The World of Business Magazine

In a world highlighted by business terms and conditions, the major technique to get success and cop up with the rules and regulations is through gathering more and more information that need to be accurate in the relative field.

If you are a novice in the field of business, then it’s extremely crucial for you to gather as much relevant information you can regarding your field of work to remain active in the field at which you have started your business. You need to upgrade yourself with the news that features the current scenario of the business world.

For this to take place, you need to do is to read various business magazines on a regular basis.

A quality magazine will feature interviews from business tycoons, tips and tricks regarding starting a new business venture, Current market scenario in regard to the business, etc. and all other news that are related to the business world.

It does not only feature news on business, but also on other facts that are happening in the entire world. It features on categories like sports, entertainment, political issues, travel and living, as also on current affairs.

However, before you think of collecting it from some renowned business publications, you need to know about certain facts regarding the magazines that will make help you in selecting the appropriate type of business magazine.

There are various categories of magazines that are published from different publishing houses on monthly or weekly basis. Certain magazines also do get published on a biweekly basis.

Now, let us talk about the types of business magazines that are published:

Business-to-Business Trading: Most of the young people are currently showing enormous interest in creating and opening up some new ventures and becoming what is commonly called “Entrepreneurs”. The concept of business to business trading has been a hot topic among these young entrepreneurs due to the only fact that the possibility of gain is little bit more on the higher side in this field of investment.

However, you need to have a clear concept about this field in each and every section and topics. The business magazines that deal with this type of business news and information are a rich source of information for these young entrepreneurs. These magazines also feature interviews, comments and reviews by expert veterans from this field.

Stock Trading: Trading of stocks is also a popular and addictive business and many people like to invest their money on this type. For theme, those business magazines that revolve round the ups and downs of the stock market along with the current market scenarios are extremely helpful to step in the right direction in this specific risky business market.

Real Estate Business: Real Estate is also one of booming business sectors if you observe the recent scenario of the market. Those who want to involve themselves in this booming industry need to consult those magazines that deal specifically with this sort of business.

How To Make a Buying a Business Checklist

Business brokers often encourage business buyers to have a “buying a business checklist”, an important tool if buyers are serious about purchasing a company and not wasting a lot of time looking. Only 20% of all potential business buyers within California actually end up purchasing a small business. In fact, the failure to buy a business often can be chalked up to not following the proven suggestions listed below.

The main items that should go into that checklist are:

1. Getting personally prepared: This includes putting together a buyer profile, including financial statement, description of what you want, and a resume summarizing your work experience. These documents demonstrate you are a “real” buyer, deserving of cooperation from sellers, business brokers, and agents. The information is personal, of course, and should only be shown to sellers who have a business you might want, or brokers whom you believe are honest and professional. Willingness to be upfront about your interests and capabilities will immediately separate you from the majority of people searching for business opportunities but, for one reason or another, will never complete a purchase. Another preparation strategy is to apply for an SBA-backed loan pre-qualification. Buyers who do this find out how much money they will have to work with, and can gain a competitive advantage over buyers who look for a business first, and go searching for money second.

2. Organizing a team: The purchaser who has a lawyer and accountant listed on his or her buying a business checklist will be in a position to move quickly once an interesting business is found. This means of course that the professionals are ready to be of service–the lawyer helping with language in the contracts and protecting you from problems, the accountant to help value a business and conduct due diligence. While other buyers interested in a particular business are trying to find the professional help they’ll need to proceed, the entrepreneur who has taken care of that step will be able to move more quickly than competing purchasers.

3. Cast a wide net. The more businesses you’re aware of, the better the chances of encountering just the right offering in a short period of time. That means working with more than one broker, answering for sale by owner ads, even posting a business wanted to buy request.

4. Respect the sellers’ requests for confidentiality. And be ready to sign a non-disclosure agreement. Showing that you are honest and “above board” will earn the cooperation of sellers. And without that, it’s nearly impossible to buy a business.

5. Try for a win-win in negotiations with someone whose business you’d like to buy. The purchaser who wants to beat a seller in the price and terms aspects of a deal, might find he’s taken “round one” but then when extra help is needed–a bit longer to pay off the note or advice about some confusing aspect of running the company–the seller will be unwilling to accommodate.

6. Pay attention to the details when a transaction is in escrow. After all the work and excitement as you come to the end of the buying a business checklist, it’s a shame to lose a deal over some issue that might have been avoided had you noticed a developing problem and taken action right away. Make certain the escrow holder is competent and is doing everything that was promised.

How to Create an Unbeatable Business Structure

For years I’ve taught and consulted with many fortune 500 companies as well as many large government agencies on how to structure and run an efficient business and therefore grow a successful business. I’ve written many technical books and developed a methodology on this subject. I show organizations how to replace old, outdated methods and organizational structures with modern methods and an organizational structure more suited to today’s fast moving, efficient, customer focused environment. That’s the subject of this article.

As I go through this article I’ll show you what I see in large organizations that have caused many customer service problems and also show you what they should have done to avoid those problems. More importantly I’ll show you what you can do now to avoid falling into the same traps.

AN IMPORTANT CONCEPT.

I use something called “Event-Driven” concepts in order to obtain many benefits for an organization. Basically “Event-Driven” means focusing on whomever or whatever is your customer. Let me start with a basic premise: All systems we encounter, be they human, computer or in nature, have a fundamental characteristic in common – they’re all “Stimulus-Response mechanisms”. For example: A storm (the Event), produces rain (the Stimulus), which produces erosion (the Response). Over time, the response can be something as significant as the Grand Canyon in Arizona.

Every organization simply selects a set of Events that it wishes to respond to from the external world; e.g. A customer wants to place an Order or Request your services. Each external need to which the organization responds is called an “Event”. Now, it’s the “Event” happening outside your business that initiated the action that your business takes. For example when a customer wants to buy a product of service from your organization the Stimulus Request may go through a whole bunch of people tasks (even different departments), and/or a bunch of computer programs (even different computer systems). It may be recorded and retrieved in and out of manual files or even computer databases and so on before it becomes an Event Response out of the whole organization. The total set of individual processes, their data and files make up what I call an “Event-Driven Reaction or Partition” – one initiated by the customer. Note the best context within which to view an Event-Driven Reaction is from a whole business point of view rather than from any one person/department or computer program/ system context. Taking this view will also give us the most benefits to the organization.

Using my example above what appears to be very obvious in this all-too-typical large organization structure is our Event response has been sliced-up (partitioned) for very different reasons than around a customer’s need. In fact the predominant partitioning/structure seems to be based on human skills and computer software package reasons rather than customer focused Event-Driven reasons; the resultant structure even being controlled by a classical military hierarchy, in other words formed from industrial-age and earlier reasons. In an efficient, customer-focused business we must not perpetuate this “fragmented” structure.

If you are a small business owner reading this then as far as un-fragmenting an existing business you’re in great shape; you won’t have big established departments and systems to restructure. It will be easy for you create an unbeatable infrastructure from the ground up using my methodology. Now if you have a medium or large sized business you will benefit even more with my Event Driven methodology. However, you are probably going to need to do some restructuring to obtain a streamline, customer-focused, cost efficient business.

GETTING SERIOUS WITH PROVEN METHODS AND MODELS.

To gain the benefits from using an Event Driven structure you will have to do some analysis on your existing business. There are many models you can use to formally document your business, for example: A Business Process view — A Process Model showing process workflow A Business Information view — An Information Model showing file/data storage A human Implementation Structure — A Company Hierarchy diagram. I recommend at least you produce a Business Process Model for your business. It depicts the individual processing flows through your business. I believe we should strive to produce a “natural response” view to the fulfillment of a customer’s need. Using an Event Driven process model results in a “seamless” business response view to your customer.

If you fragment or repartition this Event-Driven Reaction when creating a new design/implementation of the internal structure of your business it will cause customer delays and introduce potential problems when future changes are needed. In other words it won’t be part of a maximum efficient business. So now I can give you my definition of an Event-Driven Reaction:

“An Event-Driven Reaction consists of an end-to-end set of business components required to completely satisfy one need of a Customer.”

One organization where I had the privilege to teach hundreds of people Event-Driven concepts was at the package courier company Federal Express, they already acknowledged their main Event Stimulus – the package – and that any internal department boundary and especially a file that stopped the processing of its contents would slow down the response to their customer. So the package (their main Event Stimulus) was “king” and needed to be kept flowing as much as possible in implementation without any internal boundaries (e.g. departments/holding files) to slowing it down. So obviously this concept works with large as well as small businesses.

We can and should take the Event Driven structures depicted in a process model and make them run without any unnecessary partitioning in the real world, i.e. in our new design of the organization. (I call the implemented results Event-Driven Compartments). Event-Driven partitioning concepts coupled with the new technology available to implement them today, such as the internet, will allow you to create “efficient, customer-focused systems”, not just “technologically faster industrial age systems”.

The main point is to end up with a functional unit from the point of view of a customer. Most importantly by keeping the Event-Driven Compartment whole and specific to one Event-Driven Reaction we will have implemented a structure that has maximum efficiency and which no other business can beat. Today we have a computer literate customer base. Home computers are common and customers know their capability and are less likely to accept slow response excuses. They can spot industrial age systems both manual and computer oriented. When industrial age, unnatural boundaries are removed there is no reason why our Event reaction should not be a continuous flow performed in a minimum time frame.

If you are lucky enough to be applying Event-Driven concepts to a small business you’re going to avert a lot of problems in the future. More importantly you’re going to implement a business that will be agile and easy to change and one that I believe no other business can beat because it’s the most responsive to its customers (i.e. it provides the shortest distance between two points – the customer’s request and your complete reaction). Of course Event-Driven concepts work on any size business.

SUMMARY.

I believe Event-Driven, Customer Focused organizations should be the rule not the exception and will be the ones that will grow and survive in hard times. I hope the contents of this article will play a part in guiding your business to be one of them.