A Basic Guide to Business Management

Business management is the effort and actions to improve the productivity and competitiveness of your company. According to Alan Safahi, an experienced entrepreneur, a company's management optimization aims to improve things.

Identifying the factors that influence the success or better results of the management is necessary. Business management seeks to ensure that the supply meets the demand for the different activities or products of the company.

It ensures procedures with lower costs and benefits the consumer, thus constantly increasing the company's productivity. Faced with a global panorama, where the market is changing, the development of information and communications technologies (ICTs) has led companies to function in an increasingly complex context with easy access to information.

Companies must take on the challenge of modifying and adapting business management to successfully compete in the changing, competitive, and flexible market. Today's article will discuss business management and its critical aspects to help you understand the concept and make the most of it. Read on!

Critical Aspects of Business Management

The managerial function involves the ability to lead, be recognized, and be followed by dependents. According to Safahi Orinda, it requires greater professional technical capacity and other managerial aspects, such as:

• Decision making

• Honesty and impartiality

• Imagination, creativity, and development of new ideas

• Supervise, control and lead

• Assume responsibilities and run inherent risks

• Ability to analyze and solve problems

• Detect opportunities and generate new business

• Ability to adapt to change

• Active communication and conflict management

• Management of marketing techniques to promote products and services

Business Management Techniques

Business management involves handling a set of techniques, which depend on the company's size and find proportional difficulties in business management. It focuses on improving productivity, sustainability, and competitiveness, ensuring the viability of the company in the long term. Alan Safahi recommends considering the following business management techniques.

Administrative Management

Plan the company's future work, set strategies and goals or objectives to be met, organize, determine the functions and structure necessary to achieve the objective, establish roles and processes, and assign these responsibilities to people.

Strategic Analysis

Diagnose and identify the most likely international, national and local political, economic and social scenarios, to analyze business agents. It involves researching your organization's business culture and environment, formulating strategic planning, and making informed decisions to ensure everything goes smoothly.

Technology and Financial Management

Apply the company's internal and external information and communication systems to all areas to make appropriate decisions through the Internet. Technology is an integral part of your company that streamlines communication, improves data protection, and optimizes operations.

According to Alan Safahi, financial management involves obtaining money and credits at the lowest possible cost, assigning, controlling, and evaluating the use of financial resources of the company to achieve maximum returns, and keeping an adequate accounting record.

Human Resource Management

Seek the use of the workforce in the most efficient way possible, worrying about the process of hiring, maintaining, and developing employees. It involves training and development programs to improve employees' skills, align their skills with the company's objectives, and put them in the right direction to improve productivity.

Logistic Management

Logistic management is an integral part of your business. According to Safahi, it involves purchasing, storing, and supplying goods and services that will satisfy consumer needs, transforming a set of raw materials, labor, energy, supplies, information, etc.

Business Management Functions

Alan Safahi Orinda says business management functions are critical to your company's success. It helps you understand your company's areas, such as human resources, financial aspects, technology tools, productivity strategies, and marketing plans. Here are the four critical elements of business management functions.

Planning: This function contemplates establishing the goals and strategies of the organization. Therefore, based on sound business management, a good businessman seeks to consolidate his model that involves detailed plans for integrating and coordinating activities.

Organization: Design the structure of a business or company. Determine the tasks and functions, personnel and decision-making levels, dependencies, and obligations.

Management: Companies, businesses, organizations, or institutions' success depends on their employees. The responsibility falls on administrators to direct, coordinate and lead the activities of the staff.

Control: A company with goals, formulation of plans, structural outlines, training and motivation of personnel, also needs to ensure operation, based on monitoring the performance of the business or organization to compare the results with the goals set and estimated budgets.

Final Words

There are various functional areas of business management. However, Alan Safahi recommends focusing on strategy, finance, marketing, technology and equipment, human resources, and operations.

When you understand these areas, you can streamline your business management, increase employee productivity, promote products/services, reach prospective customers, turn them into loyal customers, and improve your overall business's bottom line.  

Originally Posted: https://vocal.media/journal/a-basic-guide-to-business-management-by-alan-safahi

Things to Consider Before Starting A Small Business

Starting a small business requires thorough planning and preparation, allowing entrepreneurs to develop goals, strategies, and actions to ensure their business thrives and stays competitive, prospers, and improves the overall bottom line. 

According to Alan Safahi Orinda, a professional entrepreneur and founder of a startup company, small business is the backbone of socioeconomic prosperity, with about 31.7 million small businesses in the U.S economic system. 

Before starting a business, Alan Safahi recommends that you take a few steps to improve your chances of success. Today’s article will discuss critical things or factors to consider before starting a small business. Read on! 

1. Self-Assessment

The most important task, and also the first that you should carry out, is a self-assessment. Being the owner of a business can be a challenge. Knowing your weaknesses and strengths helps you focus your initial efforts on the things you do the best while at the same time finding ways to improve or compensate for your weaknesses.

2. Multitasking Skills 

When you start your own business, you must do everything yourself. It can be a significant change from working for someone and being responsible for only one area of a company’s operations.

According to Alan Safahi, you may have the right profile to start a business if you think of risks as an opportunity rather than a threat. Think about how you would handle unexpected projects. Starting a business often means unexpected setbacks and spontaneous opportunities that you need to act on quickly.

3. Business Proposition 

It’s essential to clearly understand and define your unique proposition to potential customers. While you can have a concept so different from anything seen on the market before that it grabs immediate attention, it is through the application of the following tactics that companies often achieve success: 

• Take an existing product and improve it 
• Develop a new product based on your target audience’s needs 
• Innovative aspect to offer something attractive or beneficial
• Develop an idea that will successfully cover a unique market
• Develop new markets or promotion techniques for existing products

4. Writing a Business Plan 

A business can help you bring on new partners and get funding. According to Alan Safahi, an experienced entrepreneur, having a solid plan will help investors feel more committed and confident because they will see a higher ROI. 

In addition, a business plan is a powerful tool to persuade investors and people working with you. It enables you to develop S.M.A.R.T goals, create effective strategies, and make informed decisions to streamline your company operations. 

A business plan defines your business idea, identifies your goals, and functions as your company’s resume. Essential components include a current and pro forma balance sheet, a profit and loss calculation, and a cash flow analysis. 

Because it provides specific, organized information about your business (including how you plan to repay your loans), a good business plan is a critical part of any loan application.

5. Business Capital and Expenses 

Capital can be obtained through bank loans, personal savings, family contributions, etc. A professional business coach or mentor can help you identify the type of financing and lender that’s right for you while helping you organize your loan application.

You must know all your expenses, both your initial one-time expenses and the steady demand for cash. You must itemize each purchase and each payment and determine its actual cost. 

Alan Safahi recommends taking into account: equipment, insurance, business presentations, advertisements, furniture, stationery, supplies, inventory, legal and accounting services, salaries, bank commissions, employment benefits, etc.

6. Set the Accounting System 

If you don’t keep track of sales, inventory, expenses, and cash flow, you won’t know if you are making or losing money or being out of stock. These records will also allow you to compare your current results with your projections and will be needed when you file your taxes at the end of the year. 

An accounting system helps you monitor your business growth, build financial statements, track deductible expenses, prepare tax returns, streamline finances, and legitimize your filings. Therefore, establishing an accounting system is critical to organizing receipts, documenting data, and analyzing records. 

Final Words 

Starting and running a small business is one of the best ways to escape the traditional nine to five job, access credit, stay competitive in the market, and streamline your company’s operations to improve its overall bottom line. Similarly, it gives you personal satisfaction, access to resources, technology tools, and flexibility with changing conditions. 

Alan Safahi says a small business requires you to thoroughly analyze the market conditions, define your target audience, and develop a product that aligns with customers’ needs. Consider the factors above to optimize the overall process and achieve your goals. Until Next Time!

Originally Posted: https://alansafahicontracosta.com/things-to-consider-before-starting-small-business/

Best Payment Processor for Your Business

A payment processor allows you to accept your customers’ debit card, credit card, and ACH payments. You must choose a reliable processing service to leverage a powerful and customized system and manage your transactions effectively, reliably, and quickly. Today’s article will list eight tips to select the best payment processor for your business. Read on!

Transaction Types

According to Alan Safahi, an experienced, skilled, and professional entrepreneur, transaction types are the first factor to consider when choosing a payment processor. It refers to the methods by which the payment data enters the system. Safahi says this may include:

• In-person data
• Online information
• Invoiced data
• Keyed data
• Mobile-entry transactions

Therefore, look for different methods you take payment data and confirm that the software tool or payment process has these features. If the payment processing system offers these essential features, go for it.

Pricing Transparency

Pricing transparency is another critical factor when selecting a payment processing system for your business. According to Alan Safahi, a successful business owner in San Francisco, pricing transparency enables you to compare products and services, define the right pricing strategy, and save time.

In addition, it indicates your company is confident, dedicated, and committed to providing the best services to consumers. Likewise, it showcases your company’s fees are competitive. Therefore, choose a payment processing system with high pricing transparency features.

Processing Service Price

The cost or price of a payment processing service is one of the most significant factors to consider. Safahi recommends looking at the costs of a processing service, including monthly fees, transaction fees, chargeback fees, membership fees, PCI compliance, and cancellation fees.

A company that offers the cost per transaction via an interchange-plus model is less than the cost per transaction via a flat-rate model. However, Safahi says that monthly volume minimums and fees with a pricing model can add to the service’s costs. So, it would be best if you found a payment processor that comes within your budget.

Technology Features

Technology is an integral part of a modern payment processing system. For example, a card reader and associated application are essential if you plan to receive in-person payments.

Remember, the card reader technology must accept magnetic stripe cards, contactless payments, and EMV chip cards. Alan Safahi Orinda says payment processors like “Square” provides companies with a free magnetic strip card reader.

However, they charge businesses for an EMV chip. Therefore, contactless or EMV chip reader fees and applications can add to the service’s overall costs. Safahi recommends choosing a reader with high Android and iOS smartphones.

Point-of-Sale Hardware

Most systems offer payment processing and POS system. However, they are different things. A POS system can process card transactions and record cash payments, inventory management, sales reports, and integration with accounting software.

So, if you are looking for a system that combines POS and payment processing options, make sure you choose a system with cutting-edge features. You can select a processing system that aligns with your current POS system, including hardware and software capabilities.

Accounting System Integration

Choose a payment processing system that exports transaction data to your accounting software. According to Safahi, exporting transaction data to your accounting software is essential regardless of a card reader and application or a complete point-of-sale system.

Therefore, the payment processing service you choose for your business must import or synchronize sales data to the accounting software. The purpose is to improve accuracy, enhance precision, make an informed decision, and save yourself from manually entering the data.

Contract Duration

Alan Safahi recommends choosing a short-term contract because you may not like the service over time. Although some payment processing system providers do not require a contract and provide monthly services, determining the contract duration and features of the service is crucial to streamlining the entire process.

Some companies tell their clients to “Cancel” at any time; you must confirm they don’t charge termination or cancellation fees because this can cost you money. So, perform thorough research before choosing a payment processor for your business.

Customer support

A payment processing system provider that offers 24/7 customer support is reliable and convenient. Therefore, select a company that provides 24/7 help to resolve problems immediately.

Although most companies do not prioritize 24/7 support for businesses that need payment processing systems, choose a service provider with experienced professionals. The purpose is to contact them anytime, discuss issues, and receive solutions to the problems.

Final Words

A payment processor is an integral part of your business that helps you manage credit card and debit card transactions. It acts as a mediator between a financial institution and a merchant.

Consider the factors above to choose the best payment processing system for your system and authorize credit card transactions efficiently, reliably, and securely. Until Next Time!

Originally Posted: https://vocal.media/journal/8-tips-to-choose-the-best-payment-processor-for-your-business

How to Launch a Tech Startup?

Launching a tech startup requires planning, preparation, and a step-by-step approach. Alan Safahi, an experienced San Francisco-based entrepreneur, says that a tech startup begins with a business idea and turns into a cutting-edge product.

When you develop an innovative technology product, it reaches millions worldwide. According to Alan Safahi Orinda, think of Google, Facebook, and Apple, the most popular and profitable organizations, began as technology startups.

Besides, tech startups focus on developing innovative products that provide an effective and reliable solutions to users’ problems. A successful startup identifies and addresses customers’ pain points.

Today’s article will give tips on launching a successful and profitable tech startup based on Safahi’s insights. Follow these strategies to streamline the entire process and achieve your goals. Read on!

Create an Innovative Product

Building a tech startup requires a step-by-step approach, and the first step is to define your company’s vision. It focuses on developing a product on innovative and technological foundations.

Your enthusiasm, commitment, and passion for building a product are critical to your startup’s success. Data collection identifies consumers’ pain points, analyzes them using analytics, and generates valuable insights.

For example, your company offers a SaaS-based cloud storage platform, allowing businesses to store and access their files, documents, data, etc. While using the app, you identify several bugs that cause problems for the users.

In that case, your development team makes substantial efforts to eliminate the bugs and launch a new product version that understands users’ pain points and addresses their concerns. The purpose is to provide consumers with better experiences.

Develop a Business Plan

Your business plan must align with your vision and mission. For example, your business answers the question of how you can create an innovative product. However, this becomes possible when your vision answers the question/problem.

Sometimes, entrepreneurs develop a business plan at the later stages. Other times, people develop it right at the beginning of building a startup. Although this depends on your preferences and goals, it is critical to include all business plan elements and align them with your objectives.

Alan Safahi Orinda, a successful startup owner in San Francisco, recommends adding short-term and long-term goals to your business plan. At the same time, focus on your target market/audience, competitors, industrial opportunities, trends, financial and operational milestones, and projections.

Build Your Minimal Viable Product

A minimum viable product, also known as MVP, is a prototype of your technology product. The prototype has a few essential features that attract your target audience’s interest.

According to Alan Safahi Orinda, you must create a minimal viable product to test whether it meets the requirements of your target market. Launch the MVP and see whether it addresses consumers’ pain points.

Thus, you can further develop the product and include more features. However, if your MVP fails the test or does not attract consumers’ interest, you will have to create the product from scratch.

Collect Customers’ Feedback

Collecting customers’ feedback on your MVP is critical in launching your tech startup because the data gathered can help you enhance your product’s features. For example, users may provide feedback about the product’s design.

Likewise, your SaaS-based cloud storage service may have security issues. The collected feedback can help you identify and address problems based on consumers’ preferences.

Originally Posted: https://alansafahiorindaca.wordpress.com/2022/08/15/how-to-launch-a-tech-startup/

How to Increase Brand Loyalty with Email Marketing?

Research shows that 87% of entrepreneurs, small businesses, and marketers use email marketing to engage their target audience, existing and potential customers. Although email marketing is a powerful method to promote your brand, products, or services, most entrepreneurs find it challenging to create a successful strategy.

However, Alan Safahi, a professional San Francisco-based entrepreneur, says that email marketing is a practical, reliable, and cost-effective way to gain new customers when done right. Remember, this requires careful planning, strategic objectives, creative thinking, and implementation to increase brand loyalty.

Deliver Special Offers

Creating email marketing is an excellent way to increase your brand loyalty and get repeat customers. Delivering special offers is a reliable method to achieve brand loyalty and high-paying customers. For instance, you can offer special discounts, coupons, and promotional gifts, such as t-shirts, mugs, USB drives, etc.

Share Stories

Telling your brand story can engage your existing and prospective customers. The purpose is to tell them about your company, products, or services. Alan Safahi recommends making the stories compelling and enjoyable to read and encouraging them to look forward to your next email.

Focus on Personalized Content

Recent research reports and studies show that 90% of consumers prefer personalized content from companies and small businesses. According to Alan Safahi, founder of a profitable startup in San Francisco, personalization helps consumers feel valued and part of your brand community. As a result, it creates an emotional bond with your company and increases brand loyalty.

Delight and Inspire

The primary objective of sending emails to your target audience is to inspire and delight them with your content, offerings, discounts, and helpful information. Each email must provide value to your customers and address their pain points, concerns, and problems. You can personalize the experience by handling each customer’s unique issues.

Add a Link to the Review Page

Emails are reliable to promote your brand, develop your reputation, and maintain customer loyalty. However, getting customers to engage with your brand is the essential secret of leveraging email marketing.

According to Alan Safahi, adding a review page link to your email can encourage consumers to leave a positive review. You can add your website’s review page or a third-party review site link.

Alan Safahi Orinda says reviews help entrepreneurs, small business owners, and companies promote the brand reputation and increase loyalty while gaining new customers. Leverage your email marketing to keep customers coming.

Avoid Cold Email Marketing

Email marketing is a robust tool for entrepreneurs and small business owners to broadcast educational and helpful content to their customers. However, avoid cold email marketing because prospects are more likely to ignore your message.

Likewise, your target audience may not respond or provide feedback immediately. Cold emails are often neglected to open and read. Your potential customers get lots of emails, making it challenging for your company to stand out.

Therefore, send quality, engaging, and relevant emails with educational content to make your prospects feel valued. The purpose is to help your subscribers learn more about your products or services.

Originally Posted: https://medium.com/@AlanSafahi/how-to-increase-brand-loyalty-with-email-marketing-4e91c927ba79

How to Get More Views on LinkedIn Profile

LinkedIn is the most reputable social networking platform for business professionals and entrepreneurs. Studies show that the platform has more than 830 million users worldwide.

Therefore, creating a LinkedIn profile is essential for entrepreneurs to reach their target audience and make a positive impression on potential employees and customers. However, this requires you to have more reviews on your profile.

Bear in mind that your LinkedIn profile is like your home’s curb appeal. Like prospective customers look at your home’s curb appeal before deciding to purchase your property, your LinkedIn profile showcases your brand and company’s values. Here are a few ways to get more views on your LinkedIn profile.

Craft a Keyword-Rich Headline

A headline is an integral component of your LinkedIn profile. According to Alan Safahi, a professional entrepreneur in San Francisco, it shows up in the SERPs next to your headshot and name. At the same time, the headlines appear at the top of your LinkedIn profile page.

Therefore, create a keyword-rich and impactful headline to get more views on your LinkedIn profile. Besides, the headline must reflect your company or brand to catch the attention of your prospective clients.

Alan Safahi Orinda recommends using relevant keywords that align with your niche or industry. Use action verbs to describe your brand and highlight your company’s product or services.

Use a Professional Headshot Photo

Your headshot is a critical element of your LinkedIn profile, allowing you to get more views on the platform. It helps people put a face to your company name. Likewise, it makes you stand out from the competition.

According to Alan Safahi Orinda, your headshot must look professional. The purpose is to showcase that you are an experienced entrepreneur. Safahi suggests using a plain background and focusing on the lighting while capturing the headshot.

Tell Your Career or Brand Story

Tell your career or brand story is one of the best ways to get more views on your LinkedIn profile. Alan Safahi advises focusing on the “About” section to showcase your brand, products, or services.

The about section tells your brand story with a compelling hook, showing your brand values and benefits offered to your employees and customers. Avoid copying your company’s mission and vision.

Share a bit about yourself and keep it relevant to your brand. Specificity is crucial. For instance, you can say something like, “I am a professional entrepreneur.” Highlight your brand, business products, organizational culture, and success stories to stand out from the competition.

Focus on the results and projects you have completed successfully, and add statistics about your organizational success. Thus, you can attract more people to view your profile and improve your business’s bottom line.

These are the three best strategies to improve your LinkedIn profile and make it more professional, leading to successful marketing for your entrepreneurial career and brand reputation. Until Next Time!

Originally Posted: https://alansafahicontracosta.com/get-more-views-on-linkedin-profile-tips-for-entrepreneurs/

Cash Flow Management Tips for Entrepreneurs

 According to the United States Small Business Administration (S.B.A.), about 65% of new businesses do not survive for more than ten years. Alan Safahi, Orinda, an experienced San Francisco entrepreneur, has conducted thorough research on small businesses and entrepreneurial strategies.

Safahi says about 50% of small businesses fail in their first five years. Most entrepreneurs focus on running their businesses without streamlining their cash flow management, one of the most significant factors leading to business failures.

Therefore, keeping a close eye on your account balances is critical for business success. Otherwise, you may lose track of your expenses and fail to achieve your financial benchmarks. Alan Safahi Orinda argues that cash flow management is not challenging and requires creating a workable system to manage day-to-day cash flow.

Track Accounts

Mot entrepreneurs in the United States have a business checking account. Although you can have other business accounts, a checking account is the most common one. It will help if you track your transactions going into and out of your company accounts daily or weekly.

You can do this using a paper register or online. Reconcile your business accounts monthly by comparing your bank statements with your company’s records. The purpose is to correct discrepancies, remove errors, and achieve accurate data.

Categorize Expenses

Tracking your business expenses is one of the challenging tasks because you have to keep an eye on your bank accounts. It requires you to spend a lot of time reviewing your accounts.

However, you can avoid this issue by categorizing your expenses, such as equipment, loan repayment, inventory, and marketing expenses. Categorizing your business expenses helps you prepare for upcoming budgets and analyze areas that require improvement. The primary objective is to reduce expenses and streamline profits.

Create Room For Reserves

Building reserve funds into your business’s operating budget is the best way to manage your cash flow and mitigate the risk of errors. Bear in mind that unexpected expenses can post a cash flow challenge or emergency, primarily when your revenue and profits cover your company’s costs.

Therefore, set a S.M.A.R.T goal and analyze the amount of money to keep in your reserve account. Check your balance every time your track your business account transactions. Cut your expenses or make efforts to increase profits if your reserve fund decreases or drops below the minimum amount.

Automate the Process

Although entrepreneurs can track their finances via spreadsheets or a piece of paper, Alan Safahi Orinda recommend automating your cash flow management. The purpose is to reduce the risk of human errors.

You can find multiple tools to automatically handle your cash flow. However, Safahi recommends purchasing a premium tool that offers effective cash flow forecasting and lets you see your business accounts from one place.

You can use the automation tool to recognize patterns via data-based insights and analytics. Thus, you can plan for balance forecasts in the future and improve your business’s cash flow management.

Originally Posted: https://alansafahiorindaca.wordpress.com/2022/08/04/cash-flow-management-tips-for-entrepreneurs/

Best Free Software Tools for Entrepreneurs

Entrepreneurs and small business owners may not have enough money to purchase premium software or tools to streamline their business operations. According to Alan Safahi, an experienced entrepreneur and owner of a profitable startup company in San Francisco, entrepreneurs who focus on technology can optimize their business tasks/processes, ensure better management, and improve their company’s bottom line. Here are the five best free tools for entrepreneurs.

1.   LibreOffice

According to Alan Safahi Orinda, LibreOffice is one of the best business tools for entrepreneurs. It offers a free collection of office tools that allow them access to word processing, downloadable spreadsheets, and presentation software.

You can download the app or software from LibreOffice’s official website. Avoid downloading the app from third-party websites to avoid potential viruses. LibreOffice is much better than Microsoft Word, offering various features you can’t find in MS Word.

2.   Trello

Trello is another best tool available on the market, allowing entrepreneurs to create an unlimited number of checklists, cards, and other list types. Although the app has free and paid versions, Safahi recommends the free version has enough features to benefit entrepreneurs.

You can add the lists and cards into a collection to make the system streamlined and easy to navigate. In addition, users can add and remove group members. If you want to access advanced features, Safahi suggests purchasing the premium version. It is one of the best project management tools for entrepreneurs.

3.   Google Hangouts

Google Hangouts enable an entrepreneur to create phone calls, video calls, and online chat forums. It is a free tool, and you can use your Gmail account to access it. Audio and video calls with ten employees or customers.

In addition, you can share your screen for presentations. Google Hangouts allows entrepreneurs to share websites, documents, videos, and other files. The chat feature on the free version supports up to 150 participants.

4.   Google Drive

Google Drive is a powerful service for entrepreneurs and small business owners to access word processing, spreadsheets, slideshows, and form software. You can use your Gmail account to use Google Drive.

The free version allows you to access 15GB of cloud storage. The best feature of Google Drive is that you can update your documents in real-time. So this makes it ideal for real-time collaboration and interaction on your company projects.

Google Drive enables entrepreneurs to upload, download, and edit documents in Microsoft format. You can share documents with partners, clients, customers, and employees.

5.   Buffer

Social media management is critical for entrepreneurs to reach their target audience, engage them with valuable content, and improve their business’s bottom line. Buffer is another free tool that lets you manage your social media accounts and streamline your marketing efforts.

Besides, the free version of this software enables entrepreneurs to manage up to three social accounts simultaneously. Alan Safahi recommends Buffer optimize its social media management strategy, drive website traffic, increase sales, and generate higher returns on investments (ROIs).

Originally Posted: https://alansafahicontracosta.com/best-free-software-tools-for-entrepreneurs/