Price and Value Analysis – Adopting Right Pricing Strategy

Any business will have to consider raising their prices eventually. There are many factors that create the need for raising prices. These are factors like inflation, costs associated with selling goods, price hikes in raw materials, shortages, and many more. Overhead costs in running a business never stay the same and rarely go down. Just this fact predicts that someday you will need to consider raising prices. But how should you go about this in order to not drive away your current customers and still keep a steady inflow of new customers? The simple answer is that you should go about raising prices carefully. Besides raising prices to cover increased overhead costs, here are some other considerations to make when doing this.

When your competitors are offering a product the same as yours but raising their prices then it might be time for an increase.
This is usually the case when you are selling a commodity where there are not many substitutes. In other words, the commodity is the same no matter where you buy it. The most prominent example of a commodity is gasoline. There isn’t much differentiation with gasoline other than additives and mixtures but gasoline is basically gasoline. If one station has to raise its prices, the others usually follow suit.
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Business Continuity Plan and Risk Assessment

In all the day-to-day hustle of buying and selling, business continuity (also known as disaster recovery) is something to easily forget about. Business continuity deals with resuming your company’s operation after some disaster occurs which temporarily suspends it. A prudent company will make sure they have a detailed business continuity plan and that it is accessible by all employees. After a disaster is not the time to figure out how to resume your business operations. Not having a business continuity plan can mean permanently halting your company. Here are some key considerations you need in order to make a plan to sustain your business in the event of a disaster.

You should do a risk assessment first.
A risk assessment is a process of identifying all of the potential threats that could disrupt your business operations. Why do businesses go through the trouble of a risk assessment ? Why don’t they just prepare for any threat? Risks have to be prioritized so that focus can be placed on making disaster recovery strategies for those that are most likely to happen. For example, if your business is in the arid southwestern United States, you don’t need to identify hurricane as a risk therefore you don’t need to spend time on planning for recovery from one.
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Deciphering the Web of Business Intelligence Tools

business intelligence streamlineThe process of commissioning business intelligence tools will form one of the earlier phases in strategic planning when a business is trying to streamline decision making so that it is largely evidence-based. One approach is to look at each available tool that may be used by partners or competitors and then find ways of incorporating it within the existing and future business plans.

The other approach is to set out an over-arching strategy model which will ultimately determine the processes and outcome of the commissioning. This article is intended to provide both an overview and introduction to the fundamentals. … Read more

Pros and Cons of Enterprise Resource Planning

ERP softwareEnterprise resource planning soft wares are designed mainly to eliminate the complexity involved in managing the resources pertaining to the company. Though the main motive of ERP software is to increase the productivity it also has some disadvantages in it. Let’s discuss some of the advantages and disadvantages involved in the ERP systems.

A company which doesn’t use ERP really finds it difficult to have proper communication with each other business units. Even though many software applications are available to share the resources efficiently, ERP overtakes every other software with the fact that ERP are centralized service for any kind of information available related to the company. … Read more