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It is rightly said that necessity is the mother of invention. This applies to health insurance also. Deteriorating lifestyle patterns and the rising cost of health care in India has paved way for health insurance services. This need has further aggravated by the fact that unlike the West, the social security systems are non-existent in India. The governments have made all the provisions to extract tax from the citizens at all possible points but when it comes to health care and social security, it has not done anything at all. Thus, it is the responsibility of the citizen to secure himself. But it is not that smooth to get the right health insurance policy. There are over two dozen general insurance companies which are offering different types of health insurance plans in India. Many times, people end up buying health insurance plans which are not relevant for them and which do not help them during the time of need. Therefore, it bears crucial significance that you understand the nuanc...

For small business owners experiencing the obstacles encountered by newly developed and struggling small businesses, it is important to recognize the advantageous nature of business plan development. For a business to be successful and profitable, the owners and the managing directors must have a clear understanding of the firm’s customers, strengths and competition. They must also have the foresight to plan for future expansion. Whether yours is a new business or an existing business in the process of expanding, money is often an issue. Taking time to create an extensive business plan provides you with insight into your business This document can serve as a powerful financing proposal.Developing a well thought business plan is an essential management tool. It identifies potential challenges and provides success strategies. It is critical for planning or operating a for-profit or nonprofit business as well as seeking investors, loans, real estate, or partnerships. Business plans c...

Being with my feet on the sales ground for 25 years in IT, I can recommend that many steps in the sales process need to be discussed and agreed internally and with the business customer to come to an agreed and signed contract. Following this sales process through a so called ‘Sales Close Plan’, describes all the necessary milestones that need to be agreed from a resource perspective, internally from a supplier perspective as well as from the business customer resource perspective. This Sales Close Plan will enable you to set upfront the right expectations during the contract negotiation milestones during an enterprise sales process. Discuss with your business customer the close plan and have your customer sign/off the Sales Close Plan on timescales and milestones. If each milestone is finalized confirm this in email to your customer so all expectations and potential road blocks keeps transparent and visible to you as supplier and business customer. 1. Identify the Power Spo...

Concept of Service The current work deals with marketing offer of e-commerce service. It highlights the essential steps of marketing of a brand-new firm offering services of website construction, design, programming, development, and promotion. The service should be provided exclusively online via the site of the company. Online business operations include ordering, agreement on requirements, elaboration of design, and providing constant customer support. The service implementation process should include the following stages: – Defining goals of the site. This may include either physical meeting or discussion of the product in question via Internet. – Developing the website structure. This stage is aimed at flashing out technical aspects of the site. It should include definition of necessary technology, type and specifications of site navigation. – Website design and built. Developing layout and graphics of the site. This may include elaborating the company’s ge...

Nobody can deny that 2020 was the year that struck a lightening bolt that’s still reaping its energy in every part of our lives. The ripple effect of the COVID 19 pandemic will permeate throughout our lives in the years to come. One of its greatest effects has been to force us to consider and construct new pathways into the future. Add to this, the effects of human behaviours on climate, and the relentless march of new technology, and 2020 has been a wake up call to the massive changes around the corner. Many of the organisations we work with have pandemic, climate change and technology advances somewhere in their strategic and risk plans, but until the last year haven’t truly considered the real impact of these events. Others just haven’t considered some or all of these game changers. 2020 brought us the opportunity to observe, learn and lead in a changed and unknown landscape. It’s not simply about a new ‘COVID normal”. COVID is just one catalyst fo...

There are three reasons why you need a business plan… To obtain funding. Every good potential lender or investor, be they bank, angel investor, venture capitalist or business partner, will require a business plan. They want to be comfortable that you have thought long and hard about your business rather than jumping straight into a business. More importantly they want to ensure that they have a good chance of not only having their investment returned, but also making a profit out of the arrangement. Your business plan is your sales tool – it explains your business and your strategies to make this business a success. It shows how detailed and organized you are and how you intend to make a success of your business. To introduce your business to potential investors. The Executive Summary in undoubtedly the most important part of your business plan. Investors receive hundreds of business plans. They decide on their initial sort of who they want to investigate more thoroughly, by...

Business plans are vitally important documents, both for raising investment and for generating common understanding about proposals for the future. Most of these plans take weeks to produce, and many are written with the help of corporate finance advisors and other professionals. We have the pain and privilege of being a paid reviewer of plans, and the frightening reality of our experience is that most of them sit somewhere in the range of poor to terrible. However, most of the problems can be fixed with some simple disciplines. In this article, we list the most common errors we see, and some recommendations for writing a more effective plan. Common errors The plan is too long No one will invest straight off the back of a plan. If they are intrigued by it, they will want to meet you and find out more. The plan needs to be sensible, but if they invest, they are investing in you. They will be backing your ability to achieve the plan or, more likely, something just as good when life inev...

Business Plan Excel – What Is It? A Business Plan Excel is a beneficial retail store business plan template structured in a user-friendly excel format which gives the essential flexibility preferred by start-up and existing retail store businesses. This template is a product of 14 years of thorough efforts and hard work, enhanced from the inputs gathered during my training on consumers store operation in Singapore and perfected through the test of time. Nowadays, the consumers store of the Socorro Empowered People’s Cooperative (SOEMCO), an institution deeply attached to island life in Bucas Grande Island, Socorro, Surigao del Norte, Philippines is smoothly operating its retail business utilizing the business plan excel template as road map in its planning and operation endeavors. Primary Considerations The principal factor to be considered before accomplishing the business plan excel template is the planning period. In our case at the SOEMCO consumers store, we considered t...

You all know the saying that any road will do as long as you don’t know where you are going. And it is certainly true when it comes to achieving company goals. If you don’t have stated goals, have them written down, well communicated, and measured, there is a very high probability you’ll never achieve them. Thus, the importance of having a quantifiable, measurable, well-communicated strategic plan. Roadmap Strategic planning is like creating a map for an exciting journey. A map helps keep you on course, but it isn’t so stringent that you can’t check out a side road along the way. Each year in the fall I map out where I am, where I want to go, and how I want to get there. During the year, my plan then becomes my guide as I make business decisions and come upon new opportunities. It helps me decide if new opportunities and the choices I encounter will get me closer to my goals or are detours to be avoided. It is critical to at least annually review your plan ...

Have you asked a Marketing Agency to quote you for drawing up a Marketing Plan recently? If, like me, you own a small business, then it is hard to justify spending the £600 a day I was asked for here in Britain. I have to watch my bottom line like a hawk, especially in the difficult-trading-conditions we seem to be in. But here is a dilemma! A Marketing Plan is a really essential tool that will show a small business owner where their business is and map out where it needs to go. It is vital in today’s competitive environment that even small business should have one. When you overdraft or financing facilities come up for renewal and your bank manager has to justify lending the bank’s money to your business, think how much easier it would be to convince him to continue backing you with a plan laid out in neat systematic form. It is probably the case that far too many small companies don’t have a Marketing Plan, or the owner has it locked in his head. A place of sto...

Every marketing plan needs to include an industry analysis. Why? Because it is of critical importance to understand the industry you operate in, and to identify and track your performance to key business success factors (KSFs) for your organization. Understanding your industry and identifying your KSFs will help in building a successful marketing plan; one that is based on measurable progress and results. A key success factor is an element of a whole that affects your business’ ability to do well in your market. Most businesses focus on between three and five of the most important (to their business) success factors. From time to time, or year to year, these key success factors may change, as the industry or the market changes. 15 Examples of Key Business Success Factors (and this is not a comprehensive list) are: Number of new customers per year; Number of lost customers per year OR the number of customers retained (it is important to understand and measure the potential customer...

It’s early in the ’09 baseball season and every team has already scoped out the other teams and every player they’ll face.  Can you say the same about your business or your marketing plan? When you need a quick snapshot of your strategic marketing plans that explores your business’ performance, the competitive climate, emerging market trends, and impending obstacles, try a quick SWOT – Strengths, Weaknesses, Opportunities and Threats analysis. Take a good SWOT at your marketing plan and you could just hit it out of the park. Whether you do this on your own or with a team, taking a SWOT at your marketing plan helps you find ways to minimize the weaknesses while maximizing the strengths. Match the strengths against market opportunities that can result from your competitors’ weaknesses or shortcomings. And remember, when you are taking your SWOT, there are no dumb ideas or thoughts. Sometimes a seemingly inconsequential comment can spark a great opp...

Unfortunately that famous line from Humphrey Bogart’s movie The Treasure of the Sierra Madre”, “Badges? We ain’t got not no badges. We don’t need no badges! I don’t have to show you no stinkin’badges!” is often one of the most misquoted lines in movie history, in fact, when I first started writing this, I had to correct myself when using the quote! That being said, let’s get to the point of this blog……. Planning. Our last blog discussed planning on a global, big picture scale. Let’s focus on what it means to you, as an individual running your business! The first step is to realize “WE NEED A PLAN!” How do you go about developing a plan that will be meaningful and effective for your business? There are many templates and programs that will assist you with the fundamentals, a simple Google search will provide a wealth of information. It’s what you put in the plan that counts! Following are some ideas...

Choosing a successor is not an easy task, however if you follow the steps outlined below, the task will be more organized. 1. Choose Your Successor The successor must be someone who has the right skills and ability to lead your company once you decide to leave. If you cannot do this on your own then seek the advice of your board of directors if you have one. Otherwise enlist the aid of an attorney, accountant and business succession plan consultant to aid in the choice. Making the decision should not be based on emotional factors but rather on objectivity. The plan should not be completed within months of your decision to retire, but rather between ten and fifteen years prior. Life Insurance Life Insurance for owners that have business partners, could be perilous to the ongoing operations and allow for the succession plans to be needed and used. The death of one business partner could result in considerable loses for a business, and could force a business into insolvency. One of the mo...

A business plan is a tool with three basic purposes: communication, management, and planning. As a communication tool, it is used to attract investment capital, secure loans, convince workers to hire on, and assist in attracting strategic business partners. The development of a comprehensive business plan shows whether or not a business has the potential to make a profit. It requires a realistic look at almost every phase of your film project, in particular the distribution and subsequent revenue streams needed to recoup your investment. Furthermore, it shows that you have worked out all the problems of your project. As a management tool, the business plan helps you track, monitor, and evaluate your progress. The business plan is a living document that you will modify as you progress in your project. By using your business plan to establish timelines and milestones, you can gage your progress and compare your projections to actual accomplishments. As a planning tool, the business plan ...

It is not the best moment of the week, when after long hours of preparations and intense work during an implementation window, your change fails. Moreover, it breaks other things as well. Sometimes, it is evident right after implementation, but sometimes you find out hours or days later. If you are fortunate, you can apply an emergency change to fix a pretty apparent root cause, e.g. missing one of the items on the implementation checklist. However, in many cases it will not be possible and you will need to back out the change. A key to a successful backout is to have a plan. Yes, a backout plan, the thing that is often overlooked. After all, you want your backout to be an honorable surrender, not a panic escape. In order to limit damage to the business, and your reputation, you need to stay in control of the situation. To do that, the team of engineers need to know what to do and the Service Desk needs to keep the business informed. A backout plan is intended to keep you in control. I...