Managing a Business/How to be a good bussinesman/woman?
Need your help:
I intending to rearing fish in ponds and tanks with mixed the traditional way and modern which using high technology. Project implementation is expected in 2016. This could produce organically, tasty, qualities’ and have clear benefits product. I want to start a business freshwater fish in my village at almost 2 hectares land. Purposely also to open job opportunities to the villagers themselves. The product such fish live, frozen, dried, smoked, picked herbs and preserved. In additional, I also want to be a mediator or intermediate person for anglers, other fish farmers and supplier. The fish of choice is freshwater fish farmed organically, naturally or wild which obtained from the rivers. I expect that can meet demand inside and outside country. For now on, I only attended courses organized by the fisheries department, private companies and private person on part. Estimated initial gross cost are 250 thousand where 20%from my saving and another 80% is borrowed from government organization (4% interest). I also plan to collaborate with private companies under contract farming and I also want to sell directly to a customers. By my observation, the demand for freshwater fish is very high and there is always a well exceeds the supply. But less people involved with this business because of high maintenance costs, less appealing to young people , difficulty in marketing, complexity of management, requires special attention and care, continuously research, risky if the lack of knowledge, people prefer to focus on benchmarking cheaper price than the quality obtained. Currently I am 32 years old. Probably I have to quit that time to focus on the business. It is the implementation that need to be worthwhile at stake. I hope all the advice from expert person like you and I appreciate your explanation is thank you very much.
Question: Now I just start making a compilation case study on fish farming, market research and business plan for future reference.
1) What are examples of appropriate contents or compilation that can be used to make a complete case study?
2) What are good business plan that is suitable for the above business?
3) How to set up an effective market research?
4) How to build a good relationship and continue with public company, suppliers, and customers?
5) How to interact with competitors or compete in healthy ways?
6) How to make advertising and promotion effectively for target audience inside and outside country?
6) How to bring the business to forward in continuously
Thanks and best regards ever.
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• Sufficient sources of finance (e.g. cash, a bank overdraft, share capital)
• A viable business model – i.e. one which can make a profit
If survival can be assured, then profit is the next most important financial objective for a new business. A profit is earned when the revenue of the business exceeds the total costs. The entrepreneur can choose to reinvest the profit in the business, or take it out as a personal payment or dividend.
For many small business owners, profit is the return for all the hard work and risks taken. Profit is the reward for taking a risk and making an investment. Ideally, the profit earned is sufficient to provide the entrepreneur with enough income to live. In many cases it will be more than sufficient, once the business has been trading successfully for a few years
However, it is important to appreciate that, to make a sustainable profit, a new business needs to be able to:
• Add value
• Sell into a large enough market
Another financial objective is personal wealth. Some entrepreneurs have an objective that goes beyond wanting to earn an adequate income. They aim to build a valuable business that can substantially increase their personal wealth.
Contrary to popular belief, starting a business is not always about financial objectives. Very often a new business is started with other, non-financial objectives in mind.
Here are some of the non-financial motives that are often quoted by entrepreneurs:
• More control over working life – want to choose what kind of work is done. The need for greater independence is a major motivator.
• Need a more flexible and convenient work schedule, including being able to work from or close to home. This motive is an important reason behind the many home-based business start-ups
• Feel that skills are being wasted and that potential is not being fulfilled
• Want to escape an uninteresting job or career
• A desire to pursue an interest or hobby
• Fed up with being told what to do – want to be the boss!
• Want the feeling of personal satisfaction from building a business
• Want a greater share of the rewards from the effort being put in – compared with simply being paid by an employer
• Fed up with working in a business hierarchy or bureaucratic organisation (people with entrepreneurial characteristics often feel stifled working and having to co-exist with others!
• As a response to a shock or other major change in personal circumstances – e.g. redundancy, divorce, illness, bereavement
List of Objectives When Starting a Business
Your small business must meet several important objectives before your company opens its doors for the first time. These objectives range from the planning of your company's organizational structure and business direction to securing proper financing and all appropriate licenses. These steps may seem tedious, but are among the most important for establishing a solid foundation for your company and maximizing its chances for success.
Writing a Business Plan
A business plan is a document spelling out the purpose of your business, how your company plans to operate and the services it will provide to consumers. Your company's business plan need not be a static document of concrete rules, but a fluid text that your small business can grow with and make amendments to as your company evolves. Your business plan in the early stages of your company can serve as a solid foundation for making business decisions from your company's ambiance to how many employees you plan to hire.
Performing Market Research
Market research is an important objective for your small business because its findings allow you to determine how your company plans to enter the market and develop a customer base. Implementing your company's business plan is difficult without detailed market research. Market research also helps you determine where consumer need exists within your target business area. This helps you decide what products and services to offer consumers along with what prices to charge to attract the most consumers in the area.
Securing Business Financing
All the market research in the world won't help your small business open its doors without the proper financing. Obtaining the proper funding for your company may involve courting independent investors as well as applying for small business loans with local banks and credit unions. Your business plan plays a large role in your ability to secure funding because it allows potential investors to see your plans for your company and gauge its potential for success. You should also be able to show potential investors how you plan to repay your loans and how many years it will take for your company to begin turning a profit and sustaining growth.
Taxes, Licenses and Fees
Deciding how to legally create your business plays a large role in eventual tax liability and filing requirements. For example, a sole proprietorship requires little no formal paperwork but requires you to file all your business profits as income. A corporation requires more complicated tax filing but protects your personal assets from business debts. You must also obtain all the necessary permits and operating licenses from state and local agencies along with a Tax Identification Number from the IRS for employee tax filing purposes. Your business must have all the necessary licenses and certifications before opening the doors.
Your business objectives are the results you hope to achieve and maintain as you run and grow your business. As an entrepreneur, you are concerned with every aspect of your business and need to have clear goals in mind for your company. Having a comprehensive list of business objectives creates the guidelines that become the foundation for your business planning.
Maintaining profitability means making sure that revenue stays ahead of the costs of doing business, according to James Stephenson, writing for the "Entrepreneur" website. Focus on controlling costs in both production and operations while maintaining the profit margin on products sold.
Employee training, equipment maintenance and new equipment purchases all go into company productivity. Your objective should be to provide all of the resources your employees need to remain as productive as possible.
Good customer service helps you retain clients and generate repeat revenue. Keeping your customers happy should be a primary objective of your organization.
Employee turnover costs you money in lost productivity and the costs associated with recruiting, which include employment advertising and paying placement agencies. Maintaining a productive and positive employee environment improves retention, according to the Dun and Bradstreet website.
Your company mission statement is a description of the core values of your company, according to the Dun and Bradstreet website. It is a summary of the beliefs your company holds in regard to customer interaction, responsibility to the community and employee satisfaction. The company's core values become the objectives necessary to create a positive corporate culture.
Growth is planned based on historical data and future projections. Growth requires the careful use of company resources such as finances and personnel, according to Tim Berry, writing on the "Entrepreneur" website.
Even a company with good cash flow needs financing contacts in the event that capital is needed to expand the organization, according to Tim Berry, writing on the "Entrepreneur" website. Maintaining your ability to finance operations means that you can prepare for long-term projects and address short-term needs such as payroll and accounts payable.
Change management is the process of preparing your organization for growth and creating processes that effectively deal with a developing marketplace. The objective of change management is to create a dynamic organization that is prepared to meet the challenges of your industry.
Marketing is more than creating advertising and getting customer input on product changes. It is understanding consumer buying trends, being able to anticipate product distribution needs and developing business partnerships that help your organization to improve market share.
A comprehensive analysis of the activities of the competition should be an ongoing business objective for your organization. Understanding where your products rank in the marketplace helps you to better determine how to improve your standing among consumers and improve your revenue.
Business objectives are clearly defined targets that are set by management or business owners. They give directions and the mode in which the business needs to operate. Business managers devise plans to meet these objectives and keep track of progress and deviations. Business objectives are a blend of the needs of various stakeholders who are affected by your organization's activities.
Most organizations operate because their owners want to maximize wealth. Therefore, improving profitability is one of the prime objectives of a business. When a business achieves incremental profit margins, it shows that the operations of the business are probably reducing costs proportionally .
Increasing Return on Investment
Increased return on investment shows how quickly your business returns profit on the money or capital that interested parties have invested in it. A higher rate ROI ensures that owners receive funds more quickly for investments in other ventures, or that funds can be further reinvested in the business.
Maintaining Cash Flow
Increased cash flow is a financial objective that allows smooth running of the business in the form of timely payments to employees and creditors. It also enables business owners to draw earnings in cash from the business.
Improving Market Share
Businesses often compete to rule a market by growing their market share. You can obtain increased market share by increasing revenues; your revenue increases as customers buy more of your products. Improved market share also shows that your products or services may be more desirable.
Achieving Business Globilization
Businesses want to grow their market share not only within their country’s borders, but also across the globe. You can measure globalization by identifying the amount or number of exports you make. You also can determine your globalization standing by measuring the market value of your businesses that are operating in other countries.
Creating Process Improvements
Businesses have significant internal objectives that they try to achieve to create superior customer values. Your company can eliminate non value-added activities from its processes by setting process improvement goals. This enables your organization to be more efficient and cost-effective in delivering its products and services.
Research and Development
Research and development, or other learning or innovation goals, improve your company’s capabilities for serving the market and its interests. A basic market research resulting in identification of your product’s minor flaws may go a long way in helping you attain your financial, market and reputational objectives.
Improving and Maintaining Goodwill
Some businesses strive to maintain their image and goodwill in the market. These enterprises want the masses to view them favorably. For this purpose, enterprises need to comply with moral, ethical and legal standards, and let these compliances be known to relevant stakeholders.
Superior Brand Recognition
Superior brand recognition occurs when a business or its products are readily and positively identified by the masses. For example, many consumers recognize that the crocodile on a shirt represents Lacoste. Through heavy advertising and product differentiation, organizations aim to achieve superior brand recognition.
Brand loyalty occurs when the customer buys only your particular brand and is uncomfortable using goods or services of another entity. Marketers use a partnership of advertising and the quality of products and services to build brand loyalty. They also use schemes such as loyalty cards, which provide discounts to repeat customers, to create brand loyalty.
Every business enterprise has certain objectives which regulate and generate its activities. Objectives are needed in every area where performance and results directly affect survival and prosperity of a business. Various objectives of business may be classified into four broad catego-ries as follows:
1. Economic Objectives:
Business is basically an economic activity. Therefore, its primary objectives are economic in nature. The main economic objectives of business are as follows:
(i) Earning profits:
A business enterprise is established for earning some income. It is the hope of earning profits that inspires people to start business. Profit is essential for the survival of every business unit.
Just as a person cannot live without food, a business firm cannot survive without profit. Profits enable a businessman to stay in business by main-taining intact the wealth producing capacity of its resources.
Profit is also necessary for the expansion and growth of business. Profits ensure continuous flow of capital for the modernisation and extension of business operations in future. Profit also serves as the barometer of stability, efficiency and progress of a business enterprise.
(ii) Creating customers:
Profits are not created by God or by the force of nature. They arise from the businessman's efforts to satisfy the needs and wants of customers.
A business¬man can earn profits only when there are enough customers to buy and pay for his goods and services. In the words of Drucker, "There is only one valid definition of business purpose; to create a customer.
The customer is the foundation of business and keeps it in existence. It is to supply the customer that society entrusts wealth-producing resources to a business enterprise."
No business can succeed without providing customers value for their money. Business exists to satisfy the wants, tastes and preferences of customers.
In order to earn profit, business must supply better, quality goods and services at reasonable prices. Therefore, creation and satisfaction of customers is an important economic objec¬tive of business.
Business creates customers through advertising and salesmanship. It satisfies the needs of customers by producing the required goods and services and by creating utilities.
Business is an organ of dynamism and change. In these days of competi¬tion a business can be successful only when it creates new designs, better machines, improved techniques, new varieties, etc. Modern science and technology have created a great scope for innovation in the business world. Innovation is not confined to the invention of a new machine.
It comprises all efforts made in perfecting the product, minimising the costs and maximizing benefits to customers. It involves improvements in management, production, selling servicing, methods of personnel and accounting, etc. Business firms invest money, time and efforts in Research and Development (R&D) to introduce innovations.
They develop new technology, introduce new designs and new tools and processes to minimise costs and to satisfy ever increasing wants of customers. In order to create customers business has to explore new markets and attract more cus-tomers. It has also to retain old customers by providing better services to them.
2. Social objectives
Business does not exist in a vacuum. It is a part of society. It cannot survive and grow without the support of society. Business must therefore discharge social responsibilities in addi¬tion to earning profits.
According to Henry Ford, "the primary aim of business should be service and subsidiary aim should be earning of profit." The socials objectives of business are as follows:
(i) Supplying desired goods at reasonable prices:
Business is expected to supply the goods and services required by the society. Goods and services should be of good quality and these should be supplied at reasonable prices. It is also the social obligation of business to avoid malpractices like boarding, Black marketing and misleading advertising.
(ii) Fair Remuneration to employees:
Employees must be given fair compensation for their work. In addition to wages and salary a reasonable part of profits should be distrib¬uted among employees in recognition of their contributions. Such sharing of profits will help to increase the motivation and efficiency of employees.
It is the obligation of business to provide healthy and safe work environment for employees. Good working conditions are beneficial to the organisation because these help to improve the produc¬tivity of employees and thereby the profits of business.
Employees work day and night to ensure smooth functioning of business. It is, therefore, the duty of employers to pro¬vide hygienic working and living conditions for workers.
(iii) Employment Generation:
Business should provide opportunities for gainful employ¬ment to members of the society. In a country like India unemployment has become a serious problem and the Government is unable to offer jobs to all.
Therefore, provision of adequate and full employment opportunities is a significant service to society. If unem¬ployment problem increases, the socioeconomic environment cannot be congenial for the growth of business activities.
(iv) Fair return to investor:
Business is expected to pay fair return to shareholders and creditors in the form of dividend and interest. Investors also expect safety and apprecia¬tions of their investment. They should be kept informed about the financial health and future prospects of business.
(v) Social welfare:
Business should provide support to social, cultural and religious organisations. Business enterprises can build schools, colleges, libraries, dharam shalas, hospitals, sports bodies and research institutions. They can help non-government organisations (NGOs) like CRY, Help Age, and others which render services to weaker sections of society.
(vi) Payment of Government Dues:
Every business enterprise should pay tax dues (income tax, sales tax, excise duty, customs duty, etc.) to the government honestly and at the right time. These direct and indirect taxes provide revenue to the Government for spending on public welfare.
Business should also abide faithfully by the laws of the country. Thus, businessmen should pursue those policies and take those actions which are desir¬able in terms of the objectives and values of our society.
3. Human Objectives
Business is run by people and for people. Labour is a valuable human element in business. Human objectives of business are concerned with the well-being of labour. These objectives help in achieving economic and social objectives of business. Human objectives of business are given below:
Business must recognise the dignity of labour and human factor should be given due recognition. Proper opportunities should be provided for utilising indi¬vidual talents and satisfying aspirations of workers. Adequate provisions should be made for their health, safety and social security. Business should ensure job satisfaction and sense of belonging to workers.
ii. Developing human resources:
Employees must be provided the opportunities for devel¬oping new skills and attitudes. Human resources are the most valuable asset of business and their development will help in the growth of business.
Business can facilitate self- development of workers by encouraging creativity and innovation among them. Devel¬opment of skilled manpower is necessary for the economic development of the country.
iii. Participative management:
Employees should be allowed to take part in decision mak¬ing process of business. This will help in the development of employees. Such participa¬tion will also provide valuable information to management for improving the quality of decisions. Workers' participation in management will usher in industrial democracy.
iv. Labour management cooperation:
Business should strive for creating and maintaining cordial employer employee relations so as to ensure peace and progress in industry. Employees should be treated as honourable individuals and should be kept informed.
4. National Objectives
National objectives of business are as follows:
(i) Optimum utilisation of resources:
Business should use the nation's resources in the best possible manner. Judicious allocation and optimum utilisation of scarce resources is essential for rapid and balanced economic growth of the country.
Business should pro¬duce goods in accordance with national priorities and interests. It should minimise the wastage of scarce natural resources.
(ii) National self-reliance:
It is the duty of business to help the government in increasing experts and in reducing dependence on imports. This will help a country to achieve economic independence. This requires development of new technology and its applica¬tion in industry.
(iii) Development of small scale Industries:
Big business firms are expected to encourage growth of small scale industries which are necessary for generating employment. Small scale firms can be developed as ancillaries, which provide inputs to large scale industries.
(iv) Development of backward areas:
Business is expected to give preference to the industrialisation of backward regions of the country. Balanced regional development is necessary for peace and progress in the country.
It will also help to raise standard of living in backward areas. Government offers special incentives to the businessmen who set up factories in notified backward areas.
Marketing Analysis Report
Successful businesses typically conduct a marketing analysis before they introduce a new product or service. Conducting research typically involves reviewing industry analyst information, getting expert opinions and contacting customers for their feedback. Write a comprehensive market analysis report to help your company’s marketing, sales and finance teams forecast revenue and gross margin.
Download a template to use to document your findings or create your own format. Use the document to show that there is a need for your product or service.
Identify the problems your product or service can solve. List details about the benefits and features. Compare your product with a competitor’s product. Examine the marketing strategy and point out its strengths and weaknesses.
List detailed information about your potential customers, such as age, location, gender and other relevant details. Describe how you plan to market your product to them in the current economic environment. Review industry journals, publications and websites to get insight into how to market to these customers for your industry.
Run focus groups, conduct interviews or create a survey to get input from your current customers, if applicable, regarding your ideas. Identify ways to reach new customers, such as using social media technology and mobile technology. New marketing tactics, such as text messages or mobile phone applications, may allow your business to succeed where previous attempts failed.
Get expert advice. Read competitive reports from trade and industry sources, such as Forrester Research, Gartner Research or Gale Research. Attend trade shows, conventions and other events to get detailed reports and studies describing your industry. Use data from the U.S. Department of Commerce to identify the general economic outlook.
Estimate the size of the target market. Determine if the industry is stable, growing or volatile. Determine what customers might be willing to pay for your product or service. List features that differentiate your products or services from your competitor’s products or services. Identify current customer requirements and project future needs.
Identify distribution channels for your product or service. Pinpoint how you can achieve a competitive advantage. Describe how you plan to leverage current customer testimonials to sell new products.
Establish a measurable marketing goal. For example, aspire to increase sales to current customers by 2 percent within the next six months and engage two new customers each month. Describe how you plan to track and monitor your progress.
I. Review Objectives
a. Market Potential
d. Sales Catalog
II. Overview and Methodology of the research process
III. Current Adhesive Customer Profile
c. Average Annual Product Usage
IV. North American Market
c. Current Market Conditions
V. Identify the… Message - Challenge - Opportunities
a. The Markets Priorities and Concerns
i. Motivators and De-Motivators
iii. API’s Advantages
b. Market Segment Challenges
VI. Company Analysis
VII. Market Risk vs. Reward Analysis
VIII. Preliminary Recommendations
a. Target Companies
b. Target Regions
c. Advertising Channels
d. Other Marketing Channels
corporate objectives should cover eight key areas:
Market standing Market share, customer satisfaction, product range
Innovation New products, better processes, using technology
Productivity Optimum use of resources, focus on core activities
Physical & financial resources Factories, business locations, finance, supplies
Profitability Level of profit, rates of return on investment
Management Management structure; promotion & development
Employees Organisational structure; employee relations
Public responsibility Compliance with laws; social and ethical behaviour
A well-established business will divide its activities into several business functions. These traditionally include areas such as:
• Finance & administration
• Marketing & sales
• Production & operations
• Human resource management
Whilst each of these functional areas requires specialist expertise, their activities are not carried out in isolation from the rest of the business. It is vital in your studies to consider the ways in which the functional activities are connected to each other.
However, it is common for each functional area to be set its own objectives, which should be consistent with the higher-level corporate objectives.
So, functional objectives are:
Set for each major business function and are designed to ensure that the corporate objectives are achieved
Consider some example objectives for the marketing function. Examples of functional marketing objectives” might include:
• We aim to build customer database of at least 250,000 households within the next 12 months
• We aim to achieve a market share of 10%
• We aim to achieve 75% customer awareness of our brand in our target markets
Many business textbooks suggest that both corporate and functional objectives need to conform to a set of criteria referred to as an acronym SMART.The SMART criteria are summarised below:
Specific The objective should state exactly what is to be achieved.
Measurable An objective should be capable of measurement – so that it is possible to determine whether (or how far) it has been achieved
Achievable The objective should be realistic given the circumstances in which it is set and the resources available to the business.
Relevant Objectives should be relevant to the people responsible for achieving them
Time Bound Objectives should be set with a time-frame in mind. These deadlines also need to be realistic
The features or characteristics of business objectives are depicted below.
1. Multiplicity of Objectives
Business objectives are multiple in character. That is, a business does not have only one objective. It has many or multiple objectives. This is because a business has to satisfy different groups, i.e. shareholders, employees, customers, creditors, vendors, society, etc. The business has to fix different objectives for each group.
2. Hierarchy of Objectives
Hierarchy means to write down the objectives according to their importance. The most important objective is written first, and the least important objective is written last. All objectives are important. However, some objectives are more important than others. Some objectives need immediate action while others can be kept aside for some time.
3. Periodicity of Objectives
Based on period, business objectives can be classified into two types, viz.,
1. Short-term objectives, and
2. Long-term objectives.
The short-term objectives are made for a short-period, i.e. maximum one year. Short-term objectives are more specific.
The long-term objectives are made for a long-period, i.e. for five years or more. Long-term objectives are more general. They are like a Master Plan.
4. Flexibility of Objectives
The business is flexible. Therefore, the business objectives must also be flexible. If the objectives are rigid, the business will not survive. This is because the business environment keeps on changing. There are continuous changes in the technical, social, economic and political environment. The business has to change its objectives according to the changes in the business environment. The hierarchy of objectives must also be changed from time to time.
5. Qualitative and Quantitative Objectives
There are two types of objectives, viz., Quantitative and Qualitative objectives.
1. Quantitative objectives are easy to measure. It is expressed in numbers. For e.g. in Dollars, Rupees, Percentage, etc. Quantitative objectives are visible, tangible and countable.
2. Qualitative objectives are not easy to measure. It is not expressed in numbers. For e.g. Employee performance, employee satisfaction, etc. These objectives cannot be measured. Qualitative objectives are invisible, intangible and uncountable.
Today modern methods are used to measure qualitative objectives. A business must have both quantitative and qualitative objectives.
6. Measurability of Objectives
The objectives must be clear and specific. It must be easy to measure. For e.g. Each salesman must sell 100 units of water purifier per month. This is a clear and specific objective. It is easy to measure the performance of the salesman. If a salesman sells 200 units of water purifier in a month then his performance is good. He can be given bonus and promotion. However, if a salesman sells only 10 units of water purifier in a month then his performance is bad. He needs more training. Measurable objectives motivate the employees to work hard. This is because they know their target clearly. Their performance can also be measured easily.
7. Network of Objectives
Network means an interconnection between different objectives. A business has many different objectives, viz., corporate objectives, departmental objectives, sectional objectives and individual objectives. It also has objectives for shareholders, customers, employees, etc. All these objectives must be interconnected. They must support each other. They must not clash with each other. They must move in the same direction. If not, the business will not survive. Similarly, the objectives of all the departments, must support each other. They must not clash or conflict will each othe
Business Plan for a Startup Business
The business plan consists of a narrative and several financial worksheets. The narrative template is the body of the business plan. It contains more than 150 questions divided into several sections. Work through the sections in any order that you want, except for the Executive Summary, which should be done last. Skip any questions that do not apply to your type of business. When you are finished writing your first draft, you’ll have a collection of small essays on the various topics of the business plan. Then you’ll want to edit them into a smooth-flowing narrative.
The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later.
This business plan is a generic model suitable for all types of businesses. However, you should modify it to suit your particular circumstances. Before you begin, review the section titled Refining the Plan, found at the end. It suggests emphasizing certain areas depending upon your type of business (manufacturing, retail, service, etc.). It also has tips for fine-tuning your plan to make an effective presentation to investors or bankers. If this is why you’re creating your plan, pay particular attention to your writing style. You will be judged by the quality and appearance of your work as well as by your ideas.
It typically takes several weeks to complete a good plan. Most of that time is spent in research and re-thinking your ideas and assumptions. But then, that’s the value of the process. So make time to do the job properly. Those who do never regret the effort. And finally, be sure to keep detailed notes on your sources of information and on the assumptions underlying your financial data.