Tag Archives: management

Computers, Tech

5 Areas to Manage as a Tech Company Selling Their Flagship Product

A company that is known through its flagship product has a huge responsibility to manage the production and sale of this product efficiently. Companies can expand to offer other products but not without the consistent revenue created by a company’s cash cow of a product. Maximizing revenue from the product should be the primary goal while balancing the product’s quality simultaneously. A company that continually relies on the newest releases of their flagship product for annual revenue need loyal customers. Consumers that have had issues with iPhones could swear them off for the Android equivalent. One mistake or glitch can lead a customer to go elsewhere so quality should never be low priority.

Inventory Management is Imperative

Inventory management needs to be closely monitored as running out of a certain piece of a product can halt production indefinitely until the parts come in. Manufacturers need to have a software that helps with this as it can be easy to overlook a certain part of inventory if numerous parts are needed per product made. Multiple channels to find the same part can be essential especially if one partner runs out of parts unexpectedly on a regular basis. Doing an IC search can help list out parts as well as companies that produce these parts around the world.

Customer Service Needs to be a Focus

Customer retention needs to be as high as possible when it comes to a flagship product. Different generations of a product can span over decades allowing a company to be profitable over considerable amounts of time. John Deere tractors and lawnmowers are a great example of products that are used for a lifetime. Entire families use the same brand lawnmower especially if they live on a large piece of land or a farm. Being able to quell the concerns of an customer that is upset can salvage a relationship that leads to multiple future purchases. Addressing the concerns of the customer will also give the product another chance in their minds if sent a new model. Social media is a platform where people can voice their complaints in a public way so others can see. Failure to respond to these complaints looks like lack of care for the customer. Saving a relationship with a customer by offering a discount or replacement is well-worth the time/new product.

Offers to Purchase The Rights of the Product

A smaller company might be approached by a tech giant to purchase the rights to the product. The Oculus Rift is a great example of a product that helped a small company be absorbed by Facebook for an immense payout. Offers might come pouring in depending on the popularity of the product as well as what kind of patent it may or may not have. Partnerships should not always be rejected as the right partner can take the sales of the product to new heights. Keeping a record of all of these offers as well as expiration dates of the offers need to be handled. The ultimate decision to sell the rights to the could be up to a committee of investors so gathering these offers in an organized way is essential.

Improvements/Updated Versions

Improving a product is going to happen with time as materials improve to become lighter or more eco-friendly. The tough aspect to manager during the improvement of a product is not to change the product too much. Losing the integrity of the original product can lose customers that thought the original product was practical. Slowly rolling changes out over time can help sell more products as everyone wants the best version of a product they use consistently. Feedback from customers can be the perfect way to prioritize updates to the product as this data can easily be gathered from reviews across the internet. Market research over time can be a huge help as well as seeing the way consumers are thinking in terms of a product over time is valuable information. Seeing the trends of consumers can allow a company to update a product in a way to appeal to the current owners and potential buyers.

Client Managers Meeting Face to Face with Large Accounts

A tech product that is sold in retail store across the country truly has expanded its reach into the daily shopping experience. The account manager that deals with large accounts like that of Walmart need to meet with their point of contact face to face a few times a year. A product being on the shelves of this retail giant is far more valuable than visiting this client weekly if need be. Client managers should build rapport with clients as well as take them out to dinner/entertain them. The point of contact for a large client will not leave a business relationship they are happy with as long as it continues to be mutually beneficial. A tech company selling their flagship product in all major retailers is a recipe for success but the competition to do so is intense.

Selling a flagship product needs to be done carefully as tarnishing the name of the company or product can spell doom for a business. Take the time to focus on manageable details to help increase the likelihood for success!

General

5 Ways to outsource your financial management

Financial Management: The Path To Wealth Or Debt

One of the most common occurrences in life is debt. Many people struggle to stay on top financially. Meanwhile, many often wonder what separates the few people who always manage to keep their cash flow strong.

Most debt comes down to one simple factor: The management of your finances. Correctly navigating the balance between your income and outgoings is often the difference between debt and prosperity.

This is because most loans or bills work through penalizing late or missed payments. This means debts can quickly mount up and become unmanageable.

Loans, bills and other expenses can often be overlooked or forgotten too. So, even if you had the money to pay them initially, they can quickly become too expensive.

A lot of people can be inefficient with their income too. Spending on unnecessary things or impulse buying can quickly leave you short on money. This creates the same problem as mounting debts.

So, the major factor in keeping you financially healthy is managing your money and bills. But, this is easier said than done. Most people are too busy to keep such a close eye on their finances. This is especially true for those who are already in debt and are trying to work their way out.

The best option for many of these individuals is simply to outsource their financial management to another person or organization. This will allow a tighter watch to be kept over your money without tying you up. But, many people are unaware of how to do this.

So, below, we put together five ways you can outsource your financial management to make your life easier and stay financially stable.

5 Ways To Outsource Your Financial Management

1. Financial management firms

Using financial management firms when outsourcing financial management is usually a practice done by businesses. But, some firms also offer a similar service for private individuals. Here, your expenses and income are taken care of by a company.

Your money is either used to pay bills and debts, saved, or provided to you for expenses. The two drawbacks to this are the cost of these firms and the loss of control over your money. But, it is one of the most effective ways of getting your finances under control.

2. Wage garnishment agreements

The use of lawyers to help with wage garnishment is a common occurrence for those already in debt. But, they can be as useful for those trying to avoid debt. Wage garnishment lawyer help draw up agreements to have your employer withhold a certain amount of your wages to pay debts.

This automatic form of payment is effortless and helps you pay your debts quicker to stop them building up. It’s also cheaper than the above option, as you only need to draw up an agreement once. Although you may need to pay again to end the agreement.

3. Use technology

The use of apps on your smartphone is an easy and very low-cost way of having your finances managed. While it’s not outsourcing the management completely, some apps offer analysis of your incomes and expenses. Others even offer a way to pay your bills automatically, so they don’t go unnoticed.

The only drawback here is the work you will need to do to set up the apps and review how they are working now and again.

4. Use an accountant

This is a scaled-down version of the first option and should be considered even if you are good at managing your finances yourself. An accountant can help you get a clear view of your income and outgoings and can help you manage your money better.

They may also help you save some money by showing some tax-efficient ways to spend or save your cash. They can also be hired as-needed for added efficiency.

5. A family member or close friend

This is one of the oldest ways of outsourcing your financial management. But, it is one of the riskiest. Giving financial control to a close friend or family member can help save you from impulse buying and unnecessary spending.

But, if there are conflict arises, related or unrelated, to finances, this can cause a strain on the relationship. So, this method merits careful thought and should only be considered by those who can’t choose any of the above options.

 

————————–

Author Bio: Susan Ranford is an expert on career coaching, business advice, and workplace rights. She has written for New York Jobs, IAmWire, and ZipJob. In her blogging and writing, she seeks to shed light on issues related to employment, business, and finance to help others understand different industries and find the right job fit for them.

General

How To Hold More Effective, Successful Meetings

 

If they were giving out awards for work things you loved, one of the last things to ever get noticed would be meetings. In fact, nearly half of all employees said meetings are their single biggest waste of time. But there’s no way that meetings are going away. We’re dependent on them, and we hold about 11 million meetings each and every day, consuming over thirty percent of employees’ time. The solution, however, isn’t as hard as you might think. Setting an agenda, choosing a meeting type, even limiting attendance and technology can help. This graphic can help you take control and love your meetings more.

What you should do when meetings don’t meet expectations

Applications, Mobile

10 Apps Every Small Business Owner Should Have

2 Comments

 

Business ownership is no walk in the park. You have to manage every single aspect of the company, from finance to human resources and project management. It entails a massive amount of responsibility and requires vast amounts of time, as well as an ability to cope with several competing tasks simultaneously.

If you’re running a small business, it is a good idea to draw upon all the help you can get, and one way of doing this is to stock up your smartphone with a series of excellent apps that should be part of every business owner’s collection. There are apps to help with employee communication, project management, time management, task organisation and payroll, to name just a few aspects of running a business. Some of the best apps we’ve come across include My Minutes, which keeps track of your progress for certain tasks and also allows you to set minimum and maximum time constraints; as well as IFTTT, which enables you to use one app to automatically program activity in another. How’s that for killing two birds with one stone?

This infographic from All Finance Tax profiles 10 apps that will certainly provide great benefit to anyone who owns a small business. Check out the full list below.