My Business Grows Bigger

Manpower or Human Resources is one of the six business management functions. An effective and efficient human resources or man power management contribute a lot to the business’ success as the business production depends on the workforce. When having a business, dealing with different kinds of people is something you cannot avoid. This the reason why short courses and seminars about handling and dealing with people are available anywhere. Moreover, there are many courses in college that focus on people management because of its necessity in the business world. If you have a business and you are also the one managing your people, its best to know a little background on how to manage people efficiently.  David Clarence McClelland, an American psychologist who became famous because of his work on motivation need theory which is   also known as David McClelland’s Human Motivation Theory, states that people have three motivational needs; achievement, affiliation and po...

Business approach or strategy is one of the six functions in business management. It is also one of the most important functions that dictates the business’ success. Business approach or strategy maybe different for every company depending on the industry and type of business. Although there are many strategies that are available for you, the best business approach to every business is come up with your own tailored-made strategy specifically for the type of business that you have. However, it is not very advisable to mix business strategies unless it is deemed necessary. Business strategies take time and known to be on continuous development for at least three to five years before you see significant progress. Below is a chart of three main business strategies and approach which are cost strategy, differentiated strategy and focus strategy. Let’s start with the first three main business strategies and approach. 1. Cost. It is also known as cost leadership strateg...

Marketing has many kinds of plans and strategies. In fact, when you look on the internet, you’ll find about hundreds and more kinds of marketing plans and strategy. Deciding for the right marketing plans and strategy for your business play a big role for your business’ success. While I’ve discussed the two basics of marketing plans B2B (business to business) and B2C (business to consumers) on the previous article, here are the top 12 most common and effective marketing strategies that will surely help your business product or service to grow. 1. Direct Marketing. This is self-explanatory. It is as simple as communicating directly to the customers whether thru mails, emails, or even talking directly to the customers. Giving out fliers, brochures or any promotional material is also considered as direct marketing. 2. Indirect Marketing. Indirect marketing plan focus more on the company than its product or service. What the company does is sponsor events, participates in charity w...

Business marketing is the most important factor that gives the business a solid grip in the market place. Marketing is not only promoting your business, but also communicating the value of your product or business and making sure of your business continuous growth by increasing patrons and new customers. Needless to say, a good business marketing impacts to the business’ huge success. Below are the most important factors for an effective business promotion or marketing. 1. Research. The rest of your marketing plan basically depend on your careful research and study on your market. To determine the target consumers, you have to determine first who will benefit the most on your service and product? Is your target customer for your product or service a housewife? Is your target customer a working parent? Or is your product or service for children? After it is determined, now it’s about time to create a need for your product or service to make it appeal to customers of different ...

Business finance or the “cash flow” management in business is one of the most vital function in business management. Business finance is so broad and it has many functions like reading and interpreting financial statements, detailing the money that is coming in and going out, managing the money well, planning to make operation more profitable and even cost-cutting and minimizing business risks. Needless to say, mismanagement of business finance is the number one reason of business loss and worse, even bankruptcy. Below are some tips for an effective and efficient business finance management.  1. Understanding Financial Statements. The most important financial statements of every business are cash flow statement, balance sheet, and income statement. Cash flow statement is self-explanatory. It is the money that comes and goes from business operation, funding and investing. Balance sheet, however, details the liabilities, owner’s equity and assets at a certain period of time....