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AtricleZine - Sage Advice from a Marketing Expert!
Hundreds of foreigners residing here are starting up new businesses in Panama every year. Panama offers many opportunities for business entrepreneurs. You can start a bar, restaurant, retail shop, hotel, bed & breakfast, provide tour-guides or professional services. Maybe you are thinking about opening a new business full time? Or, you are retired and thinking of passing the time by engaging in a part-time business. Whichever you do, Panamanian laws must be understood and complied with. That's why the following information will be useful for every reader who is thinking about starting a business in Panama.LEGAL BUSINESS STRUCTURE Your first consideration is to decide what type of business structure to use.There are 3 normal b
• Where is the threshold between what resellers really need versus what they can afford / sustain - and still remain profitable?
• Where is the IT industry going to be in five years and do resellers understand how their company fits in– if at all?
All legitimate questions, to say the least. If it helps, resellers can take comfort in the fact, these same questions are being asked by entrepreneurs in just about every ind
Double-entry Bookkeeping is one of the standard accounting practices for recording financial transactions. Five hundred years ago it was codified for the first time by Luca Pacioli.The conceptual framework is that a business can be described by a number of different accounts, each describing an aspect of the business in monetary terms. Every transaction in double-entry Bookkeeping has a dual effect; for example, buying machinery means losing cash but gaining the monetary value of the machinery.Double-entry Bookkeeping works on the principle that assets are the summation of liabilities and equity. For the accounts to remain in balance, a change in one account must be matched with a change in another account. These changes are known
Joe and his barbershop were fixtures on Main Street for over twenty-eight years where he had enjoyed the privilege of trimming the hair on every man and boy in the community. Life was good for ol’Joe back then, but the new ‘Haircuts-R-Us’ across the street was intent on changing all that.
The new store had music, big comfy chairs, fancy sinks, bright colors, wall-to-wall mirrors and they had something else - a proven marketing strategy designed to put little guys like ol’Joe out of business.
Their strategy? Simply undercut [no pun intended] the competition!
Most folks were nervous for Joe as the word quickly got around about the competitions’ Grand-Opening price of only $3.00 per cut. Ol’Joe didn’t seem too nervous though, in spite of the fact he was used to charging $8.00.
Joe knew he couldn’t compete with all the fancy things his new competitor had and he also knew his marketing budget was no match for their new neon sign – the one that read, “Haircuts Only $3.00!” So he decided to compete the only way he knew how.
On opening day, amid the music, balloons and hoopla, townsfolk were lured to the new store with the fancy sign only to see ol’Joe had put up a new little sign of his own. Across the street from the new store, was a small 10” X 12” piece of white cardboard in ol’Joe’s front window that simply said, WE FIX $3.00 HAIRCUTS!
In the end, ol’Joe prevailed.
This story is purported to be true but not new. Its telling serves to underscore the importance of understanding a few fundamental business facts:
• Having the Cheapest Price does not ensure success.
• Bigger and Newer… is not always best… and/or most profitable.
• Huge marketing budgets do not always crush the competition.
• Successful companies – however basic – are “Strategic!”
The computer reseller industry is a perfect example of this as both large and small ‘IT-Providers’ wrestle with new challenges introduced by the evolutionary changes in technology and the business landscape as a whole.
• Do resellers need the latest and greatest machineries/technologies to compete against the larger more formidable competitors?
• Where is the threshold between what resellers really need versus what they can afford / sustain - and still remain profitable?
• Where is the IT industry going to be in five years and do resellers understand how their company fits in– if at all?
All legitimate questions, to say the least. If it helps, resellers can take comfort in the fact, these same questions are being asked by entrepreneurs in just about every indu
Materials handling can be defined as the act of loading and unloading and moving goods within a factory, using mechanical devices. Materials handling equipment means equipment, including its supporting structures, auxiliary equipment and rigging devices, used to transport, lift, move or position persons, materials, goods or things. It also includes mobile equipment used to lift, hoist or position persons, but does not include an elevating device that is permanently installed in a building. Though the specifics of material handling would vary from industry to industry and from organization to organization, it broadly refers to the movement of materials (raw materials, scrap, semi-finished and finished) to, through, and from productive processes;
Their strategy? Simply undercut [no pun intended] the competition!
Most folks were nervous for Joe as the word quickly got around about the competitions’ Grand-Opening price of only $3.00 per cut. Ol’Joe didn’t seem too nervous though, in spite of the fact he was used to charging $8.00.
Joe knew he couldn’t compete with all the fancy things his new competitor had and he also knew his marketing budget was no match for their new neon sign – the one that read, “Haircuts Only $3.00!” So he decided to compete the only way he knew how.
On opening day, amid the music, balloons and hoopla, townsfolk were lured to the new store with the fancy sign only to see ol’Joe had put up a new little sign of his own. Across the street from the new store, was a small 10” X 12” piece of white cardboard in ol’Joe’s front window that simply said, WE FIX $3.00 HAIRCUTS!
In the end, ol’Joe prevailed.
This story is purported to be true but not new. Its telling serves to underscore the importance of understanding a few fundamental business facts:
• Having the Cheapest Price does not ensure success.
• Bigger and Newer… is not always best… and/or most profitable.
• Huge marketing budgets do not always crush the competition.
• Successful companies – however basic – are “Strategic!”
The computer reseller industry is a perfect example of this as both large and small ‘IT-Providers’ wrestle with new challenges introduced by the evolutionary changes in technology and the business landscape as a whole.
• Do resellers need the latest and greatest machineries/technologies to compete against the larger more formidable competitors?
• Where is the threshold between what resellers really need versus what they can afford / sustain - and still remain profitable?
• Where is the IT industry going to be in five years and do resellers understand how their company fits in– if at all?
All legitimate questions, to say the least. If it helps, resellers can take comfort in the fact, these same questions are being asked by entrepreneurs in just about every ind
When crossing salty swamps and marshes, move away quickly; never linger there. If you need to engage the enemy in salty swamps and marshes, stay close to areas that are lush with grasses and have your rear to the forest. - Chapter Nine, Sun Zi Art of WarAbove is the principle of deployment when in salty swamps and marshes. Salty swamps and marshes are is similar to crossing a river. But compare to crossing a river, salty swamps and marshes are more difficult to get out because of the mud condition. So if you are caught in swamps and marshes, you could be easily attacked with arrows. The lost of lives could be great because your troops do not have the agility to avoid. So the same principle from the marine battles applies he
On opening day, amid the music, balloons and hoopla, townsfolk were lured to the new store with the fancy sign only to see ol’Joe had put up a new little sign of his own. Across the street from the new store, was a small 10” X 12” piece of white cardboard in ol’Joe’s front window that simply said, WE FIX $3.00 HAIRCUTS!
In the end, ol’Joe prevailed.
This story is purported to be true but not new. Its telling serves to underscore the importance of understanding a few fundamental business facts:
• Having the Cheapest Price does not ensure success.
• Bigger and Newer… is not always best… and/or most profitable.
• Huge marketing budgets do not always crush the competition.
• Successful companies – however basic – are “Strategic!”
The computer reseller industry is a perfect example of this as both large and small ‘IT-Providers’ wrestle with new challenges introduced by the evolutionary changes in technology and the business landscape as a whole.
• Do resellers need the latest and greatest machineries/technologies to compete against the larger more formidable competitors?
• Where is the threshold between what resellers really need versus what they can afford / sustain - and still remain profitable?
• Where is the IT industry going to be in five years and do resellers understand how their company fits in– if at all?
All legitimate questions, to say the least. If it helps, resellers can take comfort in the fact, these same questions are being asked by entrepreneurs in just about every ind
The exhibit hall at any large industry conference is one of those places. In it, the interests of three different groups of people meet, intersect, and sometimes, unfortunately, clash.When it comes to numbers of booths, the color of the carpets, how much to charge for what size of booth, etc., that stuff is the science. When it comes to managing expectations and meeting the needs of the disparate 'shareholders' as it were, that is the art.I've been to many, many exhibit halls in many markets, as speaker, presenter, event host (too many times to count) as well as just plain attendee. It's really magic when both the art and science of the hall come together and I can tell you that it's harder to achieve than it looks. For the most pa
• Having the Cheapest Price does not ensure success.
• Bigger and Newer… is not always best… and/or most profitable.
• Huge marketing budgets do not always crush the competition.
• Successful companies – however basic – are “Strategic!”
The computer reseller industry is a perfect example of this as both large and small ‘IT-Providers’ wrestle with new challenges introduced by the evolutionary changes in technology and the business landscape as a whole.
• Do resellers need the latest and greatest machineries/technologies to compete against the larger more formidable competitors?
• Where is the threshold between what resellers really need versus what they can afford / sustain - and still remain profitable?
• Where is the IT industry going to be in five years and do resellers understand how their company fits in– if at all?
All legitimate questions, to say the least. If it helps, resellers can take comfort in the fact, these same questions are being asked by entrepreneurs in just about every ind
Managers are facing an increasingly knowledge based business environment. This is true not only for the High Tec ones, but also to “traditional” industries. The mature and sometimes saturated markets served by these industries lead to tight and aggressive competition, where knowledge and the ability to act fast can be the only factors separating the winners from the losers.How can a manager make every day decisions, with high success rate? Well, nothing can substitute for good intuition, experience and guts feeling, but these should be complemented by knowledge of the market, the clients, the competition and the manager’s own enterprise resources and policy. To add to the challenge, decisions need to be made fast – with short reaction lag
• Where is the threshold between what resellers really need versus what they can afford / sustain - and still remain profitable?
• Where is the IT industry going to be in five years and do resellers understand how their company fits in– if at all?
All legitimate questions, to say the least. If it helps, resellers can take comfort in the fact, these same questions are being asked by entrepreneurs in just about every industry today.
Nonetheless, the question still remains, Are there any answers?
Successful ‘profitable’ resellers may not have all the answers, but they do have a strategy.
1- They have stopped trying to be all things to all people.
Successful resellers distinguish themselves by becoming specialists in one or maybe two areas. Simply put, we do not go to the foot doctor if our head hurts.
2- Their investment in technology follows two proven criteria:
a) Technology need only be current / not always leading edge…. Unless
b) The newer technology serves to clearly define their unquestioned expertise or “Unique Value-Add” to the marketplace. That is to say, to be different, one must differentiate. Sometimes – but not always – technology is the quintessential differentiator.
3- They offer a wider array of potential solutions to customers in spite of the fact, they specialize in only one or two areas. Their strategy? Strategic Alliances.
Successful resellers address customers’ primary need to ‘Keep it simple!’ by presenting a One-Stop-Shop solution - but they don’t go out of business providing it. Strategic alliances with other IT specialists ensure greater long term control and customer satisfaction by offering a “Solution-Sell” approach for all IT needs.
There is no question that in partnered solutions, some profit will be shared, however, some profit is always better than none at all. It is inarguably a small price to pay for the privilege of maintaining a close and mutually rewarding relationship with a good customer.
4- Successful resellers know that it takes, on average, five to eight times more time, money and effort to get a new customer [and/or employee for that matter] than it does to keep the ones they already have. A one-stop solution program designed to keep control of the customer, is integral, especially for building lasting and mutually rewarding relationships.
5- Successful resellers are proactive. They understand we live in a commodity-driven marketplace and the days are long gone when we could simply hang out our shingle and expect customers to beat a path to our door.
Whether it’s mail drops, web-marketing, door-to-door canvassing or a blend of
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