. Remember that your target already has habits to satisfy the need you are filling.
A good business plan will allow you to know your competitors. It is the same for implementing the techniques to optimize your commercial strategy.

FORGET THE HUMAN ASPECT OF THE BUSINESS PLAN

The business plan is undoubtedly subject to a strict methodology but must not lack humanity. For many funding organizations, this document must present the entire genesis of the project. They want to know the reasons that led to the idea of ​​the project, for example. In short, the profile of the project’s creator should not be underestimated. With the development of your business plan, you can put yourself forward. So tell your story!

NOT HAVING A VISION

Further, note that the business plan should be a materialization of the long-term vision you have for your business. It is not based on the qualities of the product or service you offer. It goes further, and it’s about the fundamental values of your business. They will indeed have to serve as benchmarks in decision-making. This is how you will honestly know the direction in which to go.
When a company does not have a vision, it may not be sustainable.

A TURNOVER WITHOUT PROOF

The evaluation of your project can only be done with the part devoted to the financial forecast. The forecast income statement must demonstrate the project’s profitability over a specific period. It is, therefore essential to know the turnover that you will have to achieve at least for the following:

• Manage loads
• Remunerate you (eventually)
• Make a profit to self-finance the business.

Some business creators need to be more realistic about this aspect of the business plan. Their sales forecasts are unrealistic, and they cannot justify how the turnover will be achieved. Determining the optimal turnover that will allow the business to profit is already a challenge. The other is more in detailing the strategy to achieve this.

The final step is your ability to justify that these forecasts are achievable.

Also Read: Five Reasons To Create A Business Plan

The post Business Plan – Here Are These 4 Mistakes That Can Compromise Everything appeared first on TechReviewsCorner.

• Set goals
• Identify processes
• Identify environmental requirements
• Develop solution

Set Goals

Process optimization without a specific objective is more of a guessing game than economically wise. To use your budget effectively, you should define your goals in as much detail as possible. But how exactly does that work?

Here I can recommend the well-known SMART method. Accordingly, the goals are: 

• specific
• M edible
• An attractive
• realistic
• T terminates

Be as detailed as possible. But don’t worry: you can continue to specify your goals as the project progresses. In this way, you never lose sight of the benefit that automation brings you.

Identify Processes

Where is the optimization potential in your production process? To answer this question, first, take a close look at all the processes and procedures:

• Assembly processes

• Testing processes

• Packaging processes

You can access an extensive internal database here. Cycle times, output quantities, complaints. These and similar factors are important when you analyze your processes. Could component assembly be faster to increase volume? Or is it an expandable inspection process that ensures that you receive a large number of complaints?

With the help of your findings, we can make targeted decisions in the process, including the degree of automation and the placement of the subsequent system.

Analyze Environment Requirements

Your automation does not operate in a vacuum! To develop maximum benefits, Industry 4.0 solutions must act in symbiosis with their environment. What exactly do I mean?

We divide this step into the areas: “What”, “Where”, and “Who”.

“What”

Your component itself is meant here. In addition to the desired output quantity, component quality plays a key role. Only some pieces are easy to grab, assemble or check. From this point at the latest, including external know-how in your analysis can make sense.

“Where”

This is about the place of implementation, directly in your production. What are the conditions here? Temperature, power and air connections, humidity, etc., are essential. It would help if you also considered other processes in your analysis. Automation becomes particularly worthwhile as soon as it acts modular and comprehensive – in other words, you accommodate different methods and products in one automation system.

“Who”

In practice, more attention should be paid to this point. Remember the employees in your production. Include the experience in your development process. Because the people who are confronted with your production processes day in and day out know best which screws should be turned.

Develop A Solution

All the preparatory work, analyses and diligence within the first three steps should also pay off. In the fourth step, we come to the point. You are now able to develop your automation solution. Now is the time to turn your attention to technology and the right partner by your side.
Because to develop the perfect solution for your goals, a certain degree of independence is essential. The large spectrum of automation offers a gigantic pool of answers regardless of ready-made solutions.

Also Read: What Is Marketing Automation?

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Site Internet

The Internet is now an integral part of everyone’s daily life. You can very well use it for professional purposes. For your future customers to easily spot you and to increase your visibility and notoriety, you must be present on the web. And as a professional, this presence must be neat. Then consider creating a showcase site. On this site or blog, visitors can get a clear idea of ​​who you are, what you do, how you do it, and possibly how much you do it. As you will have understood from its name, it is a showcase site that will directly reflect your personality as a person and freelancer. It would help if you found a way to encourage prospects to contact you to learn more about you, your offers, and your services.

Platforms

Signing up for specialized platforms in your field is a very effective way to find customers quickly and efficiently. Moreover, more and more freelancers opt for this solution when they start (and even when they have been in the business for a long time). Through these platforms, you will be in touch more easily with potential customers, and you could also present your offers by responding to advertisements. The more missions you complete on these sites, the higher your profile will level up.

Social Networks

Social networks are not only made for personal use. And for a good reason, you can use them to find your first customers. Be careful, don’t fall into the trap: it’s not about creating a professional account on all platforms (although it can help a little). It is, above all, a question of finding THE network that will be able to propel you to your target customers. And the most popular network for this is Linkedin. This professional platform refocuses experts in all fields, freelancers, and several potential customers.

Professional Events

Above all, do not think these events will be useless to you. In addition to allowing you to create a network, it is also a way to make yourself known and introduce yourself to professionals in your field or different fields. You should also know that customers will receive your active participation in these events. As long as you can, always accept invitations to participate. If you can, you can also create your professional events. It is also much more effective in attracting customers and standing out from competitors.

Word Of Mouth

Word of mouth is one of the oldest and most effective techniques in commerce and entrepreneurship. Recommendation and connection are essential levers to activate to win new customers. And what better than a dynamic network to increase your chances of referrals and connections? Do not hesitate to ask some people you know if they have contacts in their networks which could be interested in your services. If so, ask them to introduce you to these people. These people will be much more receptive to your message through a trusted contact. For example, if your friend introduces you to someone they know, you’ll be more receptive to what they’ll tell you than an email from someone you don’t know. You would have understood it! If you want to contact someone you don’t know, try to get someone in your network to introduce you to them.

Opportunities Available

The best way to have opportunities is to provoke them! This is why it is essential to remain enterprising and active by announcing to your relations that you are looking for an extended mission in the context of such a profession by:

• Attending networking events and get-togethers so you can be remembered.
• Discussing with strategic contacts around a coffee, for example, Etc…

These small actions, taken over time, will allow you to generate opportunities. If an e-HRD has met you several times at networking evenings, he will probably think of you when he has a mission falling within your field of expertise.

In short, you will understand. To activate these three levers, reputation, connections, and opportunities, you will need to put yourself in a network dynamic to maintain existing relational links, join networks, and possibly create your network.

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To better understand the concept and know-how to apply it, here you will find everything you need. It is essential to understand this point both in the field of investment and in business to have the appropriate results.

What Is The Profitability Of a Company? All You Need To Know!

The first question you should ask yourself is what profitability is, and this is the ability of a business to make the most of its resources and generate profits or profits from them, measuring them through financial indicators that evaluate the effectiveness of the administration.

To calculate the company’s profitability, profitability ratios must be used. These mathematical formulas will reveal how the company is doing, its financial projects, investments, and how resources are used.

Types Of Profitability In A Company

To know how to measure a company’s profitability, it is necessary to know the types of profitability you should know. There are two basic types, these are:

Economic Profitability

In this case, you will have the data on the average profit of the business as a result of the investments made. You will have this data employing a percentage; it is obtained in this way: if you have received a return of 20% in a year, you have earned 20 euros for every 200 that you have invested.

Here the results of the development of all the company’s activities will be compared with the investments made to date. 

To know this data, you must use the return on assets formula. For this, you must multiply the profit margin by the rotation of the product or service. In simple terms, it will be the results of the sale of your products by the times they have been sold.

Financial Profit

In this case, you will obtain the results of the benefits received by each of the partners that make up the company, and they will be the results of their investments. It is a way of measuring the ability of the company and its strategies to obtain income from the contributed funds.

To do this, you must use the capital ratio, also known as “Financial profitability” . It will be the relationship between the net profit and the business’s net worth.

Tips To Improve And Increase The Profitability of a Company

If a company’s profitability does not continue to rise, you will not make a profit, and none of your investments will have the desired results. If you notice significant drawbacks in this regard, you should implement the following tips:

Do Not Neglect The Control of Your Expenses.

No company will be profitable if it has more expenses than profits. Once you learn to control your costs, you will enjoy higher profits. To get good results, the secret is to design a monthly flow statement that helps you analyze the most significant expenses of the business and where you can adjust it.

Keep Good Management of Your Inventories.

If you are wondering how to increase a company’s profitability, the secret is also in the inventory. The management of this list must be the best to control so that it does not cause unnecessary expenses.

The inventory comprises two key factors: control and planning. You must know when it is necessary to place orders with the supplier and the indicated quantity to request. Here it is essential to have qualified and prepared personnel to solve any inconvenience at the right time.

Your Best Ally Will Be Technology.

Are you looking for how to interpret the profitability of a company? There are currently many specialized programs in this field where you only have to add some essential data and obtain the desired percentages.

In this way, you streamline the different areas of the business and considerably minimize the margin of error when entering and processing the data. It is also saving by not having to have a lot of staff for this job; without a doubt, it is the best way to calculate a company’s profitability.

Also Read: How Free Wi-Fi Will Boost Your Business Profitability

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We encounter projects everywhere: house cleaning, garden party, relocation, or a wedding – depending on the complexity, we sometimes have to organize and coordinate more, sometimes less. And now let’s imagine putting on a festival for several thousand people or building a skyscraper. Phew!
“A little organization” is no longer enough here because a failure can also have serious (financial) consequences. Organizing the whole project is extremely important. In this context, the term project management comes into play.

The following article will show you the essential topics from this broad area in a compact project management guide.

The Nine Areas of Project Management

But take it slow. As already briefly mentioned, the tasks in project management go quite far. For this reason, the Project Management Institute has divided the term into nine sub-disciplines. It is an extensive topic, from the project management basics to the details.

Integration Management

This sub-area is primarily about defining suitable processes necessary for good coordination and integration of the project. Specifically, one deals with the project plan development and implementation and possible changes in this area.

Scope Management

“Is the project going in the right direction?” This is the central question in this sub-discipline. Accordingly, the performance progress must be consistently checked and controlled. This includes project initiation, definition, verification, and monitoring of performance.

Time Management

Time – is always an essential factor. Especially when it’s tight, time management must keep an eye on the time, i.e., all-time restrictions and deadlines of the project. This area belongs to the schedule, the determination of process sequences, process duration estimation, schedule development, and monitoring. Schedule templates are helpful here, as they save time, especially in recurring projects.

Cost Management

Of course, finances also play an essential role in a large project, and these resources should be used as efficiently as possible. Maximum effectiveness with minimum effort – that is the goal. Accordingly, resources must be planned, costs estimated, the budget distributed, and finally, the use of financial resources in project management must be monitored.

Quality Management

In projects, there is usually a customer with specific requirements for his product. And even if it doesn’t, a house shouldn’t crack after ten years. There are various quality requirements that quality management must take care of, and it deals with quality planning, assurance, and control.

Human Resources Management

In addition to time resources, capacity planning in project management also deals with human resources – i.e., the employees.

• Who does which tasks?
• How long does it take him?
• Can he complete the job in the given time and with his existing skills?
• Who should/must he work with?
• Do we have enough staff for the project?

In project organization, personnel acquisition, and team development, personnel management faces these questions.

Team development and the topic of team building are critical points.

Communication Management

This sub-area is about project communication – whether with employees, project managers, or people outside the company. Communication management collects, defines, and disseminates all information related to the project.

Risk Management

A complex project always involves risks. If a delivery is delayed, production is delayed, and deadlines cannot be met, which has further consequences. For this reason, risk management deals with risk identification and assessment and the development of measures to track and assess risks.

Procurement Management

One cannot work without specific means. Therefore, procurement management provides all the goods and services required by making preparations for purchasing, obtaining offers, selecting suppliers, and being responsible for drawing up contracts and ensuring fulfillment.

The Five Phases Of a Project

Another essential part of project management basics is the phases that a project goes through. A project can generally be divided into five project management phases with different tasks – the stages are visualized in the project phase model.

Start Phase

At the start of the project (also: preparation ), all the basics of the project are clarified: e.g., framework conditions, content, duration, costs, and effort.

No concrete decisions have yet been made regarding implementation. Primary concrete goals should always be right initially, and an exact formulation of goals is fundamental. The project plan, project profile, project environment analysis, and SWOT analysis are helpful here.

Planning

It becomes concrete in the planning. Depending on the nature of the project – own, commissioned, everyday, innovative – the analysis plays an essential role in this phase. Here it is also important to distribute tasks, create a schedule, and decide which project organization – such as the matrix organization – the work will take place. The essential data are noted in the project order.

Execution

The implementation then involves the performance of the planning in concrete measures, the processing of the tasks, and the cooperation of the project team.

Steering

This is followed by project control in the fourth phase, control. This includes, among other things, the TARGET-ACTUAL comparison, the overview of project progress and status, as well as problem identification. Transparent and regular communication is essential here to evaluate all information and data.

Diploma

In the end, there is a summary, evaluation, and learning: How did the project go? What went well? What can we do better next time? If necessary, the results can also be compared with similar projects.

Also Read: Understand What Is Involved In Construction Project Management

Common Project Management Methods

But how exactly do you approach a project like this? In addition to the project management basics, various procedures and methods can be found in practice. If you look at the nine sub-disciplines again, project management is a cross-sectional task. For this reason, methods from different areas are used to help.

Project Management Combines Many Disciplines.

Project management requires a sum of disciplines and tasks from other, specific areas. These include

• Analyze and develop ideas
• Plan and calculate
• Control and steer
• Lead employees and teams
• reporting and documenting
• develop strategies

Roles In Project Management

A project is always teamwork and is, therefore (almost) never carried out by a single person. “Inside” and “outside” projects different roles with different functions taking their place.

• Client/customer: Initiator and supreme decision-making authority
• Project Manager: Expert in planning and organization, has overall responsibility
• Project manager: Head of the project team, coordinates team members and is involved in content
• Project staff: Do technical work
• Stakeholders: people/groups affected by or interested in the project

Necessary Skills In Leadership

People carry out management in the sense of corporate governance. These – often referred to as project managers or project managers – should have specific skills to manage a project optimally. In addition to professional and methodical skills, social and personal skills are required, as in any other management profession :

• Communicative Skills
• problem-solving orientation
• leadership skills
• initiative
• Entrepreneurial thinking
• teamwork
• empathy
• critical ability
• willingness to perform
• flexibility

Of course, these skills are not quite enough, and it would help if you also had a project manager.

Success Factors – That Is What Matters.

Berlin Airport BER, Stuttgart 21, Practice shows: that the rate of failed projects should not be underestimated. Since 1994, the Standish Group has examined not only a “failure” rate with its CHAOS Report but also success and failure factors in project management.

Goal Setting

Every project should have a clear goal that, when achieved, also has added value for the company. It is also essential that the goal is set from the beginning and, if so, then not changed too often. SMART goals help with a precise formulation.

Definition of Critical Values

Milestones are essential in order not to lose sight of the big goal. Clear deadlines and budgets, for example, help to stay on schedule and counteract obstacles and minimize the risk of an overall project failure.

Management Level

The support of the company management is necessary for a project. In general, all important people and groups should be behind the project.

Infrastructure

In connection with the support of the management, a project needs good infrastructure. Relevant resources, equipment, and premises are required to use the potential of those involved and complete the project.

Of course, many other factors can determine the success or failure of a project. But the most crucial thing is structured management. If this is in place, you can react to problems much more controlled. The risk of failure is minimized. This brings us to another criterion: the human success factor.

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Whether you have years of construction experience or not, deciding to start your own construction business will be a long and complex road. However, it is possible with the right planning and a great team of workers.

As your small construction business begins to grow, you will gain the capacity to take on more projects and larger projects. The more projects that you complete successfully, the better your reputation and the easier it becomes to acquire new clients.

But the real question is, where do you start when it comes to growing your small construction business? Here are some top tips to help you gain traction and make a name for yourself in the construction industry.

Use a Great Software

If you find great software for a small construction company, use it to your advantage. Construction software is one of the best ways to save time, resources, and energy when you are trying to grow your small business.

Construction software can be used in every aspect of your projects, from the hiring of contractors and subcontractors to completing end-stage tasks. Your software can be programmed to automate resource allocation, budgeting, and time management.

Your software improves project efficiency and streamlines multiple stages of the process. It relieves pressure from your employees and ensures that any issues or quickly reported and resolved.

The more efficient and effective your construction project management, the easier it will be to hit your deadlines and complete multiple projects at once. You can start to build out your portfolio to attract new clients and gain a positive reputation in the industry.

Build a Strong Team

Your employees or everything when it comes to completing projects to a high standard. With expert contractors and hard-working team members, you can ensure that collaboration and great communication don’t go on this on your construction site.

Building a strong team means taking the time to recruit top talent and retain this talent for future projects. You may wish to hire permanent in-house staff or outsource most of your construction work to reliable contractors and subcontractors.

Focus On Quality, Not Quantity

Although building a large and diverse portfolio as a construction company is important, quantity is not the only important factor when it comes to growing your small business.

You must focus on completing every project to a high standard so that your clients are satisfied with the work. Happy clients are more likely to return to your business for future construction work, and they are more likely to recommend your business to others.

Word-of-mouth marketing is extremely powerful and it’s something that can significantly grow your small business and help you succeed in the long term.

The post How to Grow As a Small Construction Business appeared first on TechReviewsCorner.

Why You Should Conduct A SWOT Analysis

A SWOT analysis helps a company evaluate its position in a competitive market. Moreover, it highlights the necessary initiatives that should be taken to improve strategies, helping business developers create a more effective company roadmap.

This analysis aims to identify complex issues and assist in resolving them. There are several benefits of SWOT analysis, some of which are:

• Organizations gain visibility over their current operations, enabling them to understand and devise their overall performance
• A company can easily develop a plan to meet its goals while adapting to changing trends in the market
• It allows businesses to address weaknesses, roadblocks, and areas of improvement to ensure success
• It highlights external factors such as market and economic trends, which companies can leverage to give themselves a competitive edge
• It identifies areas of the company that are performing well, so they may be able to further capitalize on it

When To Do SWOT Analysis

SWOT analysis is a collaborative effort, as input is needed from different departments such as; customer service, accountant, advisor, product designer, etc., to build a more holistic picture.

Whether it’s a startup business or an established one, a SWOT analysis can be conducted to assess the internal health of a business and devise strategies to move forward.

SWOT analysis is a great technique to generate problem-solving, critical thinking, and creativity skills in the team. Moreover, a SWOT analysis should be performed once in six months for better results.

How To Execute A Successful SWOT Analysis

To make the most out of SWOT analysis, a business should have a clear objective and goal. For example, you could use a SWOT analysis template to determine whether you should launch a new product or service now or later.

Once you’ve determined the objective of your business, it’s time to conduct thorough market research in your relevant industry.

By conducting market research, you will discover where your organization stands in its respective industry. It also plays a major role in creating products and services which are more consumer-centric.

Strengths are internal factors that identify where your company is doing well. List the strengths that offer an advantage to your business and the things that your competitors can’t beat.

Similar to strengths, it’s also important to address the weaknesses that could block your way to success. Remember that SWOT analysis doesn’t aim to highlight your business’s negative impact or performance; instead – it’s a practice that helps identify potential roadblocks.

SWOT analysis is usually done by developing a grid where you specify strengths, weaknesses, opportunities, and threats.

Create a grid by inputting the strengths of your business in the upper left corner and then weaknesses in the upper right corner. The business’s opportunities should come in the bottom left while the threats at the bottom right.

Once the grid is ready, fill in each section by asking yourself questions, such as:

For Strengths

• What is it that your business is doing well?
• What unique product or services your business has to offer?
• What is it that gives your business an edge over its competitors?

For Weaknesses

• What resources or in which areas does your business lack?
• Which aspect(s) can potentially hinder the success of your business?

For Opportunities

● What resources should you use to generate desired results?
● Which steps can help your business stand out in your industry?

For Threats

● What are some potential external conditions that could damage your performance?
● What are your competitors doing better than you?

Conclusion

As a business continues to grow, it’s essential to keep track of changes and improvements done along the way. These four factors provide a comprehensive roadmap for the future so a company can easily assess where it stands in the market and how far it has come.

Also Read: How To Make a Business Plan and Other Tips On Entrepreneurship

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We must bear in mind that the analysis and interpretation of potential clients can make the difference between a possible sale or the loss of that client.

Therefore, we will analyze the concept itself and derive its application.

What Is Neuromarketing?

We can define the concept of Neuromarketing as a business application discipline. Its objective is to predict the behavior of consumers in the product marketing process.

In other words, it consists of applying the technologies derived from neuroscience to the concept of marketing and its use in the company—all this with the ultimate goal of carrying out adequate sales management and achieving the desired profit.

Neuromarketing will be able to provide information, better understand consumer behavior in the face of possible stimuli derived from advertising, and achieve more effective decision-making.

Through its application, it is possible to check the level of attention and the responses at a sensory level offered by the consumer through its different stimuli.

This may be a way of knowing how the brain reacts to different advertising campaigns. In this way, you can understand the possible behavior of consumers or potential customers who purchase the product.

To achieve a proper investigation of this study, different strategies based on collecting information from consumers are used. 

These techniques can be divided into geometry and biometry.

Actions such as functional magnetic resonance imaging, electroencephalography, or magnetoencephalography derive from the first. On the other hand, regarding the second, we can find electrical conductance of the skin or, for example, Eye-Tracking, which refers to eye tracking to find out what attracts the individual’s attention.

Typologies of Neuromarketing

In its general scope, we can say that Neuromarketing is mainly oriented in 3 ways:

• Auditory: This area would consist of those sounds that allow association through a memory that derives from a means of promotion or advertising. In this case, the environment is based on music or sounds or the use of certain melodies that may be pleasant to consumers.
• Visual: They would consist of those images visualized by the consumer and familiar to him due to the impact caused in his memory.
• Kinesthetic: It would consist of the impact or influence on the consumer through smell, taste, or touch.

Neuromarketing vs. Emotional Marketing

It is common at times that there is confusion between both concepts. Although both are related to human behavior, both focus on different points.

Emotional marketing focuses primarily on emotions and how they influence product selection. It is based on less objective aspects but of great importance in decision-making.

However, Neuromarketing focuses on how the consumer’s brain works, and it focuses on measuring the consumer’s reaction to different stimuli.

His analysis is focused on more aspects of the brain and not just emotion.

Benefits of Applying Neuromarketing To Your Business

The main advantage derived from the application of Neuromarketing is knowing in greater depth how to get the attention of the target audience.

This mechanism is capable of knowing the stimuli of consumers without the need to carry out traditional procedures, such as interviews or surveys.

In general, the advantages of Neuromarketing would be the following:

• Know the different points of view, allowing observation in another way over traditional procedures. This makes it easier to achieve a more significant impact in marketing campaigns.
• It allows the analysis and evaluation of the consumer without directly influencing him. This is contrary to traditional procedures. It facilitates both a conscious and subconscious analysis of the individual.
• Greater precision is achieved thanks to new technological procedures adapted to the behavior and thoughts of consumers.
• It is capable of improving the consumer experience. In this way, the organization can approach the actual needs of the individual and the satisfaction in the different processes.
• Allows the identification of behavior patterns. This facilitates the adaptation of campaigns and the transformation of more personalized products, thus allowing easier management.

Also Read: The Different Forms Of Online Advertising And Their Advantages

The post Applying Neuromarketing To Your Business or Company appeared first on TechReviewsCorner.

Corporate sustainability is vital for turning a business into an actual change agent. Its objective is to minimize the adverse effects on ecology, demography, and finances that our economic activity may cause.

What Is Business Sustainability?

The definition of sustainability refers to implementing a business model that does not harm future generations through its activity. In business, this definition applies to expense management and company policy focuses on reducing “collateral damage.”

Organizations of all kinds and from various industries often generate more harmful effects on communities and the ecosystem than the solutions they can provide through their products or services. However, thanks to the generational change of recent decades, more and more users and customers are demanding greater awareness from companies, which is why businesses have been integrating the concept of sustainability into their strategies.

Sustainability In Companies

Consequently, there is an increasing need for organizations to align their values ​​and culture with the new priorities of the vast majority of the population. The type of sustainability that is defended can range from social to financial and environmental.

Such is the importance of this concept within business news that, according to Forbes magazine in 2018, more than 80% of consumers positively value brands committed to sustainability. Those that contribute or are concerned with reducing the environmental impact of their operations.

Innovation And Pandemic

The global impact of COVID-19 forced several companies to resort to innovation in terms of sourcing materials. This is primarily due to the sudden closure of borders and the difficulty of accessing specific material distribution flows. Although before the pandemic, the main focus was on efficiency today, and due to the months of the pandemic, it is focused on diversity and redundancy.

The COVID-19 crisis has also rethought the role of companies in society in terms of responsibility and as a critical agent in ensuring an inclusive recovery in a post-COVID-19 context, says the entity in the report concerning sustainability in business.

Steps Towards Business Sustainability

Build and Strengthen Trust

More than a trend, a reality. Directive 2014/95 already provided a future obligation in the transparency of our business activity concerning sustainability. 

Non-financial disclosure is essential to managing the transition to a sustainable global economy that combines long-term profitability with social justice and environmental protection.

Especially in what refers to the field of Human Resources, since building a solid base of arguments will strengthen our brand quality in the face of the employee. Working on trust is essential, and teaching, in which we beat a strategy focused only on saying what we do.

Focus on Climate Concerns

Climate risk is one of the leading global challenges this year. According to the United Nations, this year will be essential to set the foundations to follow in the fight against climate change. After the celebration of the COPE26 (UN Climate Change Conference) in Glasgow, this year will be full of events that will define the companies’ strategy for the following years.

Integrate Innovation Into Your Strategy

Once the two previous points are clear, it is time to think about strategies that respect them. On the one hand, emphasis can be placed on the source of resources, opting for renewable energy sources until achieving carbon neutrality. However, a business’s relationship with its surroundings is also meaningful. This is transmitted through improving the living conditions of its workers and, therefore, of its community through fair wages.

On the other hand, integrating a circular economy model makes it possible to reduce the consumption of natural resources and waste production. For example, working with recycled materials or materials with a minimal pollution footprint.

Benefits of Sustainability

If we conceive the business reality as an activity directed towards efficiency, it isn’t easy to find a place for sustainability. However, the benefits provided by a strategy focused on business sustainability can mark a before and after in our business.

However, a sustainability strategy adds exceptional value to our business. In this way, a company that cares about this strategy will have a series of economic, social, and environmental assets that others will not have.

Positively Impact Sales

Users are increasingly demanding, thanks to the wide variety of offers depending on which products. Therefore, a sustainability strategy can directly impact sales, mainly thanks to the brand reputation it builds. On the other hand, a study by Harvard University states that the sales of sustainable products increase six times more than those of a traditional company.

Improve Employer Branding

Committing to waste reduction and being transparent about progress helps build credibility and trust-based relationships with customers, partners, and employees. Sustainability in business is a source of values ​​and, therefore, of competitive advantage when it comes to standing out among the companies in the sector.

On the other hand, in the current era, and in the same way with Corporate Social Responsibility, a sustainability strategy is vital for clients.

Avoid Legal Hassles

Opting for environmentally responsible practices helps companies anticipate possible future legal regulations. With more and more countries and regions pushing new environmentally friendly restrictions, this reduces operational risks and can translate into a competitive advantage.

Types of Business Sustainability

The three types of sustainability in business, or the three pillars of sustainability, ultimately make up the so-called “triple impact companies.”

Not all projects have models likely to fall into this category. However, private organizations can rely on at least one of these concepts to optimize their operations and contribute positively to the well-being of workers, consumers, and the environment.

Environmental Sustainability

This type of methodology is undoubtedly the best known. It refers to the responsible interaction between companies with the environment to avoid the depletion or degradation of natural resources. All this is to preserve the environment in the long term.

Its objective is to promote and guarantee economic growth without its activity having repercussions on the ecosystem in which it operates. Innovation is a fundamental element of this strategy.

Social Sustainability

The concept of business sustainability-oriented to the social is accepted and conceptualized by the United Nations Organization as the ability to identify and manage the effects of private activity (whether positive or negative) on people.

Directly or indirectly, private activities impact what happens to workers, clients, and local communities.

Economic Sustainability

It is possible to define economic sustainability as the ability of companies to start, develop and maintain their operations within a range of stability in the medium and long term. When we refer to human resources, this means having a low turnover rate, a high ROI, and the highest possible productivity.

We understand economic sustainability as a balance between the needs of the human being and how he satisfies them and achieves his business objectives without damaging the ecosystem.

Also Read: Four Types Of Employees In Every Office

Objectives of Sustainable Companies

There are several ways to apply this element within companies. One example of sustainability is the search for or creation of alternative mechanisms that reduce the generation of rights in the production chain.

With the rise of this movement, in 2015, the United Nations Organization adopted a set of objectives to be met globally. Each of these goals has its particular purposes, and the year 2030 is the deadline to be achieved.

Sustainable Development Goals

• End of poverty SDG:  It is the main objective of the Sustainable Development program. It aims to put an end to it. Poverty in all its forms around the world.
• Zero Hunger SDG:  Almost 10% of the world’s population suffers from hunger, about 10 million people in one year and about 60 million in five years. If estimates continue, the number will exceed 840 million people by 2030.
• Health and well-being SDG:  After the COVID-19 health crisis, the world’s governments are focusing on guaranteeing a healthy life and promoting well-being for all ages.
• Quality Education SDG:  This sustainable development goal focuses, above all, on ensuring inclusive, equitable, and quality education throughout life and for all. It also places particular emphasis on equal learning opportunities.
• SDG on Gender Equality:  The fifth sustainable development goal focused on achieving equality between all genders and the empowerment of women and girls.
• Clean Water and Sanitation SDG:  One out of every three people does not have access to safe drinking water. Therefore, one of the sustainable development goals for this decade is to guarantee the availability of water and its sustainable management and sanitation for all.
• Affordable and clean energy SDG:  Energy sources are increasingly accessible and sustainable. Although access to electricity in the poorest countries is accelerating and renewable energy is doing very well, there are still 3 billion people who need access to clean and safe energy sources.
• SDGs on Decent Work and Economic Growth: Before the pandemic, one in five countries was already expected to see their per capita income decline or stagnate. For this reason, after the passage of COVID-19, it is a priority to promote inclusive economic growth and, above all, employment and decent work for all. In this way, business sustainability becomes a key element to take care of.
• SDG on Water, industry, innovation, and infrastructure: It is essential to introduce and promote new technologies focused on innovation and sustainability to efficiently allow international trade and production to use the resources within their reach.
• SDG to Reduce Inequalities:  There is a plan to achieve the sustainable development goals, but it is also a priority to ensure that no country or population is left behind on the path to a more sustainable world. Therefore, this section is intended to assist those vulnerable countries that need help to respond to the impact and consequences of COVID-19.
• SDG of Sustainable Cities and Communities:  The role of cities in the new world order is unquestionable. By 2030, 60% of the population will reside in cities. Cities account for 70% of CO2 emissions, so it is vital to set an urbanization plan that is inclusive, safe, resilient, and respectful of the surrounding ecosystem as a sustainable development objective.
• SDG on Responsible Production and Consumption:  Countries must find a way to ensure that the production of food and products meets the minimum standards of business sustainability. This means doing more and doing better but using fewer resources. For this reason, it is an objective of sustainable development to decouple the economic growth of a country or a company at the cost of environmental degradation.
• Climate Action SDG: Adopting urgent measures to combat climate change is also one of the priorities in the 2030 plan. The effects of this phenomenon have already been seen in recent years since this decade has been the hottest registered.
• Underwater Life SDG:  Another sustainable development goal is to respect and understand that the ocean is a source of life for human beings. Therefore, correctly and sustainably managing this resource is vital in this new decade.
• SDG of Life of terrestrial ecosystems:  Another of the main objectives in the plan for sustainable development is to stop and reverse the degradation of terrestrial biodiversity. Therefore, one of the world’s concerns is achieving sustainable management of forests, combating desertification, and preventing the deterioration of the planet’s biodiversity.
• Peace, Justice, and Strong Institutions SDG:  Over the years, the number of conflicts has increased, as has the reputation of government institutions. But on the other hand, more than 70 million people worldwide have had to move from their homes, fleeing due to wars or other armed and political conflicts.
•  SDG of Partnerships to achieve the goals:  All these sustainable development goals can be achieved through international cooperation. For this reason, having a solid alliance is vital for many countries to recover from the passage of COVID-19 and even from their situation before the pandemic.

Business Sustainability Indicators

As we have seen in previous articles, KPIs (key performance indicators) or key indicators are valuable instruments in human resources that, among other things, help us measure the performance of employees and are vital in performance evaluations.

But in addition to this crucial role, KPIs are also essential when implementing a sustainability plan. If you are considering implementing resource conservation strategies and do not know where to start, you can start by considering these indicators:

Environmental Sustainability Indicators

• Effective use of natural resources.

• Measurement of the depletion of resources and raw materials.

• Minimize the use of materials and products that are harmful to the environment.

• Prevention of negative impacts on ecosystems.

• Production and use of environmentally friendly products.

Social Sustainability Indicators

• Percentage of employees who consider that the company acts responsibly.

• Several full-time employees are dedicated to social investment projects.

• Humanitarian and nonprofit organizations raised funds.

• Percentage of operating income dedicated to social contribution.

• Salaries, contracts, and benefits for employees.

• Donations and other social expenses.

• Total investment in the community.

• Satisfaction, retention, customer loyalty.

• Employee satisfaction, competence, and commitment.

Financial Sustainability Indicators

• Company balance sheet.

• Stock prices.

• Occupational risk management.

• Accounting policies.

• Passive and active expenses.

• Budget evaluation.

Corporate sustainability is vital to contribute to the preservation of the environment and the communities where the organizations are inserted. It is also a fundamental arm for the health of companies, the improvement of the professional life of employees, and, in addition, it brings significant benefits to the relationship with consumers and users.

The post Business Sustainability – Why You Need To Implement It And How To Do It appeared first on TechReviewsCorner.

A simple sales analysis can be a great inspiration for you. Just three steps, and you have it. You don’t have to be a specialist.

Business Opportunities Versus Orders

The number of agreed orders and the number of business opportunities is essential to you. Every incoming demand, every new, addressed customer counts. Therefore, before you close the old year, look at how many potential deals you have dealt with as a company and compare them with the number of orders. You may have been able to process an average of 180 orders a week, but what if another 2,780 queries failed?

By comparing the number of all business opportunities and the number of orders, you will find out how successful you are in catching up with stores. So, what is the percentage? Is there a chance for your company to get more?

Tip for you: Look at these numbers monthly or weekly and compare the individual months with each other. You may come across interesting information. In the article How to effectively manage and monitor business activities? Here are some more helpful tips on how to do this.

When You Know The Numbers, Start Looking For Connections!

The context behind the numbers is essential in the analysis. See what exciting information you can get by looking at your business opportunities.

Find Out Where To Target.

What do business cases that have been turned into an order have in common? It’s the customer profile, the type of product or service you offer, or the way your business communicates with them. Look for commonalities of your successful companies. They make it easier for you to identify your target group and apply to them. In the new year, you will target more precisely.

Find Out Where You Lose The Most Customers.

Now, look at the stores you failed to turn into orders. Before marking each opportunity as unsuccessful or postponing it, note why it has not moved on. It was the price, the silence of the customer, or the faster reaction of the competition. You may find that you need sales training.

Finally, Check Where New Customers Are Coming From.

Website, cold calls, or conferences. It all costs you time, energy, and money. At least try to determine where your “customers” come from. Which source brings you the highest quality “potential customers,” which is none? Each company is specific, and each can work something different. Identifying resources will help you find your “recipe for success.”

Tip for you: Pay special attention to orders from your existing customers. Make a fair note of this opportunity. Purchases of existing customers are the most significant source of income for any successful company. How many current customers do you have? How many orders have you received from them this year? Do you use the potential of your existing customers to the full, or do you give space to your competition?

If you register your business opportunities during the year, it will be easier to obtain this information. Companies that use a CRM system (What is a CRM system?) I will have no problem with this. If you haven’t started a customer record business yet, the first step in contributing to better business results in the new year is to do so. Whether you choose Excel or a simple CRM system, you will make a significant step for your sales.

The post Improve Your Business Results – A Simple Sales Analysis That Every Company Can Handle appeared first on TechReviewsCorner.