Category Archives: Business Development

Business Development, Business Strategy

An Effective Pricing Strategy Wins Sales

Pricing is either fixed or custom. Retail businesses typically use fixed pricing; even though they may use a number of changing price methods or strategies, such as price mark-downs, or use loss leader pricing strategies. Custom pricing is often developed through a request for quote (RFQ) or a request for proposal (RFP) or even through a request for information (RFI).

Quoting occurs by using a defined set of rules and standards: these rules and standards work to bring some ‘order’ to the custom pricing process. For example, if you know that it normally takes you five hours to produce 10,000 widgets then your standard is 2000 widgets per hour. You will also assess how much material you consume in that hour to produce the 2000 widgets and what you pay for labor in that hour. Those standards provide the base for your quotation.

For most purchasing agents or buyers the number one requirement in a quotation is that you assure them that you are credible and consistently reliable (there is no point in being the lowest price if you can’t deliver on time). Buyers also expect service and quality to be competitive. And, yes, they do want a good price.

What is a good price? Surprisingly, often the lowest price is not considered to be the best price and it does not always ‘win’. Buyers are more and more concerned that the lowest price provider means that corners are being cut and that service, quality, and reliability are being compromised.

If your product is truly unique and has high value, then your price can be higher than other suppliers. But you will need to ensure that your quotation or proposal clearly highlights the unique value proposition (UVP), the differentiation (from your competitors), and how you’ve positioned your product or service.

You also need to understand what the demand and supply relationship is: this is also known as the price elasticity of demand. Are your products in high demand with limited supply? Or is there a lot of supply to match the demand? Or is there no demand and a lot of supply? Understanding the market will help you price your products or services correctly; and help you sell.

If you have a lot of competition and your product or service is very similar to your competitors it will be difficult and challenging to be higher in price than your competition – because you can be easily displaced or substituted.

A good strategy to focus on when setting new prices for new products or services, is to research your competition.

Is your product better? How? Is your product different? How? What type of pricing strategies do your competitors use (marketing penetration, loss leader, price skimming, product line pricing, value bundle pricing, companion pricing, economy pricing, psychological pricing, and many more)?

Understanding how to write a winning proposal is more than understanding fixed and variable costs and productivity, it is about understanding how to present a solution in such a way that you communicate your unique value to the customer, and that you communicate your differentiation, and product or service positioning.

 

Kris Bovay is the owner of Voice Marketing Inc, a business and marketing services company. Kris has 25 years of experience in leading large, medium and small businesses. For more pricing strategies and other small business resources and services go to More for Small Business.

Using strategy to win in ‘pricing wars’ can result in big successes. Look for alternatives to selling on price in the strategy section. Copyright 2008 – 2010 Voice Marketing Inc.

 

Article Source: https://EzineArticles.com/expert/Kris_Bovay/216730

 

 

 

 

Business Development, Business Strategy

Opening a Small Business – Top 7 Steps to Success

Opening a small business is both challenging and rewarding (if you do it right). It takes a lot of planning, organizing and drive. There is no guarantee for business success but certain things you do will increase your opportunity for success.

To-Do List for Opening a Small Business:

1. How do you want to structure your business? Do you want to set up as a sole proprietorship, or in a partnership or do you want to incorporate your company and limit your liability? These are questions you need to answer before you startup your business. Talk to your local government small business agency; they can help you investigate what option best fits you and your business. Before you make your decision, ask for legal advice and tax advice; talk to a business lawyer and a tax accountant.

2. Once you’ve decided what your business structure will be, you will need to create a business plan. First, develop a business plan outline that includes the areas of a plan that are specific to your business or your industry. For example, if you are planning to go into manufacturing you will need to build an operations plan, a new product development plan, your human resources plan (including a workforce plan) and safety checklist plan; include your capital expenditures budget. The objective is to focus your plan on the manufacturing aspects that are unique to your business. Other businesses with an inventory focus, or retail focus, or services focus will need to adapt the plan to be specific to their needs. All businesses will need to include your long term mission and vision statements, your business goals and objectives, a marketing plan, sales plan, business financials plan, exit plan, business continuity plan and the business strategies necessary to be successful.

3. The next step is to do a financial analysis of your business idea and business plan. Can you make a profit (and once you’ve earned a profit, can you maximize your profit) in your business? How long will it take to make a profit? Can you fund your business growth and survive until you make a profit? What are your cash flow needs and projections? Will cash flow management be a struggle? Can you finance the business and survive?

  • Your objective in conducting a business financial analysis for opening a small business is to be realistic. Do not under-estimate your costs and over-estimate your sales. Develop a list of expected startup costs. For example, startup costs might include your legal and accounting costs to set up your business; a business license fee, furniture, computer hardware and software, property insurance; trade-marking your product (if applicable); inventory and/or materials; and more.
  • Once you’ve identified your startup costs, develop a list of your other expenses (from daily expenses to annual expenses). For example, business space rent, your monthly utilities (such as heat, phone, etc.), membership in trade associations, office supplies, contract employees, wages and benefits (including yours if you expect to take a salary out of the business). For simplicity, put all the data into a spreadsheet and verify that you haven’t forgotten anything (check out online examples income statements – they show expenses and revenue).
  • The next step in your financial analysis is to do a sales forecast for the same period as the expenses (usually banks or other lenders want to see a three year plan in annual increments and a monthly cash flow plan for the three years). Make sure to include the assumptions you are using in your sales plan and in your financial plan (for example, interest rates, dollar exchange rates, gross domestic product rates, political environment, and more).
  • Put together a worst case scenario (expenses high, sales low); a best case scenario (expenses low, sales high) and an average case scenario (expenses and sales on target). Test the sensitivity of your projections. What would happen to your financials if you didn’t ‘win’ a large account? What would happen to your financials if your key supplier increased the cost of materials by 12%? Make sure you have a plan to address those issues.
  • Try to find industry information that will support your financial plans and include them in the financial section. For example, talk to your industry’s association and see if they can provide average data for financial ratios, revenues, costs, salaries, benefits, etc. within your industry. Compare that data to your financial plan and see if you are ‘in range’; if you are not, you will need a good explanation for the variance.
  • Run your financials: total your expenses (outgoing) and your sales revenues (incoming). According to your financials, will you lose money or make it? If you are losing money in your plan, how much are you losing? And how much cash do you need to survive before your plan starts showing a profit? Be realistic.

4. Now consider where you are going to get your startup financing from. Are you independently wealthy? Have you won a lottery? No? Then you need to borrow money or find a way to get some cash to startup. Traditional methods of financing a startup business are bank business loans, government loan programs, borrowing from family and friends, selling a share of the business to a partner who will invest in the business, and re-mortgaging your home. Less traditional methods (also known as bootstrapping), are using personal credit cards, selling assets, such as your car, furniture, your house; continuing on in your day job or taking a second job for additional income. If you believe in the business you want to start, you will find a way. Choose the lowest risk, the best value and the lowest cost financing for your business startup. But be realistic; it can be very difficult to do this. If your business cannot succeed or if you over-inflate sales and under-forecast expenses, you will go out of business and likely owe a lot of money to a lot of people.

5. If the decision is to proceed with your plan for opening a small business, and you obtain the necessary financing, then you must now focus on your product or service plan. Define your service or product. What differentiates it from other services or products? Where is the product or service in its life-cycle; in the introductory, growth, mature or declining phase? How will you position your product or service in the market? Develop your service or product plan and then define your marketing mix for your service or product. Focus on the features and benefits of the product or service. Develop your pricing strategy. Develop a strong promotional program. Define how you will get your product or service to the market (ensure that if your product is inventory-based, that you have enough inventory before starting up).

6. Ensure that you plan your workforce needs and hire the employees needed to open your new business and consider the advantages of outsourcing, particularly in the early days of startup when you might not need full time employees.

7. Finally, open your new business and launch your product or service. Use your promotional program to support the launch. Measure your results continually. Talk to customers and potential customers. What do they like or dislike about doing business with you? Is the product or service meeting their needs? If not, why not? Do this research even if the products are flying off the shelves, you want to know what customers are thinking at all times; the good and the bad.

For more in-depth tips on starting up a small business, please visit Opening A Small Business. For more small business advice on managing, planning, pricing, strategy, money, networking, and people – all areas a small business owner needs to understand, please visit http://www.more-for-small-business.com Kris Bovay is the owner of Voice Marketing Inc., a business and marketing services company. Kris has more than 25 years experience in successfully managing and leading large, medium and small businesses; businesses that she has worked with have grown by more than 30% in sales in the first two years. Use Kris’ experience to help you manage and lead your business. Copyright 2008 Voice Marketing Inc.

 

Article Source: https://EzineArticles.com/expert/Kris_Bovay/216730

 

 

 

 

Business Development, Business Strategy

Ten Steps To Successfully Use Bootstrapping To Start Your Business

I am probably the queen of bootstrapping. Call it power, call it being in control, call it wanting to know it all. Regardless of the motivation, the most enjoyable thing for me has been to figure out how to do something with as little cash outlay as possible. I started my original company, MEG Fitness, with just my time. I was even able to promote my services by writing a free weekly health column and then took advantage of a cheaper alternative to an ad in another newspaper by being featured in their health section.

When I think of the term bootstrapping, I always think of starting a business without outside financial help, but technically, it means, ‘using a special process to perform a task that one would be unable to do in general’. I found it can refer to much more than just business! But, for our purposes, I am referring to the term as I have always considered it: Raising yourself, and your business, up by your own bootstraps.

With any new and small business, especially small health or fitness practices, chances are you are going to start it with the sweat and tears of your own efforts. You may be in a position where you can quit your ‘day job’ and still pay your bills, but few people are even in a position to do that! So, you must create the plan and vision for your business, and then get it up and running, part-time and with your own finances. Many people feel this is just too overwhelming a proposition to seriously consider, but I know it can be done, because not only did I do it, but many of my previous clients have done it, also. These are the most enjoyable people for me to work with, today, because I know this is their big dream and they will do what is necessary to make it happen. As the business grows, they have a better chance to secure outside financing, but when creating the idea and the plans, the big key will be to start and grow with as little cash as possible.

In business school, we have learned that there are several sources of funding for starting up a business: The first is what is termed “FFF” for Family, Friends and Fools. This category would be where smaller amounts of cash would be offered, maybe $5,000 to $20,000. The second is finding an “Angel”. An Angel is someone with a lot of money who would be willing to invest in your company. Often this is a retired businessperson who has a lot of residual income and is content to put his/her money to work on a high-risk investment. Often an Angel is willing to invest larger amounts of money than the first category. Banks, in the form of a Small Business Association loan, are another possible funding source, which actually can be less demanding beyond just making your payments. However, banks generally want to see a comprehensive business plan that will outline how you will be able to make your loan payments while growing your business. The final funding source is from Venture Capitalists (VC’s) and VC organizations. VCs usually only consider companies that have large growth and profit potential. They are looking for that company that will likely go public or sell for an incredible profit and provide an amazing return on their investment.

Now you know of possible funding sources, and you probably don’t have a rich uncle or father, you don’t know any wealthy family friend who wants to lend money to you, and you’re not ready for an SBA loan or VC funding. The fact is that it is said that 99.9% of all business owners will pull their business up by their own ‘bootstraps’. That probably means you! Let’s now look at how you can make it happen with what you have:

1. Focus on your cash flow, not profits. This is an old lesson in schools of business. Reality is you have to pay your bills, so the biggest motivation is on sales. For a service business, this means bringing in clients! There are multiple stories of companies who grew to success all based on those first customers and clients. Then, not only do they have cash coming in, but also a source of referral for new clients! For this reason, my ultimate goal for new clients is to help them get past the stage of planning and actually put the word out there that they are open for business. This is a scary time for many. What if you fail? My bigger question is; What if you don’t try???

2. Just do it! What this means is, as I mentioned above, many of my clients like to plan, plan, plan, and the last thing they want to do is get out there and do it! But you can’t make money by planning only! No matter how well you plan, until you start working with clients, you won’t know what works and what does not work. Granted, you do have to plan, but no matter how much planning you do now, you will change procedures and processes as your experience grows. You can’t build up experience if you don’t start seeing clients.

3. Keep your day job. Most of the service professionals I have worked with have kept their full-time or part-time job while creating their business. The best way to keep the pressure off is to know you still have a regular income. That way you aren’t motivated by panic and can clearly define what your goals and vision are and create the plans to make it happen. It depends on your level of risk tolerance, however. If you are so driven, and you have a substantial savings, or an income and support from a significant other to carry you for a particular length of time, and you are committed to make your dream come true, you may prefer to quit your job and immerse yourself into the research and planning necessary to make your business a success, now. It can happen!

4. Get your name out there. Sometimes the best way to become known in your community is by offering free presentations or workshops. Examples include health fairs, school fairs, chamber events or community events such as bike races or marathons. Attend lunches and networking events and offer to give small presentations on your area of expertise. People need to know you’re there before they start contacting you. This is one of the easiest forms of free advertising.

5. You can do most of it on your own. In business school, there is big emphasis on building a team. It has taken me several years to start building my team. If you are looking at conserving as much of your funds as possible, there are always ways to do it yourself or only contract out for services that either will take too long to learn or you just have no interest in doing. For years I used templates to create my own websites. I studied all I could on SEO and how best to create a website, learning about website text, white space, headers and sub-headers, etc. Until business was so busy that I could no longer justify the time spent on my websites, I was content to do it all, myself. Other examples of doing it on your own are creating your own business cards, flyers and brochures. Most of us have the necessary software on our computers to create each of these promotional tools. All you need is a printer and ink, and you can have your own business card printed in no time. And, as details of your business change, such as adding a business phone line, a website or new office location, you can easily change your cards without having to throw out cards you spent several hundred dollars on.

6. Focus on function. You imagine that perfect office or location, but you have an extra room in your house. If you want to start making money, now, use what you have! When you have more money, you can then invest in a better location or that ideal office furniture. The key is to see clients, now, not wait until you can have the ideal setting. You may also wonder what is the best computer software program to help you work with clients, but often there are free or cheap options available online that will meet your needs. They may not look at pretty, or you may have to do some copying and pasting to present to the client, but until you can afford what you really want, doing something instead of waiting will still move you forward. Many potential clients will allow this very question hold them back from starting! Don’t forget that Bill Gates started in his garage!

7. Forecast. I always ask clients how much would they like to make in their first year, but then I have them break it down. How many clients would they like to see each week? Then we determine how much they will need to charge for each client and each situation to determine how they will meet that goal income. Many new clients undervalue their services, so this is often a valuable exercise. Another part of forecasting, however, is to know what your expenses are. If you have no understanding of how much you’re spending on your business, you can end up out of business before you’ve even started. Because my clientele are very careful and conservative, this has never been an issue with any of them, but you have to keep in mind that you can’t spend more than you are taking in or have to invest in your business. For this reason, not only is it imperative to start seeing clients immediately, and that you keep your expenses down, but it’s also critical that you understand what your current expenses are and how they will grow as the business grows. As clients progress through their business plan, I work with them to understand what increased expenses they will likely experience with different scenarios of growth.

8. Start with what you know. Let’s say you dream of opening up a health and fitness spa, but you want to start your business now, and you also enjoy working with people with food sensitivities. Creating a spa will take outside funding and a lot of market research, but seeing clients individually or in groups right now will just take some marketing and getting your name out there. When clients work on their business plan, I encourage them to think of the ultimate vision and set up the steps to make that happen. While working with clients, you can also start conducting the research necessary for the ultimate goal of a thriving health and fitness spa.

9. Always say yes! I know this is a scary proposition, but suppose your vision is to provide corporate health programs to local organizations and a company calls you today and say they would love to have YOU create a wellness program for their company. They would like you to start it in 2 months, they want all 100 employees involved, you can create as many groups as you like from those 100 people, and they are offering you your asking rate for not only the time you will spend in presenting the program but also for creating it. The first emotion you experience is amazement that it’s actually happening, then utter fear, and then panic sets in. BUT; you say yes! You cannot afford to say you’ll get back to them! This is increased cash flow. One first theory in business is always saying yes and THEN figure out how you’ll get it done. There are an unlimited number of options and resources when you allow your creativity to come into play. Funny how creative we become when fear of failure drives us and the passion to make it really happen motivates us.

10. Emphasize what makes you unique. You don’t have the luxury of comparing yourself with the leaders of your industry when you’re starting out on a shoestring. You must draw clients/customers to you by focusing on yourself, period. Why will a client come to you instead of sign up for a hospital-based weight loss program? Why will they call you for your personal training services instead of join the health club? Why will they make an appointment with you instead of the doctor down the street? It has to be more than money; it has to be something about you and the unique services or care you offer. When you don’t have the fancy trimmings to attract clients, you have to fall back on what you do have to offer and use that as your competitive edge.

If you have a dream to start your business, don’t let lack of funds stop you in your tracks. The number of successful entrepreneurs who have grown a thriving business from nothing is huge! Life is too short to live in a dream of what may have been. For stories of successful bootstrappers, click this link:

http://www.entrepreneur.com/magazine/entrepreneur/1998/october/16610.html

 

Marjorie Geiser is a nutritionist, registered dietitian, certified personal trainer, life coach, and MBA student. Marjorie has been the owner of a successful small business, MEG Fitness, since 1996, and now helps other professionals start up or grow their own small business through MEG Enterprieses.com. To learn more about the services Margie offers, go to her website at http://www.meg-enterprises.com or email her at margie@meg-enterprises.com.

 

Article Source: https://EzineArticles.com/expert/Marjorie_Geiser/1404

 

 

 

 

Business Development, Business Strategy

Business Plans For Small Business – Simple Is Better

There are some very compelling reasons for writing a business plan for small businesses. The challenge is that the misconceptions about what needs to go into a small business plan scare most owners and entrepreneurs away.

If you are like most small business owners or managers, you are incredibly busy, if not borderline overwhelmed. The idea of taking hours of valuable time to write a plan for your business may not seem worth it. But the data proves differently.

When writing a business plan for small business, focus on what really needs to be done, and what really needs to be measured. The plan does not have to be a 15 or 20 page document. In fact, it should only be one or two pages maximum. You should also have a yearly budget or financial plan as well. You really do not need to go overboard and do tons and tons of research about the market, and the opportunity, especially if you are already in business!

To write your plan, you will need a few things to get started. If you can assemble any of your sales and financial information for the past couple of years, that would be a bonus. You will need a notebook and writing instrument, possibly a laptop or a computer, and yourself. Then, basically find a quiet place to sit down for about an hour, and think about your business, and where you want it to go, and how you think you can get it there.

Let’s start with where you want your business to go. This is just a fluffy way of saying your vision for your business. Set a timeline for your vision; say 18 months or up to 5 years out. Then think about what your sales would be if everything goes as planned. What are your primary products or markets, and where will you do it.

Here’s an example: Within the next 3 years, grow MS Cut to $750,000.00 in sales providing industrial routing and cutting services to manufacturers and distributors in the Indianapolis market.

Or how about this: In the next 18 months, launch Tim’s Lunch & Deli, growing to $250,000 in sales. We will provide delicious sandwiches, soups and salads using all locally grown vegetables and products to the public in downtown St. Paul.

By writing out where you want your business to go in this fashion, you can clearly imagine the end result of your vision.

In terms of how you are going to get there, this is the strategy and tactics section of your plan. Again, what are the ways you are going to do the things you need to do? This could be everything from the methods you will use to attract customers, to the way that you will approach pricing your products or services. It can also address your marketing and advertising plans.

The main thing to keep in mind when it comes to your strategies and tactics, is to make them realistic. If you are going to need a lot of specialty skills (that you don’t currently have…) or technologies or a lot of money to do them, then chances are they won’t get used. Write this section of your plan so that you can actually do everything you need to do.

Next, you need to create a few measurables for your business. These are things like monthly sales revenues, profit percentages, labor hours to sales, number of returns per month, number of employee hours each month, etc.. These are all things that you can keep track of so that you will know if your plan is working, or if you need to address something quickly.

Each business, and each industry can have it’s own set of unique measurables. You may have one statistic you can keep that is a telling symbol for your business. Keep track of it, and see how it effects other areas of your business.

You should be able to track anywhere from 3 to 9 different measurables. Any more than that and you will not get much from it, and you are less likely to actually collect the information anyway. If you are using software like QuickBooks, Peachtree Accounting or another accounting app, there are several measurables you can pull and use to track your success.

All of the above information will fit nicely on one or two pages. Once you have that information, and you have written your business plan for your small business, the number one thing you can do is to use it, and use it often. Make a monthly (or weekly) appointment with yourself, your business partner, or your senior staff to review the plan, and make sure it still relevant. If something changes (and it will!), change your plan. It should be a living, dynamic document that you use on a regular basis to run your business.

By writing a business plan for your small business, you are creating a better opportunity for your business, and giving it a better chance of success

Robert Trube

Business planning for your small business does not have to be hard. I have created a series of e-books and software tools that simplifies the process of writing a plan for your business or organization, and actually allows you to get it on a single page! Check out The Simple Focus Plan, http://www.simplefocusplan.com or learn more about us at http://www.strategysimple.com.

 

Article Source: https://EzineArticles.com/expert/Robert_Trube/457153

 

 

 

 

Business Development, Business Strategy

The Engineering Business Plan and the Business Model

Separate from a Business Plan is the Business Model. The Business Model is nothing more then a description of the means and methods the firm will employ to earn revenues projected by the Business Plan. The Business Plan describes what the business wants to accomplish and what resources it will use to reach those objectives. The model represents the business as a system of a series of steps (actions) to generate revenue and make a profit. The model includes the components and functions of the business, as well as the revenues it will generate and the expenses it incurs.

The traditional Civil Engineering Business Model is as simple as the engineering company and the customers within a key market like Land Development. The engineering company provides the services that the customer needs and wants, and in return the client pays a fess for those services. Once the engineering company has paid all of its expenses including salaries, the company is left with its profit.

This model although simplistic works well if there is very little or no competition and there is plenty of demand for your services. But rarely is this the situation especially in a declining market. The model in most cases needs to be more robust. One needs to see the “bigger picture.” In order to support the Business Plan the Model needs to address the four main components of the business; Framework, Financial, Client, and the Offer.

Business Framework (Infrastructure):

  • Key Resources – What are the company’s capabilities necessary to make the Business Plan possible?
  • Key Activities – What company activities are necessary to implement the Business Plan?
  • Key Partners – What company partners are motivated to participate in the Business Plan?

Client (Current and Prospective Clients):

  • Segment(s) of Clients – What is (are) the targeted audience for the company’s products and services?
  • Communication and Distribution Channels (Marketing) – What are the means the company will utilize to reach the customer and offer them those products and services? What marketing campaigns will the company utilize to reach its targeted clients?
  • Client Relationship – What are the processes the company will establish to maintain its relationship with the clients?

Business Financial:

  • Revenue Streams – What are the company’s sources that will generate funds to support the Business Plan?
  • Cost Structure – What costs will result from engaging in the Business Plan? What will be the company’s expenses?

Value Proposition (The Offer):

  • What are the company’s products and services being offered to the market?

To sum up the Business Model – The business resources of technical staff and equipment complemented by business partners are able to offer a wide range of products and services with a particular billing rate to potential and existing clients, which are obtained through on-going marketing efforts of the company’s staff with an ultimate goal of presenting a proposal and an agreement between the client and the business to provide certain services and products for revenues.

There are multitude of schematics that are used to represent the Business Model, but they all include the four components; the Business Infrastructure, Financial Strategies, Clients, and the Offer or Proposition. In order to get to the end result, revenues, each of these four components of the Business Model must be operating at the best level of efficiency in order to obtain the most revenues. Failure in any step will either reduce the amount of revenue or completely run your business out of business.

It would be difficult to provide services or products to your clients if the resources necessary were inadequate. Imagine if your firm was contracted to provide a Technical Drainage Study for a 200 acre site, but you were not capable of analyzing a proposed open channel using any of the available commercial software. You then have to sub-contract this work out, hopefully to one of your partner companies, to assist you in this area of expertise. Otherwise, you will not be able to provide the service you were contacted to perform.

The same is true if your firm has all of the necessary engineering design expertise it requires and has also contracted with other sub-consultants to provide surveying services, but you have no marketing expertise. Although there are a number of needy clients in your local market, you have no way of contacting them nor do you even know how to identify your potential clients. The chain is broken because there is no way for you to contract with clients to provide the services you have available. Of course, we you have no clients you have no revenues, and when you have no revenues you have no business.

Even if you have an excellent infrastructure and business partners, and you have a huge pipeline of clients that you obtained through marketing, all will be for not if your proposals do not provide your clients with the necessary services they need at a fair price.

The Engineering Business Model a tool that assists the company to implement the Business Plan. A properly prepared Business Plan and a well designed Business Model will focus your company on the task at hand, which is to obtain contracts and clients and to produce profits. If you have not already done so, now is the time to either put together your first business plan or update an existing one. Once completed, the plan is a resource with a great deal of information. It will make you well of aware of competition, the market, and your company’s capabilities. Updating the plan regularly will keep you well informed on what is happening in your business.

Most engineers have excellent technical skills, but not necessarily the same level of expertise in management. It is responsibility of the engineer to develop these management skills through continuing education. This continuing education can be obtained through Community Colleges, Universities, Professional Training Programs, Professional Organizations, and online training courses. In most states these continuing education courses qualify for continuing education units (CEU) or Professional Development Hours (PDH).

 

In this article Joe Haun, discussed how the Business Model is an integral part of the engineering business [http://www.engineeringbusinesspubs.com/ebp_seminar_018.htm]. To learn more about the business of engineering, and how to quickly receive your engineering CEU’s and PDH’s through online training, visit: Engineering Continuing Education [http://www.engineeringbusinesspubs.com/ebp_seminar_004.htm].

 

Article Source: https://EzineArticles.com/expert/Joe_Haun/701991