Month: May 2018

Nine Golden Rules Of Business Forecasting

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  1. FORECASTS ARE ALWAYS WRONG : -The truth remains – no one can forecast with 100% accuracy. The trick is to establish your targets for forecast accuracy for the various products / product groups you need to forecast and work to achieve those targets.alternate units and in dollars. Always store the information at the lowest level and provide for the needed flexibility.
  2. FORECAST ACCURACY MUST BE MEASURED :- Many companies do not measure accuracy of their forecasts. You know the very simple rule – nothing gets improved until you start measuring it. An objective measurement of forecast accuracy should be established to help improve forecast accuracy and also to plan for some contingency (may be safety stock) against the potential forecast error.
  3. USE AGGREGATE FORECASTS WHERE YOU CAN :-Aggregate forecasts are likely to be more accurate than detailed forecasts (for example, forecast of total number of Panadol tablets that will be sold is likely to be more accurate than the forecast of how many ’12, 24, 50, 100, 500 Packs’ of Panadol will be sold). Hence examine how forecasts are really used and where you can, use aggregate forecasts instead of detailed forecasts.
  4. THE FURTHER OUT YOU FORECAST, LESS ACCURATE THE FORECAST WILL BE :-However, as a minimum, you need to forecast demands for any product to cover its cumulative lead time and if you import raw materials, the cumulative lead time can easily add up to 3 to 6 months. However, have you ever considered ways of reducing your lead times? Reducing lead times will help you reduce the horizon over which you rely heavily on highly accurate forecasts resulting in more accurate plans.
  5. ESTABLISH DIFFERENT DEMAND STREAMS :-Depending upon situations, you may want to break your target markets into streams (e.g. major retailers, small shops, direct sales etc) and forecast for each stream / customer group separately.Also you need to break your demand data into base sales and promotional sales. As a general rule, one should forecast base business and plan for promotional activities.
  6. IDENTIFY FORECASTING UNITS / LEVELS REQUIRED :-Marketing considers market segments they plan while sales considers categories they control. Both these functions prefer to plan in dollars while production elects to plan in units. Ultimately for planning purposes, you need to develop a forecast by product in units; however, your forecasting system should be flexible enough so that it can aggregate forecasts/actual demands to different levels of details in.
  7. INVEST IN A FORECASTING TOOL :-It is amazing to me that many companies will employ highly intelligent, highly paid executives to spend their time gathering sales data for them to massage it in a Lotus or Excel Spreadsheet to develop a forecast – a process that takes a few days. More often than not, they spend 95% of this time gathering data and 5% of the time in evaluating results.Investing in a simple but effective forecasting package can free up valuable time of your key managers to do what they are paid to do, Not only that, you will see marked improvement in the results from your forecasting process.
  8. MAKE FORECASTING A PROCESS :-Too many managers think that a solution to their forecasting problem is to buy a forecasting package, load in history and drop the calculated forecast into the Master Schedule. No matter how much you invest in your solution, the best any forecasting program can do is evaluate history and extrapolate into the future. This should be considered just a starting point. An effective forecasting process must include:
    Analysis of items with low forecast accuracy
    Review of forecasts generated by any forecasting package
    Adjustments for special factors such as promotion and price changes
    Input from people as close to the ultimate customer as possible
    Documenting underlying forecasting assumptions and
    An effective management review and communication step
  9. DEVELOP A COMMON LEVEL OF UNDERSTANDING :-Do not make assumptions that everyone understands how forecasts are generated and used. It is important for all people involved in the forecasting process to clearly understand the whole process, where they fit in it and what their contribution does to the entire forecasting and planning process. This may require sound education and training, an area very often sadly and badly neglected.

The Different Ways Of Advertising A Business

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Advertising your business can be costly but it is essential in allowing a company to become recognised and to enable it to constantly attract new and existing customers. This is vital to the success of the business. There are many way in which a company can choose to advertise.

One such way is through direct mail. This form of advertising is one of the most traditional and is still effective in gaining customer recognition as it was years ago. By sending letters and leaflets to customers homes, companies can advertise to a wide target market while being cost effective. However, there are drawbacks to this type of advertising, as some people just throw out mail that they may think is junk mail. Therefore all direct mail must try to look like a genuine piece of important mail, if companies want it read.

Another way of advertising is through the media such as newspapers, radio and television. Although it is proven to be an effective way of advertising, it is the most costly and time consuming. This is due to the high demand for media advertising. To advertise through newspapers is fairly simple and not too expensive and can reach a large consumer area, as with radio and television. However, television is far more costly due to the larger fees and the production costs. If a company have a large budget behind them, then television advertising will work wonders.

Using the web to advertise is very common nowadays. Most companies recognise the need for having online presence and it is overall a worthwhile objective. However, websites take time and money to develop and if done badly, can be a complete waste of time. If a company is able to have a well design and user friendly website, it can greatly benefit from being able to be reached through the internet.

A more unique way of advertising a company is through the use of car graphics. This can mostly been seen on large company lorries and vans but is also very applicable to be used on cars. Vehicle wraps allow company information to be applied to vehicles are very durable and can come in a wide variety of appearances and themes. This is a very cost effective way of advertising a business as everywhere is vehicle is driven, the company is advertised, and therefore it can reach a large market area without even realising.

There are many ways in which a company can advertise itself. It is critical that businesses keep themselves known, and keep attracting customers. Whatever way a company advertises, whether is is through direct mail, media, online and even through car graphics, the company must think about how best its customers are reached and how much money they can afford to spend on advertising their business.

Affiliate marketing – Low-risk, high-return business opportunity!

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Generally speaking, an affiliate marketing business model involves a company recruiting and signing up individuals (affiliates) who sell its products for a reward. This pay back may be either monetary or non-monetary depending on products or services affiliates sell. Marketing online as an affiliate is a low-risk, high-return business chance. You don’t necessarily have to invest huge amounts of rented money or personal savings to get started. Depending on the kind of business that you choose, you can begin with next to zero investment.

E.g., to work as an affiliate marketer online, all you need is a computer and internet access. Most people have access to the internet as well as an extensive range of internet-enabled devices such as laptops and mobile devices. Not like traditional blue-collar jobs, affiliate marketers delight in flexible working hours and environment. It is fully up to you to decide when you want to work and for how long. You can work from the comfort of your home, while on holiday, work 24 hours a day and even when travelling.

Blue-collar employees can only dream of such flexibility. To get a blue-collar job, one has to meet a slew of requirements including educational qualifications, references, background checks, working experiences and even drug tests. Remember satisfying all these requirements does not guarantee one a job. To work as a marketer on the internet, you need some working experience. Moreover, most web-based marketing programs provide training whenever it is necessary. In the corporate world, only one or two people crack the glass ceiling. In fact, this is not the case in the affiliate marketing business landscape. Actually, it is up to you to decide how high you want to fly.

Nevertheless, you should be willing and ready to work hard in order to turn your dreams into reality. If you want to become an affiliate it is not that hard. You just go to the website of choice and look for their affiliate link program. Generally what will happen is you will sign up and get a unique affiliate ID along with some links and banners. Then you place these on your website so that your prospective audience can click on those links which if they purchase, you will get a commission. Just because you signed up for an affiliate program doesn’t mean that you are actually going to drive traffic to your website. As an affiliate marketing agency, 2Leva helps enhance your business’s online strategy by creating and managing an affiliate marketing program that yields performance based results.

For more details about Affiliate marketing, log on to

Commence A Resume Writing Service Business

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A good resume can help employment seeker get his dream job. Some people usually are not good at all at writing resumes and also if they have all of the qualifications and experience essential for the task, they end up losingthe job simply because of your ineffective resume. Such people can take help from resume writing services. Should you have good ability as a copywriter then you might find a resume writing service business. This is a great work from home company.

You are able to quite easily earn $100 to $500 per resume without having formal training. You may have to get ready a questionnaire to become filled through the client because of the information you need, or must interview him to obtain a feel for his personality and strengths. It is possible to pursue this home business part-time or full-time. Often resume writing involves writing a cover letter at the same time.

Initial Costs

Starting a resume writing service business doesn’t involve expense. You’ll require a laptop or perhaps a personal computer, an on-line connection, telephone, fax machine, laser printer plus a good copier machine in your home office. You should also need good resume-quality stationary and templates. Each one of these along with advertising costs should not be more than $2000.

Marketing Your Enterprise

To start with, you’ll really need to create a website that talks about your resume writing business. You may also use affiliate products to promote your company on their sites and vice versa. Younger graduates or college pass-outs needs to be targeted when they would be starting their careers soon and would require well-written resumes. Posting flyers at colleges along with high schools (for part-time/summer jobs) would take care of promoting your company to your younger generation. It’s also possible to put up ads from your The Yellow Pages, Classifieds, newspapers and magazines. You can even plan a seminar on job searching and interview skills and distribute your printed business cards at the end from the presentation.

Writing resumes can on occasion become monotonous because it won’t qualify as probably the most creative writing. However, this is actually the service which is most popular and your writing would be appreciated by the people looking for work. When you continue writing resumes, you can even advertise for other writing businesses in your website which is the place it is possible to increase your home-based business. Every one of these can be done using a very little investment and you earn great money as a result too. Not always a bad business idea whatsoever!

Advantages Of Business Presentation Folders

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There are many advantages of business presentation folders. One of the biggest is organization. Obviously, if you plan to present your company to potential clients, it’s important to stay organized. The other big thing is that you need to recognize that your presentation folders keep circulating after they leave your hands.

Your presentation folders are going to be spending more time than you might think in the hands of your clients. Not only can a great folder put your presentation at the front of the list, but it can invite reuse.

All offices need presentation folders, you see. So, your clients may decide that, rather than throw your folder out or toss it in some sort of dead folder file, they’ll actually re-purpose it to suit their own needs around the office. You may never know it, but you folder could circulate around their offices for days, weeks or even months after you’re gone, continuing the advertising campaign for you.

Those are some very good reasons to make sure that you put your best foot forward by creating the ultimate presentation folders. On top of those reasons, though, a customized folder can also show your creative side. Anyone can put paperwork in a folder. It takes time, care and imagination to make the folder part of the pitch, though. Companies are apt to recognize that extra effort.

Digital printing has made it easier than ever to make that extra effort. In fact, you can even design your own folders right on your computer. All it takes is a little time and templates, which you can download from your print company’s website.

The age of digital printing also means that you no longer have to buy folders in bulk. You can order them in any amount, including single folders. That saves money and also helps to save the environment.

Speaking of saving the environment, another great thing is that you can order folders that are made out of recycled materials. Not only will that give you a good feeling that you’re doing your part to save the environment, but it will also impress many of your clients.

In fact, you might influence your clients to recycle your folders themselves around their offices. After all, extra file folders always come in handy. That means that your company logo and mission statement could be seen a lot more often and by a lot more people than you expect.

So, regardless of what sort of presentation you’re creating, be sure to create the right folder for it. Whether you use gussets, bright colors or special business card holders, it can really make your presentation pop. In fact, for a little added flair, you can even customize the size and shape of your presentation folders. The choices are entirely up to you and the possibilities are only limited by your imagination.