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A reality check when you first examine the feasibility of your business idea, which forces you to consider all relevant factors. Just as a person seeking a job prepares a resume that outlines qualifications, experience, and other relevant information, a business will have a variety of uses for a “resume” of its own. The business…
Read More “Feasibility of Your Business Idea – A Reality Check” »
Everyone who opens his or her own business has a plan, however informal. The camera store clerk who decides to open a photographic studio may not have a formal, written plan outlining the steps to be taken. Hopefully, however, at some level she has organized the relevant information, performed her own analysis of the market,…
What is MRP System? A Manufacturing Resource Planning (MRP) system is a software tool that helps businesses manage their manufacturing processes more effectively. By integrating information from all areas of the business, MRP systems provide a complete picture of the manufacturing process and can help streamline operations. One of the main benefits of using an…
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When it comes to enterprise resource planning (ERP) and manufacturing resource planning (MRP), there are some key differences that set them apart. However, there are also some similarities between the two systems that make them complementary. Here’s a closer look at the ERP vs MRP debate: What is ERP? ERP is a software solution that…
The manufacturing resource planning (MRP) system is a tool that can be used to streamline manufacturing operations. It is a computer-based system that helps managers to plan and control manufacturing resources. The MRP system is designed to help managers make better decisions about production planning and scheduling, inventory management, and other aspects of manufacturing operations….
A business primarily engaged in the sale of products has a focus that is different from that of a service-based business. In a product-based business, customers don’t, for the most part, expect extensive personal services to be performed as part of the deal. They want their box of chocolate, or their auto accessory, or their…
The starting point of a service business is the fact that there are certain things that people will pay to have done for them. Maybe they don’t know how to do these things themselves. Maybe they don’t have the time. Maybe they don’t have the special tools. Whatever the reason, your business exists because other…
Very few businesses deal exclusively in the provision of goods or in the performance of services. For planning purposes, however, it is useful to consider whether your business is primarily a service provider, a seller of goods, or both. Understanding the mix of goods and services that your particular business provides to its customers is vital when…
Whether you’re in business now or you’re just beginning, the starting point of writing a plan includes a thorough analysis of where you (and your business) stand. This is a time to be brutally honest with yourself. Consider your present financial circumstances. Exactly how much do you have in the way of personal (and business)…
By its nature, a business plan requires you to project how events will turn out in the future. If the assumptions on which you base your planning are sound, the results of your operations may be very close to what you predicted. Over time, however, small deviations add up, and a plan that accurately predicted…
