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What is Business Intelligence? Common BI solutions



What is Business Intelligence? Common BI solutions

Who has not heard of Business Intelligence (BI) or Business Intelligence? Businesses are incorporating it as a solution to problems that arise with digital transformation within the organization. As it is necessary to be aware of the development of technology, we explain what Business Intelligence is.

What is Business Intelligence?

The Business Intelligence (BI), in Castilian Business Intelligence or Business Intelligence, is the set of processes required to offer a software solution that allows us to analyze how our company is working. This knowledge will make us optimize this operation by making pertinent decisions.

Within the BI world, there are multiple possible solutions. As each company has its casuistry, a completely valid solution for some companies may not be valid for others.

We can help the automotive sector to give an example. For a company, the perfect solution will be a city car, and For another, it will be a four × 4, a minivan, for another a truck, etc., there will even be one that will need a complete fleet of vehicles.

Within BI solutions, there are different options. By relying on rapidly developing technologies, these solutions cover new aspects and improve others. So those included first will give way to others that will emerge over time.

In any case, the most common solutions (all together or only some of them) are based on the creation of both predefined and customized reports, together with their automated distribution ( reporting or corporate reporting ).

Some solutions would be:

  • The forecast results ( forecasting )
  • Query tools for advanced users ( query ) including access to multidimensional cubes ( OLAP )
  • Dashboards ( dashboards or scorecards )
  • Special data warehouses ( data warehouse or data marts ).

BI solutions are in the process of transformation. Encompass from the systems used for measuring corporate data and related to those who also support analysis, forecasting, and data discovery capabilities (reports Data Discovery ). In this way, we can see that Business Intelligence relies heavily on Big Data with data analysis and data development.

If you want to delve into what is to come and Business Intelligence success stories, here is a Miguel Ángel Aparicio Webinar.

Business Intelligence solutions to improve processes

Let’s take an example to see how these technologies used; This example is that of a large company where all these functionalities are required, helping us understand where each of them fits in our companies. Imagine a business with different software programs in use: an ERP, a program specially developed to control its production systems, a CRM, etc.

Although it is not always necessary to cross data from one system with all the others, it is done to some extent. This implies that it must done externally. For example, in spreadsheets, advanced users collect data from different systems and cross it.

It is a very error-prone system, apart from being expensive (it always needs available personnel), and slow (this person has to prepare the type of information required in each case). BI solutions allow you to prepare it in advance: there are different solutions (for example, those based on metadata), but the best known are those of special data warehouses. 

These allow us to have these data available, having previously treated them to correct and discard errors (errors as shocking as dates from other centuries, poorly written geographical areas, etc.) are common. In addition to storing them with the previous groupings required (temporary, geographic, by type of business, others), so than any report, scorecard, etc., that needs them, it will be much more efficient.

These special data stores have many more 

interesting functionalities. However, for some specific cases, they may not be the perfect solution (this post is not intended to be a treatise in this regard): as always, it will depend on each case, and for this, there are specialists in these technologies.

Use of data depending on the department

Once we have these data prepared and crossed, there will be users who will only need the development of a part of them.

For example, predefined reports with a certain cadence will be useful for commercial visits every week. Others, such as sales managers, will require aggregate data on product sales by vendors and geographic areas and data for the accurate monitoring of budgets and sales forecasts.

Read More: Small Business Management With 100% Useful Tips For Small Business Success

Managers or those responsible for objectives will need dashboards to follow the company’s key indicators’ evolution. In the hospital sector, they will used to measure the use of beds or visits per patient. Others should be able to cross data to provide knowledge and discover patterns that modify or create new ways of working. The example of beers and diapers is famous: as having small children, you cannot go out so much, you tend to consume more at home, so they got close to each other.

The advantages of Business Intelligence solutions

But why BI solutions required? What do they contribute, and how do they help us? From the company, years ago, the focus was on having management programs that improved day by day. These programs are the so-called ERP ( Enterprise Resource Planning ). 

It should be borne in mind that there are very diverse and more or fewer functionalities. They allow us to control aspects such as delivery notes, orders, invoices, customers, products, manufacturing, accounting, sales, to payroll.

There are also other programs, such as CRM ( Customer Relationship Management ) to control sales activities. With the use of all these computing solutions, a lot of data that used to be wasted stored but can used. ERPs or CRMs tend to have a series of predefined reports to provide us with information about part of them (sales reports, for example). The good news is that they offer more and more options than those contemplated in the BI world.

In any case, they not usually very complete, and they also assembled according to the data they include. If we use different computer programs in our company, they will only be valid for your data, so you cannot have a joint vision. Furthermore, the structure in which they reside is not optimal for their exploitation. That’s where Business Intelligence solutions come in to solve all these shortcomings and limitations.

Business Intelligence success stories

Toyota Motor Corporation

The Toyota Motor Company is not the first time that it has been at the forefront of innovation in the global business sector. We highlight it because the automaker incorporated information management software that allowed it to reduce production costs, obtaining more clients.

Bridgestone Firestone

Another example of a motor company that uses BI is Bridgestone Firestone, who uses information management software to distribute its products and for the logistics of receiving and purchasing raw materials exported from different parts of the world.

Feeding chains

Also, supermarket chains such as Wal-Mart or restaurants such as Wendy’s and Ruby Tuesday and Fridays use Business Intelligence for decision-making based on customers’ data, being able to maintain loyalty and maximize sales.

Within the school, we have students trained in new technologies such as Business Intelligence, Big Data, or Artificial Intelligence. This time we follow the trend of the labor market with training in BI. Discover everything you can learn.

If you liked this article and want to continue discovering, we invite you to specialize and continue delving into the advantages of Business Intelligence in the  IEBSchool Master in Business Intelligence and Data Science. It is part of an international educational community.

My responsibilities include interacting with the Board of Directors, data entry, accounts payable, payroll, grant report entry, managing the organization's HR, helping and creating organizational and program budgets in collaboration with the ED and Program Direct, and other misc. tasks.

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10 Sales Myths That Must Be Clarified And Corrected



10 Sales Myths That Must Be Clarified And Corrected

The sales profession is possibly one of the most closely associated with myths, fables, and legends. Of all kinds. Positive and negative. None of them is correct, obviously, but they all condition the tasks of inexperienced and experienced salespeople. The myths sales are even foundation of organizational policies and business strategies. They are not a guide only for individuals, but also for businesses and companies.

Here are 10 of the most widespread and “credible” myths out there. Each of them has, of course, the corresponding “deconstruction”.

1. In Sales, everything is related to talking, a lot.


  • Selling is about listening. And to do it actively. Lori Richardson puts it well: “What sales are really about is having conversations with people to help them develop their companies or their lives. If you appreciate things like that, selling is an admirable task.”
  • Selling is about getting the prospect to speak. That it manifests expectations and perceptions. The seller proposes, and the prospect provides. Therefore, getting him to speak is much more beneficial than keeping him as a passive listener.
  • Selling is about understanding when the prospect talks.
  • And it is also about understanding what the prospect does NOT talk about. Decoding silence is one of the most important skills a salesperson can develop.
  • The best sellers “speak with their eyes.” This is the most effective way to build empathy and get things flowing in the interaction.
  • A seller does not necessarily have to be an extrovert. In many ways, the shy person is the best seller.

2. Products or services are sold.


  • It sells “that problem” that the product or service helps to solve. If it were to sell only products and services, the seller was not essential, because there are many ways to expose a product or service without human participation. The seller is indispensable when presenting problems, solutions and experiences in the commercial relationship.
  • It is about showing the solution that the product or service provides for the exposed problem.
  • The seller must highlight the Benefits that each attribute of the product or service will represent for the customer. The characteristics of products or services are not promoted, the benefits they provide depending on the exposed problem are highlighted.
  • The seller positions himself as the solution to the exposed problem. And in this way, it departs entirely from the interpretation of the myth. Because the seller himself is a person, not a product or service.

Read More: 24 Ideas For Strategic Business Management

3. Sales professionals are born, not made.


  • Sales is a performing art that is learned through structured and systematic training. And nobody is born with this developed process.
  • Sales are 85% perseverance and 15% inspiration. There is no guarantee whatsoever for the “crib genius”.
  • Sales professionals are made under the tutelage of great mentors and coaches. If the natural gifts are not activated and aligned with the needs and particularities of the system, they are useless.

4. Sales are better and faster, offering discounts.


  • Refunds never make a customer happy enough to place an order. This logic is as limited as supposing that love is guaranteed only with a good kiss.
  • Refunds cannot increase the competitive profile of an offer at the structural level.
  • Discounts are given as a competitive tactic, not to increase sales. Discounts allow you to match or contain attacks from the competition. They are defensive mechanisms. Arranging them as elements to approach a prospectus weakens the offer.
  • Discounts are not tools to close sales.
  • It is possible to sell without giving discounts. It is the most beneficial in the short and long term.
  • Customer relationships supported by discounts are fragile. And they are completely spoiled when the discount is not valid.

5. Selling is an art.


  • Selling is a science. The art of selling sits on the cusp of that science, not the bottom.
  • Sales are first a process and then a product of skills.
  • Deals are based on the ability to master the science of creating a conversation with a potential customer about a product or service.
  • Selling is empowering the customer to win a discussion that the seller is proposing. In this art is manifested.
  • Sales consist of asking the right questions to the customer and then finding the right solutions.

6. Digital marketing will replace sales.


  • Marketing, at best, can trigger the attention of prospects. But sales management will always be necessary to perfect operations.
  • Sales are the function that perfects the business. Marketing is just a support activity. It is not marketing (digital or not) that directs the interests of sales. The Strategy is who does it.
  • Sales roles and responsibilities will progressively accompany the technical transformations posed by digital marketing. In this way, sales will align technical resources with digital marketing. However, conceptually, sales will always take precedence over marketing activities.

7. Artificial Intelligence in Sales (AI) is only a “show” of little benefit.


  • Artificial Intelligence is one of the most powerful tools that sales can count on.
  • Customer purchasing behaviour is much better analyzed by doing Regression Analysis of historical data from former customers. In this, Artificial Intelligence is of incomparable help.
  • Scientific data helps every seller to forecast customer demands.
  • The interpretation of the behaviour of clients in Social Networks and related, regarding their products and services (Social Listening), provides incomparable feedback and new ideas.

8. Sales require a particular talent: «Lying».


  • This is not about selling coolers to Eskimos. Sales skills are a requirement for life. All people sell something at all times: products, services, ideas, moods, projects, etc. Under this logic, “you don’t live on lies.”
  • Sales require a talent called “active listening.” The lying seller is a bad example of a genuine seller.
  • Sales from lies are bad sales. They generate a bad reputation over time and high barriers to entry for future contacts and relationships.

9. The job in Sales is the only one that does not have stability.


  • Sales, like any other profession, work best when there are the right vocation and disposition. In this sense, there is no difference with other work or professional practices. In contrast, a positive sales career generates very promising prospects for professional development and personal success.
  • All business owners fear losing professionals who perform well in sales. In general, they are concerned with keeping them on their side and prevent competitors from capitalizing on their virtues. This does not frequently happen in other professions.
  • All people work in sales. One way or another. Therefore, assuming that it is a profession that lacks stability, mainly is an error of judgment. “The excellent seller is, in fact, a successful person. The successful man is indeed a good salesperson

10. Sellers who must work with Prospects negatively affect their professional image.


  • Without prospects, future clients do not materialize.
  • Every seller wants to expand their work horizons and their sales volumes. Without opportunities, this is not possible.
  • Sellers build their image by selling more and better. And this does not happen, in any way, avoiding the work of prospecting new clients.

At the end of the story, the professional salesperson who is clear about what he thinks and does not feel particularly unfortunate that there is so much myth around him. That, ultimately, is part of a distinctive trait that few professions can expose. Being a seller is, in short, a privilege and honour that few know.

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Business Measures To Create Value In Times Of Crisis



How To Start Mastering Real Estate Business

How to successfully face the challenges of the coronavirus crisis? What actions can be taken by those companies that are experiencing falling profits and liquidity strains?

The 2008 crisis had many causes, but one of the most decisive was the puncture of a speculative bubble. It required a strong reconversion of most credit institutions and many companies that were overindebted. It also required a major correction in property prices. At that time, the collapse of the stock market and other financial markets and the problems of many banks fueled a general panic. Fortunately, the Group of 20 (which brings together the leading countries, which represent 66% of the world’s population and 85% of the world’s gross domestic product) met within a few months and took a series of measures underpinned the World economy, avoiding greater evils. Despite this, some countries, such as those in southern Europe, took several years to emerge from the well.

In the coronavirus crisis, the cause has not been a speculative bubble, but a virus that has caused a pandemic, which has led to an unprecedented drop in economic activity. Fortunately, at the beginning of the crisis, banks were more healthy and had liquidity; but, on the other hand, the public sector was much more indebted than in 2008. The consequences of this fall in economic activity are similar to those of 2008: increased delinquencies, bankruptcy, company closings, unemployment, and reduced welfare. Of broad layers of the population (see table 1). 

This article presents various measures that can help many companies successfully face the challenges posed by the coronavirus crisis, especially in cases where there are drops in profits and liquidity tensions. Some of the measures that will be proposed are not easy to take. When things are going well, and companies generate profits and liquidity, it is easier to lead. There is scope to increase remuneration and incentives, to make investments and to finance growth. However, in crisis years, there is less scope for joys, and cost containment is necessary, which can undermine the working environment and relationships with other stakeholders, such as suppliers or shareholders. Therefore, the people who lead it are much more complicated.

The relevant role of governments

All crises generate a lot of uncertainty and suffering. In the coronavirus case, there is also the affectation in health, which, without any doubt, is the most important. Furthermore, there are also negative consequences that affect people’s well-being: reduced incomeloss of employment, etc. In any case, as it is a crisis of a very localized origin and which does not require significant corrections to be made of economic excesses – unlike what a speculative bubble implies – if the pandemic does not last longer than expected, The economic downturn can be limited, and the recovery can be faster.

Today, we already know that, when an economic crisis erupts, it is essential that governments act quickly and forcefully rescuing the economy to avoid a spiral of company closings and increased unemployment. This was not known in 1929, but today it is. Recall that, in 1929, the predominant ideology was the liberal one, which considered that, when a crisis occurred, governments did not have to act, since they had to let the market fix everything alone. That vision of the economy caused what is known as the Great Depression. As the welfare state was very poorly developed (there was no minimum wage, no unemployment insurance, no Social Security, no retirement pensions, no bank deposit guarantee, etc.), the governments’ inaction caused the bankruptcy of thousands of banks, and millions of people lost everything. The economy did not recover until the moment a few years later, governments came to the rescue of the economy, applying what is known as Keynesian measures since they were promoted by the Scottish economist John Maynard Keynes. In the 2008 crisis, this was already known; For this reason, countries like the United States came to the rescue of their economy, and it recovered quickly. In Europe, the reaction took longer and did not arrive until, in 2012, Mario DraghiThen President of the European Central Bank made the famous statement: “We will do whatever it takes to protect the euro, and believe me it will be enough.” From that moment, the economies of the weakest countries (Spain, Italy, Greece, Portugal.) began to improve. And the economic recovery, with continued reductions in unemployment, lasted until early 2020 when the coronavirus arrived.

The effects of COVID-19 have been immediate, economic activity has collapsed, and now the challenge is to save companies and jobs. To avoid greater evils, it is essential to use Keynesian measures and get governments to act very quickly with several types of tests:

• Immediate and lost funding subsidies for the most vulnerable part of the economy. This refers to the sectors most affected by the confinements and falls in activity (restaurants, hotels, airlines, culture, sports.) and a significant part of SMEs and the self-employed.

• Provide liquidity aids (loans and guarantees) that quickly reach the neediest companies and without too much bureaucracy.

• Promote public investment in infrastructure that, in addition to generating economic activity, contributes to improving business competitiveness and the well-being of the population.

If all these measures are carried out without wasting time, the economy can recover quickly (see Table 2). Organizations such as the International Monetary Fund have already communicated that their forecasts indicate that the fall of 2020 in many countries will recover with growth in 2021. In any case, it cannot be avoided that new crises will occur again in the future. The history of the economy shows that it is a commonplace that a new economic crisis occurs every seven or ten years. Furthermore, it cannot be ruled out that new pandemics such as that of the coronavirus arise.

If these measures are not taken, it can happen as in 2008, when unemployment reached very high levels, especially in southern Europe. But these measures undoubtedly increase public debt. Therefore, it will be necessary to improve the efficiency of federal spending and raise taxes, but the latter is less evil than what is lost if one does not act quickly and forcefully. Therefore, it is better to rescue the economy for a short period than to pay subsidies for years. If the authorities do it well, learn from international best practices, and save the economy for a time, the economic crisis will be shallower and shorter.

However, the work of governments, to be as effective as possible, must cooperate with citizens. Therefore, another factor that can be decisive for exiting the crisis is solidarity in all directions, and this affects all citizens.

Company actions

Apart from what governments and citizens do, companies have to focus on what falls within their sphere of action. It is unusual not to be misled, since, amid a crisis, harmful and even false news ( fake news ) increase, which demoralizes and makes us lose concentration. Various types of measurements can be carried out.

  1. Protection of strategic assets

As a preliminary aspect that should guide our actions, we must protect assets that provide competitive advantages, such as the talent of the human team, the capacity for innovation, or the customer network.

• Regarding equipment, the health and well – being of workers must be prioritized. If, in difficult times, you bet on them, you can get more long-term commitment. It must be ensured that they are motivated and prepared for the changes that may occur. Therefore, in crises, companies have to prioritize measures that contribute to talent retention. If, due to health issues such as a virus, confinements occur, the processes must be reorganized so that the staff can work remotely and thus be able to offer more and better services through other channels (such as online) to the clients.

• But, in addition to the people who work in the company, other assets must be protected, such as customers, suppliers, shareholders, and any other interested parties. Therefore, it is convenient to analyze their needs and identify measures that can protect them and link them more with our company. For example, in the case of certain strategic suppliers, instead of delaying the payment of what we owe them, it may be convenient to anticipate it and contribute to its future viability. In other cases, it may be advantageous to expand supply sources by diversifying suppliers. For example, in the coronavirus crisis, there have been months in which the world’s factory (China) has been stopped, which has caused supply problems in many companies around the world. In the immediate future, it is possible that Sufficient stock of masks, tests, screens to isolate workers, etc.

  1. Ensure liquidity

During a crisis, most company closings occur due to illiquidity. Therefore, the control and Management of the treasury are also a priority. In many companies, the General Directorate has to work closely with the Finance Department to monitor the situation. It is necessary to verify that the financial situation is correct to face a recession. The company must have an adequate financial structure to prevent Management from losing concentration concerning what is essential: the products, the customers, the human team. Otherwise, when a company is overwhelmed by an excess of debts and due to the difficulty of meeting their payments, the Management neglects what can generate long-term competitiveness.

Among the measures that can help strengthen liquidity, the following can be mentioned:

• Expand capital when the level of indebtedness is very high. For the financial structure to be sound, the net worth must represent an integral part of the entire investment. In many sectors, the required capital (equity) is estimated to be at least 40% of all assets. If the net worth is insufficient, the company must make capital increases or sell assets. An additional difficulty is that, amid a recession, it is not easy to sell at a reasonable price. As we will recall later, amid a crisis, it is more comfortable – and convenient if liquidity is available – to buy than to sell. Those shareholders who are reluctant to increase capital have to consider that. Inevitably, in the years before the recession, the company had benefits. So,

• Freeze or defer investments that are not essential to maintain the company’s competitive advantages. These can be in price, quality, differentiation, technology, etc. 

• Freeze or defer dividends for shareholders.

• Contract bank lines of credit, taking advantage of the lines and guarantees that governments can provide in times of crisis.

• When there are difficulties in servicing short-term debts, the debt must be renegotiated, especially banking, with the part that cannot be serviced in the short term being passed over the long term. If the company is capitalized, it will be easier for banks to help refinance debts.

• Renegotiate payment terms with suppliers.

• Anticipate customer charges by offering discounts for prompt payment.

  1. Take advantage of low prices.

When economic activity falls, prices for almost everything drop significantly. This affects, for example, stocks, real estate, and many other goods and services. Many studies show that successful companies are characterized by making the purchase or sale operations in the years that it touches. Acquisitions are made shortly after a crash, and sales when prices have already risen sharply before a bubble pops. Therefore, purchase opportunities may appear, if there is liquidity that will not be needed in the coming years, in topics such as the following:

• Properties that may be of interest to the company.

• Shares of solid companies and sectors with a future that goes below what is reasonable.

• Acquisitions of companies to enhance growth.

• Take advantage of low prices to close operations and buy products or services that will be needed later.

  1. Protect margins and profits

The fall in economic activity means less consumption and less investment, which can sink our company’s sales. So first, it’s about exploring what can be done to improve revenue:

• Bet on new business lines, innovating with products or services that satisfy needs related to the health crisis (medications, masks, gels, tests, respirators), and new requirements or new consumer buying habits (purchase by Internet, online services). For this, it is essential to pay attention to market movements and use open innovation systems. The participation of employees and customers can help discover new sources of income.

• Improve the discount policy and collection systems to adapt to customers’ situations and thus be able to sell more.

• Sales can be increased by giving additional guarantees to customers, such as the rights of return, if they do not recover from the crisis. This can give them more confidence to buy our products. In this case, the company is taking the risk of more returns in exchange for increasing sales.

• If you already have online services, you can increase your promotion to increase income. In 2020, for example, there have been companies that have experienced great growth in the technological field (Amazon, Netflix, Zoom, Houseparty …). Supermarket chains and technology product shops have greatly increased their sales through online channels. Good ideas have also appeared, such as fairs and virtual events, online training programs.

• Take advantage of the possibilities presented by social networks to improve the promotion and sale of our products.

But, in addition to improving revenue, you can take steps to act on costs:

• New, more sustainable ways of operating can be explored that reduce costs. This is the case of teleworking. A study from Stanford University (2017) concluded that improving teleworkers’ productivity in the United States is equivalent to fifty more days of work per year since they are less sick days and lose less time commuting to go to work. And office space savings can range from $ 2,000 to $ 10,000 per employee per year.

• Another cost reduction measure is to hold remote meetings by videoconference to reduce travel.

• You can also cut costs that the company has been considering for a long time, but which, to avoid problems, have continued to be assumed until now. A well-known example is Anheuser-Busch, which invested a lot of money to be the exclusive sponsor of the Winter Olympics. Still, it was an investment that had no impact on its customers, even though it motivated distributors. When the 2008 crisis erupted, they eliminated that item.

• To reduce costs, you can improve the efficiency of the investments we have in the balance sheet asset. This implies taking measures such as:

• Reduction of non-current assets, renting instead of buying or selling non-essential assets.  

• Stock reduction. In this matter, it is worth remembering that a balance must be found between efficiency and guarantee of supply. To avoid that, a too low level of stocks could jeopardize supplies when any incident occurs (transport strike, factory closure due to viruses, etc.).

• Reduction of the maturation cycle. In other words, the period that elapses since raw materials is purchased, produced, sold, and collected from customers.

• Reduce customer balances through credit management techniques or customer collection management.

•  Cash management, or treasury management, to reduce idle balances and minimize account overdrafts.

These types of measures can help the company achieve the maximum possible efficiency in its assets, and in this case, it will reduce its financing needs.

• To improve, you can also take measures that affect the ability to generate benefits :

• Reduction of the cost of materials (order planning, reduction of components, long-term contracts). In times of recession, it is possible to rethink the negotiations to obtain discounts, since suppliers may be interested in slowing down the drop in sales and, at the same time, guaranteeing customer loyalty with long-term contracts. In these cases, however, the company must take its social responsibility into account and not abuse a possible dominant position that could harm its suppliers.

• Pass fixed costs to variables to achieve a more flexible structure. 

• Take advantage or sell waste. Therefore, the cost of transportation and destruction of garbage is transformed into an income when selling it.

• Cost reduction consultancies (energy, structure). Usually, these consultancies charge based on a percentage of the cost reduction achieved.

• Use new technologies to make processes cheaper. For example, using the Internet to buy, sell, or carry out other business processes.

• Reduce reduced quality costs with continuous improvement and full quality.

• Optimize costs using the zero-based budgeting technique, which eliminates waste through the analysis of all costs euro to euro. For this, it may be convenient to reformulate the budget, even if we are halfway through the year. In many cases, the drop in activity means that the budget approved for this exercise no longer makes much sense.

• Use the objective cost technique, which calculates the maximum cost that a product can cost when it has not yet been designed. To do this, it starts from the sale price at which customers will want to buy the product and subtracts the desired margin. The difference is the maximum cost that our product can have.

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A crisis is also an excellent time to undertake.

During the crisis years, fewer companies are created, and more are destroyed. Therefore, the number of companies is usually reduced. But, curiously, it is when organizations are created that can later be very successful. Table 3 shows some examples of well-known companies that were founded in years of crisis.


As a synthesis of the above, we can conclude that crises greatly complicate the progress of companies. If mistakes are made, the chances that the company will generate significant losses and end up closing are multiplied. Therefore, it is necessary to do excellent Management, especially in the most strategic aspects. Among the topics to prioritize, we can highlight giving confidence to people and safeguarding strategic assets, ensuring that liquidity is sufficient to meet commitments, and propping up profits by innovating in the business model to generate more income and control costs (see table 4). If these issues are appropriately managed, we will contribute to making the company sustainable in the long term.

On the other hand, a crisis is an excellent time to review what we do and what we don’t do. For example, in periods of confinement, many things stop being done and, instead, other new things are done. At the end of the confinements, it is worth considering whether it is necessary to return to previous practices or if some tasks or activities are not ultimately worthwhile. And vice versa: analyze whether some of the methods we adopt during confinement could be continued even when we are no longer confined.

Although it is not easy to survive and move forward amid a crisis if governments do it well, citizens cooperate, and companies take the appropriate measures, it is possible to generate value and emerge stronger. As is repeated every time a period of economic activity falls, crises are also sources of opportunities, and those who take advantage of them win.

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How to discover business ideas?



How to discover business ideas

One of the important challenges when the undertaking is the identification of business ideas, let’s remember that a business idea is conceived as something that solves something for someone willing to pay for it, this may be about facilitating a service or activity, manufacturing or marketing products, but how do you discover and identify business ideas?

In this article, we want to provide ten ways to find business ideas, particularly for people who are considering starting one and still have no clear initiative.

Ways to identify business ideas

1. Think about copying a business

Try to do the same thing that others are doing, and it is working for them, that you too can do in the same or better conditions, in the same or another place, to the same or another market.

2. Choose to improve an existing business.

A good source of a business idea is to develop an existing product or service in a better way and that they present faults or deficiencies.

In this way, you will be generating greater value or innovation in an existing or validated market.

Much of today’s technology initiatives have emerged to improve an existing product, service or business, Netflix is ​​a great example of this, where its creator after being dissatisfied with Blockbuster’s old movie rental service, he took on the task of arranging his knowledge and ability to improve the details that generated dissatisfaction with this service, including the collection or fine for delays in returning rented films.

3. Consider varying an existing business.

Another opportunity for the development of business ideas is to resort to the variation of existing businesses. This means giving an important turn to an activity or product developed, and it can be directing the existing product to a new market or a new use or utility.

An example of this has been the growing market for products and services for pets, in which today a great offer is developed that was previously exclusive to human beings; however, a large number of entrepreneurs have adapted different products and solutions to direct them to pets including dogs and cats, in this sense, grooming services, aesthetics, hairdressing, school, recreation, among others stand out.

4. Develop something exceptional or new.

If creativity is one of your great skills, developing something new or exceptional may be your option.

This alternative tries to identify problems or opportunities and be carried away by inspiration to generate new works, products, or services, previously not considered or developed.

5. Monetize your tastes

Another way to generate business ideas is to go to your tastes and passions, nothing better than life on what one likes and is passionate about or at least earn income from them.

If you have a taste or passion, it means that you are willing to invest your time in it, what you are willing or enjoy learning more every day from the one that you like or are passionate about and that you like or would like to share with others such tastes or passions, given that every day you become better, more skillful or expert in that area of ​​liking.

For this reason, your passions can be a great business opportunity. There are likely people interested in learning, enjoying, or using your expertise, knowledge, and experience in this activity.

In this alternative, it is valid to consider tastes and passions such as music, art, reading, education, writing, design, cooking, dancing, marketing, and others.

Read More: Discover 8 profitable businesses to think about in 2020

6. Exploit your knowledge or training

If you have any training in any area, you have the knowledge and skills to carry out an activity, product, or process.

Your knowledge and skills can be converted into businesses by developing products and services that help others solve a need or a desire.

This knowledge can be exploited by charging for the development of the specific activity or product, as well as by charging for sharing said knowledge and skills through training programs, or the development of info products in which it is shared—such information.

7. Enhance your work or professional experience

If you have been performing a function or activity in an organization for months or years, this has most likely provided you with important knowledge and skills that can be turned into business ideas.

Therefore, what you have done for months or years may also be developed independently for clients or markets that may need your services.

Many organizations or ventures have arisen due to some people’s decision to do for third parties what they previously did within an organization.

8. Recognize and exploit your needs

If you have ever needed to satisfy and not find a specific solution for it, you have given yourself the task of developing a solution with your means, and you have achieved it. You are facing a new business opportunity.

The above was given that like you other people very possibly have or have had the same need or problem and are looking for a solution for it that they have not yet found and what you according to your experience could help to satisfy.

9. Take advantage of changes or trends.

A constant today is a change; another way to identify business ideas is to generate products and services that capitalize on the different opportunities that social changes have been presenting or demanding.

Against this, global mega-trends can be considered. What are the specific changes that society at a worldwide level is experiencing? That, in turn, opens the opportunity for thousands of business ideas, some of the main mega-trends to date identified by researchers are:

  • Preference for organic consumption
  • Personalized lifelong and universal education
  • Globalized markets
  • Personalized marketing
  • New demographic and family structures better health technologies
  • Everyday virtuality

10. Go to your fortresses

As individuals, as well as we, have weaknesses, we also have strengths that can be recognized by third parties or by ourselves, and these strengths can become a business opportunity that can lead us to the development of products or services in favor of satisfying needs or yearnings of third parties

Recognize your strengths and explore how each of them can be turned into a great business opportunity.

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