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How To Measure Business Performance

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Business Performance

Business performance can be defined as the ability of a business to achieve organizational objectives by implementing effective strategies. It is regarded as an important way for companies to analyze how effective management is at achieving goals. Constant changes in market conditions mean it is essential to monitor business goals and performance to remain competitive.

Key performance indicators (KPIs) are used to help measure this and can include:

Traffic generated by a website, labor productivity, sales growth, customer satisfaction ratings,

order delivery and fulfillment speed.

By understanding how the different areas of a business are performing, it is possible to assess where it is strong, establish areas of weakness and thus adjust models and strategies for the organization to become more effective and profitable.

Getting the right qualifications

When entering or working within the business world, gaining relevant experience is key, as is personal development and studying for the best qualification to help progression in the long term. It’s vital that students make the right choice when choosing the best online mba uk for their needs. Aston University’s online MBA is designed to develop a relevant skills portfolio to improve performance, achieve goals and equip students with the breadth of knowledge to deal with any challenges that lie ahead in their working life.

Modules include measuring and enhancing financial performance, creating, and delivering customer value, and crafting organizational strategy. The degree is recognized by employers all over the world, and over the past twenty years, Aston University has consistently been ranked as a top university for graduate employability.

Online studying is perfect for those who are not able to attend campus and want to enjoy greater flexibility in how they learn and where they do it, whether it be at a local university or one situated in another country that offers the best fit for what the candidate has identified they need.

Methods of measuring performance

Firstly, a business needs to have a clear idea of its goals, and if it is adjusting them, it should set them so that they can be easily understood and measured. It could be that a company wants to find new customers, improve customer satisfaction, and generate more traffic to its website. So, it is essential to determine exactly what needs to be measured to understand how well a strategy is performing once it is implemented. Other examples of business goals could include more lead generation, increasing sales, increasing profit margins, or capturing a larger share of the market.

Critical success factors and key performance indicators

Once goals are decided, it is vital to establish critical success factors, or CSFs, which are the specific conditions of the key activities a business needs to focus on to be successful. These are a few areas that should receive constant attention from management, in which satisfactory results will ensure that an organization is competitive and business will flourish. They will also give staff focus, ensuring projects and tasks are aligned across all departments and teams.

The four main CSFs are:

Industry factors. These result from the characteristics of the industry in which a company is a part and must be done to remain competitive within a market. A tech start-up, for example, may identify innovation as a CSF.

Environmental factors. Factors such as the economy, competitors, the business climate, and technology.

Strategic factors. These stem from a company’s competitive strategy and could be how the business markets itself.

Temporal factors. Factors that are short lived and influenced by a business’s internal changes.

Critical Success Factors (CFS), although sometimes used at the same time as Key Performance Indicators (KPIs), are different measurements. The CSFs are taken from a company’s objectives and mission and could include factors such as becoming more sustainable or improving employee engagement. These are often similar to other organizations’ CSFs.

Following the identification of CSFs, it is then possible to develop KPIs, the specific criteria used to measure performance which will differ from business to business. Once clarified, they allow managers to decide whether CSFs have been met and goals achieved. KPIs can be used both to focus on personal and team objectives and clarify business-wide targets and are more quantitative and detailed than CSFs.

Some examples of KPIs include:

  • Average time to complete a task
  • Percentage of tasks completed on time
  • Cost of service delivery
  • Number of complaints received
  • Volume of tasks per staff
  • Order fulfillment cycle time
  • Production yield
  • Operating margin
  • Debit-equity ratio
  • Customer acquisition cost

They should always relate to things a business can control. For example, interest rates could be an important factor in performance, but individual companies cannot change what a central bank interest base rate is. However, an organization can control its exposure to fluctuations in interest rates, so this could be used as a KPI.

Implementing business performance targets

Each KPI that a company decides to measure should have a goal or target associated with it to gain a meaningful picture of how the company is performing.

The goals should be specific and based on questions such as what needs to be accomplished, who is responsible for it, and what steps will be taken to achieve the aim. Quantifying the goal inspires and motivates employees as they will know and understand precisely what is expected of them. The aims should also be realistic and time-bound with reasonable deadlines against which performance and progress will be assessed.

Once the targets have been set and communicated, responsibility for each of them should be assigned to the relevant manager or team, meaning they are clearly owned by an individual or department. Ensuring that the necessary resources are made available when required is vital, as is undertaking regular reviews to help motivate staff and allowing for changes if progress is not as hoped.

Making a planning cycle will enhance the ability to make changes in a company routine if necessary, allowing the management team to anticipate any problems and adapt to change more easily.

Establishing reporting processes will lead to regular and controlled data monitoring to help establish and produce valuable conclusions about a business’s performance. Data can offer business intelligence (BI) and business analytics (BA). BI enables managers to monitor current performance and can give insights into how various factors are influencing performance and how an organization has grown. It can help evaluate issues such as the strength of teams, gain insight into key customer information, and how to improve employee satisfaction. BA uses the data to inform business success in the future, allowing a company to measure current performance and encourage future profits, growth, and success

Benchmarking can help companies evaluate their success and performance against other businesses in the same market. Effectively measuring an organization’s performance often requires knowing how competitors are performing too. Establishing a benchmark for others’ performance and success can give valuable points of comparison and help gauge success against others.

It is also helpful to seek ways to be innovative in processes for measurement and monitoring and get the most value from these as companies evolve and grow. Using profits as the only measure will not give a holistic and practical insight into performance, whereas gaining a comprehensive perspective on every factor that informs performance, such as changing markets and employee retention, will give more wide-ranging information and, therefore, more effective measurements to make decisions for the future.

KPIs can be split into two types – leading and lagging and using both will provide the most holistic view of performance.

Market share

Market share is an illustration of the size of a company, which is a useful measurement of an organization’s competitiveness in its particular field. It is usually calculated as the percentage of company sales as compared to the total share of sales in its industry over a specific period. Understanding market share is important as it can influence a business’s operations, such as the prices it can offer for services and products and share performance.

When a company increases its market share, it can improve its profitability. With an increase in size, there is a change in scale, so that it can possibly offer lower prices affecting competitors’ growth.

A low market share is regarded as less than half of the market share of an industry leader, therefore if the leader has a market share of 40% and another company has 10%, then at less than 20% (half of 40%) it would be considered to have a low market share.

Thus, market share indicates how large a company is and how much influence it has within its own industry and can indicate growth and success. Companies can improve their share by offering customers innovative technology, hiring more employees, buying competitors, and strengthening customer loyalty.

Return on Investment (ROI)

Another measure of business performance is ROI, or Return on Investment, which indicates how much money is earned relative to the amount of money spent on an investment and is usually presented as a percentage. It is calculated by dividing the net profit from an investment by the cost of the investment.

It is a key performance indicator used to measure the efficiency and profitability of an investment, allowing investors to compare the profitability of their investment and help them to make decisions about where to put their capital. ROI is also used to measure the efficiency of an organization’s use of resources such as labor and materials.

It has a range of uses, such as measuring the profitability of stock shares to evaluate the success of a real estate transaction or to help decide whether or not to purchase a business. If an entrepreneur is looking at a new project, an ROI calculation can help them work out if the return they are likely to get is worth the money they will put into it, or if an investor is evaluating past and future stock purchases, it can be a speedy indicator of potential stock performance.

It does not, however account for how long an investment is held. When ROI calculations result in a positive figure, it means net returns are in the black, but when it is in a negative figure, it means the net return is in the red. It is easier to calculate in some instances than others – for example, stock share ROIs are easier to calculate than the ROI of a project under consideration.

ROI is a fairly uncomplicated metric which is easy to work out and understand and has become a standard, universal measure of profitability.

The importance of research

Measuring an individual company’s performance is important, but it is also crucial to understand external factors within the business world as a whole to put measures such as KPIs, market share and ROIs in their proper context.

Reading business insights, whether global or local, will ensure an organization is able to manage and look ahead – looking at financial information, trading trends, and technological developments and doing market research is vital. It could be done simply by talking to people, reading industry papers, browsing relevant websites and online magazines, following the news, subscribing to industry news, and analyzing websites or social media output.

For market research, for instance, there are tools and techniques as well as specialist agencies that can enable a company to gather quantitative and qualitative data and put it together in an up-to-date report, gathering large quantities of consumer information which can then be utilized to set and measure specific KPIs.

A company could ask questions about its brand to evaluate the success of how it is presented and what image it brings to mind to compare it with competitors and assess whether consumers see the company how it aspires to be presented.

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Building Contracts: They’re Changing & You Need To Know

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Building Contracts

It has never been more imperative to have a building lawyer read your contract. The pandemic created a shift in construction agreements that can be problematic for owner-builders if not properly assessed. One such change is in the special conditions placed upon agreements. There is no longer such a thing as a “typical agreement”, especially in regards to irregular price increases.

Some changes can be obvious to the owner, where others can be a little cheekier, hidden amongst “special conditions” provided with additional documentation. They typically contain jargon that lulls the owner into agreeing without really knowing what it means.

Special conditions have also changed and are now rampant in proposed agreements. This means that standard builds often contain conditions that dramatically increase the cost to build.

This is something that industry novices may not be aware of. Sure, you may see such pricing and think, “hmmm, seems a little excessive”. But would you take it further without the proper advice telling you that it’s not just excessive – it’s a flagrant rip off?

Here are some of the sneaky changes that have occurred and why you need the best building contract lawyers in your corner:

What are some of these nefarious changes?

 Building lawyers across the country are being shocked by some of the unscrupulous changes in construction agreements.

These include:

  • Agreement value & hidden extra fees
  • The agreements scope & time limits
  • Extensive power to slow down work
  • Random cost increases
  • Charges for additional questions & variations
  • Charges for delays when a site inspector visits

These sound ridiculous, don’t they? That’s because they are, and you should never agree to something like that just because they are in your proposed agreement.

How are “special conditions” being used against owners?

 “Special conditions” are being used to unscrupulously wrangle owners into paying more than they should. There are many examples of special conditions, ranging from price increases when a build isn’t completed on time to extra charges for materials.

One common sneaky move is the builder requesting extra money for speeding up the build. Sure, this may seem great (“we just have to pay a couple of thousand more for them to complete it by June!). But if they are charging you extra to complete it by June then they probably can complete it by June without the extra money.

It brings up a lot of legal issues and you should have a reputable building lawyer analyse these stipulations. This is because under fixed-price building contracts you don’t have to pay additional amounts of progress payments. You are legally protected from being charged such absurd fees.

What’s more, if something occurs outside of your agreement, then it should always be agreed upon in writing. These fees can amount to thousands of dollars, and you don’t want to pay any such fees without them being agreed upon in writing. You don’t want your already-sneaky builder thinking they can take further advantage of you. Therefore, you shouldn’t agree to make any payments that fall outside of your contract.

So, if you have any confusion regarding any perceived cheeky moves in your agreement, you should always contact a legal representative. They can analyse the agreement for any nefarious “special conditions” and whether they are legally sound. It is, of course, highly likely that they are not, so it is important that you have the experts in your corner to avoid paying any ridiculous unwanted fees.

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The Ultimate Guide to Buying the Perfect Flower Bouquet

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Flower Bouquet

There are many ways to express love, gratitude, or even apologies, but few are as universally appreciated as gifting a carefully chosen bouquet. Flowers can evoke emotions, create ambience, and even convey unspoken sentiments. That’s why it’s crucial to consider buying the perfect flower bouquet.

Worry no more if you’ve ever found yourself aimlessly searching “flower shop near me” in the hope of stumbling upon a bouquet that calls out to you. This ultimate guide will help you become a connoisseur of the craft, turning you from an overwhelmed buyer to a confident chooser.

Knowing the Occasion

Different flowers symbolize different emotions and meanings. Roses, for example, are often associated with love and passion, while lilies symbolize purity and renewal. Understanding the occasion, you’re buying for can significantly narrow down your choices and guide you toward an emotionally resonant bouquet.

Seasonal Choices

Always keep in mind that flower availability varies with the seasons. Spring blooms like tulips and daffodils are not commonly found during winter, and vice versa. If you’re looking for a fresh and vibrant bouquet, your best bet is to opt for seasonal flowers.

Colour Matters

Visual appeal plays a significant role in how your bouquet is received. A rule of thumb is to choose colours that are either complementary or analogous on the colour wheel. For a romantic feel, you might go for reds and pinks, while a bouquet meant to evoke serenity might include whites and blues. The colors should match the sentiment you wish to express.

The Art of Arrangement

An often-overlooked factor in selecting a bouquet is the arrangement. The way flowers are arranged can significantly influence their overall appeal. Professionals use principles of design to create bouquets that are balanced, harmonious, and truly eye-catching. If you’re unsure about which arrangement to choose, consult the experts. A renowned flower boutique like Bella Fleur specializes in creating aesthetically pleasing and emotionally resonant arrangements.

Buy Bouquets with Extras

Sometimes, when you buy bouquets of flowers, it’s not just about the themselves. Additional elements like a beautiful vase or decorative touches such as twigs, berries, or a personalized note can elevate your bouquet to the next level. These extras add character and can make your gift truly memorable.

Freshness Guaranteed

The last thing you’d want is for your flowers to wilt within a day of gifting them. Always ensure the flowers are fresh, petals are vibrant, and leaves are green. It’s also wise to inquire about the longevity of the bouquet and how best to preserve it.

Final Thoughts

Buying the perfect flower bouquet is an art as much as a gesture of goodwill. From understanding the occasion and season to choosing the right color and arrangement, many factors make your bouquet special. The next time you search for a “flower shop near me,” remember that a reputable and professional boutique like Bella Fleur can make your quest for the perfect bouquet an absolute delight.

So, step into the world of florals with newfound confidence and give the gift that speaks the universal language of beauty and love.

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Business

Georgian Style Wedding Menu

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Wedding Menu 1

Georgia is an amazing country and there are many reasons for that, but one of the main ones is the fact that one of its most outstanding achievements is its dining culture.

Yes, you heard right. That’s exactly right.

If Italy is famous for its Colosseum, Greece for its democracy and France for its exquisite cuisine, Georgia has elevated the culture of celebrating significant days and simply eating food into something completely new and unexpected.

Celebrating special dates such as birthdays, New Year, weddings and so on is customary all over the world, but only here the celebrations are held with such magnitude and excitement. Georgians not only adore holidays themselves, but also consider it a mortal offense if you refuse to be their guest. Not in vain according to ancient traditions, refusal to come to the wedding could be the cause of a long feud.

If you want to repeat a real Georgian wedding, you will need at least a few elements:

  • A Georgian family.
  • Lots of guests.
  • Georgian music.
  • A toastmaster.
  • Local cuisine.
  • Georgian wine.

Yes, it is simply impossible to recreate a real Georgian wedding without family and guests. So get ready to send out a huge number of invitations, look for a good toastmaster and take care of a decent meal.

What to feed guests at a Georgian wedding?           

The menu at a Georgian wedding involves two components:

  • There should be a lot of food.
  • It is necessary to treat the local cuisine.

It is so traditional that the Georgian festive table should simply burst from the number of dishes. None of the guests should not go hungry. Therefore, the portions in Georgian cuisine are large, and the dishes are nutritious.

The menu at a Georgian wedding includes:

Cold and hot appetizers:

  • Badrijani;
  • Lobio;
  • Pkhali (from spinach, beets, sauerkraut, nuts, etc.);
  • Kuchmachi;
  • Jonjoli;
  • Pickles;
  • Cheese aasorti;
  • Vegetable plate with greens;
  • Mushrooms on keci;
  • Salads.

Meat dishes:

  • Hinkali (with pork, lamb, veal or cheese);
  • Shkmeruli;
  • Ojakhuri;
  • Chashushuli;
  • Mtsvadi;
  • Ostri;
  • Satsivi;
  • Chakhapuli;
  • Tobacco chicken;
  • Chanakhi;
  • Chakhokhbili;
  • Shashliks.

Pastries:

  • Achma;
  • Khachapuri in Adjarski style;
  • Khachapuri in Mingrelian style;
  • Royal khachapuri;
  • Gurian pies;
  • Kubdari;
  • Mchadi;
  • Shotis puri (Georgian pita) – instead of bread.

Dessert:

  • Chiri;
  • Baklava;
  • Tatara;
  • Churchkhela;
  • Nazuki;
  • Pelamushi;
  • Tklapi;
  • Pastila;
  • Kozinaki or gozinaki.

Beverages:

  • Natakhtari;
  • Zedazeni;
  • Kazbegi;
  • Lagidze;
  • Red or white wine;
  • Chacha.

Georgian cuisine is quite diverse and extensive, but another huge plus is the abundance of purely vegetable dishes. This means that even guests who consciously or for other reasons do not eat meat and fish, will be able to find something tasty for themselves.

For traditional weddings even adopted the order of appearance of certain dishes on the table and not everything that we have listed can be attributed to the classics of the wedding celebration. But today, couples rarely prefer to strictly adhere to the rules, and in most cases choose a mixture of Georgian and other cuisines of the world for the wedding table. Which is quite understandable.

What cuisine for a wedding to choose foreign couples in Georgia? 

Wedding agency “Shu Wedding” is engaged in organizing weddings for couples from other countries in Georgia and here is what we can recommend you on this issue:

  • Before making Georgian dishes the main treat of your table, you should try them and make sure that you like them at least yourself.
  • It’s a local tradition to invite a lot of guests and set a huge table with an abundance of food, but that doesn’t mean you have to do the same. You can invite a few close people and limit yourself to a minimum of food. After all, this celebration is not about food, but about love.
  • Do not get carried away with Georgian wines. Despite their apparent lightness and the ability of locals to drink them like water, they are quite strong and insidious.
  • Do not limit your wedding menu to Georgian cuisine only. There is no better solution than to combine local cuisine with your traditional or familiar food.

The wedding menu is an important enough element of the celebration, but do not forget that even without dinner and guests, your wedding in Georgia can be unforgettable.

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