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		<title>Why is Benchmarking Important?</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/business-planning/benchmarking-important/</link>
		<comments>http://www.businessadvisor.net.au/blogs/index.php/business-planning/benchmarking-important/#comments</comments>
		<pubDate>Thu, 12 Aug 2010 23:00:32 +0000</pubDate>
		<dc:creator>Peter Hall</dc:creator>
				<category><![CDATA[Business Planning]]></category>

		<guid isPermaLink="false">http://www.businessadvisor.net.au/blogs/?p=689</guid>
		<description><![CDATA[Why is Benchmarking Important in Business? &#8220;Did you ever imagine that you could get confidential, real time, comparison of my business with other businesses in your industry sector, so easily.  You can&#8217;t see individual business data but you can now directly compare your business to your peers as a group&#8221; Benchmarking is a systematic process [...]]]></description>
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<h1>Why is Benchmarking Important in Business?</h1>
<p><em><strong>&#8220;Did you ever imagine that you could get confidential, real time,  comparison of my business with other businesses in your industry  sector, so easily.  You can&#8217;t see individual business data but you can  now directly compare your business to your peers as a group&#8221;</strong></em></p>
<p>Benchmarking is a systematic process for comparing business  performance or processes in different organisations, or between groups  of organisations, to learn whether, and how, things may be done better.</p>
<p>The purpose of benchmarking is to improve performance or services by  identifying where changes can be made in either what is done or how  things are done. The best businesses have long been making comparisons  between themselves and others without necessarily labelling the exercise  as benchmarking. However, true benchmarking is more than just ranking  yourself against others or creating league table.</p>
<h3>Benchmarking differs from other improvement techniques because it:</h3>
<ul>
<li>focuses on excellence;</li>
</ul>
<ul>
<li>involves detailed comparisons;</li>
</ul>
<ul>
<li>pools shared information to benefit all the contributors; and</li>
</ul>
<ul>
<li>encourages front line managers and staff in seeking out and implementing change.</li>
</ul>
<h3>Key Benefits of Benchmarking for your business.</h3>
<p><em><strong>&#8220;As an advisor I can now see the impact of  the help I give my clients on a month to month basis.  Imagine how much  more effective that makes me as an advisor!&#8221;</strong></em></p>
<p>Financial benchmarking can provide businesses with the evidence they  need to identify significant differences in resource management, which  may suggest there is scope to do things better, to improve efficiency,  reduce costs or identify potential savings.</p>
<h3>How does it work in practice?</h3>
<p>Typically, businesses will contribute their information about their  own financial performance to an independent confidential organisation so  comparison can be made to grouped data from similar businesses. There  is, however, sometimes merit in a business comparing itself with a  different type of organisation that may be facing similar challenges.  For example, a service business that struggles to grow sales may learn  some useful tips by comparing its approaches with say, service  businesses of a different scale.</p>
<p>The benchmarking service enables businesses to request charts that  compare their income and expenditure profile with that of similar  businesses. The service includes information for all maintained  businesses in Australia through individual businesses regularly  uploading their own business data. Typically this is at the end of each  month and provides close to real time comparison for your business. Any  business can subscribe to use this service. Reporting is available for  Key Performance Indicators (KPI) like profitability, return on  investment, liquidity, capital structure, productivity and activity.  Reporting is also available for the standard profitability performance.  High level comparison is available within your industry sector and your  rank within a specific peer group like an industry association, without  disclosing your actual data or rank position to that association or to  other members of the group. This comparison is between your business and  the aggregated data only where there are more than five businesses in  the group.</p>
<p>Find out about joining the hundreds of other businesses that <a href="../../about/Benchmark_Program/">subscribe to the benchmarking service </a></p>
<h3>So how can I use benchmarking in the current economy?</h3>
<p>An example is a business that suffers a significant decline in sales  due to economic factors. They can compare themselves to others in the  industry to identify if this is industry wide or actually their  individual business. No, this doesn&#8217;t solve the problem, but it helps to  identify the potential causes. Then the business can monitor it&#8217;s  performance compared to its peers and work out what actions are more or  less effective than its peers during the recovery phase.</p>
<h3>Data and Access Protection</h3>
<p>You cannot see anyone elses data and no one can see yours.  You can  only comapre your results to the overall results of your industry sector  or group.  Data is uploaded to an independent third party secure server  and access is only available to staff with adequate security clearance  and then only for the generation of reports. Once you upload your data  we will be able to generate reports for you that compare your  performance to the grouped data from similar businesses in your peer  group or industry sector.</p>
<h4>By Virtual Advisor</h4>
<h4>Find out about joining the hundreds of other businesses that <a href="../../about/Benchmark_Program/">subscribe to the benchmarking service here&#8230;</a></h4>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"><strong>Add your details</strong></a> to receive important  and        vital business building information such as:</p>
<ul>
<li>Government and non government  grants,          support packages and programs for business in Australia.</li>
<li>Seminars, events,  workshops, training          scheduled in Australia.</li>
<li>The Virtual Advisor blog  with heaps of          free information about growing your business.</li>
</ul>
<p>How to <a href="http://www.businessadvisor.net.au/about/Advisor_Meeting_Application/" target="_blank"><span style="text-decoration: underline;">book a meeting with a business advisor</span></a>,  mentor or coach?<br />
Find out about <a href="http://www.businessadvisor.net.au/about/Resources/JobsAssist_Program/" target="_blank"><span style="text-decoration: underline;">Government Grants for Queensland business</span></a>?<br />
Would you like to become an<a href="http://www.businessadvisor.net.au/about/Advisors/Advisors/" target="_blank"> <span style="text-decoration: underline;">Accredited Advisor</span></a>?<br />
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Become a <a href="http://www.businessadvisor.net.au/about/Sponsors/Sponsors/#partnerform" target="_blank"><span style="text-decoration: underline;">sponsor or partner of BAN</span></a> and  connect with small business decision makers?<br />
I wish to <a href="http://www.businessadvisor.net.au/about/Contact/Donations/" target="_blank"><span style="text-decoration: underline;">make a donation</span></a> to help small  business.</p>
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		<title>Managing Delays in Implementing Business Strategy</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/strategy/managing-delays-implementing-business-strategy/</link>
		<comments>http://www.businessadvisor.net.au/blogs/index.php/strategy/managing-delays-implementing-business-strategy/#comments</comments>
		<pubDate>Fri, 23 Jul 2010 07:46:22 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Strategy]]></category>
		<category><![CDATA[Business Advice]]></category>
		<category><![CDATA[business plan]]></category>
		<category><![CDATA[business strategy]]></category>
		<category><![CDATA[handling business plan delays]]></category>
		<category><![CDATA[implementing a business strategy]]></category>
		<category><![CDATA[neil fairley]]></category>
		<category><![CDATA[operational planning]]></category>

		<guid isPermaLink="false">http://www.businessadvisor.net.au/blogs/?p=571</guid>
		<description><![CDATA[Implementing a business strategy is often slowed down or even put on hold because of having to deal with day-to-day operational issues — like fighting fires.  There is a simple way to deal with this issue; all it requires is the will to make it work and the discipline to act.

]]></description>
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<p>Implementing a business strategy is often slowed down or even put on hold because of having to deal with day-to-day operational issues — like fighting fires.</p>
<p>Fighting fires often takes the management team on an extended journey of dealing with the demands of “immediacy” or the focus on the here and now rather than the future.</p>
<p>There is a simple way to deal with this issue; all it requires is the will to make it work and the discipline to act.</p>
<p>Start with setting time aside for the management to meet on a regular and structured basis. Make sure the timing is immutable and that all key people commit to the process. Take the meeting off line from the business or make it after hours if necessary.</p>
<p>This meeting should be set up, say monthly, with a specific agenda to deal with strategy-only topics.</p>
<p>The operational plan and budget should be driven from the revenue targets in the strategic plan.</p>
<p>Medium or even some smaller sized companies should consider creating their own “Office of Strategy Management” This could comprise in house team members coupled to external professional advisors that help to coordinate the activities needed to manage the strategy.</p>
<p>Naturally the executive team still needs to maintain their focus on operational improvement as well.  However in today’s environment planning your strategy and carrying it out is critically important.</p>
<p>Here are the key action points to consider.</p>
<ul>
<li>Develop the strategy based on where you want to be.</li>
<li>Plan the activities needed to make this happen.</li>
<li>Align the organisation so there is support for the strategy.</li>
<li>Devise the action plans to make the activities happen.</li>
<li>Monitor and learn.</li>
<li>Test and adapt.</li>
</ul>
<p>by Neil Fairley</p>
<p>Workforce Advisors Group</p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"></a></p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"><strong>Add your details</strong></a> to receive important  and        vital business building information such as:</p>
<ul>
<li>Government and non government  grants,          support packages and programs for business in Australia.</li>
<li>Seminars, events,  workshops, training          scheduled in Australia.</li>
<li>The Virtual Advisor blog  with heaps of          free information about growing your business.</li>
</ul>
<p>How to <a href="http://www.businessadvisor.net.au/about/Advisor_Meeting_Application/" target="_blank"><span style="text-decoration: underline;">book a meeting with a business advisor</span></a>,  mentor or coach?<br />
Find out about <a href="http://www.businessadvisor.net.au/about/Resources/JobsAssist_Program/" target="_blank"><span style="text-decoration: underline;">Government Grants for Queensland business</span></a>?<br />
Would you like to become an<a href="http://www.businessadvisor.net.au/about/Advisors/Advisors/" target="_blank"> <span style="text-decoration: underline;">Accredited Advisor</span></a>?<br />
Need information on how to <a href="http://www.businessadvisor.net.au/about/Thinking_Business/" target="_blank"><span style="text-decoration: underline;">prepare a business plan</span></a>?<br />
Do you want a step by step guide to <a href="http://www.businessadvisor.net.au/about/Thinking_Business/" target="_blank"><span style="text-decoration: underline;">growing your business</span></a>?<br />
Become a <a href="http://www.businessadvisor.net.au/about/Sponsors/Sponsors/#partnerform" target="_blank"><span style="text-decoration: underline;">sponsor or partner of BAN</span></a> and  connect with small business decision makers?<br />
I wish to <a href="http://www.businessadvisor.net.au/about/Contact/Donations/" target="_blank"><span style="text-decoration: underline;">make a donation</span></a> to help small  business.</p>
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		<title>10 components for success in business – part 8, 9 and 10.</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-8-9-and-10/</link>
		<comments>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-8-9-and-10/#comments</comments>
		<pubDate>Sun, 04 Jul 2010 23:00:58 +0000</pubDate>
		<dc:creator>Peter Hall</dc:creator>
				<category><![CDATA[Business Advice]]></category>
		<category><![CDATA[change]]></category>
		<category><![CDATA[corporate profile]]></category>
		<category><![CDATA[environmentally friendly management]]></category>
		<category><![CDATA[free business advice]]></category>
		<category><![CDATA[going green]]></category>
		<category><![CDATA[health and environment]]></category>
		<category><![CDATA[research and development]]></category>
		<category><![CDATA[safety]]></category>
		<category><![CDATA[SHE]]></category>
		<category><![CDATA[SHE policy]]></category>
		<category><![CDATA[small business advice]]></category>
		<category><![CDATA[the importance of a corporate profile]]></category>
		<category><![CDATA[what is a corporate profile?]]></category>

		<guid isPermaLink="false">http://www.businessadvisor.net.au/blogs/?p=602</guid>
		<description><![CDATA[10 components for success in business &#8211; parts 8, 9 and 10. 8. Comprehensive Corporate Profile A corporate profile contains all the relevant information and documentation. Before companies meet you to explain your goods and services, they need to be convinced by what they see in your profile. A profile is almost like a CV [...]]]></description>
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<h3><strong>10 components for success in business &#8211; parts 8, 9 and 10.</strong></h3>
<p><strong>8.   Comprehensive Corporate Profile</strong></p>
<p>A  corporate profile  contains all   the relevant information and  documentation. Before  companies meet you  to  explain your goods and  services, they need to  be convinced by what  they  see in your profile. A  profile is almost  like a CV of your  business .  Some corporates are  creative enough as  they make the  profiles on  interactive DVDs or CDs  which they send out  to the  corporate work. Your  profile would  generally contain what you  find on  the main website of the  company. It  covers your background as  a business, your vision and  values, it also  gives details of  product lines you  specialize in, the  team&#8217;s  individual write-ups  (miniature Cvs) which  spell out skills and   experience, reference  sites where you have  provided the services  before.  This document  speaks on your behalf in  your absence hence it  has to be  of high  standard, something that  encourages the customer to  continue  reading.  The marketing team can be  used to come up wit this  plan.</p>
<p><strong>9.   Research and Development</strong></p>
<p>The  strength in every leader  is the ability  to  manage change, to be able to  run the business based  on best  practice  and setting standards that  many would want to  follow. To do  that a great  amount of time and money  must be spent on  R&amp;D. When  you do this you  will find out how not to  do certain  things, avoiding  the pitfalls of  others and most  importantly you stay  abreast with  latest trends.  Excellence is achieved  as you continue to  for the  development not only  of the product but of  the employee who is  also a  producer. As you  research and get knowledge,  pass it on to  those in  your team.</p>
<p><strong>10.  Safety, Health and  Environment (SHE)  Policy</strong></p>
<p>It  is no longer possible to  just do business  without  considering the  impact we make on the  environment. The world is  going  green ,  eco-friendly products and  processes. Before you make  your  packaging,  consider what it does to the  environment on disposal.  In  your  production line, the safety of your  employees is of utmost    importance. Unsafe environments can easily be  shut down by authorities.    If you produce goods in filthy environment,  you will endanger both   the  employee and the consumer. Any industry which  is production   oriented,  manufacturing, factory, heavy machinery based  processes   calls for  leadership to put priority on SHE. What use is your  mining   venture if  in one minute you can lose 400 employees in a shaft?  If you   cannot  invest in SHE, the best advice one can give change the  line  of  business  rather than risk people&#8217;s lives.</p>
<p>This is the last post in this series of 10 components for business success.</p>
<p>Stay tuned for more blogs soon.</p>
<p>Kind regards,</p>
<p>Virtual Advisor</p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"></a></p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"><strong>Add your details</strong></a> to receive important  and        vital business building information such as:</p>
<ul>
<li>Government and non government  grants,          support packages and programs for business in Australia.</li>
<li>Seminars, events,  workshops, training          scheduled in Australia.</li>
<li>The Virtual Advisor blog  with heaps of          free information about growing your business.</li>
</ul>
<p>How to <a href="http://www.businessadvisor.net.au/about/Advisor_Meeting_Application/" target="_blank"><span style="text-decoration: underline;">book a meeting with a business advisor</span></a>,  mentor or coach?<br />
Find out about <a href="http://www.businessadvisor.net.au/about/Resources/JobsAssist_Program/" target="_blank"><span style="text-decoration: underline;">Government Grants for Queensland business</span></a>?<br />
Would you like to become an<a href="http://www.businessadvisor.net.au/about/Advisors/Advisors/" target="_blank"> <span style="text-decoration: underline;">Accredited Advisor</span></a>?<br />
Need information on how to <a href="http://www.businessadvisor.net.au/about/Thinking_Business/" target="_blank"><span style="text-decoration: underline;">prepare a business plan</span></a>?<br />
Do you want a step by step guide to <a href="http://www.businessadvisor.net.au/about/Thinking_Business/" target="_blank"><span style="text-decoration: underline;">growing your business</span></a>?<br />
Become a <a href="http://www.businessadvisor.net.au/about/Sponsors/Sponsors/#partnerform" target="_blank"><span style="text-decoration: underline;">sponsor or partner of BAN</span></a> and  connect with small business decision makers?<br />
I wish to <a href="http://www.businessadvisor.net.au/about/Contact/Donations/" target="_blank"><span style="text-decoration: underline;">make a donation</span></a> to help small  business.</p>
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		<title>10 components for success in business – part 6 and 7</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-6-and-7/</link>
		<comments>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-6-and-7/#comments</comments>
		<pubDate>Sun, 27 Jun 2010 23:00:27 +0000</pubDate>
		<dc:creator>Peter Hall</dc:creator>
				<category><![CDATA[Business Advice]]></category>
		<category><![CDATA[communication and reporting strategy]]></category>
		<category><![CDATA[external communication]]></category>
		<category><![CDATA[internal communication]]></category>
		<category><![CDATA[procurement activity]]></category>
		<category><![CDATA[procurement and budgets]]></category>
		<category><![CDATA[procurement policy]]></category>
		<category><![CDATA[small business advice]]></category>
		<category><![CDATA[staying competitive]]></category>
		<category><![CDATA[what is a procurement policy]]></category>

		<guid isPermaLink="false">http://www.businessadvisor.net.au/blogs/?p=601</guid>
		<description><![CDATA[10 components for success in business &#8211; part 6, and 7 6. Procurement Policy Do you strategically source your inputs and stock? When you have a sound policy, you remain competitive in your market. Always avoid middleman in instances where you can buy direct from source. Avoid keeping stocks which will not move. Use the [...]]]></description>
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<h3><strong>10 components for success in business &#8211; part 6, and 7<br />
</strong></h3>
<p><strong>6.  Procurement Policy</strong></p>
<p>Do you strategically  source your inputs  and  stock? When you have a sound policy, you remain  competitive in  your  market. Always avoid middleman in instances where  you can buy  direct  from source. Avoid keeping stocks which will not  move. Use the  sales  reports to determine what kind of products to stock.  You need to  setup  authorization levels for procurement. You do not want  to be  suddenly  shocked by huge invoices. This system should work  closely  with the  budget tool. If it is not budgeted for, it will not be   procured unless  by special arrangement with leadership. This policy   should allow for  regular reporting on stock and procurement activity.   That way you make  informed decisions ahead of time.</p>
<p><strong>7.   Communication &amp;  Reporting Strategy</strong></p>
<p>Internal and external   communication structures  can easily become the resistors for smooth  flow  of information and  hence slowing down of decisions that need to  be made  timeously. As the  CEO, or head of department, you need to take  time to  communicate vision  and spell out the goals and objectives.  Regular  meetings with team  members keeps you informed of issues as  they arise  not after  incubation. You are able to decide on the way  forward reducing  any  impact to the organization. In all the systems  mentioned, be it   financial, HR etc. there is a regular generation of  reports. This tool   spells out deadlines and how often reports should  come out. Who is privy   to which reports? A system is only good to the  level to which it can   give feedback to leaders for them to make  informed decisions.</p>
<p>&#8230; to be continued next week.</p>
<p>Kind Regards,</p>
<p>Virtual Advisor</p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"></a></p>
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		<title>10 components for success in business – part 4 and 5</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-4-and-5/</link>
		<comments>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-4-and-5/#comments</comments>
		<pubDate>Sun, 20 Jun 2010 23:00:05 +0000</pubDate>
		<dc:creator>Peter Hall</dc:creator>
				<category><![CDATA[Business Advice]]></category>
		<category><![CDATA[brand awareness]]></category>
		<category><![CDATA[how to develop a human resource plan]]></category>
		<category><![CDATA[importance of brands]]></category>
		<category><![CDATA[marketing plan]]></category>
		<category><![CDATA[sales plans]]></category>
		<category><![CDATA[what is a marketing plan?]]></category>

		<guid isPermaLink="false">http://www.businessadvisor.net.au/blogs/?p=600</guid>
		<description><![CDATA[10 components for success in business &#8211; part 4 and 5 4. Marketing and Sales Plan You may have the most brilliant product there is on the market but without the clientele knowing about it, it will not translate into revenue. A marketing plan is meant to raise or increase your presence on the market. [...]]]></description>
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<p><strong>10 components for success in business &#8211; part 4 and 5</strong></p>
<p><strong>4.  Marketing and Sales Plan</strong></p>
<p>You may have the most brilliant  product  there is on the market but without the clientele knowing about  it, it  will not translate into revenue. A marketing plan is meant to  raise or  increase your presence on the market. You strategically assess  each of  the product or service you provide and determine how to  roll-out the  awareness campaigns and launches through various media  such as internet,  radio, television and print media. You cannot talk of  market awareness  without referring to brand awareness. Your brand  identifies you and  leaves an indelible mark in the mind of those who  see it. Your marketing  team should follow a brand manual which spells  out your logo, accepted  fonts etc. You must always ask yourself the  fundamental question who out  there needs our services and may not know  about them? This plan will  help you achieve just that.</p>
<p><strong>5. Human  Resource Plan</strong></p>
<p>You  can have all the systems you need for your  business and all the capital  necessary for you to take off but without  people to run the systems and  execute the plans, business success  remains a far-fetched idea. You need  a sound incentive system that  looks at rewarding high performers. How  do you motivate and keep the  employees you have? Do you have a  performance management system? What  are the criteria for recruitment to  specific jobs? Review job  specifications / expectations and perform job  evaluation. Where there  is no HR System or plan, employees do as they  please. HR system will  help you manage induction, discipline and  mentorship of recruits. Love  people and see how they increase in  productivity.</p>
<p>&#8230; continued in the next post.</p>
<p>Kind Regards,</p>
<p>Virtual Advisor</p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"></a></p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"><strong>Add your details</strong></a> to receive important  and        vital business building information such as:</p>
<ul>
<li>Government and non government  grants,          support packages and programs for business in Australia.</li>
<li>Seminars, events,  workshops, training          scheduled in Australia.</li>
<li>The Virtual Advisor blog  with heaps of          free information about growing your business.</li>
</ul>
<p>How to <a href="http://www.businessadvisor.net.au/about/Advisor_Meeting_Application/" target="_blank"><span style="text-decoration: underline;">book a meeting with a business advisor</span></a>,  mentor or coach?<br />
Find out about <a href="http://www.businessadvisor.net.au/about/Resources/JobsAssist_Program/" target="_blank"><span style="text-decoration: underline;">Government Grants for Queensland business</span></a>?<br />
Would you like to become an<a href="http://www.businessadvisor.net.au/about/Advisors/Advisors/" target="_blank"> <span style="text-decoration: underline;">Accredited Advisor</span></a>?<br />
Need information on how to <a href="http://www.businessadvisor.net.au/about/Thinking_Business/" target="_blank"><span style="text-decoration: underline;">prepare a business plan</span></a>?<br />
Do you want a step by step guide to <a href="http://www.businessadvisor.net.au/about/Thinking_Business/" target="_blank"><span style="text-decoration: underline;">growing your business</span></a>?<br />
Become a <a href="http://www.businessadvisor.net.au/about/Sponsors/Sponsors/#partnerform" target="_blank"><span style="text-decoration: underline;">sponsor or partner of BAN</span></a> and  connect with small business decision makers?<br />
I wish to <a href="http://www.businessadvisor.net.au/about/Contact/Donations/" target="_blank"><span style="text-decoration: underline;">make a donation</span></a> to help small  business.</p>
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		<title>10 components for success in business – part 2 and 3</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-2-and-3/</link>
		<comments>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-2-and-3/#comments</comments>
		<pubDate>Sun, 13 Jun 2010 23:00:23 +0000</pubDate>
		<dc:creator>Peter Hall</dc:creator>
				<category><![CDATA[Business Advice]]></category>
		<category><![CDATA[business plan]]></category>
		<category><![CDATA[how to plan strategically]]></category>
		<category><![CDATA[management information system]]></category>
		<category><![CDATA[MIS]]></category>
		<category><![CDATA[small business advice]]></category>
		<category><![CDATA[small business help]]></category>
		<category><![CDATA[strategic plan]]></category>
		<category><![CDATA[strategic plan help]]></category>
		<category><![CDATA[what is a business plan?]]></category>

		<guid isPermaLink="false">http://www.businessadvisor.net.au/blogs/?p=599</guid>
		<description><![CDATA[10 components for success in business &#8211; part 2 and 3 2. Strategic Plan and Business Plan A strategic plan a mandatory document for the growth and development of the business. As the name suggests, it contains business strategy which encompasses, the vision, values, strategic goals and objectives and all the necessary resources required to [...]]]></description>
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<h3>10 components for success in business &#8211; part 2 and 3</h3>
<p><strong>2. Strategic Plan and Business Plan</strong></p>
<p>A strategic plan a  mandatory document for the growth and development of the business. As  the name suggests, it contains business strategy which encompasses, the  vision, values, strategic goals and objectives and all the necessary  resources required to achieve the stated goals. A strategic plan can be  one year, 5 or even 10 year plan. Take leaders away on a brainstorming  strategic session rather than one person sitting down to formulate a  strategy without consultation. Just because you are the founder does not  mean you can do it all yourself. Get external assistance to help you  dream better. Your strategic plan has direct effect on future business  performance. A business plan is similar to a strategic plan and it  contains most of the financial documents but most importantly  projections of anticipated performance in the future. Banks look at your  business plan in order to give you loans for capital expenditure or  normal operating income.</p>
<p><strong>3. Management Information System &amp;  ICT</strong></p>
<p>It is important to note that the Information Age we are  operating in calls for organizations to strengthen their access to  Information and Communication Technology and usage of business  intelligence tools for decision making. Online transactions have become  the order of the day. Your clients are not just in their office. They  live on the internet. ICT is no longer just a cost center but a revenue  driver. You will gain more revenue as you maximize your presence online  and your efficient electronic communication. There are different  Management Information Systems available commercially to meet your  industry specific situation. Sometimes you may need to engage a software  developer to create your system from scratch in situations where there  is no solution readily available on the shelf (tried and tested).</p>
<p>&#8230; continued in the next post.</p>
<p>Kind Regards,</p>
<p>Virtual Advisor</p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"></a></p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"><strong>Add your details</strong></a> to receive important  and        vital business building information such as:</p>
<ul>
<li>Government and non government  grants,          support packages and programs for business in Australia.</li>
<li>Seminars, events,  workshops, training          scheduled in Australia.</li>
<li>The Virtual Advisor blog  with heaps of          free information about growing your business.</li>
</ul>
<p>How to <a href="http://www.businessadvisor.net.au/about/Advisor_Meeting_Application/" target="_blank"><span style="text-decoration: underline;">book a meeting with a business advisor</span></a>,  mentor or coach?<br />
Find out about <a href="http://www.businessadvisor.net.au/about/Resources/JobsAssist_Program/" target="_blank"><span style="text-decoration: underline;">Government Grants for Queensland business</span></a>?<br />
Would you like to become an<a href="http://www.businessadvisor.net.au/about/Advisors/Advisors/" target="_blank"> <span style="text-decoration: underline;">Accredited Advisor</span></a>?<br />
Need information on how to <a href="http://www.businessadvisor.net.au/about/Thinking_Business/" target="_blank"><span style="text-decoration: underline;">prepare a business plan</span></a>?<br />
Do you want a step by step guide to <a href="http://www.businessadvisor.net.au/about/Thinking_Business/" target="_blank"><span style="text-decoration: underline;">growing your business</span></a>?<br />
Become a <a href="http://www.businessadvisor.net.au/about/Sponsors/Sponsors/#partnerform" target="_blank"><span style="text-decoration: underline;">sponsor or partner of BAN</span></a> and  connect with small business decision makers?<br />
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		<title>10 components for success in business – part 1</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-1/</link>
		<comments>http://www.businessadvisor.net.au/blogs/index.php/business-advice/10-components-for-success-in-business-part-1/#comments</comments>
		<pubDate>Sun, 06 Jun 2010 23:00:17 +0000</pubDate>
		<dc:creator>Peter Hall</dc:creator>
				<category><![CDATA[Business Advice]]></category>
		<category><![CDATA[accounting advice]]></category>
		<category><![CDATA[financial business help]]></category>
		<category><![CDATA[how to manage a budget]]></category>
		<category><![CDATA[knowledge of financial basics]]></category>
		<category><![CDATA[small business advice]]></category>
		<category><![CDATA[what is a balance sheet?]]></category>
		<category><![CDATA[what is an income statement?]]></category>
		<category><![CDATA[what is cashflow?]]></category>

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		<description><![CDATA[﻿﻿﻿10 components for success in business &#8211; part 1 What tools do I need to run my business? Your understanding and correct use of the available business tools will determine how far the business goes. Regardless of size, every business needs tools to setup, administer and properly run. Some of those tools are purely financial [...]]]></description>
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<h3>﻿﻿﻿10 components for success in business &#8211; part 1</h3>
<p><strong>What tools do I need to run my business?</strong></p>
<p>Your understanding and correct use of the available business tools will determine how far the business goes. Regardless of size, every business needs tools to setup, administer and properly run. Some of those tools are purely financial in nature. A fair understanding of finances is necessary for every leader regardless of profession. You ignore your financial performance at your own peril. You are able to make better, informed and calculated risks or decisions whenever you know the financial implications. Every decision you will ever make has a financial implication; it will either increase your financial position or reduce your financial balance. You should never be surprised why and how you seem not to have enough money for your needs when you are not able to monitor income and expenditure patterns. This article may not make you an accountant or finance manager but it is meant to give you a few tools that are pertinent in giving you some grounding on the subject of finances. Other business tools are covered which when made use of can maximize the potential of the business .</p>
<p><strong>1. Knowledge of Finance Basics </strong></p>
<p>I will highlight the few financial tools. I also recommend such courses as Finance for Non-Financial Managers. The points below will give you a jump start and possibly give you enough appetite to go a little deeper.</p>
<p><strong>Income Statement</strong></p>
<p>Sometimes referred to as Profit and Loss Statement Profit is the money you remain with after trading or selling your merchandise. It is the sum up all your sales invoices (income) minus all costs involved in the sale. The balance is a gross profit. In situations where you find yourself without money enough to finance your costs, we say you made a loss. A loss making position will drive you out of the trading position sooner than later. Every wise CEO always endeavors to lower the costs of production as much as possible so as to make goods and services affordable and competitive in pricing. That way you are able to sell volumes which increase your profitability. A profit and loss statement will include Total Sales (T), Cost of Sales direct costs(C), Gross Profit (which is simply T minus C). You also have Operating Profit which is profit before interest and taxes (PBIT). When you have removed all the interest and taxes you come up with Net Profit or Net Loss.</p>
<p><strong>Cash Flow</strong></p>
<p>Every business has a prerogative to generate cash. A cash flow statement will show clearly what happened to the cash you have been generating. Cash refers to hard cash which is Cash on Hand, petty cash, and cleared funds in the bank as well. I am saying cleared because you can not make a decision on money which is not yet reflecting as available. What if the cheque bounces, or transfer is reversed? I used to value the Profit and Loss statement more than this until I realized that this statement tells me whether I am generating cash or I am simply consuming it all up. It is important to note that even though you may be having a profitable position according to the Income Statement above, you may be using up all your cash and soon face the wrath of bankruptcy.</p>
<p><strong>Balance Sheet</strong></p>
<p>This is the document that shows us our asset levels. Whenever you purchase assets for your organization, the value should be recorded as per invoice. Over a period of time the asset goes down in value (depreciates) or it may increase in value (appreciation). It is important to keep a track of this value as it helps you to know when to replace the asset. A balance sheet will inform you about the value of the business . It is tragic to judge a business by the bank balance as all that could be funds waiting to be paid out. A balance sheet includes fixed assets such as land, plant equipment, vehicles and current assets which include cash in bank, stock levels and what customers (debtors) owe. The two asset types added together give us total assets we have. It also includes the company&#8217;s financial obligations (liabilities) which may be classified into long term liabilities (loans payable after long periods e.g. 5 year loan) and current liabilities (short term loans, what is owed to suppliers / creditors). In addition you need a record of all assets with their serial numbers and values in a book called Asset Register.</p>
<p><strong>Budget</strong></p>
<p>This is a financial plan which shows a projection of where we expect to get funds from and where we also expect to spend. A budget is a wise inference made based on studying previous behavior. It helps the leaders to manage costs. In well managed businesses , they will not spend on what is not budgeted for. Where expenditure surpasses budget, the respective department has to answer questions such as why? How come? What can be done next time to stay within budget? A comparison of budgeted versus actual figures is always important at the end of each month. Since a budget is a forecast of future performance, there is need to know the historic performance of a company especially in the recent past with consideration of any changes in the environment. A budget can only be useful to the degree it is realistic and reflective of the economic environment the company operates in. The budget tool is a useful tool for every leader. Get everyone section, division or department come up with their own budget which you consolidate to the main corporate budget.</p>
<p>&#8230; continued in part 2</p>
<p>Regards,</p>
<p>Virtual Advisor</p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"></a></p>
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		<title>Creating a brand for your business</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/sales-and-marketing/creating-a-brand-for-your-business/</link>
		<comments>http://www.businessadvisor.net.au/blogs/index.php/sales-and-marketing/creating-a-brand-for-your-business/#comments</comments>
		<pubDate>Sat, 29 May 2010 08:25:09 +0000</pubDate>
		<dc:creator>Peter Hall</dc:creator>
				<category><![CDATA[Sales & Marketing]]></category>

		<guid isPermaLink="false">http://www.businessadvisor.net.au/blogs/?p=590</guid>
		<description><![CDATA[Some small business owners don&#8217;t feel that building a brand is relevant to them&#8230; think again! There are so many things that need to be done when setting up your new business. One of the many critical things is creating a brand for your small business. A brand is important as it adds value to [...]]]></description>
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<p><strong>Some small business owners don&#8217;t feel that building a brand is relevant to them&#8230; think again!</strong></p>
<p>There are so many things that need to be done when setting up your new business. One of the many critical things is creating a brand for your small business. A brand is important as it adds value to your product or service, assuming that what you provide is of good quality. A brand also helps your customers to recognize your product over your competitors&#8217; products and this will help encourage them to buy from you instead of them.</p>
<p>Branding is mainly for the purpose of showing the customer that your product is a step up or better than any of the other products in the market. A good brand usually represents a high quality product or service. It will lead customers to begin to rely on that product or service and they will hopefully start to tell all their friends about it as well. Word of mouth is one of the most effective methods of marketing and it can begin with good branding for your small business.</p>
<p>As you begin to create a brand for your business you need to know who your target audience is going to be. Scope out the demographics so that you can build them into your brand. These demographic considerations can be branded in the way words, colour schemes and graphics of your logo. The final result should appeal to the audience you are targeting. An effective brand is one which will catch the customer&#8217;s eye and they will recognize the product and what it is for, rather than just recognising the business behind the product. Make sure you understand the needs and wants of your audience. Create a brand which outdoes the competition, so that people will be drawn to your service or product.</p>
<p>The most important part of creating your brand is establishing a promise and guarantee that you will provide a great product or service. A successful brand will help establish the reputation of your business if it can demonstrate this to your future and current customers. Creating a good brand will create trust. It will make a statement saying that you will live up to and back up your product when it comes to quality, competitors&#8217; prices and customer service. Successful branding is putting your service or product up above everyone else&#8217;s and making sure it stays there.</p>
<p>Creating a brand for your small business could be the key component that you need in order to succeed. A good brand will help create trust between you and your customers. Finally, make sure you do your research first and then build your brand around it and your target audience.</p>
<p>Regards,</p>
<p>Virtual Advisor</p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"><strong>Add your details</strong></a> to receive important  and         vital business building information such as:</p>
<ul>
<li>Government and non government  grants,          support packages and  programs for business in Australia.</li>
<li>Seminars, events,  workshops, training          scheduled in  Australia.</li>
<li>The Virtual Advisor blog  with heaps of          free information  about growing your business.</li>
</ul>
<p>How to <a href="http://www.businessadvisor.net.au/about/Advisor_Meeting_Application/" target="_blank"><span style="text-decoration: underline;">book a meeting with a business advisor</span></a>,   mentor or coach?<br />
Find out about <a href="http://www.businessadvisor.net.au/about/Resources/JobsAssist_Program/" target="_blank"><span style="text-decoration: underline;">Government Grants for Queensland business</span></a>?<br />
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Become a <a href="http://www.businessadvisor.net.au/about/Sponsors/Sponsors/#partnerform" target="_blank"><span style="text-decoration: underline;">sponsor or partner of BAN</span></a> and  connect with  small business decision makers?<br />
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		<title>How to Rev up Sales</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/sales-and-marketing/how-to-rev-up-sales/</link>
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		<pubDate>Sun, 23 May 2010 08:13:47 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Sales & Marketing]]></category>

		<guid isPermaLink="false">http://www.businessadvisor.net.au/blogs/?p=573</guid>
		<description><![CDATA[When times get tough, the tough get going. Research tells us that a downturn is the one of the best times for the marketing department to stand out and serve the company well. Normally, in a downturn most CEO’s will look at cutting costs across the business in order to offset a decline in revenue [...]]]></description>
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<p><em><strong>When times get tough, the tough get going.</strong></em></p>
<p>Research tells us that a downturn is the one of the best times for the marketing department to stand out and serve the company well.</p>
<p>Normally, in a downturn most CEO’s will look at cutting costs across the business in order to offset a decline in revenue and marketing budgets are most commonly the ones to be cut.</p>
<p>Often the strategic value of good marketing is misunderstood so during a downturn its function and expenditure is likely to be challenged more than other parts of the business.</p>
<p>The answer is to demonstrate the return on the marketing spending so that it doesn’t become a cost center where your budget is calculated as a percentage of revenue, but rather a profit center where the budget allocations are seen as providing positive returns.</p>
<p>This is more important today, especially in light of some recent findings that the impact of marketing can be stronger during downturns than during the good years.</p>
<p>A good example of this is ability to grow in tough times is Microsoft during the early 90’s. The company believed it had great value in their new product offerings so they got behind them with an aggressive marketing. This propelled the company from being big into a massive behemoth.</p>
<p>A current example, in spite of negative news about global economies is Apple’s aggressive marketing of its iPhone which are doing spectacularly well.</p>
<p>Don’t  slash your marketing budget because now is a wonderful opportunity to think through the customer centric mission of your business and not succumb to blaming the downturn for revenue loss.</p>
<p>Think through your organisational goals and examine all elements of the business and ask yourself “why” a specific area or areas are not performing well.  This will provide you with an indication of the true value being created by that part of the business.</p>
<p>In good times, taking time out to reflect on the business and to define what it could do better doesn’t happen because money is coming in and companies don’t feel the need to challenge themselves.</p>
<p>by<br />
Neil Fairley</p>
<p>Workforce Advisors Group</p>
<p><a href="http://www.businessadvisor.net.au/about/Newsletter_Registration_Confirmation/" target="_blank"><strong>Add your details</strong></a> to receive important  and         vital business building information such as:</p>
<ul>
<li>Government and non government  grants,          support packages and  programs for business in Australia.</li>
<li>Seminars, events,  workshops, training          scheduled in  Australia.</li>
<li>The Virtual Advisor blog  with heaps of          free information  about growing your business.</li>
</ul>
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		<title>Conducting a SWOT Analysis</title>
		<link>http://www.businessadvisor.net.au/blogs/index.php/sales-and-marketing/conduting-a-swot-analysis/</link>
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		<pubDate>Mon, 10 May 2010 09:48:28 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Sales & Marketing]]></category>

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		<description><![CDATA[An important part of market research is understanding your current market position.  To assess your current situation, you need to undertake a marketing audit using a SWOT technique.  SWOT analysis is a process by which you analyse you current business characteristics and the environment in which your business operates
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<p>This week we continue with our Marketing mini series and take a closer look at an old marketing favourite &#8211; the SWOT analysis.</p>
<p>An important part of market research is understanding your current market position.  To assess your current situation, you need to undertake a marketing audit using a SWOT technique.</p>
<p>SWOT analysis is a process by which you analyse you current business characteristics and the environment in which your business operates.  SWOT stands for:</p>
<p><strong>S </strong>- Strengths<br />
<strong>W</strong> &#8211; Weaknesses<br />
<strong>O</strong> &#8211; Opportunities<br />
<strong>T</strong> &#8211; Threats</p>
<p>From this assessment you can build a plan or strategy.  You can also apply it to your competitors so you can learn their strengths and counter them, and exploit any weaknesses where you have an advantage.</p>
<p>It also helps you to recognise opportunities and threats.  It can help you get into the product life cycle at the right time, or prepare to get out before the market declines.  In short, it helps you to plan your strategy or your direction rather than leave it to change.</p>
<p>First look at your business; where are you strengths and weaknesses?  Strengths are those things that you are good at and the things that make you business prosper.  Write them down.</p>
<p>Now have a look at your weaknesses.  Weaknesses are those things that you do not do as well as you think you could and are able to improve.  Write them down.</p>
<p>Strengths or weaknesses could appear in any of the following areas</p>
<p><strong>Finance</strong>- cash flow, debt/equity, level of assets, profitability, capital available,</p>
<p><strong>Production</strong> &#8211; plant &amp; equipment, quality control, research &amp; development, patents, production methods</p>
<p><strong>Marketing</strong> &#8211; customer base, price structure, distribution, location, promotion, product range</p>
<p><strong>Personnel</strong> &#8211; staff size, key personnel, morale, leadership, communication</p>
<p>Next look at the opportunities and threats in the external environment.  Opportunities are those areas where we may sense there are currently gaps in the market not being filled.  this could be because of changes in technology or in customer preferences.  Write down the opportunities.</p>
<p>Now look at the threats you face.  Threats are factors which could affect your business in the future and over which you have little control, often caused by changed competitive or economic conditions.  Write down the threats.</p>
<p>Opportunities and threats may be in the following areas:</p>
<p><strong>Competition </strong>- new competitors, import competition, aggressive competitors,</p>
<p><strong>Economic</strong> &#8211; inflation, interest rates, credit availability, unemployment</p>
<p><strong>Government Policy</strong> &#8211; taxation, imports &amp; tariffs, legislation</p>
<p><strong>Social </strong>- changes to customer preferences, social values, population changes</p>
<p><strong>Technology</strong>- new technology, changing cost structures, obsolescence, new products</p>
<p><strong>Suppliers</strong> &#8211; mergers/monopolies, prices, distribution, competition</p>
<p>You have now completed a basic marketing audit which will assist you to develop an integrated marketing strategy.  To develop the strategy you need to see the whole picture.  To do this complete a SWOT grid.</p>
<p><a href="http://www.businessadvisor.net.au/blogs/wp-content/uploads/2010/05/SWOT-1.png"><img class="aligncenter size-medium wp-image-549" title="SWOT Grid" src="http://www.businessadvisor.net.au/blogs/wp-content/uploads/2010/05/SWOT-1-300x161.png" alt="SWOT Grid" width="392" height="174" /></a></p>
<p>An overall picture should now be a little clearer; the strategy you should follow may even just make itself obvious by completing the grid.  Let&#8217;s look at an example.</p>
<p>The business is a small shoe manufacturer based in Brisbane.  The SWOT grid looks like this:</p>
<p><a href="http://www.businessadvisor.net.au/blogs/wp-content/uploads/2010/05/SWOT-2.png"><img class="aligncenter size-medium wp-image-550" title="SWOT Analysis" src="http://www.businessadvisor.net.au/blogs/wp-content/uploads/2010/05/SWOT-2-300x244.png" alt="SWOT Analysis" width="454" height="294" /></a></p>
<p>In order to:</p>
<ul>
<li>Minimise weaknesses or convert them to strengths</li>
<li>maximise strengths</li>
<li>avoid threats</li>
<li>capitalise on opportunities</li>
</ul>
<p>What should this business do?</p>
<p>Look back at the SWOT grid; are there any strategies that become obvious?  Before reading any further write them down.</p>
<p>There are many potential strategies for this business but perhaps an obvious one looks like this:</p>
<ul>
<li>concentrate on quality shoes.  There is a growth in quality shoe sales and the Australian devaluing dollar has made imported shoes more expensive.</li>
<li>minimise cheaper lines.  Increasing cheap imports and tariff cuts will make these lines even less profitable.</li>
<li>develop a wider range.  There is more design expertise available and more sales in this area means a greater opportunity to target specific markets.</li>
<li>Update plant and equipment.  To restore profitability and deal with competition, cost-efficient manufacturing is necessary.  Finance may be available by mortgage over buildings.</li>
</ul>
<p>Take a moment and conduct a SWOT analysis on your own business.  It may just surprise you what opportunities are out there.</p>
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