Profit making is the motivation for starting businesses. Unfortunately, a lot of people motivated by profit making usually fail to make profit in business.
Why is it important to know the symptoms of impending business failure? So that timely remedial actions could be taken to restore the business to the position of viability.. There are different degrees of business failure. It may be a mild case of short falls in cashflow expectations which though weaken the business but don’tContinue reading “7 Symptoms of Business Failure And 4 Common Causes.”
Strategic planning is an important process for determining overall objectives, policies and strategies of a business. Strategic planning is a long range activity that is often constructed to cover a period of up to ten years. Strategic planning and analysis are a part of a larger concept known as strategic management. Strategic management is theContinue reading “What Are The Five Tasks Of Strategic Management?”
Planning involves selecting future courses of action from available alternatives. There is a formal process for the selection of objectives, goals and the determination of best methods to achieve and attain them. The formal planning process follows a logical sequence of steps. These steps are; Situational analysis, 2. Establishment of goals and alternatives 3. EvaluationContinue reading “What Are The Steps In Formal Planning Process?”
In most industries, success can only be achieved by finding the strategy that gives and sustains a competitive advantage. That would require controlling and exploiting competitive forces of barriers to entry, threats from substitutes, bargaining power of suppliers, industry rivalry and bargaining power of buyers. These forces determine profitability by influencing pricing, investment requirements andContinue reading “How Do You Create and Sustain A Competitive Advantage?”