5 Steps to Setting Attainable KPIs
Key performance indicators, otherwise referred to as KPIs, are a bit of a buzz word for businesses. So what’s all the buzz about? KPIs are an important measure in business that help you achieve your goals. If you have ambitions for your business, you’ll need a plan for turning those ambitions into a reality. Goals […] ... Read More
September 30, 2019 business growth, business success3 Benefits of a Well-crafted BI Dashboard
For business owners just starting out, it may be easy enough to keep track of business KPIs and metrics such as sales records and trends, inventory turnover and more without much outside help. However, as a business grows this process can become more and more complex and time consuming. At the same time however, it […] ... Read More
September 24, 2019 business growth, business success, inventory stockPoor-quality Data and What it Spells for a Business
Data is an important if not vital part of any organisation as it underpins almost every department and operation imaginable. In fact, data is what drives improvement as a lack of knowledge of the metrics that define one’s current status and the goal of where one is going, makes improvement almost impossible. Therefore, how can […] ... Read More
September 21, 2019 business success, data accuracy, data hygieneThe Basics of Business Intelligence Dashboards
If you’re an inventory manager or a business owner, having data about the way your business runs can be a game-changer. However, gathering data is only part of the equation. Collating and analysing a wealth of information can be a tedious challenge, especially in the face of insurmountable piles of data. These issues are common […] ... Read More
August 19, 2019 business growth, business success, inventory reporting, real-time reportingDynamic Pricing Strategy: The Good and the Bad
Product pricing strategy is a crucial aspect of a business that directly affects inventory, sales and profitability. If a business sets prices too high, customers might choose to buy your competitors products, while low prices may lead to other implications including less revenue. A dynamic pricing strategy is a type of price discrimination that tr ... Read More
August 17, 2019 business success, pricing, pricing strategy, sales performanceHow to Implement Peer Learning in Your Team
In the workplace, your longer serving staff often become the stewards of institutional knowledge. Even though new staff are coming into their roles better prepared than ever before, peer to peer (P2P) training still has the potential to accelerate your organisational development programme and to make your team more fleet of foot. From learning stoc ... Read More
May 11, 2018 business successLooking to your Competitors for Business Success
There are many factors that can contribute to business success or otherwise. When first starting out, business owners can be focused solely on serving customers that they forget to check out the competition. In this article, we address why it is so important to keep an eye on business competition and how a business can […] ... Read More
May 7, 2018 business successSurviving Through the Growing Pains of a Business
Starting a business is an exciting adventure that can come with an enormous amount of risk and stress. It can sometimes be painful, keep you awake at night, force you to make difficult decisions that challenge relationships and put you in uncomfortable situations. However, with endurance and commitment, the benefits will eventually come. Let us [&h ... Read More
April 12, 2018 business growth, business success, inventory managementStumbling Blocks on your Way to Business Growth
Business is cutthroat, there are no two ways about it. Growth is essential for long-term survival in anything under the sun, business included. Let us delve into some reasons for the stunted business growth of small businesses. Technological Advancements Technology is the cornerstone of business in this day and age, and small businesses are often [ ... Read More
April 7, 2018 business growth, business success, small business, SMEWhy Do Businesses Fail to Grow?
No entrepreneur or business startup sets out to fail, yet in every industry, there are those companies that grow and dominate their markets, while others stagnate or ultimately fail. There are many reasons why a SME will fail to grow or even fail completely, but if you don’t know what you are doing wrong, how […] ... Read More
April 4, 2018 business growth, business success, inventory control5 Essential Business Costs Not to Skimp On
If you are a startup owner or entrepreneur, it is no secret that you may be working within a tight budget. The ability to make pennies stretch is an important survival skill. However, some of the most common money-saving strategies could end up being more detrimental to your business in the long run. What may […] ... Read More
April 3, 2018 business costs, business success, cost control5 Hurdles in the Way of Business Growth
Growth is the sign of a healthy business. Growing profits, employing more staff and other exciting facets that come with growth. However, growing businesses face a range of new challenges. Different problems and opportunities demand different solutions. Recognising the challenges that can emerge with growth and catering for them is imperative if yo ... Read More
April 2, 2018 business growth, business successFinding the Silver Lining: Leverage Failure for Business Success
There are many reasons why businesses fail. Failure can be the result of bad management, missed opportunities, market shifts or just plain bad luck. And it’s not as though failure is a rarity; research by the Boston Consulting Group found that the corporate mortality risk for a given company in the consumer goods or the […] ... Read More
March 30, 2018 business growth, business successOvercoming the Challenges of Business Growth
Business growth can be an exciting time, but it also comes with a range of challenges that business owners need to prepare for. The following article addresses some key challenges that growing businesses might face, and offers strategies for overcoming them. Employing Staff As your business expands, you will soon find it necessary to employ [&helli ... Read More
March 27, 2018 business growth, business success5 Tips for Business Success
Having business acumen means you can strategically ascertain what actions should be taken in response to pressures to preserve or enhance your company’s business and prosperity. It is no easy feat and only some are truly gifted with it. However, a constant desire to drive the company forward and make strategic decisions that may not […] ... Read More
March 24, 2018 business growth, business success, customer experienceInvest in Training for Inventory Management Success
Certain aspects of inventory management are highly technical, so many businesses rely on specialists to procure stock, manage the supply chain and handle outbound logistics. That said, in a large organisation or growing business, many roles may require some knowledge of inventory management – even if they are not frontline inventory control r ... Read More
January 5, 2018 business success, change management, inventory managementThe Value of Workplace Training
The Importance of Workplace Training Training in the workplace is a very valuable and important component of running a successful business. Workplace training involves teaching employees and promoting continuous development by fostering positive learning environments. Work training also involves opportunities to create more skilled workers. With pr ... Read More
December 9, 2017 business success, teamworkWhat is B2B marketing and why you need to know
Business to Business, or B2B marketing as its commonly known, involves the sale of one business’ products or their services to another business. Although B2B marketing techniques use the same principles as consumer marketing they are executed in a unique way. We see consumers choosing products and services using a myriad of characteristics such a ... Read More
November 3, 2017 B2B, business successBoost Inventory Control and Sales with Product Bundling
Product bundling is a pricing strategy that has become increasingly popular in recent times, as companies seek means to offset the costs of acquisition. Here, a company will sell multiple items as a bundle at a price lower than the cost of buying them individually. For example, many electronics retailers use product bundling to sell […] ... Read More
September 26, 2017 America, business success, inventory management, product bundle, product bundling, US, USATeamwork: A Key Ingredient For A Successful Business
Aside from efficient inventory management, teamwork is an incredibly important component of the ‘successful business’ recipe and if left out, the result can be a real flop. Employees who feel part of a team where people have their back so to speak, and are there to support them, generally feel a lot happier and more […] ... Read More
September 18, 2017 business success, team, teamworkSuccessful Business Plans A Factor Affecting Inventory Management
The overarching principle for a successful business plan is ensuring that it is easy to read quickly. While, in the past, plans were much more complicated, nowadays the best plans are streamlined and easy to understand. In this article, we examine the best methods for compiling a successful business plan. Business plans are a factor […] ... Read More
September 14, 2017 business management, business strategy, business success, inventory management2 Effective Ways to Grow Your SMEs Globally
With ever-growing globalization of the market place, the need to successfully export goods and services overseas is significantly important when it comes to growing your business. With the help of the internet the challenges facing small to medium sized enterprises (SMEs) can be made easier when considering exporting. Here, we will look at two effe ... Read More
June 23, 2017 business success, globalization, inventory management system, SMEs