Controlling The Financial Performance Of Your Business

There are numerous factors which impact on the performance and viability of your business. It is therefore imperative that you monitor and control your financial performance. Debt control and budgeting are two elements of this, and of particular importance is your business cash flow.

Many profitable businesses have gone under due to a lack of attention to their cash flow; they have insufficient cash available to pay their bills. Thus, you must plan and control your cash flow in order to effectively manage your business.

Some strategies that may assist in this include:

* Increasing the speed of cash receipts by good debt control strategies

* Avoiding excessive stock holdings by managing stock levels and obtaining reliable, prompt suppliers

* Planning the purchase of equipment and other capital expenditure for periods when surplus funds exist

* Planning to have sufficient reserves to carry your business through the inevitable periods when unexpected expenses are incurred

* Avoiding excessive investment in plant, equipment and other fixed assets which may leave too little working capital available (particularly in periods of falling prices, declining sales or increasing interest rates)

* Avoiding over borrowing as this may place a strain on working capital, loans still have to be repaid even if revenue is decreasing

* Maintain adequate working capital to fund the growth as increasing sales also means increasing costs, your working capital requirements therefore, need to be continually reviewed

* Delaying outgoings by taking advantage of the credit terms offered by your suppliers and paying when it suits your cash flow

* Reducing outgoings by taking advantage of discounts when appropriate and working capital permits

* And most importantly, regularly comparing your actual cash flows to your budgeted cash flows, analysing the differences, and taking action based on this analysis

Subscribe to the UMACS Business Zone fortnightly newsletter which gives you great tools, tips and ideas on how to manage and grow your business. Subscribe now and receive a FREE e-book “Relationships that Show the Health of Your Business”. www.umacs-business-solutions.com/umacs-business-zone.html

Career In Bank Po Seems Extremely Favorite In The Government Banking Sector

In today”s world of fierce competition, transforming educational methods according to the requirements of the ever changing scenario has its share of responsibilities and exhaustion. There are many career shaping courses that can be taken up while pursuing for excellence in your career. These courses are taught in various renowned coaching institutes where trained professionals take care of your aspirations and help you reach your goals.

Career in Bank PO/Clerical has been a huge favorite in the government banking sector and seems extremely attractive and promising these days. If you are interested in this career and strive to excel, you must join a coaching institute that offer programs that are specific to your needs. Bank PO coaching prepares you for cracking the Bank Po exams with bright colors so that you do not err or lose confidence.
Bank PO stands for Bank Probationary Officer, who is kept by banks for a year or two on probation basis and later confirmed. Bank PO Coaching in Chandigarh prepares you extensively and helps you gain an assistant manager post through your PO exams.
There are numerous Bank PO coaching institutes that offer updated course materials, extensive professional teaching arrangements, expert guidance through test tips, techniques, shortcut methods and hence onset of a promising career. Thus, it becomes imperative to take a wise decision and after thoroughly checking all the details and being sure about this career option, choose a coaching institute.

Other than Bank PO coaching that seems very promising, there are many other career options that has been taken up; for example management, arts, engineering etc. There is a mushroom growth of engineering colleges all around and it accounts for thousand of aspiring students each year but when it comes to placements these budding engineers are often left on their own to struggle their way out. Jobs for engineers are not easily found and an intensive job hunt really takes its toll on you and blows your spirits.

Students should sure look forward to take admission in a reputed best coaching institutes so that you are right on the track. Placement agencies look out and coordinate jobs that need you to be an in-depth knowledge about the job requirements so that they are able to place the right person at the right job and the time taken in the whole procedure is reduced. It becomes significant that you find the right people who can continuously guide you and support you throughout the process.

Choose Hospitality & Tourism Management As Your Career After Intermediate

After completing 12th, choosing a career is a big decision because you are going to invest a lot of time on your studies and them spend many life hours working in the field you have chosen. One of the major aspects that you need to keep in mind is that how easily you will get job after completion of your studies. If you are considering the career in hospitality management though, you already know how will be seeking employment in this rapid growing industry in the world.

Hospitality management is a wide term that includes various sorts of careers. However, they are different in terms of responsibilities, the various careers all have in common the fact you will be serving people by providing specialized services. You can select the general hospitality industry and will discover you have many options in terms of employment opportunities. Your training for certification in any of the fields of study includes a customized curriculum to suit your educational requirements. You not only study cooking or room management, but also supervision of staff, budgeting and ordering of supplies.

Jumpstarting to Success
The careers in hospitality management are widely categorized under food or hotel management. By acquiring a certification within your selected field of study, you are able to jumpstart what would take years of on the job training. It results to faster promotion and wider opportunities.

Hotel and tourism careers are available in a number of different businesses. In some cases, careers are even built by blending more than one field such as hotel and restaurant management. Some of the famous careers include the following:
Restaurant management
Hotel management
Cruise ship food and beverage manager
Convention or event planning
Corporate planning
Resort management
Tourism industry
Flight catering

There are not all the possible careers available and new ones are development every day. Some the newest careers are in this area such as IT as related to the hospitality industry. Lots of countries are realizing that attracting tourist dollars can provide economic stability and resort areas are searching for qualified managers and chefs.

IIMT is among the best colleges for hotel management, offering hospitality management colleges and hospitality and tourism management course with all contemporary way of teaching and practical to boost your career in hospitality and tourism management industry.

Finding The Right Expense Management Solution For Your Company

In recent times, initiatives such as the Sarbannes Oxley Act in the US have dramatically raised the profile of compliance within the corporate world. As a key element of any corporate compliance policy, expense management has shared some of the limelight. As a result, an Expense Management Solution (EMS) is now critical to any business concerned with corporate compliance. But what is an Expense Management Solution (EMS)? Does your company need one? And where do you find a good one? Just as importantly, how do you successfully implement and integrate an Expense Management Solution (EMS) into your corporate environment. This article sheds some light on these issues.

What is an Expense Management Solution (EMS)?

The term expense management solution has been used to describe quite different commercial products and services. In the context of this article, an expense management solution is defined as a technology based system that processes:

(i) transaction records received from a credit card issuer (detailing employee use of corporate credit cards0; and

(ii) cash reimbursement claims originated by an employee.

In practice the target application is Travel and Entertainment expenditure. A robust Expense Management Solution (EMS) will also support procurement (pCard) activities as part of a broader strategy of effectively managing lower value, high volume business-to-business transactions.

The three core steps of any expense management process are:

1. the acceptance/input of validated source data;
2. the application of predetermined rules of handling expense records; and
3. the posting of transactions to a corporate repository such as an ERP system.

What is the purpose of an Expense Management Solution (EMS)?

The objectives of an expense management solution implementation should include the following:

1. to automate the preparation, submission, approval, and auditing of travel & entertainment claims, thus improving the productivity of account holders and reducing the time and cost of accounts staff;

2. to support the implementation of a standardized best practice method of managing high volume expenses through the use of corporate credit cards; and

3. to increase the transparency and enhance the governance of financial transactions conducted on behalf of the enterprise.

Sources of Expense Management Solutions

Australian and international organizations now have access to a range of quality expense management solutions which are well suited to driving down administration cost whilst meeting corporate compliance requirements. There are essentially three sources of expense management solutions:

1. ERP systems;
2. systems offered by card issuers; and
3. best-of-breed solutions.

Each will have their own merits and will suit organizations in different circumstances.

Enterprise Resource Planning (ERP) Systems

ERP sourced expense management has the attraction of being fully integrated within the financial suite of software, therefore offering a standard look and feel to all users of the ERP. With ERP sourced expense management functionality, the ERP supplies the core software, and the enterprise needs to customize and configure the system to reflect its own structures and rules regarding the management of staff expenses. If you’re considering the option of using their ERP for expense management, you need to be conscious of a number of factors, including:

the actual functionality available within their specific installed ERP system;
the backlog of work on the ERP system accumulated for the IT department; and
the deployment time and the cost of the project (which will usually be substantial).
License costs can be an issue if an enterprise if your company has not paid a license fee that will cover all card account holders and cash claimants.

Card Issuer Systems

Some card issuers promote expense management solutions which can range from a computer generated report through to an online system with some embedded workflow concepts. The attraction of card issuer expense management solutions is that they are offered as part of a card deal, sometimes (apparently) for free. If you’re considering a card issuer expense management solution, you need to know:

will you be ‘locked in’ to the card issuer?; and
will you be able to configure the expense management solution to adequately reflect internal requirements?

Best-of-Breed Solutions

Best-of-breed expense management solutions from specialist providers can be relatively seamlessly interfaced to an organization’s internal systems such as HR and ERP, but will not present a common look and feel to the ERP system. You would usually choose a best-of-breed expense management solution if you want:

1. your company to be independent of a particular card issuer;
2. to achieve a fast implementation; and/or
3. to configure the solution to its own unique rules and policies of expense administration.

Best-of-breed expense management solutions are typically deployed as either an ASP (Application Service Provider) or self hosted solution. Although exceptions are common, small to medium enterprises tend to appreciate the lower up-front cost of an ASP expense management solution, and larger enterprises are attracted to the control available through a self-hosted expense management solution. ASP expense management solutions are typically paid for on a per statement per month basis, and self-hosted expense management solutions have a range of options available from up-front license fees to monthly license rentals.

Overcoming the Cultural Resistance to Expense Management Solutions

Some Finance Directors still have an aversion to corporate credit cards. It’s not uncommon to hear a finance director say if I give everyone a card, they’ll spend us broke!

However, the benefits of an Expense Management Solution are apparent as soon as the Finance Director considers the difficulties of controlling the expenditure behavior of thousands of employees using a manual system of reimbursements which is largely based around a set of uncoordinated spreadsheets. Basic activities such as enforcing travel policies, calculating tax implications, reconciling, posting to a chart of accounts at a detailed level and auditing, are so difficult as to be more honored in the breach than the observance…

Viewed from a different perspective, a company with revenues of $700m $50m in EBITDA, and $20m in annual employee business expenses, can make a dramatic impact on its bottom line using an expense management solution without increasing revenue. If automation reduces these expenses by only five per cent in the first year, the savings alone have the same impact on the bottom line as $14m in new revenue. It isnt surprising that the return on investment of an expense management project is often achieved within its first 12 months of operation.

Expense Management Solutions also play a vital role in Fraud Control. Fraud in this context takes many guises, not all of which are the sort that land perpetrators in court. Information taken from our own customer experience and from publications of the USA Association of Certified Fraud Examiners identify the top four categories of fraud:

1. Mischaracterized expenses
2. Overstated (exaggerated) payments
3. Fictitious expenses
4. Multiple reimbursements

Research in the USA has pointed to as much as 1% of company revenues being lost to employee expense mismanagement. Expense Management Systems will not, in their own right, eliminate this but they are a vital tool in creating an environment that drives down the level of mismanagement.

Conclusion

Over the past 18 months, our company has observed a change in motivation for expense management projects. Whereas formerly expense management solutions were an exercise solely in the reduction of administration costs, now governance is equally a driver to implement technology based controls around high volume expenditure. The Sarbannes Oxley (SOX) act in the USA has captured the attention of any enterprise active in the USA. However, inside or outside the USA, the senior executives must warrant that their company has implemented adequate financial controls that prevent fraud and give a true and correct record of the enterprises financial activities. As a result, the Corporate Travel Manager who pitches a proposal on expense management to the senior executive team currently finds a willing audience.

Fleet Management System Drives Your Fleet Positively

For any transportation company it is highly necessary to constantly monitor its transportation fleet. Negligence may lead to increase in transportation costs including fuel consumption, vehicle maintenance, and delivery delays. Installing a good fleet management system can help you eradicate such losses and drive your transportation business positively. Fleet management software easily keeps track of, manages, and maintains your transportation fleet. Fleet management is a combination of powerful technologies like the GPS (Global Positioning System), two-way wireless communications, an on-board processing, communications unit, and a hosted web application that demonstrates mapping and vehicle telematics data to the end user. The GPS tracking system helps the transportation companies in locating their vehicles and monitoring their speed and direction.

When companies try to install such fleet management software in limited budgets they tend to incorporate just specific features and functionalities of it. In fact the transportation companies should not hesitate in spending some extra money over getting a comprehensive solution as in the longer run this fleet management system will benefit them by saving a lot of transportation and vehicle maintenance costs hence increasing profitability multiple times. Overall the initial installation costs are always negated by superb cost savings through using a vehicle tracking system.

Some of the impactful advantages of a Fleet Management System are:

Reduces Transportation Costs
The fleet managers at the transportation company can track and report real time data on fuel consumption, route efficiency, vehicle diagnostics, and even driver’s performance and driving habits. As the fleet managers can analyze and calculate cost effective transport routes the delivery time is reduced and moreover since the drivers are constantly under managers vigilance they drive more responsibly without taking unnecessary breaks. The initial investment may be expensive but on the longer run the fleet management system saves a lot of transportation costs by analyzing and reporting real time transportation data.

Fleet Vehicle Maintenance
The fleet tracking system also keeps a track of the physical conditions of the fleet vehicles. The fleet maintenance system helps in scheduling maintenance services and jobs for each vehicle and prevents wear and tear of the vehicle. It takes care of Fleet registration, usage, fuel consumption, mileage and performance. Has the flexibility with booking engine to book trips and reschedule the trips if demand arises. The preventive maintenance and breakdowns are scheduled as per the due dates and on emergency respectively. All permutation and combinations of assignments of fleets to the drives and Shifts are handled leading to optimum utilization of Fleets Performance.

Reduces environment pollution
The green environment laws have made it mandatory for the companies to check on their emissions and carbon footprint. The fleet management system helps in controlling the fuel consumption and hence reducing the emissions from the exhaust pipes of the fleet vehicles. Shorter routes and smarter driving skills add to in controlling the environmental pollution. A proper vehicle tracking system provides specific features and functions to help in keeping the eco-system green.

In addition to the benefits mentioned above fleet management system also aides the transportation company in improving customer service, and hence increasing productivity and profitability. The fleet management software enhances driver safety with optimum resource protection and utilization. Reducing unnecessary transportation costs significantly the Fleet Management System helps to keep track of unexpected repairs, problems, and accurately determine the cost effectiveness of the transportation fleet.

Five Emerging Trends for the Insurance Industry

Five Emerging Trends for the Insurance Industry
Over the past few months, I have delivered a number of insurance oriented keynotes and, later this week, Ill be addressing a conference on Emerging Technologies for the insurance industry. While I cover a wide variety of trends in the information technology, biotechnology and nanotechnology sectors, here are five trends already impacting the insurance industry and which will only grow more prevalant over the coming years:

1. Genomics: Since 1998, the price of sequencing a base pair of genes has plummeted 100 million-fold. An individual can now have his or her genome sequenced for about $10,000. Obviosly, this still isnt practical or affordable for the average person but the price will soon decrease to $1000 and then $100and eventually even lower. The impact on human health will be profound and the implications for the insurance insurancein terms of life expectancy alonewill be immense.

2. Gaming Dynamics: The ability for smartphones to monitor everything from a persons heart rate and blood pressure to their glucose levels is impressive. To date, however, most of this data was just collected and then transferred wirelessly to healthcare providers who helped the patient make sense of it. This is about to change and gaming dynamics will lead the way by providing users new ways to engage, interact and, ultimately, control their own healthcare. Imagine, for example, receiving a lower insurance rate because you could verify that you exercised for 40 minutes and burned 400 calories. The potential for gaming dynamics to unleash new, innovative business models for the insurance industry is real.

3. Locational Intelligence & Pervasive Connectivity: Due to the exponential advancement of GPS technology and sensors, it is now possible to know a persons location to within a few feet. While this has made it easier for the “directional-challenged” to find their friends house a little quick, the technology is poised to revolutionize the insurance industry by making it feasible to monitor a persons driving habits. For instance, if a person is going too fast, braking too suddenly or driving or parking in a crime-ridden area, itll be possible to adjust that persons insurance rates accordingly. Undoubtedly this raises significant privacy concerns which might ultimately doom the technology, but it is just as feasible that cost-conscious consumers will be willing to provide access to such information in return for lower rates.

4. Computational Analytics and Data Mining: When a mild earthquake hit Washington, DC this past August, the first Twitter report reached New York 40 seconds ahead of the quakes shock waves. An impressive feat to be sure but itll pale in comparison to the type of information that will soon be delivered by data-mining Twitter and numerous other social networking sites. Officials at Southeastern Louisiana University recently reported they could track influenza outbreaks by collating the rise of Twitter texts from people complaining about flu symptoms. Other researchers have discovered there is a strong correlation between a persons physical health and the health of their friends. One future possibility is that publically-available social network data can be data-mined by insurance companies to offer discounted rates to individuals who travel in healthier social circles. (Again privacy concerns and regulations may prevent such uses but, then again, maybe not.)

5. Hyper-Personalization: The foundation of the insurance industry is based on the idea of pooling risk. This strategy has worked well for centuries but in the not-to-distant future it is entirely possible that many individuals will prefer to be insured based on their individual actionsand not the statistical average of a large group. This is especially true if the person in question is healthier, a better and safer driver, and cost-conscious to the point that they arent concerned with sharing certain data with the insurance provider in return for securing a lower premium for themselves.
This future is coming. The only question is whether you, your business, your association or your industry is ready.

His latest book is Higher Unlearning: 39 Post-Requisite Lessons for Achieving a Successful Future.

The Power of Techniques for Anger Management

It is a frustrating time when you are boiling with anger. However, there are things you do to get things under control. There are techniques for anger management that you use that puts you back in charge and lets you get rid of your anger. This group of rituals come in the form of questions that you ask yourself when you are about the task of keeping your anger under control.

Asking yourself a question about the time to come is one techniques for anger management. There is what I call the two weeks from now question. It asks you, what the difference is that this thing will make in two weeks? Consider it, it is a pertinent question. If in fourteen days, you think that the event will not be remembered, then there is nothing for you to be upset about. On the other hand, if it is a situation that in two weeks time today’s’ matters are still important, then you know that you should not become angry, but you should be using an emotion superior to anger to temper it with.

If a situation is that two weeks later still makes a difference you should remember that resolutions you make when angry tend to be poor ones. Angry techniques for anger management are often not good ones. It is a fact that you will make better decisions when you are calm and controlled.

Your relationship with whoever is another contemplation you need to make when you start to get angry and need a technique for anger management. You would ask how is this reaction going to affect my relationship with the people I am mad at. If the relationship is important then you need to use other emotions than anger to fix the problem. When an event happens and anger is the natural choice then so it is, but still your responses should be cunning enough so that you do not kill the relationships you are trying to keep.

To put it in other words, be angry, but still do what is calculated for your success. You must conduct yourself with such skill that it appears as if you are not angry at all.

Do I have to be angry is another question? You can ask yourself also do I have to be angry right now, or better, do I need to be angry at all? You are looking at yourself to see if your anger is being wasted on a situation that does not deserve your attention.

When the circumstances and people are not really important, then anger is only a set back to you. In this event, all you would be doing is giving anger time to learn how to get you to act out. But always remember that what makes you angry can control you.

Use the techniques for anger management as instructed and ask yourself these questions. Use them regularly when you have to confront your anger. They will help you stay in control.

As for you though, if you want to be expressing your anger properly in less than 48 hours, go to http://www.the-anger-management-store.com, I have more free videos there that tell you more about it.

Advanced Management Systems for the Telemarketing Business Sector

An efficient quality telecommerce management system is vital to supervise and guide your call centre’s functioning, staffing utilization and staffing costs. The normal call centre expends nearly three-quarters of its total budget costs on personnel, so managing how the workforces spend their time at work is pivotal to budget management.

Today’s increasingly high-pressure labour market makes employing each operator efficiently, a prime target. Holding the right total of staff active at the right moment increases customer satisfaction and personnel team spirit by cutting wait times and associate frustration. A dependable telemarketing organisation system can do this for your business organisation.

Many companies are selling telecommerce management systems. Nearly all have like features and functionalities. Telemarketing management systems can be used to tag operator time management and attendance, plan staffing schedules and assignments, and may even interface with the general payroll scheme service providers. The majority of the telemarketing management systems on offer today inter-act immediately with the concern’s other systems, most typically the predictive dialers or automated telephone call distribution systems. This integration is a great cost management feature, securing that payroll department information is accurately reported, billable hours are transcribed and charged precisely, and elimination of manual staff tracking. The greater accuracy means more extended payroll accuracy, more billed hours and not so much time spent checking out and communicating payroll.

Most of the systems feature staff scheduling modules too. Integrating the scheduling operating function with call traffic practices provides more correct and efficient program scheduling of teleselling workers. Appropriate staffing levels not only aid client satisfaction levels but they step-up worker team spirit besides. Advances in decreasing the rate of in the rate of absenteeism, turnover and public presentation are all added extras of keener scheduling, all of which can add to a telemarketing business’s net profit.

All of the telecommerce management systems have sophisticated reporting capabilities, with reports to contend with every item of your telephone call operator’s working day, inclusive of short-break time, education sessions, work time and rest time. Attendance accounts, clock in, as opposed to sign-in time and rates of pay for hours worked reports can be generated by associate, staff supervisor or whole team.

Each of these management tools can be used to step-up a company’s profitableness by more effectively superintending personnel monetary costs and appropriating more time. The real impingement of establishing a satisfactory telemarketing management system is awkward to judge, since its consequence is so diffusive through the whole of the company. Almost all telemarketing business enterprises estimate that their scheduling efficiency can be amended up by just under twenty percent after establishing the planned programs, with the total cost savings lending more net profit to their net profit. Mooting this statistic, nearly all telephone call centre management systems should have a tangible return in just under a year. Of course, advances in client satisfaction and staff morale are less concrete, but equally as noteworthy.

Additions to or upgrading your teleselling management system will have prompt tangible and bottom line consequences. With broad gains in staffing efficiency and the associated monetary cost decrease, and additional advantages in the form of increased customer satisfaction and better business functioning, an upgraded telemarketing management system can be a valuable investment in your business organisation’s prospective future.

Excellent Career Development Path For Uae Nationals At The Injazat Institute

It’s all to do with the training: you can do a lot if you’re properly trained, as rightly quoted by Elizabeth II. There is no doubt that apt training services and certified development programs will certainly lead you on the path of self-development and bolster your professional growth. Further, in this cut throat business competition, it has now become a requisite to possess professional training and certifications to get highlighted in the crowd.

The Injazat Institute, one of the reliable training and development institute in Abu Dhabi, UAE has designed a special national development services for UAE nationals. This program is structured to develop and nurture the future talent of UAE by providing them with high skilled trainings and intellectual guidance on different subject matters. However, let’s take a detailed look of what exactly the institution has in store to offer UAE nationals:

Overview

The Injazat Institute is fully committed to support the growth and advancement of UAE national’s within the organizations. They have featured a Career Development Plan (CDP) which aims to support the candidate’s development and ensure that they are proficient in their current roles and adds value to the business objectives. In addition, CDP also aims to meet the company’s long term goals as well as individual’s career aspirations.

Stakeholders

The institute is solely responsible for the implementation of an effective career development plan for each of the UAE national employee. The main stakeholders in this plan are the CEO, Human Capital Department and candidates line managers. The most important stakeholder in the process to ensure success is you yourself and rest The Injazat Institute is responsible for providing full support to your career development in terms of training for the skills required within your current and future roles.

Purpose of this Program

There are numerous benefits and advantages to pick on this program:

-Support the development of talented UAE National employees through focused development programs

-Accelerate the development of high-potential UAE Nationals through:
-Identifying High Performers;
-Developing Fast Track Programs;
-Implementing Succession Planning;
-Identifying Workforce Planning Strategies;
-Support through career counseling to develop career paths.

Above mentioned is the complete gist of the UAE national development programs which will be carried effectively to polish all the UAE nationals and leading them ahead in the path of success. The Injazat Institute aims to provide superlative training and services for the UAE national development and assist them to kick start their career in some of the renowned organizations!
For more details visit: www.ti2.ae

Create A Business Opportunity From A Problem

Turn a Problem into a Business Opportunity by creative thinking.

People pay money to create a problem and then somebody else turns that problem into a business opportunity. How do we do this? First step is to examine and define in great detail what exactly the problem is? Then look at innovative ways to turn the problem into a business opportunity.

Problem – We are eating a lot more then we should. Opportunity – exercise classes, weight loss diets, larger size clothes & diet drinks / foods.

Think of traffic, then think of bottlenecks! Problem – a lot of people stuck in traffic. Opportunity – Billboard advertising & more demand for entertainment on the move!

Problem – In this day of high speed life, people don’t have time to sit down and eat. Opportunity – Create a fast food franchise that serves hot food within minutes for customers to take away and eat on the move.

Problem – people are drinking more. Opportunity – diet drinks, drink dispensers, low calorie alcoholic drinks, vitamins, more fun drinks & definitely more counselling!

In our previous business, we had a problem when we were manufacturing specialised, shock absorbing pallets. We always many pieces of a certain size of wood left. I sent our salesman round local businesses to see if he could find a use for it. In the end we ended up making “button-ups” which had a 100% profit margin after expenses for pieces of wood which we used to throw away!

Problem – Higher number of asylum seekers & refugees. Opportunity – low cost housing, lower paid labour force and increased demand for economy products!

Problem – More spam! Opportunity – more demand for new software, better firewalls & more experts needed!

What problems have you faced recently? Can you nail it down and turn it into an opportunity?

Here are the steps we should take to turn a problem into a business opportunity:

1) Identify the problem
2) Do overall market research
3) Get a team in to collectively debate the problem
5) Sleep on it
6) Do some more market research
6) Apply creative thinking and problem solving strategies to identify a business opportunity

Many questions can be answered by market research. What is the current state? Where is the market going? Who are the main players? How do consumers feel about the current solutions to their problems? How can we meet their needs better?

We can turn every challenge into a business opportunity. Every business process can be improved. Every problem is a business opportunity. Every time you have a bright idea, make sure that you write it down in an ideas notebook. Can you solve last weeks problems in a way which people will pay money?