Business management is the effort and actions to improve the productivity and competitiveness of your company. According to Alan Safahi, an experienced entrepreneur, a company's management optimization aims to improve things.
Identifying the factors that influence the success or better results of the management is necessary. Business management seeks to ensure that the supply meets the demand for the different activities or products of the company. It ensures procedures with lower costs and benefits the consumer, thus constantly increasing the company's productivity. Faced with a global panorama, where the market is changing, the development of information and communications technologies (ICTs) has led companies to function in an increasingly complex context with easy access to information. Companies must take on the challenge of modifying and adapting business management to successfully compete in the changing, competitive, and flexible market. Today's article will discuss business management and its critical aspects to help you understand the concept and make the most of it. Read on! Critical Aspects of Business Management The managerial function involves the ability to lead, be recognized, and be followed by dependents. According to Safahi Orinda, it requires greater professional technical capacity and other managerial aspects, such as: • Decision making • Honesty and impartiality • Imagination, creativity, and development of new ideas • Supervise, control and lead • Assume responsibilities and run inherent risks • Ability to analyze and solve problems • Detect opportunities and generate new business • Ability to adapt to change • Active communication and conflict management • Management of marketing techniques to promote products and services Business Management Techniques Business management involves handling a set of techniques, which depend on the company's size and find proportional difficulties in business management. It focuses on improving productivity, sustainability, and competitiveness, ensuring the viability of the company in the long term. Alan Safahi recommends considering the following business management techniques. Administrative Management Plan the company's future work, set strategies and goals or objectives to be met, organize, determine the functions and structure necessary to achieve the objective, establish roles and processes, and assign these responsibilities to people. Strategic Analysis Diagnose and identify the most likely international, national and local political, economic and social scenarios, to analyze business agents. It involves researching your organization's business culture and environment, formulating strategic planning, and making informed decisions to ensure everything goes smoothly. Technology and Financial Management Apply the company's internal and external information and communication systems to all areas to make appropriate decisions through the Internet. Technology is an integral part of your company that streamlines communication, improves data protection, and optimizes operations. According to Alan Safahi, financial management involves obtaining money and credits at the lowest possible cost, assigning, controlling, and evaluating the use of financial resources of the company to achieve maximum returns, and keeping an adequate accounting record. Human Resource Management Seek the use of the workforce in the most efficient way possible, worrying about the process of hiring, maintaining, and developing employees. It involves training and development programs to improve employees' skills, align their skills with the company's objectives, and put them in the right direction to improve productivity. Logistic Management Logistic management is an integral part of your business. According to Safahi, it involves purchasing, storing, and supplying goods and services that will satisfy consumer needs, transforming a set of raw materials, labor, energy, supplies, information, etc. Business Management Functions Alan Safahi Orinda says business management functions are critical to your company's success. It helps you understand your company's areas, such as human resources, financial aspects, technology tools, productivity strategies, and marketing plans. Here are the four critical elements of business management functions. Planning: This function contemplates establishing the goals and strategies of the organization. Therefore, based on sound business management, a good businessman seeks to consolidate his model that involves detailed plans for integrating and coordinating activities. Organization: Design the structure of a business or company. Determine the tasks and functions, personnel and decision-making levels, dependencies, and obligations. Management: Companies, businesses, organizations, or institutions' success depends on their employees. The responsibility falls on administrators to direct, coordinate and lead the activities of the staff. Control: A company with goals, formulation of plans, structural outlines, training and motivation of personnel, also needs to ensure operation, based on monitoring the performance of the business or organization to compare the results with the goals set and estimated budgets. Final Words There are various functional areas of business management. However, Alan Safahi recommends focusing on strategy, finance, marketing, technology and equipment, human resources, and operations. When you understand these areas, you can streamline your business management, increase employee productivity, promote products/services, reach prospective customers, turn them into loyal customers, and improve your overall business's bottom line.
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Starting a small business requires thorough planning and preparation, allowing entrepreneurs to develop goals, strategies, and actions to ensure their business thrives and stays competitive, prospers, and improves the overall bottom line. According to Alan Safahi Orinda, a professional entrepreneur and founder of a startup company, small business is the backbone of socioeconomic prosperity, with about 31.7 million small businesses in the U.S economic system. Before starting a business, Alan Safahi recommends that you take a few steps to improve your chances of success. Today’s article will discuss critical things or factors to consider before starting a small business. Read on! 1. Self-Assessment: The most important task, and also the first that you should carry out, is a self-assessment. Being the owner of a business can be a challenge. Knowing your weaknesses and strengths helps you focus your initial efforts on the things you do the best while at the same time finding ways to improve or compensate for your weaknesses. 2. Multitasking Skills: When you start your own business, you must do everything yourself. It can be a significant change from working for someone and being responsible for only one area of a company’s operations. According to Alan Safahi, you may have the right profile to start a business if you think of risks as an opportunity rather than a threat. Think about how you would handle unexpected projects. Starting a business often means unexpected setbacks and spontaneous opportunities that you need to act on quickly. 3. Business Proposition: It’s essential to clearly understand and define your unique proposition to potential customers. While you can have a concept so different from anything seen on the market before that it grabs immediate attention, it is through the application of the following tactics that companies often achieve success:
4. Writing a Business Plan: A business can help you bring on new partners and get funding. According to Alan Safahi, an experienced entrepreneur, having a solid plan will help investors feel more committed and confident because they will see a higher ROI. In addition, a business plan is a powerful tool to persuade investors and people working with you. It enables you to develop S.M.A.R.T goals, create effective strategies, and make informed decisions to streamline your company operations. A business plan defines your business idea, identifies your goals, and functions as your company’s resume. Essential components include a current and pro forma balance sheet, a profit and loss calculation, and a cash flow analysis. Because it provides specific, organized information about your business (including how you plan to repay your loans), a good business plan is a critical part of any loan application. 5. Business Capital and Expenses: Capital can be obtained through bank loans, personal savings, family contributions, etc. A professional business coach or mentor can help you identify the type of financing and lender that’s right for you while helping you organize your loan application. You must know all your expenses, both your initial one-time expenses and the steady demand for cash. You must itemize each purchase and each payment and determine its actual cost. Alan Safahi recommends taking into account: equipment, insurance, business presentations, advertisements, furniture, stationery, supplies, inventory, legal and accounting services, salaries, bank commissions, employment benefits, etc. 6. Set the Accounting System: If you don’t keep track of sales, inventory, expenses, and cash flow, you won’t know if you are making or losing money or being out of stock. These records will also allow you to compare your current results with your projections and will be needed when you file your taxes at the end of the year. An accounting system helps you monitor your business growth, build financial statements, track deductible expenses, prepare tax returns, streamline finances, and legitimize your filings. Therefore, establishing an accounting system is critical to organizing receipts, documenting data, and analyzing records. Final Words: Starting and running a small business is one of the best ways to escape the traditional nine to five job, access credit, stay competitive in the market, and streamline your company’s operations to improve its overall bottom line. Similarly, it gives you personal satisfaction, access to resources, technology tools, and flexibility with changing conditions. Alan Safahi says a small business requires you to thoroughly analyze the market conditions, define your target audience, and develop a product that aligns with customers’ needs. Consider the factors above to optimize the overall process and achieve your goals. Until Next Time! Originally Posted: https://alansafahicontracosta.com/things-to-consider-before-starting-small-business/ A payment processor allows you to accept your customers’ debit card, credit card, and ACH payments. You must choose a reliable processing service to leverage a powerful and customized system and manage your transactions effectively, reliably, and quickly. Today’s article will list eight tips to select the best payment processor for your business. Read on!
Transaction TypesAccording to Alan Safahi, an experienced, skilled, and professional entrepreneur, transaction types are the first factor to consider when choosing a payment processor. It refers to the methods by which the payment data enters the system. Safahi says this may include:
Therefore, look for different methods you take payment data and confirm that the software tool or payment process has these features. If the payment processing system offers these essential features, go for it. Pricing TransparencyPricing transparency is another critical factor when selecting a payment processing system for your business. According to Alan Safahi, a successful business owner in San Francisco, pricing transparency enables you to compare products and services, define the right pricing strategy, and save time. In addition, it indicates your company is confident, dedicated, and committed to providing the best services to consumers. Likewise, it showcases your company’s fees are competitive. Therefore, choose a payment processing system with high pricing transparency features. Processing Service PriceThe cost or price of a payment processing service is one of the most significant factors to consider. Safahi recommends looking at the costs of a processing service, including monthly fees, transaction fees, chargeback fees, membership fees, PCI compliance, and cancellation fees. A company that offers the cost per transaction via an interchange-plus model is less than the cost per transaction via a flat-rate model. However, Safahi says that monthly volume minimums and fees with a pricing model can add to the service’s costs. So, it would be best if you found a payment processor that comes within your budget. Technology FeaturesTechnology is an integral part of a modern payment processing system. For example, a card reader and associated application are essential if you plan to receive in-person payments. Remember, the card reader technology must accept magnetic stripe cards, contactless payments, and EMV chip cards. Alan Safahi Orinda says payment processors like “Square” provides companies with a free magnetic strip card reader. However, they charge businesses for an EMV chip. Therefore, contactless or EMV chip reader fees and applications can add to the service’s overall costs. Safahi recommends choosing a reader with high Android and iOS smartphones. Point-of-Sale HardwareMost systems offer payment processing and POS system. However, they are different things. A POS system can process card transactions and record cash payments, inventory management, sales reports, and integration with accounting software. So, if you are looking for a system that combines POS and payment processing options, make sure you choose a system with cutting-edge features. You can select a processing system that aligns with your current POS system, including hardware and software capabilities. Accounting System IntegrationChoose a payment processing system that exports transaction data to your accounting software. According to Safahi, exporting transaction data to your accounting software is essential regardless of a card reader and application or a complete point-of-sale system. Therefore, the payment processing service you choose for your business must import or synchronize sales data to the accounting software. The purpose is to improve accuracy, enhance precision, make an informed decision, and save yourself from manually entering the data. Contract DurationAlan Safahi recommends choosing a short-term contract because you may not like the service over time. Although some payment processing system providers do not require a contract and provide monthly services, determining the contract duration and features of the service is crucial to streamlining the entire process. Some companies tell their clients to “Cancel” at any time; you must confirm they don’t charge termination or cancellation fees because this can cost you money. So, perform thorough research before choosing a payment processor for your business. Customer supportA payment processing system provider that offers 24/7 customer support is reliable and convenient. Therefore, select a company that provides 24/7 help to resolve problems immediately. Although most companies do not prioritize 24/7 support for businesses that need payment processing systems, choose a service provider with experienced professionals. The purpose is to contact them anytime, discuss issues, and receive solutions to the problems. Final WordsA payment processor is an integral part of your business that helps you manage credit card and debit card transactions. It acts as a mediator between a financial institution and a merchant. Consider the factors above to choose the best payment processing system for your system and authorize credit card transactions efficiently, reliably, and securely. Until Next Time! Originally Posted: https://vocal.media/journal/8-tips-to-choose-the-best-payment-processor-for-your-business Launching a tech startup requires planning, preparation, and a step-by-step approach. Alan Safahi, an experienced San Francisco-based entrepreneur, says that a tech startup begins with a business idea and turns into a cutting-edge product.
When you develop an innovative technology product, it reaches millions worldwide. According to Alan Safahi Orinda, think of Google, Facebook, and Apple, the most popular and profitable organizations, began as technology startups. Besides, tech startups focus on developing innovative products that provide an effective and reliable solutions to users’ problems. A successful startup identifies and addresses customers’ pain points. Today’s article will give tips on launching a successful and profitable tech startup based on Safahi’s insights. Follow these strategies to streamline the entire process and achieve your goals. Read on! Create an Innovative Product Building a tech startup requires a step-by-step approach, and the first step is to define your company’s vision. It focuses on developing a product on innovative and technological foundations. Your enthusiasm, commitment, and passion for building a product are critical to your startup’s success. Data collection identifies consumers’ pain points, analyzes them using analytics, and generates valuable insights. For example, your company offers a SaaS-based cloud storage platform, allowing businesses to store and access their files, documents, data, etc. While using the app, you identify several bugs that cause problems for the users. In that case, your development team makes substantial efforts to eliminate the bugs and launch a new product version that understands users’ pain points and addresses their concerns. The purpose is to provide consumers with better experiences. Develop a Business Plan Your business plan must align with your vision and mission. For example, your business answers the question of how you can create an innovative product. However, this becomes possible when your vision answers the question/problem. Sometimes, entrepreneurs develop a business plan at the later stages. Other times, people develop it right at the beginning of building a startup. Although this depends on your preferences and goals, it is critical to include all business plan elements and align them with your objectives. Alan Safahi Orinda, a successful startup owner in San Francisco, recommends adding short-term and long-term goals to your business plan. At the same time, focus on your target market/audience, competitors, industrial opportunities, trends, financial and operational milestones, and projections. Build Your Minimal Viable ProductA minimum viable product, also known as MVP, is a prototype of your technology product. The prototype has a few essential features that attract your target audience’s interest. According to Alan Safahi Orinda, you must create a minimal viable product to test whether it meets the requirements of your target market. Launch the MVP and see whether it addresses consumers’ pain points. Thus, you can further develop the product and include more features. However, if your MVP fails the test or does not attract consumers’ interest, you will have to create the product from scratch. Collect Customers’ Feedback Collecting customers’ feedback on your MVP is critical in launching your tech startup because the data gathered can help you enhance your product’s features. For example, users may provide feedback about the product’s design. Likewise, your SaaS-based cloud storage service may have security issues. The collected feedback can help you identify and address problems based on consumers’ preferences. Originally Posted: https://alansafahiorindaca.wordpress.com/2022/08/15/how-to-launch-a-tech-startup/ |
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September 2022
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