Is it worth the trouble to get a university degree? Is that a fair question? If not a degree, then what is the alternative? After all, the ‘new normal’ post the COVID era will be anything but normal.
There you have it. Here in South Africa there’re lots of movements, at least one for every issue that we can think of. Indeed, there is even a movement that represents unemployed graduates – The Unemployment Graduate Movement (UGM). That’s scary, because I thought that once you have your bachelor degree, you can walk in almost every job.Continue reading Mastering the Science of Business. Is it worth the trouble to get a University Degree?
What should you do to add your business online? For one thing, you should add the online channel urgently to your business model. Why?
Because, we’re now for months in the devastating grip of the CORVID-19 lock down, and with little relief in sight. As a result, your customers are staying at their homes for most of the time. No ways that they’ll visit your shop to feel good, or to go for an outing. Sadly, no shopping experience for them then…
In fact, there are many obstacles that your customers must endure before they can walk into your shop. Things like:
- Wearing a mask – uncomfortable but essential;
- Getting decontaminated continuously with suspect chemicals;
- Standing for hours in a que to get their essential goodies – because the shops are limited to the number of customers that may be in the store at any time;
- Wondering if they’d picked up the virus this time – because not everyone was wearing a mask…
Continue reading Add your Business Online and so Defeat the Virus
Organizational culture matter. Indeed, organizational cultures are central determinants of the character of organizations. After all, culture is the glue that holds together all of our values, our beliefs, our sense of self, and our confidence and trust in the people around; says Jerry Haney, author in Executive Life magazine.
So, what is the organizational culture of your business? I think that most business owners may battle to answer this question. Why? Because everyone takes the organization’s culture for granted. They live the culture every day, conform to its unwritten rules, and reject the outsiders and reward those who conform.
Continue reading What Business Owners Need to Know – Organizational Culture Matter
So, you’ll only hire people who has character… I never understood this ‘character’ thing they test me for before going for a job interview. Anyway, I’ve failed most of the tests. Sadly, it’s no surprise, I’ve two disqualifying personality traits doing the character test – 1. I’m honest; and 2. I’m a non-conformist.
For most employers that’s too much – I’d never heard of them again! That’s a shame, because I’d always thought that I could’ve made a positive impact on their businesses. But that’s my perspective. Hence, it’s my perspective versus their perspectives. And there you have it – nobody wins…
Continue reading What Every Business Owner Need to Know – Hire People who has Character?
Customer service is everything. Indeed, if you don’t take care of your customers, someone else will… Yet, it seems that taking care of your customers is not even on the agenda with many management meetings.
Besides, the meetings are mostly about the sales performance against the budget or other trivial internal company matters. But, sadly, not about your customers.
Continue reading What Business Owners Need to Know – Customer Service is Everything
How many times, as a business owner have you heard, or read that cash is king. I’ll bet you that it was a lot of times. However, we’re now really busy doing business during the 4th industrial revolution. After all, is that enough reason to discard cash to the history archives?
Maybe we should first ask our customers…
Continue reading What Business Owners Need to Know – Cash is King?
Dynamic pricing has become popular with businesses in the digitized world of today. It’s especially true for business that use the internet to advertise and sell their products or services to internet users. For that reason, dynamic pricing is particularly applicable with eCommerce…
Continue reading Pricing Strategies for Small Businesses – Dynamic Pricing
The competitive pricing strategy is by definition a strategy that considers what happens outside the perimeters of a business. It is more sophisticated than the Cost-Plus Pricing Strategy that was discussed in an earlier post.
Indeed, competitive pricing decisions involve significant market risks and managerial attention 1. So, if your business does not have the structure and culture to keep an eye on what is happening in the market for your product, you’ll probably have no sales or have lots of sales, but at a loss!
Let’s look a bit deeper at the practice of competitive pricing…
Continue reading Pricing Strategies for Small Businesses – Competitive Pricing
Cost plus Pricing (CPP) is probably the most suited pricing strategy for most small business startups. It’s also the most widely strategy used by businesses all around. This is so, because CPP is the simplest method of determining price, and it embodies the basic idea behind doing business.
That is, “you make something, sell it for more than you spent making it (because you’ve added value by providing the product)”, according to Vivian Guo, of Price Intelligently.
The Balance Small Business defines Cost plus Pricing as follows: “Cost-plus pricing, also called markup pricing, is the practice by a company of determining the cost of the product to the company and then adding a percentage on top of that price to determine the selling price to the customer.”
How do you calculate Cost plus Pricing?
Continue reading Pricing Strategies for Small Businesses – Cost plus Pricing
Pricing of products or services may have a huge impact on your business’s bottom line and its brand value. Indeed, price is the only element of the marketing mix that brings revenue and not costs. Even more, price is the element of the marketing mix that is the easiest and fastest to change 1.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. ... Price: refers to the value that is put for a product. (https://economictimes.indiatimes.com/definition/marketing-mix)
Continue reading The Challenge with the Pricing of Products or Services