Category: Modern Business

Modern Business – Business Content!

A modern business is that which use the latest in technology on their benefit, in order to maintain a competitive advantage over their competitors.

Committed deeply to delivering individual, social and environmental value. That is tightly aligning with the creation of economic value for its stakeholders.

Built around a purpose: Enlists employees, customers and partners to help achieve the purpose.

Design workplaces and cultures that instill employees with passion and autonomy: Employ flatter structures, offer more holistic, human work.

Transparent, open and sharing by default. View operations and culture as a competitive advantage.

Also, A modern business is that which uses the benefits of technology to give the best to their collaborators, creating employee engagement and satisfaction.

  • Business Intelligence Best Practices for Success

    Business Intelligence Best Practices for Success

    Unlock the potential of your data with business intelligence best practices. Discover essential strategies for defining objectives, choosing the right tools, training users, and measuring success to drive informed decision-making and achieve business goals.

    Unlocking Data’s Potential: Business Intelligence Best Practices for Success

    In today’s fiercely competitive landscape, data is no longer just a byproduct of operations; it’s the lifeblood of informed decision-making. Business intelligence (BI), the process of analyzing data to provide actionable insights, has become indispensable for organizations seeking a competitive edge. However, simply implementing BI tools isn’t enough. To truly harness the power of your data, adhering to business intelligence best practices is crucial. This article delves into the core principles that will guide your BI initiatives toward achieving meaningful and sustainable results.

    Effective BI isn’t a one-time project; it’s an ongoing journey. By embracing these best practices, organizations can transform raw data into strategic assets, driving innovation, optimizing processes, and ultimately, achieving their business objectives. Let’s explore the fundamental pillars of a successful BI strategy.

    Establishing a Solid Foundation: Defining Objectives and Data Governance

    Before diving into dashboards and reports, the most crucial step is defining clear and measurable business objectives for your BI initiatives. What questions are you trying to answer? What problems are you trying to solve? Without a clear understanding of your goals, your BI efforts risk becoming aimless and inefficient.

    Key Considerations for Defining Objectives:

    • Align with Strategic Goals: Ensure your BI objectives directly support the overall strategic goals of your organization.
    • Identify Key Performance Indicators (KPIs): Define the specific metrics you will use to measure progress and success.
    • Involve Stakeholders: Collaborate with relevant departments and individuals to understand their information needs and priorities.
    • Prioritize Objectives: Focus on the most critical questions that will impact your business the most.

    Alongside clearly defined objectives, robust data governance is paramount. Data governance encompasses the policies, procedures, and standards that ensure the quality, security, and accessibility of your data. Poor data quality leads to inaccurate insights, undermining the entire purpose of BI.

    Essential Elements of Data Governance:

    • Data Quality Management: Implementing processes to ensure data accuracy, completeness, consistency, timeliness, and validity.
    • Data Security and Privacy: Establishing policies and technologies to protect sensitive data and comply with regulations.
    • Data Lineage and Documentation: Tracking the origin and transformations of data to ensure transparency and trustworthiness.
    • Data Access and Sharing: Defining rules and permissions for accessing and sharing data within the organization.

    The Right Tools for the Job: Choosing and Implementing BI Solutions

    The BI landscape is populated with many tools, each with its strengths and weaknesses. Selecting the right tools is critical for enabling effective data analysis and visualization.

    Factors to Consider When Choosing BI Tools:

    • Business Requirements: Does the tool meet your analytical needs, reporting requirements, and data integration capabilities?
    • User Friendliness: Is the interface intuitive and easy for users of varying technical skills to navigate?
    • Scalability: Can the tool handle your current data volume and scale as your data grows?
    • Integration Capabilities: Can it seamlessly connect with your existing data sources and systems?
    • Cost and Licensing: Evaluate the total cost of ownership, including licensing fees, implementation costs, and ongoing maintenance.
    • Vendor Support and Training: Does the vendor offer adequate support and training resources?
    FeatureDescriptionImportance
    Data SourcesTypes of databases and systems the BI tool can connect to.Ensures access to all relevant data for comprehensive analysis.
    Data ModelingCapabilities for transforming and structuring data for analysis.Improves data quality and simplifies complex data relationships.
    VisualizationRange of charts, graphs, and dashboards for presenting insights.Makes data understandable and actionable for a wider audience.
    ReportingFeatures for creating and distributing reports in various formats.Facilitates sharing insights and tracking performance against KPIs.
    CollaborationOptions for sharing dashboards, reports, and analyses with colleagues.Encourages data-driven collaboration and knowledge sharing.
    Mobile AccessAbility to access and interact with BI data on mobile devices.Provides flexibility and accessibility for on-the-go decision-making.

    Once you’ve selected your tools, implement them thoughtfully. Avoid overwhelming users with too many features at once. A phased approach, starting with core functionalities and gradually rolling out more advanced features, can improve adoption and minimize disruption.

    Empowering Users: Training and Accessibility

    Even the most sophisticated business intelligence best practices tools are rendered ineffective if users lack the skills to utilize them properly. Investing in comprehensive training programs is essential for empowering employees to leverage BI effectively.

    Key Aspects of User Training:

    • Tailored Training: Develop training programs that cater to different roles and skill levels within the organization.
    • Hands-on Experience: Provide opportunities for users to practice using the tools with real-world data.
    • Ongoing Support: Offer readily available resources, documentation, and support channels for users to address questions and challenges.
    • Promote Data Literacy: Educate users on basic data concepts and analytical thinking to foster a data-driven culture.

    Furthermore, ensuring accessibility to BI insights is critical. Dashboards and reports should be easily accessible to the relevant stakeholders, regardless of their location or device. Consider implementing self-service BI solutions that allow users to explore data and generate their reports without relying solely on IT or dedicated analysts.

    Embracing an Iterative Approach and Continuous Improvement

    BI is not a static endeavor. Business needs and data sources evolve, requiring a flexible and adaptable approach. Embrace an iterative methodology, where you continuously evaluate, refine, and improve your BI processes and solutions.

    Principles of an Iterative BI Approach:

    • Start Small and Iterate: Begin with focused projects and gradually expand the scope of your BI initiatives.
    • Gather Feedback Regularly: Solicit feedback from users and stakeholders to identify areas for improvement.
    • Monitor Performance and Usage: Track the adoption and impact of your BI solutions to understand what’s working and what’s not.
    • Stay Updated with Technology: Continuously evaluate new BI technologies and features to identify potential enhancements.

    Visualizing Insights Effectively: The Power of Storytelling

    Data visualization is a crucial component of BI, transforming raw data into easily understandable and actionable insights. Effective visualizations go beyond simply displaying numbers; they tell a story that resonates with the audience.

    Best Practices for Data Visualization:

    • Choose the Right Chart Type: Select visualizations that effectively represent the type of data and the message you want to convey.
    • Keep it Simple and Clear: Avoid clutter and unnecessary elements that can distract from the key insights.
    • Use Color Strategically: Employ color to highlight important data points and create a visual hierarchy.
    • Provide Context and Labels: Ensure that charts and graphs are properly labeled and provide sufficient context for interpretation.
    • Tell a Story: Structure dashboards and reports in a logical flow that guides the user through the insights.

    Examples of Effective Data Visualization:

    • Bar charts: Comparing values across different categories.
    • Line charts: Showing trends and changes over time.
    • Pie charts: Illustrating proportions of a whole.
    • Scatter plots: Identifying correlations between two variables.
    • Maps: Visualizing geographical data.

    Measuring Success: Quantifying the Impact of BI

    Finally, it’s crucial to measure the success of your BI initiatives. Go back to the objectives you defined at the outset and evaluate whether your BI efforts are helping you achieve them.

    Key Metrics for Measuring BI Success:

    • Improved Decision-Making: Are business decisions being made more quickly and effectively based on data insights?
    • Increased Efficiency: Are processes being optimized and costs reduced through data analysis?
    • Enhanced Customer Satisfaction: Are you gaining a better understanding of customer needs and improving their experience?
    • Revenue Growth: Is BI contributing to increased sales and profitability?
    • Improved Operational Performance: Are key operational metrics showing positive trends due to data-driven insights?
    • User Adoption Rates: How actively are users engaging with the BI tools and dashboards?

    By tracking these metrics, you can demonstrate the value of your BI investments and identify areas where further improvements can be made.

    Conclusion: Embracing a Data-Driven Future

    Implementing business intelligence best practices is not merely about adopting new technology; it’s about fostering a data-driven culture within your organization. By focusing on clear objectives, robust data governance, user empowerment, and continuous improvement, you can unlock the immense potential of your data and gain a significant competitive advantage. Embrace these principles, and you’ll be well on your way to transforming data from a passive resource into a powerful driver of business success.

  • Selling a Franchise Business: A Step-by-Step Guide

    Selling a Franchise Business: A Step-by-Step Guide

    Maximize your chances of success when selling a franchise business. Understand the intricacies and limitations of the franchise transfer process.

    Selling a Franchise Business: What You Need to Know

    Selling a franchise business is a complex process that requires careful planning and consideration. Unlike selling an independently-owned company, a franchise sale involves additional layers of approval and restrictions based on the franchise agreement that governs the operation of individual franchised outlets within a franchise system.

    When selling a franchise, the owner must take into account the established procedures and rules set forth by the franchisor, the entity that owns the overall brand and business system. The seller must also work within the confines of their specific franchise agreement, which details their responsibilities and limitations in the process of transferring ownership to a buyer.

    Steps typically involved in selling a franchise include reviewing the franchise agreement, preparing financial documents, getting a business valuation, enhancing the business’s appeal, marketing discretely within the franchise network, negotiating the sale terms, securing franchisor approval, closing the sale, and managing post-sale responsibilities.

    Understanding these steps and following them diligently can lead to a successful sale that satisfies both the seller, buyer, and franchisor, ensuring that the business transitions smoothly to its new ownership while maintaining the standards and reputation of the franchise brand.

    Selling a Franchise Business: A Step-by-Step Guide

    Selling a franchise business involves unique considerations compared to selling an independently-owned company. Whether you’re ready to retire, moving onto new ventures, or simply looking for a change, follow this step-by-step guide to ensure a smooth transition.

    Step 1: Understand the Franchise Agreement

    Before you make any decisions, review your franchise agreement. This document outlines your rights and obligations regarding a sale, including:

    • Approval from the Franchisor: Many franchisors have the right to approve the buyer.
    • Transfer fees: Some agreements require you to pay a fee upon the sale of your franchise.
    • Right of first refusal: The franchisor might have the option to purchase back the franchise before you offer it to an outside buyer.

    Step 2: Prepare Your Financials

    Gather your financial statements and ensure they are up to date and accurate. Buyers will want to see:

    • Profit and Loss (P&L) Statements
    • Balance Sheets
    • Cash Flow Statements
    • Tax Returns

    Having clean and transparent records will make your business more attractive to buyers.

    Step 3: Get a Business Valuation

    Obtain an objective valuation of your business to establish a fair asking price. Consider hiring a professional appraiser with experience in franchising. They will assess:

    • Assets
    • Earnings
    • Market Position
    • Brand Value
    • Growth Potential

    Step 4: Enhance Your Business’s Value

    Improve your franchise’s appeal by:

    • Maintaining equipment and facilities
    • Ensuring a strong managerial team is in place
    • Optimizing operations
    • Strengthening customer relationships

    Prospective buyers will be attracted to a well-oiled, profitable operation.

    Step 5: Market Your Franchise

    Discretely market your franchise to potential buyers through:

    • Business brokers specialized in franchises
    • Online business-for-sale marketplaces
    • Franchise networks

    Protect your business’s confidentiality throughout this process.

    Step 6: Negotiate the Sale

    When you find a potential buyer, be prepared to negotiate terms such as price, financing, and the transition period. Work with your legal advisor to:

    • Review offers
    • Negotiate contracts
    • Address contingencies

    This ensures you get the best deal while complying with the franchise agreement.

    Step 7: Secure Franchisor Approval

    Depending on your franchise agreement, this may happen before or after you find a buyer. Communicate with your franchisor and provide the necessary information about the buyer so they can:

    • Conduct due diligence
    • Approve the transfer
    • Provide training for the new owner

    Step 8: Closing the Sale

    Finalize the sale by:

    • Signing the purchase agreement
    • Transferring ownership
    • Paying any applicable transfer fees

    You may also be involved in training the new owner and ensuring a smooth transition for customers and employees.

    Step 9: Post-Sale Responsibilities

    After the sale, fulfill any remaining obligations, such as:

    • Training and support for the new owner
    • Informing customers and employees
    • Finalizing tax and legal paperwork

    Selling your franchise business is a significant event. By following these steps and seeking the help of professionals, you can navigate the process effectively to achieve a successful sale.

    Starting a Business in Germany: An Entrepreneur’s Guide

    Starting a business in Germany can be an exciting opportunity due to its strong economy, skilled labor force, and favorable position in the European market. GmbH for sale; Here’s a step-by-step guide to setting up your business in Germany:

    Step 1: Develop a Business Plan

    Before you take any tangible steps, it’s critical to create a comprehensive business plan. This document should include:

    • Market Analysis
    • Business Structure
    • Financial Projections
    • Marketing Strategies
    • Operational Plan

    Step 2: Choose a Legal Form

    Decide on a legal structure for your business. Common forms include:

    • Einzelunternehmen (Sole Proprietorship)
    • Gesellschaft mit beschränkter Haftung (GmbH) – Limited Liability Company
    • Unternehmergesellschaft (UG) – Mini-GmbH or Starter GmbH
    • Offene Handelsgesellschaft (OHG) – General Partnership
    • Kommanditgesellschaft (KG) – Limited Partnership

    Step 3: Check Residence Status

    If you’re not a German or EU citizen, you’ll need to ensure that your residence status allows you to start a business. You may need to apply for a specific visa or residence permit that permits self-employment.

    Step 4: Register Your Address

    Your business needs an official address in Germany. If you don’t have a separate business location, you can use your home address.

    Step 5: Open a Business Bank Account

    Open a business bank account to separate your personal and business finances. This is particularly important for limited liability companies like GmbHs and UGs.

    Step 6: Register the Business

    • For a trade (Gewerbe), register with the local trade office (Gewerbeamt).
    • For a freelance profession (Freiberufler), register with the tax office (Finanzamt).

    Step 7: Notify the Tax Office

    Within a month of starting your business, fill out a questionnaire from the tax office regarding your business’s tax obligations.

    Step 8: Register with the Commercial Register (Handelsregister)

    If your business is a GmbH, UG, OHG, or KG, you must also register with the local Commercial Register. This usually requires notarization and documentation, including the articles of association.

    Step 9: Get Business Insurance

    Consider the types of business insurance you might need, such as liability insurance, professional indemnity, or property insurance, to protect your business against potential risks.

    Step 10: Understand Labor Laws

    If you plan to hire employees, familiarize yourself with German labor laws, which include regulations on contracts, working hours, vacation time, and employee termination.

    Step 11: Comply with Bookkeeping and Accounting Rules

    German law requires businesses to keep detailed records. Consider hiring an accountant or Steuerberater (tax advisor) to help with tax filings and financial compliance.

    Conclusion

    Selling a franchise requires understanding the franchise agreement and adhering to the franchisor’s procedures. Steps include preparing financial documents, getting a business valuation, enhancing the business’s value, discreetly marketing, negotiating sale terms, attaining franchisor approval, and managing post-sale responsibilities. In Germany, starting a business involves creating a business plan, choosing a legal structure, ensuring residence status allows business activities, registering the business with the appropriate offices, opening a business bank account, understanding tax obligations, getting necessary insurance, complying with labor laws, and keeping accurate financial records.

  • Best 10 Ways to Market Your Business for Free Without Money

    Best 10 Ways to Market Your Business for Free Without Money

    What are 10 ideas for Ways to Market Your Business for Free Without Spending Money? Looking for the best ways to market your business without spending money? You have probably arrived at the right spot. Also, This article will clear up all your doubts, leaving you with some of the most creative ways to market your business. 

    Here are the articles to explain, 10 Ways to Market Your Business for Free Without Spending Money!

    Marketing has always been an integral part of running any business. Marketing is something that cannot be overlooked at any cost; whether for a company that is small scale, large scale, online or offline. You need to find ways to market your business for free. There are tons of companies with an entirely separate section of specialists responsible for selling the goods and services.

    They are supposed to find creative ways to market your business and, among these, apply the best ways to market your business. Of course, it costs them a fortune, and since they are usually large-scale enterprises, they can bear the cost. However, what about a newly commenced business that is yet to grow? 

    How?

    It sounds impractical to spend so much in the beginning, right? If you have been in business for any length of time or even if you are just getting started; you probably are aware that marketing is one of the most significant elements for the success of your business. But it becomes slightly tricky for the newbies or small-scale enterprises to get off the loop of whether to market and make money or to make money and then market. Well, it’s like the old chicken and the egg, who came first. 

    It is not as complicated as it sounds; you must wonder what the alternative is then promoting business without spending a penny. There are different ways to market your business for free. These ways to market your business can prove beneficial for your business’s initial growth. 

    So, many of you might be looking for options that do not dent your pocket and are equally as effective as the paid ones. In that case, you need not worry as we’ve got you covered with ways to market your business with no money. In this article, you will find the best ways to market your business; if you are unwilling to spend lots of money or no money on marketing.

    Ways to market your business for free with No Money; Here, we present you with the ten ways to market your business without spending money. Read on to find out.

    1. Start with Google My Business;

    A free Google business listing known as Google My Business lets you provide information and photographs about your company, such as its location, services, and products. Creating a Google profile is a terrific method to boost your visibility across all of Google’s services.

    Since this helpful tool is available at no cost and is extremely easy to use; it may be utilized by any business to promote their product or service effortlessly. It only takes a few hours to create and verify your profile, resulting in the best way to market your business in the early stages. 

    This service allows you to analyze your business through insights that can help you understand the market and figure out who your target audience is. Creating a Google Business Profile and all of these features also aids you in knowing what your customers have to say about your products and services.

    Positive reviews can boost your search rankings. Recommendations are directly proportional to sales, meaning improved SEO. When you search for places on Google, the star map and list of business names displayed at the top of the page are also because of this tool. You see how helpful and creative ways to market your business are. 

    2. Make use of Facebook;

    If a site attracts so much traffic regularly, think of how beneficial it can be for your business. Plenty of companies have recognized the power of Facebook and claims it to be among the creative ways to market your business. Make optimum use of the internet for trading.

    Create a business account without delay. Make use of a well-known image. Regularly update your page with new launches, offers, and more. Acquire feedback from customers.

    3. Strengthen your SEO; 

    SEO might scare you if you have all those preconceived notions but trust us; you can make it work for you with a little common sense and the courage to begin. You can start with almost no investment in SEO research by picking some of the best alternatives of Keywords Everywhere Chrome extension.

    Google’s algorithm operates to deliver the most accurate, high-quality, and relevant results for a given search query. It allows small enterprises to compete with giant corporations, making it one of the best ways to market your business.

    Local SEO is free, but it takes time, and the rewards can be substantial. Add relevant keywords to your website’s headings and body content and update it regularly. Blogging, making videos, being active on social media, and generating positive online reviews can help you climb the ranks.

    4. Post Content that Matters;

    Posting content that is worth reading or consuming is one of the most basic and effective tactics to bring visitors to your site organically. Give relevant information, and also, you can educate them to make sure they come back to your page.

    5. Take notice of LinkedIn;

    This is the era of computers and zoom meetings. LinkedIn is the place to meet industry leaders and top experts in your field. That’s not it because several business executives, intellectuals, writers, and prospective customers also have their presence on this platform in abundance. So, what are you waiting for? Grab the opportunity and strike through these creative ways to market your business.

    6. Marketing through email;

    One of the most mature and earliest platforms or ways to market your business has to be email marketing. By sticking to an accurate plan for email marketing, you can retain the customer base that you’ve built with so much effort. You can even conduct email campaigns that will enable you to send tons of emails and provide you with valuable statistics on your clients’ habits.

    What would even help better is to make your subject lines creative and thought-provoking? You can also ensure inculcate incentives for your readers to take the next step. You are ready to take your business to heights with no money, but these are different ways to market your business.

    7. Associate with other Businesses;

    Different ways to market your business while partnering also include a trendy way, podcasting. It lets us chat with industry leaders while establishing your firm as a valuable place for knowledge.

    Collaborations are excellent ways to market your business because they provide small firm owners with marketing expertise and the consumer bases that they require.

    8. Just Blog It;

    9. Invest in Graphics;

    Keep an eye on its quality aspect, which you will probably get with the experience, and you are good to go. Whether it is the photos/videos you require to post online or the brand logo and banners etc., for offers you need to release, good graphics will help marketing.

    If hiring a professional graphic designer costs a lot for you, consider hiring a Canva expert – who knows the basics of design and color psychology for brands. It may save you more money than hiring Adobe Suite experts; in the long run.

    10. Offer a free Course;

    However, it is an excellent source of driving consumers passively. Once you have designed the course, you will automatically get learners because come on, who doesn’t want free learning. But only if your podcast was a success can you dive into this one. 

    A course with videos, quizzes, and tasks that can be made on various platforms would work wonders. Keep it for free, and those who appreciate it will return it to you for more. 

    Isn’t it one of the most creative ways to market your business?

    Marketing can be done without even spending dollars. Just be creative and network with people to promote your brand. Also, do not forget to show your brand’s active presence on social media for the best outcomes. These different ways to market your business are worth giving a shot at.

    Best 10 Ways to Market Your Business for Free Without Money Image
    Best 10 Ways to Market Your Business for Free Without Money; Image by Mohamed Hassan from Pixabay.
  • DOMO vs Snowflake 5 Comparisons

    DOMO vs Snowflake 5 Comparisons

    Curious about what is the difference between DOMO vs Snowflake? 5 Comparisons data source integrations, pricing, features, benefits, and cons. In this article, we are going to talk in detail about these two and help you understand what both have to offer. So let us get to it.

    Here is the article to explain, 5 Comparisons in the difference between DOMO vs Snowflake Reviews!

    The following differences or comparisons below are;

    What is DOMO?

    DOMO is a business intelligence tool that has been specially designed for all small, medium and large businesses. It offers a user-friendly interface and a very impressive number of integrations. Similarly, with DOMO users can blend and transform data. It is without any doubt an extremely powerful platform but one con of using this tool is that it is very expensive. But rest assured it is a very useful tool.

    What is Snowflake?

    Snowflake on the other hand is a data warehousing platform that has been specially designed for all the data architects out there. This is a type of platform that is built for data architects and data engineers. With Snowflake, you can store data in the cloud for easy consumption. With that, it offers SQL workbench and with user permissions, multiple users can query data. Snowflake is a very efficient platform for handling different data types. But if you want to make the most out of Snowflake then a heavy data background is a must.

    Comparison based on data source integrations:

    The following data source integrations below are;

    DOMO:

    With DOMO you get 1000 integration to and from data stored in cloud-based platforms, proprietary systems, on-premise, and flat files. There are connectors available that mean to be plug and play. Online DOMO classes are very helpful in getting more details about its valuable features.

    Snowflake:

    As far as Snowflake integration is concerned, then it doesn’t offer any built-in integration instead it relies entirely on third-party tools to ingest data.

    Comparison based on pricing:

    The following pricing below are;

    DOMO:

    DOMO offers the following packages.

    • Standard package starts at $83 per month per user.
    • Whereas professional package starts at $160 per month per user.

    For further details, you can visit their official website. All the potential users can easily connect with their sales department for pricing specifics.

    Snowflake:

    If we talk about Snowflake pricing then it is a little tricky as it is based on data consumption per second. So this means that you only have to pay for the computer and storage that you use. In our opinion, this pricing structure is quite convenient for experienced users who have a clear picture of their average data consumption. But new users may find this pricing structure a little inconvenient.

    Comparison based on features:

    The following features below are;

    DOMO:

    DOMO offers the following features.

    • It offers data integration where you can integrate and transform your data dynamically for whatever the source you like.
    • Then it offers BI and analytics which will give you an opportunity to drive action. This will be done using Domo’s real-time and predictive analytics.
    • Similarly, it lets you create your own apps for the purpose of automating and activating workflows.

    Snowflake:

    Now let us take a look at the features of Snowflake.

    • It offers a cloud agnostic solution.
    • It offers concurrency and workload separation as well.
    • Similarly, it offers scalability. And near-zero administration.
    • Moreover, it offers great security and semi-structured data.

    Comparison based on benefits or advantages or pros:

    The following benefits or advantages or pros below are;

    DOMO:

    If you use DOMO then you can enjoy the following benefits.

    • It is a very good platform for meeting multiple needs of a user.
    • It offers multiple options for drag and drop ETL, redshift, and MySQL.
    • Similarly, it offers a wide range of data connection. This includes more than 600 data connectors, ODBC connectors, and Excel Add-IN.

    Snowflake:

    Snowflake also offers a wide range of benefits to its users.

    • It offers great performance and speed. This means that if you wish to load data faster or feel the need to run high volume of queries then Snowflake is the best option here.
    • Similarly it offers great storage and support for all the structured and semi-structured data. You can combine them for data analysis and then load it into the cloud database without even have to convert it back.
    • Snowflake offers a traditional data warehouse and along with that it offers a very large number of users.
    • Lastly, it offers seamless data sharing; this means that Snowflake’s architecture lets data sharing among Snowflake users very smoothly.

    Comparison based on cons or disadvatages or drawbaks:

    The following cons or disadvantages or drawbaks below are;

    DOMO:

    With so many pros there are some cons of using DOMO which mention below.

    • It offers inconsistent connectors.
    • It has a slow processing time.
    • With that, its customer service is not that appealing.

    Snowflake:

    Snowflake also has some cons which mention below.

    • It can become disruptive sometimes.
    • Also, It lacks synergy.
    • It is very expensive.

    Conclusion:

    DOMO vs Snowflake both are highly competitive BI tools that can use by any individual or organization. So it is entirely up to the need of the specific person or organization. We hope this detailed comparison would have given our readers a clear image of what DOMO and Snowflake are and what they have to offer.

    DOMO vs Snowflake 5 Comparisons
    DOMO vs Snowflake 5 Comparisons!
  • Creative Home Business Ideas for Men and Women in 2021

    Creative Home Business Ideas for Men and Women in 2021

    In case you’re looking for creative home business ideas for men and women, you’ve gone to the correct spot, 30+ best small work in 2021. Making cash working from home is simpler than it’s consistently been. Also, It wasn’t such a long time ago that working from home implied providing menial helper administrations or working in client assistance.

    30+ best Small work from Creative Home Business Ideas for Men and Women in 2021, here is the article to explain.

    Times have definitely changed, however, and working from home doing what you love is within your scope. How amazing is it that you can begin a home business making cash from your leisure activities? You would now be able to bring in cash from your paintings, realistic plans, handmade gems, candles, and quite a lot more. In this article, we share 30+ work creative small business ideas from home for men and women;

    Start a Website and Blog

    Do you have a diversion that you might want to impart to the world? You can annal your diversion through a blog. Also, This is an extraordinary path for housewives to bring in cash as well. For instance, on the off chance that you appreciate cooking; you can begin a blog where you share your plans or tips and deceives in the kitchen.

    You can adapt your blog through advertisements, subsidiary marketing, supported posts, or by offering your own items, (for example, digital books) or administrations. In case you’re prepared to begin your blog, Bluehost has an extraordinary arrangement! If you buy your hosting through Bluehost for just $3.95 every month, they’ll give you a free domain name. Also, Starting an own blog and website is the best own business for Men and Women, who want to Creative Home Small Business Ideas.

    Start a YouTube Channel Online

    If writing isn’t for you, and you’re comfortable with video, consider starting a YouTube channel online. Besides earning advertisement income through Google AdSense, you can likewise bring in cash using supported recordings, partner links, or by selling your own merchandise. Also, this is another best option to start your own business for Men and Women, who want to Small Business Ideas for youtube videos.

    YouTube is a video share platform where you can share any sort of video seems like instruction, innovation, information, wellbeing and wellness, information and wellbeing, individuals, voyagers, news and media, and entertainment, music, film, and movement, and so on Huh. It is likewise the second-biggest web crawler on the planet. It comes after the Google web search tool on the planet.

    Art Painting

    You can sell your original work of art, or make custom pictures of individuals and their pets. Furthermore, you can transform your craft into great prints and sell them as physical or advanced merchandise.

    Independent and freelance Writing

    You can bring in cash as an independent and freelance essayist by submitting your work to lingering writing destinations, visitor posting on web journals that pay, selling prewritten article bundles, or writing your own digital books.

    Also, Freelance writers or essayists will frequently ask me for the best independent writing locales to find paid work online. And while there is a huge load of destinations that can help you find independent work, for the most part, you’re better off looking to freelance writing locales explicitly.

    Instead of playing the networking game, waiting for references, or playing the substance creation game and hoping something comes through in the long run, these freelance writing locales put thousands of online writing occupations at your fingertips today. Also, this is the best idea for start-ups for Men and Women, who want to Creative Home Small Business Ideas for writing skills.

    Visual depiction or Graphic design

    Utilize your visual depiction abilities and market to likely customers. Make and sell logos, delineations, and more in online commercial centers like FontBundles, DesignBundles, Creative Market, and more. You can likewise promote your administrations on sites like Upwork or Fiverr.

    Also, the graphic design utilizes visual organizations to take care of issues and convey thoughts through typography, symbolism, shading, and structure. There’s nobody approach to do that, and that is the reason there are a few kinds of graphic design, each with its own space of specialization.

    Even though they regularly cover, each kind of graphic design requires a particular arrangement of abilities and design strategies. Numerous designers work in a solitary kind; others center around a bunch of related, comparable sorts. But since the business is continually changing, designers should be versatile and long-lasting students so they can change or add specializations all through their vocations.

    Photo, Pictures and Photography

    What is Photography? Photography is the craft of catching the light with a camera, for the most part using a computerized sensor or film, to make a picture. With the correct camera hardware; also, you can even photo frequencies of light imperceptible to the natural eye, including UV, infrared, and radio.

    You can sell your photos on stock photography sites. Some well-known choices are SmugMug, iStockphoto, and Shutterstock. Furthermore, you can set up a photo studio in your home and offer pictures to customers. You can likewise photo on the spot. Also, It is the best own start-up for Men and Women, who want to Creative Home Small Business Ideas for love photography.

    Instruct and Teaching Courses

    If you need to sell your abilities at a higher worth, creating an online course could be a decent alternative. Courses are commonly more top to bottom than digital books, and therefore can command a more prominent worth. The incredible thing about courses is that there’s no restriction to what you can educate. If you visit the Skillshare online course platform, you’ll see a wide scope of courses, for example, book of scriptures journaling, photography, activities, business, and more.

    WEB Developer

    Enormous organizations, private companies, and bloggers need useful sites and are looking for individuals to make them. If you have web development experience, go into business to create sites for customers. Also, You can likewise make premade site formats and sell them on your own site, or in a topic commercial center as I do here at Beautiful Dawn Designs. Also, It is the best own business for Men and Women, who want to Creative Home Small Business Ideas in 2021.

    Since its beginnings toward the finish of the twentieth century, the web has developed dramatically. In the advanced world, an immense level of individuals utilizes the Internet and a wide range of websites consistently. Normally, a few groups choose to figure out how to make them, consequently “What is a web developer?” is an ordinarily posed inquiry. Also, Web advancement is rapidly getting perhaps the most appealing and best-paid vocation decisions in the cutting-edge world. Yet, what is a web developer and what precisely does one do?

    Also, You may have considered learning a programming language or two and turning into a web developer. Fortunately for you, we comprehend that hopeful web developers will have inquiries concerning the calling, which is the reason we have assembled this complete guide, which intends to address the above questions and that’s only the tip of the iceberg.

    Fiverr Gigs

    Fiverr is a colossal commercial center for independent administrations. Administrations on Fiverr are evaluated starting a $5, thus the name. Also, You can offer Fiverr administrations, including music and sound, visual communication, advanced marketing, programming, and substantially more.

    ONLINE Coaching

    On the off chance that you love helping individuals arrive at their objectives, a home-based coaching business could be for you. Being a holistic mentor doesn’t need a permit, be that as it may, being ensured helps increase your odds of gaining customers and permits you to raise your rates. Also, It is the best own start-up of coaching for Men and Women, who want to Creative Home Business Ideas for teaching lovers.

    Stitch, Crochet or Knitting

    If you have an enthusiasm for stitch or knitting, you can sell your manifestations online. Regardless of whether it is an actual item or an advanced PDF design, there is a demand out there for sewed and stitched things.

    Adornments or Jewelry

    Handmade adornments things as accessories, wristbands, earrings, and rings are famous things to sell. Also, Etsy is an extraordinary commercial center for selling handmade adornments. Figure out how to begin your adornments business with the Fast Start Your Jewelry Business course.

    Sell Thrifted Items and product

    For any individual who appreciates thrifting, you can sell your finds on sites like Craigslist, Facebook Marketplace, ThredUp, Etsy, and eBay.

    Sale Merchandise

    This goes in hand with visual depiction. Also, You can make novel plans and make them ready to move on items like mugs, shirts, handbags, and more. Besides, on the off chance that you don’t have visual computerization experience; you can employ somebody to make plans for you. Famous sites for selling your craftsmanship on items are Zazzle, Society 6, and TeeSpring.

    Invitations

    Make and sell invitations for birthday celebrations, weddings, and more. Also, You can sell invitations discount, or make custom invitations for customers. Also, this is the best own business for Men and Women, who want to Creative Home Business Ideas for events.

    Earthenware or Pottery

    Making a living as a potter can be a rewarding encounter. Also, You can make handmade earthenware and sell it in your online store with Shopify, or an online commercial center like Etsy.

    WOOD Working

    Open an online store with Shopify or Etsy and bring in cash selling your wood projects. Well-known wood activities to sell online include signs, kids’ toys, growers, checkerboards, and liners.

    Wreaths

    Selling wreaths can be a great method to bring in cash. You can sell your wreaths at creating shows, on your own site, or in an online commercial center. Also, You may likewise have the option to sell them at a discount.

    WEDDING Decorator

    Run a home-based wedding decorating business. While you will do some traveling as a wedding decorator, this is a business that can be run from your home office.

    Selling Prints

    Transform your work of art into postcards, greeting cards, or outlined workmanship. Also, You can sell them in your own Shopify Store, or the Etsy commercial center.

    Specialty and Craft Supplies

    There is an appeal for making supplies. Purchase make supplies discount and exchange them. In case you’re looking for a spot to sell your art supplies, Etsy and Shopify are a decent decision. Look at Worldwide Brands for discount providers in each significant classification.

    Catering

    Do you appreciate cooking for other people? You can acquire a benefit for your energy by starting a home-based catering business. There are a ton of steps involved in running your own catering business, so ensure you do your exploration beforehand.

    Travel Planner and Agent

    As an at-home travel planner, you can help individuals plan their excursions. At the point when you telecommute, you can decide to work for an organization or go into business. Also, The Work from Home Wife has an incredible article featuring 30 Work-From-Home Travel Jobs to Consider.

    Occasion or Event Planning

    Do you get enjoyment from planning parties? Becoming an occasion organizer might be the ideal work-from-home business for you. Pursue the Event Planning Toolkit for apparatuses on learning how to design a fruitful occasion.

    Sewing

    Sewing is an excelling ability to present and is something numerous individuals don’t have insight into. In case you’re gifted at sewing, you can acquire a full-time income through an at-home sewing business. You can offer modification and repair, custom sewing projects, handmade artworks, (for example, extravagant toys, and sacks), and more.

    Cosmetology

    Is it true that you are an authorized beautician? However long you have the legitimate licenses, you can work a salon out of your home.

    Start a Podcast

    Digital recordings are large at present. If you have a point or specialty, you appreciate discussing, starting a digital recording might be a decent alternative for you. Digital broadcasts are by and large inexpensive to begin and as a podcaster, you can bring in cash through sponsorships, items, coaching, books, crowdfunding, offshoot marketing, and more.

    Vinyl Sign CREATOR

    I’m certain you’ve seen those beautiful vinyl signs around your town promoting deals, political candidates, businesses, and more. As your client base develops, you may even choose to expand by hiring workers. Make a vinyl sign shop can be an exceptionally rewarding business.

    Sale Beats

    Music makers throughout the planet are making cash by selling their beats online. As a music maker, you can procure thousands of dollars each month selling your own beats. Also, You can sell your beats on your own site, Airbit, and Bandcamp.

    Start a Candle Making

    Starting a candle-making business is a fun and creative approach to bring in cash. While costs change, the startup cost for a candle-making business is around $150-$250, making candle-making an affordable business to begin. Look at my post How to Make Money Selling Candles from Home to figure out how to begin your own candle business, creative business ideas to do from home.

    Heated and Baked Goods

    The heated merchandising industry has filled in fame throughout the long term. As a home-based baking business, you can sell an assortment of delectable treats like cupcakes, cakes, treats, pies, muffins, and more. Foodservice businesses are controlled by your Occupational Health and Safety Department. Also, Make certain to investigate the guidelines for your state if you need to begin your own pastry shop business.

    Audiobook and Book recording Narrator

    Do individuals at any point disclose to you that you have a pleasant voice? With a little practice, you can have a vocation as an independently employed book recording storyteller. Also, You can find independent work on destinations like Fiverr, Upwork, and Voices.com. As a book recording storyteller, you can procure around $20-$30 60 minutes.

    Editorial and Publication Services

    Get paid to peruse and alter stories and articles by working as an independent copyeditor or editor. There are a few independent destinations that you can offer your administrations on, similar to Guru or Get a Freelancer.

    Bookmarks

    Indeed, even with the prevalence of digital books, there are a lot of perusers out there that like to peruse actual books. That implies there’s definitely a market out there of individuals looking for novel bookmarks. For more information on starting your own bookmark business, look at my post How to Make Money Online Selling Bookmarks.

    Tarot Card Readings

    If you have a present for reading Tarot cards, you’ve most likely thought to be starting your own Tarot reading business. On the off chance that this sounds spot on, I have some uplifting news for you. You can definitely make low maintenance or even a full-time income by reading Tarot cards for your customers. If you need to additional upgrade your insight and intuition, I recommend checking out The Psychic School. Also, They have an incredible assortment of courses that will help bring clearness and attention to intuitive and energy healers.

    Sale Pintable’s

    Creating printables is a helpful ability for bloggers to have because you can utilize printables as an incentive for individuals to pursue your email list. You can likewise bring in cash online by selling your printables in your online store. Look at my post How to Make Money Online Selling Printables kick off your printable business.

    30+ best work from Creative Home Business Ideas for Men and Women in 2021 Image
    30+ best small work from Creative Home Business Ideas for Men and Women in 2021; Image by Mudassar Iqbal from Pixabay.
  • What does Competitive Intelligence (CI) mean? Introduction, Meaning, and Definition

    What does Competitive Intelligence (CI) mean? Introduction, Meaning, and Definition

    Competitive Intelligence (CI): CI means understanding and learning what is happening in the world outside the business to increase one’s competitivity. What does Competitive Intelligence (CI) mean? Introduction, Meaning, and Definition with PPT. It means learning as much as possible, as soon as possible, about one’s external environment including one’s industry in general and relevant competitors.

    Know and Understand the Concept of Competitive Intelligence (CI).

    Competitive intelligence (CI) is the coordinated and purposeful monitoring of competitors, products and customers in a specific marketplace or industry. This data is used by managers and executives to make better strategic decisions for an organization. Competitive intelligence includes the action of gathering data and defining the subsequent distribution of intelligence about services, products, customers and even competitors.

    CI is the action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in strategic decision making for an organization.

    Introduction to Competitive Intelligence (CI):

    According to the medical dictionary, Intelligence is the potential ability to acquire, retain, and apply experience, understanding, knowledge, reasoning, and judgment in coping with new experiences and in solving problems. Intelligent Quotient (IQ) is a measure of intelligence obtained by dividing the mental age by the chronological age and by multiplying the result by 100.

    IQ = Mental age x 100 Chronological ageGeneral Intelligence includes verbal aptitude, quantitative aptitude, perception, memory, reasoning, artistic talent such as proficiency in music or art, creativity and ability to use thought and imagination to produce original ideas. Also studying, Integrated Marketing Communications (IMC): Definition, Components, and Process.

    The basic presentation (PPT) of Competitive Intelligence (CI):

    Meaning and Definition of Competitive Intelligence (CI):

    The growing competition in the business industry has made it necessary for any company to stay in competition or have a competitive advantage over its competitors, adequate and relevant information about the competitors need to be received or known at the right time in other to make a good strategic business decision. Competitive intelligence is defined as a systematic process that transforms random bits and pieces of data into strategic knowledge.

    This information comprises about competitors, customers, technological, environmental, product and market in. other to make a good strategic decision. Competitive intelligence is described as those activities a company undertake in determining and understanding its industry as well as identifying and understanding the competitors, also determine and understand their weaknesses and strength and anticipate their next move(s).

    What does Competitive Intelligence (CI) mean Introduction Meaning and Definition
    What does Competitive Intelligence (CI) mean? Introduction, Meaning, and Definition with PPT. #Pixabay.

    This definition of competitive intelligence tends to identify/determine, understand and anticipate industry and competitors. Furthermore, competitive intelligence is a process of monitoring the competitive environment, with the aim of providing actionable intelligence that will enhance a company competitive advantage over its competitors. Competitive intelligence propels the decision makers to smarter more successful decisions, thereby minimizing risk, avoiding being blind-sided and getting it right the first time.

    Finally, CI is a “process” because it involves gathering, analyzing and applying information about the product, competitors and the entire environment which includes the supplier, regulatory body, partners and so on and it’s a “continuous activity” because the business environment changes as the world changes which usher in more competition. Also, it gathers adequate “relevant” information at an appropriate “time” because it is vital a company gets its decisions and moves correctly for the first time.

    CI has three defining characteristics:

    • It focuses on the external business environment rather than internal matters.
    • It involves gathering information and converting it into intelligence that can be used by the organization. If the intelligence is not usable or actionable, then it is not considered real intelligence, and.
    • As opposed to illegal industrial espionage, CI is considered an important and ethical business practice.
  • What does mean Business Continuity Management (BCM)?

    What does mean Business Continuity Management (BCM)?

    Business continuity management is not just about having systems in place for backups and to fall back on. There needs to be a mindset change in the employees who operate these systems and hence; what needs is the ability to switch to the backup system or the offshore site and resume operations within no time. What is Business Continuity? Business continuity (BC) defines as the capability of the organization to continue the delivery of products or services at acceptable predefined levels following a disruptive incident. So, what is the question; What does mean BCM? Explanation.

    The Concept of Business Continuity Management (BCM) Explanation with Meaning and Definition.

    The entire business around the world exposes to risk or disruptions; whether it is from fire, equipment failure, natural disaster, communication failure, economic downturn, or an act of terrorism. There can be hardly a superior hazard to any organization than the recession. The organizations experienced more disruptions than ever in the past years. These disruptions can ruin the organizations or make it difficult to survive. This is where Business Continuity Management (BCM) plays an integral role to smoothly run the business without any interruption.

    It is very important for the endurance of the business. It is a method design to ensure that the functions of an organization can manage or restore promptly in the event of an internal or external occurrence. One of the most important objectives of the BCM is to reduce the legal, financial and reputational; damage of these events which results, an increase in the profitability of a business.

    Definition of Business Continuity Management:

    We all need the support services that we often take for granted to be available to us 24/7 and whenever needed. Right from the telephone that we use to the internet connection; any downtime that this service faces view unfavorably by us. But, given the uncertainties of the 21st century where a minor dislocation somewhere can have a cascading effect on the infrastructure, there is a need for BCM.

    “The holistic management process that identifies potential threats to an organization and the impacts to business operations those threats; if realized, might cause, and which provides a framework for building organizational resilience with the capability of an effective response; that safeguards the interests of its key stakeholders, reputation, brand, and value-creating activities.”

    Simply put, the term denotes the recovery of the business or the service from an outage or disruption. The rapidity with which the service restore depends on how well the business continuity was planned for and managed during the downtime and subsequent recovery. They have been at the forefront of corporate planning in recent years; because of the interconnected and integrated global economy where one outage to one service threatens the whole chain involved.

    “An ounce of prevention is worth a pound of Cure” – Benjamin Franklin.
    “It’s difficult to make predictions, especially about the future.” – Yogi Berra.

    Other things;

    Business continuity management (BCM) refers to the management of core conceptual resources; that address future threats to a business and help business leaders handle the impacts of these threats. This term is in the same vein as others, like business continuity planning (BCP); where business leaders try to identify and address potential crises before they occur.

    It defines as a holistic management process that identifies potential impacts; that threaten an organization and provides a framework for building resilience; with the capability for an effective response that safeguards the interests of its stakeholders, reputation, brand, and value-creating activities.

    The Theory of Business Continuity Management explain below;

    In theory, They replicates crisis management to a great extent; which has grown rapidly over the past decades, with the main aim of eliminating the focus of social and technological problems. Crisis management approach and Information systems (IS) defense is the foundation of BCM. The evolution of BCM started in the 1970s, identifying the main 3 stages of growth. The first stage, “technology mindset” during the 1970s was limited to the protection of corporate mainframe computers. After the advent of personal computers to end-users in the 1980s leading to the vast quantity of computer users in organizations, resulted from a rise in the number of transactions, compliance became regulation and legal requirement. This second stage was identified as the “auditing mindset”.

    The final stage “value mindset” in the 1990s became more focused on the requirements of the business; where BCM can act to add value to the organizations. At this time of moment, the BCM approach became more efficient by including improved protection for the whole organization, customers & suppliers, social and technical processes. The technology and auditing mindset was limited to the protection of IT. Due to the increased use of technology over the past decade organizations are more dependent on it; which brings about a new risk for the business.

    Theory part 01;

    Some of the businesses completely rely on IT and operates day and night. A very small interruption can cause considerable loss of revenue and customer which results in damage to business reputation. 25% of Companies who faced IT crisis from 2 to 6 days went bankrupt immediately whereas 93% of the companies filed for bankruptcy in a year that lost their core data for 10 days. In this escalating global business world and the integration of various economies generates fresh challenges; that have encouraged the development of BCM. The recent recession has had more influence over outsourcing to save the production and labor cost.

    Supply chain risk is greater than ever as new risks are coming from international economies. Companies like GAP and Nike found that these can have a poor impact on the reputation of the company. A little loss or delay from a single supplier can have a bad effect on the organization. BCM plays an important role to manage supply chain disruptions, it also adds to the development of BCM. Extreme weather and climate change are seen to be affecting the growing organization’s operations.

    Theory part 02;

    Major events in the past for instance September 11, 2001, World Trade Centre terrorist attack; July London buses and underground terrorist attack, the 2000 energy crisis, pandemic flu more recently swine flu; and, natural disasters like Tsunami, latest in Japan, all these events have a major influence on the development of BCM and created more importance for the organizations to have a business continuity plan in place to avoid all the problems and disruptions caused by the upcoming unknown events.

    IT, globalization, supply chain, climate and weather, terrorism, pandemic are growing disruptions organizations facing day by day. These risks link together; the crisis in one part may spread in various directions. BCM is extremely essential for the maintenance of the products and services while protecting the reputation of the business. BCM seeks the survival and profitability of the organization when disruption occurs. Improves the resilience capacity of the business against disruption; also recover from unexpected events. No doubt Business Continuity Management has started in terms of compliance; while protecting Information Systems (IS), now has developed to avoid various short; and long-term disruptions and adds value to the organizations. There are many drivers forcing reasons why an organization should have BCM in place.

    Theory part 03;

    Organizational reputation is the strategic asset of the company. Managing risk related to it, for example, negative news, bad feedback from customers, making financial losses, late payments, increasing stakeholder demands; has become the major driver for BCM. Furthermore,e it has developed into the main concern for most organizations. Non-timely wrong decisions, lack of communication after the crisis occurs can lead to financial and reputation damage to any organization. BCM does not limit to fight against disruption, it also makes positive effective communication; and, how to handle the crisis to minimize the damage caused by the crisis.

    Financial and reputational damage directly associate with customers; while coping with the recession, it is very essential to retain the existing customers; and attract new customers besides meeting the needs of customers in a positive environment. Truly understanding the customer’s needs and mindset is paramount. Insurance provides the organization the comfort by transferring the risk, being able to repair or replace; the items in the event of loss or damage caused by the insured peril. Business Interruption (BI) Insurance covers loss in the profit for a limited period of time after the incident. It provides some cover for the financial loss but doesn’t cover the loss of reputation, loss of customers, loss of business, and loss of employee loyalty.

    Theory part 04;

    Moreover, BI cover limit to excess where losses incurred during; those excess periods of time not cover whereas BCM would prevent the losses incurred or minimize the impact incident occurred. Competitive advantage is another factor that drives Business Continuity Management. To win the confidence of customers and suppliers, the organizations should be able to prove; that they have appropriate BCM in place by ensuring a tested business continuity plan. It improves customer trust and brand reputation by creating a competitive advantage. The organizations that have BCM in place the leading responsibility remains with the senior management and board.

    Although the organizations that have specific BCM departments tend to be rising. Uncertainty lies in the future; with the rise in various natural disasters like Tsunami, terrorist attacks, etc ‘Business continuity management has become inevitable. They help businesses go through these difficult times making sure of their survival in the market. BCM however, like all other good things also has its dark sides; which without appropriate considerations can lead to a complete failure. Some of the issues that may face BCM include financial issues; where the majority of the company doesn’t have sufficient resources to have a business continuity management in place.

    Theory part 05;

    It also requires human resources to make sure of its success; which might also be not available to the organization but as the environment in which organizations conduct their operation is highly dynamic to ensure that necessary actions should take to make sure that the organization has the resources for BCM to make sure of its survival in times of incidents. Moreover, as It is highly demanding with certain needs in terms of resources most of the senior managers tend to retrieve from it but its importance has been seen in the last few years where companies were swallowed by the giant recession that the world faced and is still recovering from.

    Hence measures should take and their importance should alarm the management of organizations. Apart from resources and management, BCM also threatens by the fact the there might be over-analysis of business. The analysis should perform in the part of the business that is important or is directly related to BCM rather than analyzing the non-relevant part of the business. This can assure by making allowing the head of the BCM project to decide the part of the business that has to analyze. Another factor that might lead to failure of Business Continuity Management is too much attention to risk; which can lead to hindrance in the way of the project and the manager’s will to paralyze the project to save themselves from risk.

    Theory part 06;

    Analysis of risk is, however, important to make sure of the success; but, when over-done it tends to cause hindrance rather than motivating the success of the project. Therefore, an accurate amount of risk analysis should perform by the organization. It is usually making too complex and time-consuming; which is another factor that causes hindrance whereas a good BCM practice will be easy, flexible, and less time-consuming. One of the biggest hindrances along with resources in BCM is the belief where most of the organization believes; that they don’t require one or they might be never hit by a disaster.

    However, BCM is not only meant for disaster it might come in any face i.e. terrorist attacks, power or system failure, etc. Therefore, every organization irrespective of its size needs to have a BCM so that there is always a business continuity plan in times of crisis. The investment in business continuity is worthy; because of the value, it adds to the organization in a particular competitive advantage. On the other hand, the world economic crisis has a key impact on business continuity management. If we think we will die tomorrow then we will not do anything the same is the case with BCM. If organizations assume that they will shut down the business due to the financial and economic slump that avoids the concept of business continuity completely.

    Theory part 07;

    The concept of having BCM in place has been misunderstood in some cases. The likelihood of BCM to be effective in times of disruption depends on if a company has a business continuity plan whereas companies without business continuity are unable to survive. In short BCM act as a helping tool for organizations whether in times of recession or minor interruption. It is therefore complementary to the process of risk management; which analyzes the risk exposure and possible consequences of these risks to the business. It doesn’t just focus on the disruptions but also brings out the key improvements for the product and services required for the survival of the business.

    However, with the help of BCM, all the businesses can fight throw recession if implemented appropriately. In addition, it assists in understanding the functions of organizations closely and deeply to enhance the performance and profitability; while protecting and enhancing the reputation and brand value.

    Theory part 08;

    The most challenging phase is implementing Business Continuity Management in the organization. Serious difficulties face by managers while dealing with employees, customers, and suppliers. Their practice is new and becoming more common. Communication plays the chief role in the BCM implementation process.

    Possibly it should involve all levels of the organization so everyone should be aware of identifying the main threats and try to eliminate them. The continuity plan must test and maintain at all times to ensure it works when the incident occurs. The need for BCM is more than ever mostly in times of recession as it acts as a useful tool for saving cost while improving the financial state of the business. Organizations exercise BCM to protect their brand, reputation, people, and bottom line. In addition, it provides the foundation for attracting new customers. BCM is a great asset in times of recession. It must understand that BCM not only adds value by preventing disruptions but also recover quickly from the incident that occurred.

    What does mean Business Continuity Management (BCM) Explanation
    What does mean Business Continuity Management (BCM)? Explanation.
  • Partnership: How Does it work in Business?

    Partnership: How Does it work in Business?

    Explaining, What is Partnership? and learn, How Does it work in Business?

    A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may only govern by a contract. Also learn, What are the Features of Sole Proprietorship? Partnership: How Does it work in Business?

    History!

    Partnerships have a long history, they were already in use in Medieval times in Europe and in the Middle East. In Europe, the partners contributed to the Commercial Revolution which started in the 13th century. In the 15th, century the cities member of the Hanseatic League would mutually strengthen each other; a ship from Hamburg to Danzig, would not only carry its own cargo but was also commissioned to transport freight for other members of the league. This practice not only saved time and money; but also constituted the first step toward partners. This capacity to join forces in reciprocal services became a distinctive feature, and a long-lasting success factor, of the Hanseatic team spirit.

    Meaning!

    A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. Various partnership arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Not every partner is necessarily involving in the management and day-to-day operations of the venture. Such as in the case of a “silent partner.” In some jurisdictions, partners enjoy favorable tax treatment relative to corporations.

    Definition!

    “A type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately”.

    How does it work in Business?

    Business-partners is similar to a personal-partners. Both business and personal involve:

    • Pooling money toward a common purpose.
    • Sharing individual skills and resources, and.
    • Sharing in the good and bad times.

    A business-partners is a specific kind of legal relationship form by the agreement between two or more individuals to carry on a business as co-owners. Also, A business with multiple owners, each of whom has invested in the business. Some partners include individuals who work in the business. While other partnerships may include partners. Who has limit participation and also limited liability for the debts and lawsuits against the business?

    As different from a corporation, is not a separate entity from the individual owners. The partner’s income tax is paid by the partners, but the profits and losses are divided among the partners, and paid by the partners, based on their agreement. As well as, a sole proprietorship, is a pass-through business, meaning that the profits and losses of the business pass through to the owners. Also learn, What is Leadership?

    Partnership How Does it work in Business - ilearnlot
    Thanks, Also, Photo Credit to pixabay.com/ More free Images!

    Reference!

    1. Meaning – //www.investopedia.com/terms/p/partnership.asp

    2. Definition – //www.businessdictionary.com/definition/partnership.html

    3. History – //en.wikipedia.org/wiki/Partnership

    4. Work in Business – //www.thebalance.com/what-is-a-business-partnership-398402

  • What are the Features of Sole Proprietorship?

    What are the Features of Sole Proprietorship?

    Sole proprietorship highlights or characteristics or Features; It refers to a business organization in which enterprises are controlled or owned by a single person. The sole proprietorship is the oldest form of business enterprise in India. It is the simplest form of business and all the risks or losses are bearer by a single person. Also, if he wants any help they can get it from their friends, family, or relatives. It doesn’t require any legal recognition or formalities and the simplest way to open a business. Also learn, Sole Proprietorship: the Advantages and Disadvantages!

    Explaining, What are the highlights or characteristics or Features of Sole Proprietorship?

    Also, A sole proprietorship is a business owned by a single individual. This sole owner is responsible for the entire business and is the sole recipient of the business’s earnings. Unlike other legal structures, the sole proprietorship requires less paperwork and is subject to few business restrictions and regulations.

    15 best Features of Sole Proprietorship:

    The main highlights or characteristics or features of the sole proprietorship form of business can list as follows:

    One Man Ownership:

    In the proprietorship, only one man is the owner of the enterprise.

    No Separate Business Entity:

    No distinction is made between the business concern and the proprietor. Both are the same.

    No Separation between Ownership and Management:

    In the proprietorship, management rests with the proprietor himself/herself. The proprietor is a manager also.

    Unlimited Liability:

    Unlimited liability means that in case the enterprise incurs losses, the private property of the proprietor can also utilize for meeting the business obligations to outside parties. As there is no division between the business and the business person, accordingly the individual risk of the entrepreneur is boundless. If the business can’t pay its obligations and liabilities, at that point, the entrepreneur is responsible for the equivalent and pay them. For example, the proprietor needs to pay the forthcoming sum either by selling their resources or property, a house, care, and others.

    All Profits or Losses to the Proprietor:

    Being the sole owner of the enterprise, the proprietor enjoys all the profits earned and bears the full brunt of all losses incurred by the enterprise.

    A Less-Formalities:

    A proprietorship business can start without completing many legal formalities. Some businesses too can start simply after obtaining the necessary manufacturing license and permits.

    Personal Organization or Common Identity:

    A sole traders’ concern has no separate legal entity independent of the owner. The owner and the business concern are the same. The owner owns everything the business owns and he owes everything the business owns.

    Capital:

    In the sole traders, the capital is employing by the owner himself from his personal resources. He may also borrow money from his friends and relatives if he cannot depend solely on his personal resources.

    Profits and Losses:

    The surplus arising in the business of the sole trader entirely belongs to him and similarly, all the business losses and risks are to be borne by him alone.

    No Special Legislation:

    Sole traders are not governing by any special legislation. A partnership firm is governing by the Partnership Act, a joint-stock company is governing by the Companies Act, and a co-operative society by the Co-operative Societies Act. Any person who is competent to contract can start his business as a sole trader. However, he is subject to the common law, the law of contract, and the law of insolvency.

    The concept of Unlimited Liability. As well as, the liability of a shareholder or member of a company or a co-operative society limits to the extent of the face value of the shares held by him. For example, if Mr. X subscribes to 100 shares of Rs. 10 each, his total liability is unto Rs. 1,000 only. If he has already paid Rs.5 per share, his liability will restrict to the unpaid portion of his shares, i.e., Rs. 500 only. Thus, there is a limit to the extent of liability of the shareholder of a company.

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    No Legal Formalities:

    There is no different law-related with a sole proprietorship to oversee it and accordingly, there is no presence of any arrangement of extraordinary standards just as guidelines to follow. Also, best of all, it doesn’t require either any enrollment or consolidation of any sort. Much of the time, we require just the permit to fire up the ideal business. Like that of the beginning, there are no legitimate tasks joined to the end methods. Along these lines, it gives effortlessness to start a business and do it with less issue.

    Danger and Profit:

    The proprietor of this business is the danger carrier in a sole exclusive. Since the business person is the main individual who put resources into the business monetarily, so all dangers have a place with him in particular. Regardless of whether the business fizzles or develops, the proprietor is the individual who gets influenced by the equivalent. Actually, he additionally appreciates all benefits acquired from the business. There is no compelling reason to separate and offer benefits with partners as there is no presence. Consequently, he bears all dangers and acquires benefits as well.

    No different legitimate character:

    In legitimate terms, the business and the proprietor are not treated independently as both are the one and same thing. No different legitimate element has a place with a sole owner and the proprietor is entirely and solely answerable for all business exercises and exchanges.

    Progression:

    As we as a whole realize that the business and the proprietor have a similar character. In this way, a sole proprietorship has altogether depended on the entrepreneur. A few variables influence a sole proprietorship, for example, retirement, craziness, demise, and detainment. In such a circumstance, the sole proprietorship puts to an end.

    Control:

    As all the business activities and duties lie with the sole owner, so he controls all the business solely. No other individual can participate in business exercises and the proprietor can alter or grow the business according to their solace and plans.

    These are altogether highlights or characteristics or features of a sole proprietorship that will clarify what precisely the business structure and how it runs. Let us take a look at the upsides of selecting a sole proprietorship that we will write down underneath.

  • What are Disadvantages of Sole Proprietorship?

    What are Disadvantages of Sole Proprietorship?

    Sole Proprietorship Disadvantages and Limitations; A sole proprietorship is the simplest and most common legal structure someone can choose. It’s an unincorporated business owned and run by one individual in which there is no distinction between the business and the owner. If you own a sole proprietorship, you are entitled to all profits and are responsible for all your business’s debts, losses, and liabilities. Also learn, How to Explain, What is Sole Proprietorship?

    Learn and Study, What are the Limitations or Disadvantages of Sole Proprietorship? Explaining are, Easy Point, Trade, Multipoint!

    In other words, the owner remains personally liable for any losses or debts that the sole proprietorship incurs. They can also, held legally responsible for violations committed by the business or its employees. A sole proprietorship can best sum up by the phrase, “You are the business”. Also learned, What are the Advantages of Sole Proprietorship?

    Easy of the Limitations or Disadvantages of Sole Proprietorships:

    Forming a sole proprietorship does involve some risks, mainly to the owner of the business, as legally speaking they are not treating separately from the business. Some limitations or disadvantages of sole proprietorships are:

    Liability:

    The business owner will hold directly responsible for any losses, debts, or violations coming from the business. For example, if the business must pay any debts, these will satisfy the owner’s own personal funds. The owner could sue for any unlawful acts committed by the employees. This is drastically different from corporations, wherein the members enjoy limited liability (i.e., they cannot hold liable for losses or violations)

    Taxes:

    While there are many tax benefits to sole proprietorships, the main drawback is that the owner must pay self-employment taxes. Also, some tax benefits may not be deductible, such as health insurance premiums for employees

    Lack of “continuity”:

    The business does not continue if the owner becomes decreasing or incapacitating since they are treating the same. Upon the owner’s death, the business is liquidating and becomes part of the owner’s personal estate, to distribute to beneficiaries. This can result in heavy tax consequences on beneficiaries due to inheritance taxes and estate taxes

    Difficulty in raising capital:

    Since the initial funds are usually providing by the owner, it can be difficult to generate capital. Sole proprietorships do not issue stocks or other money-generating investments like corporations do

    So, while sole proprietorships do not necessarily create more liabilities, they do expose the business owner to a risk of being sue. Lawsuits can file against the business owner for legal violations, as well as to collect any outstanding debts.

    Business; Proprietorship form of ownership suffers from some disadvantages or limitations also.

    The important ones are:

    1. Limited Resources:

    A proprietor has limited resources at his/her command. The proprietor mainly relies on his/her funds and savings and, to a limited extent, borrowings from relatives and friends. Thus, the scope for raising funds is highly limited in proprietorship. This, in turn, deters the expansion and development of an enterprise.

    2. Limited Ability:

    The proprietorship is characterized as the one-man show. One man may be an expert in one or two areas, but not in all areas like production, finance, marketing, personnel, etc. Then, due to the lack of adequate and relevant knowledge, the decisions take him imbalanced.

    3. Unlimited Liability:

    The proprietorship is characterized by unlimited liability also. It means that in case of loss, the private property of the proprietor will also use to clear the business obligations. Hence, the proprietor avoids taking the risk.

    4. Limited Life of Enterprise Form:

    The life of a proprietary enterprise depends solely upon the life of the proprietor. When he dies or becomes insolvent or insane or permanently incapacitated, there is every likelihood of closure of enterprise. Say, the enterprise also dies with its proprietor. The Steps of Manpower Planning with Features!

    Disadvantages of sole trading include that:

    • You have unlimited liability for debts as there’s no legal distinction between private and business assets.
    • Your capacity to raise capital is limited.
    • All the responsibility for making day-to-day business decisions is yours.
    • Retaining high-caliber employees can be difficult.
    • It can be hard to take holidays.
    • You’re tax as a single person, and.
    • The life of the business is limited.

    7 best Limitations or Disadvantages of Sole Proprietorship:

    The following limitations and disadvantages below are;

    (i) Limited Resources:

    The resources of a sole proprietor are limited. He makes investments from his family source only. There is a limit to which a single person can invest. He tries to raise finances from financial institutions also. These institutions want securities for their loans. The sole trader cannot offer much security, so he does not get much help from financial institutions. The capacity for expanding business operations is limited for want of resources, even when there is a scope for expansion. Other forms of ownership are better than the sole proprietor for raising financial resources.

    (ii) Limited Managerial Ability:

    One person may not be an expert in every function of the business. He will not be able to devote sufficient time to all types of activities. He will have to depend on paid employees. The employees may not take as much interest as the owner himself can take. What is the Process of Manpower Planning?

    The managing capacity of the proprietor is limited. In the present competitive world, the complexities of managerial jobs are increasing every day. The sole proprietor may not be able to use the services of experts for want of resources. So one person will not be able to survive effectively. On the other hand, his limited resources will not allow him to use the services of professional people. Limited managerial capacity will hinder the growth of the business.

    (iii) Unlimited Liability:

    The liability of a sole proprietor is limited. His private property can also assign to meeting business obligations. A loss of business may deprive him of his private assets also. Unlimited liability also restricts his work. He tries to be cautious in taking the risk. It acts as a detriment to the growth of business activities.

    (iv) Uncertain Continuity:

    The business continues as far as the sole proprietor is there. In case of his mobility or death, the business is discontinuing. The successors of the sole proprietor may not have an aptitude or ability to continue in the business. The closure of a business will cause inconvenience to the consumers. It will also result in social loss.

    (v) Limited Scope for Employees:

    A sole trader cannot attract trained and qualified persons for reasons of limited career opportunities. Moreover, the continuity of sole trade business being uncertain the employees also remain under psychological pressure. A sole proprietor cannot offer financial incentives to employees because his activities are on a small scale. The employees will try to join good concerns whenever an opportunity arises.

    (vi) No Large-Scale Economies:

    A small-scale concern cannot economize in the purchase, production, and marketing. A large-scale enterprise will be able to have favorable terms for purchasing and selling of goods. In a sole trade concern, overhead expenses are also more. So this type of concern cannot enjoy the benefits of large-scale economies.

    (vii) More Risk Involved:

    A sole proprietor is to take all decisions by himself. So there is a possibility of taking wrong decisions. In other forms of organization, the decisions are taking by more than one person. So the possibility of mistakes and wrong decisions is minimizing. Lack of counseling may create difficult situations.

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    Reference!

    1. Easy and business Points – //www.legalmatch.com/law-library/article/advantages-and-disadvantages-of-sole-proprietorships.html and //www.yourarticlelibrary.com/sole-proprietorship/sole-proprietorship-features-advantages-and-disadvantages/40806

    2. Trade Points – //www.business.tas.gov.au/starting-a-business/choosing-a-business-structure-intro/sole-proprietorship-advantages-and-disadvantages

    3. Main/Multipoint – //www.yourarticlelibrary.com/business/advantages-and-disadvantages-of-sole-proprietorship/42037