Category: Business Ideas
Importance of financial statement:
In an economy there are mainly two entities:
I. Savings entity and
II. Investment entity.
Individual belongs to the saving entity. Business and Government together form the investment entity. Individual gives productive service and from the productive service individual earns income. Since individual is a risk averse entity, individual would not spend the entire income and accordingly individual would save certain amount.
Business and Government require fund for outlay purpose. The fund would be provided by the individual as individual is having the surplus fund. The fund would be required by the business and government. Funds need to be transferred from the savings unit to funding unit. The formal or informal place though which the fund would be transferred is called financial market.
As mentioned above, the individual would be lending the money to the subsidize units. In a competitive economy, investment units are competing with each other to attract the fund from the lenders. They have to show case their achievement to the prospective lenders so that prospective lenders are attracted towards them. These speculation team adopts several methods for generating interest within the lending community and one such method is the presentation of financial performance of the this team to the prospective lending community. Lending community, by observing the financial prospects, would take decision of lending to an investment unit. Here lies the importance of financial statement for raising fund. Besides, government also wants to know the income level of the investment units so that it can collect taxes and it can check whether the specific business entity is adhering to rules of land. I can say that among several reasons for importance of financial statement, the two most important reasons are as follows:
- To give a proper picture about the state of affairs of the investment unit to the prospective lending community;
- To comply with the statutory rules of the land;
Main objective of investment entity:
After discussing the importance of financial statement, I shall now discuss about the main objective of the investment entity. Once we are clear about the main purpose of investment entity, we shall analyse the financial statement of a specific investment entity. From this analysis, we shall be able to find out whether the investment entity is adhering these main objectives or not.
In modern day the buzzword is “Shareholders’ wealth maximization”. Every investment entity wants to run its business/activity in such a way that would result in the maximization of its shareholders investment. This would result in the more reward of the share holders and shareholders would be inclined to give more money when it is required by the investment entity for further expansion. So it is found out that an investment unit which is maximising shareholders wealth would not find difficulties in attracting new investment when such investment opportunity comes to the investment unit.
When we mention maximization of share holders’ wealth, we try to mean the market price of Company’s share if the investment entity is a non government entity (comprising of private entity and government owned company but not pure government). For government, maximization of shareholders wealth is the maximization of the well being of the population of the country. Hence forth we shall concentrate on our business entity only.
Do you know what people are saying about you in the online space?
Do you check your company’s social mentions?
These questions are daunting for every marketer as identifying and addressing negative reviews and comments can be a big task. According to emarketer.com, 83% of consumers say that their perception about companies are influenced by online reviews and 80% consumers said that negative online comments changed their purchasing decision.
In this article, I have shared 5 tools that will help you monitor what people are saying about your company, products, and staff.
Radian6 is an amazing tool for managing your online reputation in the social media space and to engage with audiences across platforms. If you are a renowned brand and a lot of social media conversations are going on about you and if you would like to measure market sentiments about your brand, then this is an ultimate tool that offers many interesting features.
Though the tool is amazing, I would still not recommend it for a small business considering the cost. But companies that require large-scale monitoring should go for it.
The free trial of the tool provides the below-listed features:
- Excel add-in
- Engagement console and its salesforce chatter support
- Real-time dashboard
- Online social conversation management
Efluencr helps brands manage online reputation by acting as a centralized disaster response management platform. It leverages the power of shared media that empowers friends/family of the brand (employees, distributors, retailers, franchises, etc.) to become digital ambassadors for the brand and help increase the digital share of voice. The tool aggregates and displays selected brand messaging on a self-refreshing interface and allow members to propagate the message on their personal networks with a click of a button. The tool helps in seeing positive sentiment for the brands.
3. Reputation Defender
Whether it is ORM for you or your company, this application has several options available to fit your needs. It specializes in SEO and offers a wide range of SEO practices and help keeps your business’s reputation strong. It is a paid application. The tool offers 6 pricing plans and one custom package option. The application essentially helps you with marketing, reputation management, tracking your popularity and managing your overall online identity.
4. If This Then That (IFTTT)
The tool automates simple online tasks by using one of the most basic principles: if this happens, then do that. IFTTT lets you set up rules (called Applets) for everything from getting the latest weather updates as a text message to automatically sending Instagram photos to Twitter (or any other platform). It has both fun and professional applications. You create an applet by choosing a trigger channel (the “if this happens” part) and an action channel (the “then do that” part).
Mention monitors the web, including the major social media channels, to keep you informed every time somebody mentions your name, brand or target keywords. When Mention spots that somebody is talking about you or your brand, you can instantly see this through one of their apps (Web, Desktop, iPhone or Android). Alternatively, you can get daily summary alerts which showcase the mentions for a particular day. It has three types of plans – Solo, Starter, and Company. They all are paid plans. The tool helps you collaborate with other team members, set real-time alerts, track mentions of your keywords and engage on the go.
Many businesses who use the mystery shopping tool think that it’s just about putting the program in place and see the results flow in. While implementation is a big step in this process, it doesn’t end there. Think of the different updates and optimizations you could make in the program. Considering the same would surely have a large impact on the value of the results you collect from these programs. This is where revisiting your mystery shopping program comes into the picture. Still thinking why? We would give you 3 reasons.
Top Reasons to Frequently Revisit Your Mystery Shopping Program
For those running their mystery shopping programs for quite some time now would know which questions are consistently receiving high scores. While it is a good indicator, don’t you think it might be the time to re-evaluate what you have been measured? When you get similar high scores in the same areas, you should move on to measuring something else. This would help you drive improvements in another area.
2. Shopper Recognition
When same mystery shopping programs are run, again and again, it can create possibilities for the same shoppers to get recognized by the staff. If your staff starts mentioning that they are noticing shoppers at the locations, the results would not be accurate.
Business environment keeps on changing, and hence you need to modify your mystery shopping programs based on the changes. Always revisit your requirements if you intend to get accurate results. If you keep your current requirements, it would lead to changes in your target market or changes to your locations.
It is very important to always stay relevant and also regularly monitor the details of your mystery shops. What might seem like nothing could actually mislead your results and impact the data you collecting. It can make your entire exercise a failure.
Mystery shopping is one great tool to help you spot the areas of improvement and enhance customer experience. Create programs which ask the right questions and at the same time hides the identity of your shoppers to provide you with the most informative and unbiased feedback. It’s time to nail down on possible mistakes and maximizes the benefits of your mystery shopping program with iSN Global Solutions. We offer excellent Mystery Shopping Support Services.
The action of collecting, delineating, learning and distributing intelligence related to competitors, products, customers and any other side of the business environment required for the managerial and strategic decision-making process is known as Competitive intelligence. CI also includes improving the competitiveness of the organization relative to its complete environment and stakeholders. Let’s discuss the three key approaches to Competitive intelligence.
Three Key Approaches To Competitive Intelligence
1. Tactical intelligence
Tactical intelligence is usually carried out for a smaller and operational scale. It does not focus much on being productive. Some examples of tactical issues include Competitors’ plans for modifying how they distinguish their products, policies, and terms of sales from yours. Middle-level sales and marketing managers who wish to know how to be a winner in the crowd are the key users of this approach.
2. Strategic Intelligence
This approach is suitable when businesses need to gain an understanding of the competitor’s current strategies, future goals, and capabilities. Intelligence related to a business partner, customers, and suppliers are always of some deliberate value; and strategic intelligence gives you just that.
3. Counter Intelligence
Counter intelligence encompasses protecting company secrets. The concept is easy to understand, just like you want to know your competitors, they would want to know you. Normally, this area of efforts includes information technology, security and firing and hiring strategies.
Competitive intelligence is where competition is understood and judged. It is immensely important to understand and learn what’s happening in the world outside your business, as it helps the business to be as competitive as possible. Competitive Intelligence empowers you to anticipate and face challenges head on.
At iSN we have experts who can deliver comprehensive information about industry that will help your business grow by leaps and bounds. We conduct comprehensive updates, synthesize industry content and compose blog posts. Our in-house editorial team delivers business insight by compiling, analyzing business data.
iSN Global Solutions Sales Support Services include Online Research, we can analyze how a competition is in the market, give our expert views as to how the competition can be minimized or eliminated and at the end help you generate better profits.
Global Silanes Market size valued at USD 1.5 billion in 2015, may exceed reach USD 1.8 billion by 2024. Silanes are homologues of saturated alkanes (carbon- hydrogen compounds) and are made of silicon and hydrogen only. It has a general formula of SinH2n+2. Being very unstable in nature, the product can be produced only in absence of oxygen. It has good insulation properties.
The prime factors that are driving the growth of product market are the increasing focus on fuel efficiency and regulation compliance, exponentially growing automobile sales, rising demand for green tire and road safety from consumers. Adhesives and sealants industry is also coming up with new innovations in additives and raw material processing which is only going to influence the global product market positively.
Though having some excellent properties, there are still challenges to silanes market growth in the global market especially in paints and coatings industry, because of its inability to withstand static pressure. Moreover, slow growth in European economy and rising demand for paper packaging materials may act as a restraint to global product market growth.
As per the type of silanes, the global product market can be divided into mono/chloro silanes and organo-functional silanes. Mono/chloro silanes are generally used in photovoltaics, integrated circuits, electrical & electronics and flat panel displays. Mono/chloro silanes are also used for blending of silanes and siloxanes and as a protecting agent in pharmaceutical syntheses. Silane is extensively used to improve adhesion in adhesives and sealants to inorganic substrates such as glass, metal and stone. The growing electrical & electronics and flat panel display market and growing focus on solar energy as alternative source in developing nations are anticipated to drive the silanes market for the next coming years.
The major end users of silane are rubber & plastic, adhesives & sealants, fiber treatment, paints & coatings and others (pharmaceuticals, chemical processing and personal care). Anti-corrosion properties of silane make it an excellent material for protective coating in wide range of applications such as microbiological corrosion protection, making highly weatherable automotive parts and erosion/corrosion protection coatings.
The big giants in rubber industry like Michelin, Bridgestone, Yokohama, Goodyear and many others are constantly exploring the tire range by investing in the research and development wing. They are also making geographical expansion by tie-ups, mergers, acquisition and joint ventures, which is raising the demand for silane production worldwide.
Asia Pacific is expected to be leading the global silanes market. The prominent product market in Asia Pacific are China, India, South Korea, Malaysia and Thailand among others. Economic growth, increasing per capita & disposable income, industrialization and economies of scale are anticipated to boost the automotive and construction industries in India and China. Due to industrial production scaled up tremendously in the last couple of years, China is expected to lead the global silanes market. The automotive sales are expected to increase the demand for silanes in glass fiber composites, rubber and plastics and paints & coatings industries for the coming couple of years. Asia Pacific is followed by North America and Europe as second and third largest market for silane market. Recovering economy and employment rate in U.S, will drive the automotive industries.
Some of the global key players in the silane production industry are Onichem, Silicones Europe, Dow Corning, Fujian Norcy New Material, OCI Materials, Dynasylan, USI Chemicals, Evonik Industries, Momentive Performance Materials Holding Company LLC, Nanjing Shuguang Chemical Group Company Limited and others.
Before knowing the 5 ways to monetize your social media followings, let us know how the social media is made in use, today. Man is a social animal and today it is very much appropriate proverb to use since most of us in this digital world, get involve with social media as means of interaction. Without getting in touch with a wide spectrum of audience, you won’t be heard and valued.
Social media has been the most advanced platform that allows numerous things to do for you including, day to day interaction, business interaction, marketing of one’s skill, business or products and services, highlight important messages, means of SEO strategy, photo sharing, videos and audios sharing, messages exchange, formation of large groups, following fans, reaching to one’s admirers and many more. Things that the technology, internet and human minds can do are going to get a new definition because it is ever changing with new concepts and ideas every day.
There are varied social platforms which are used via internet and these are Facebook, Twitter, Bing, Yahoo, LinkedIn, etc. On these platforms, a personal profile or a business profile is created by using one’s personal and other information. Once created, friends/relatives and acquaintances are added, fans are followed, and groups are also joined that inspire us. When we scroll down the page after creating, many updates are available from our friends and connections. And many things can also be seen that are suggested to us in form of pictures, videos and audios.
All of these activities are repeated day to day wise and people get involved more and more in this. In short, social media has become a necessary platform in today’s era and it has definitely become mandatory for oneself to get noticed through it and various means digitally. We want to be followed either for personal gains, business purpose or for marketing transformations. This also helps in gaining revenues and increase sales. However, one should not get disappointed if he or she has less followings and very few promotional means, as a result his or her business is not monetized. One can anytime increase the chances of getting recognized by many.
So, let us discuss the 5 ways to monetize your social media followings.
First, E-learning has been a wonderful platform to educate people about your area or services. It is estimated to reach $325 billion globally by the year 2025.
Second, you should produce social media advertisements and let people know details about your products and services, this way awareness among people will increase and thus interest and need to buy will enhance.
Third, videos are must to be created to remain on the top as these are the fastest means by which one can enter prospective customer’s mind. These help to render meaningful information to people with great memory.
Fourth, affiliate programs are the way we can get associated with.
Fifth, using Facebook shop section , one can sell their products and services directly to the customers and this will surely help to generate income for yourself.