Work-life balance as a Business Development Executive is a term used for the idea that an individual needs time for both work and other aspects of life (personal interests, family and leisure activities).
Our schedules are getting busier than ever before, which often causes our work or our personal lives to suffer. The compounding stress of Business Development Executive from never-ending workday is damaging. It can hurt relationships, health and overall happiness.
The best work-life balance is different for each of us because we all have different lives and different priorities. Work-life balance doesn’t mean an equal balance. There is no perfect balance you should be striving for. At the core of work-life balance is meaningful daily Achievement and Enjoyment.
When employees feel a greater sense of control and ownership over their own lives, they tend to have better relationship with management and tend to feel more motivated and less stressed out at work, which in turn increases company productivity and reduces conflicts.
Companies that encourage work-life balance have become very attractive to workers. These companies also tend to enjoy higher employee retention rates and more loyalty. Promoting balance is beneficial to both employees and companies.
We select our store locations. We select our staff. We select the merchandise to carry; and along those lines, we select our vendors. Selecting the correct vendors - in addition to managing these vendors during the selection process and beyond - can often be the difference between making your store profitable or simply providing real estate for the vendors to sell their goods. It is time to manage your vendors!
So... raise your hand if you have ever conducted a thorough Request For Proposal (RFP) process for you vendors. Anyone? In truth, not many have to the extent that you evaluate multiple vendors, creating competition for space in your store. How you manage the RFP process can and will set the tone for all your go-forward vendors. A well-thought out process to vendor selection, can provide real opportunities for you in the following areas:
Rebates: Did you know that vendors offer rebates based on product placement; rack allowances; product movement and other considerations? In some cases, the vendor receives manufacturing rebates that you need to ensure are passed onto you. The RFP Process ensures you identify and capture your fair share.
Incentives: The vendor is in your store for one thing - to sell their product. Meeting the goals of the vendors should only be achieved if they are aligned with your goals. What types of incentives do you vendors provide you in order to meet that goal? Work with the vendor to establish incentives for each party that foster alignment.
Deliveries: You pay for delivery whether you believe that or not. Manage the amount of deliveries to your store on a weekly basis so that you have enough inventory on hand, but not so much that you are paying full-load delivery fees for partial deliveries. You may want to consider adjustments based on seasonality.
Never Out of Basics: All stores carry that "MUST HAVE" product that you can never be out of - ever! Identify your "must have" products and ensure that you and your vendor have a clear understanding on the ramifications if any of these products are ever out of stock. Build in financial penalties for the vendor if you are shorted product on your core offerings.
Marketing: Identify programs and investments that your vendor partner will make in advertising and promoting their products. These should be managed in concert with your overall marketing of your store and determined jointly with the vendor to ensure their financial obligation, as well as timing.
Payment Terms: Standard policy is net 30 days, but have you inquired about discounts if you pay earlier? In some cases, the squeaky wheel gets the oil and if you are in a position to negotiate more favorable payment terms, do so.
Product Returns: Have you established a specific contractual obligation on product or damaged returns? Re-slotting fees and other incremental mark-ups by your vendor with regard to returned products could eat away at your gross profit. In addition, now is the time to establish the process for replacing damaged products.
Contract Terms: How long are you committed to this vendor and what are the "out clauses" in the contract should a better vendor come along? The best place to negotiate this is during the RFP process when the vendor is hungry for your business.
Mark-Ups: Every product you purchase comes with a corresponding markup - or the manufacturer/vendor profit. Most of these markups are determined by a category of products as opposed by the product SKU. Knowing your industry markup ranges by category will better prepare you in establishing the best cost structure for your product acquisition.
Conducting a thorough RFP Process is critical for establishing not only your pricing structure with your vendors but also in developing the process in which business is conducted. Remember, vendors are in YOUR store and it is up to you to determine the roles that each of them play. If you do not take control of your vendors from the onset, you will face an uphill battle within your own store. Or as Winston Churchill once said, "he who fails to plan is planning to fail."
There are many ways employers can promote work-life balance in office, some of which are: company outings, offering remote working and flexible hours, providing good health coverage, encouraging employee education.
Roadmap to a Customer - Centric Strategy
Empowering employees like Business Development Executive to take control over their work and home lives can have a profound impact on their job satisfaction and performance, enabling companies to achieve success. Achieving work-life balance is a daily challenge. It can be tough to make time for family, friends, community participation, spirituality, personal growth, self-care, and other personal activities, in addition to the demands of the workplace.
How should the practice of business continuity evolve to manage the threats and opportunities faced by organizations today and in the future?
Business resilience is the ability an organization has to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people. The CulturalManagement provides experts to partner with your organization and develop a comprehensive emergency preparedness and disaster management program.
Deciphering consumer's behavior is the biggest challenge before the manufacturing companies. The success of any product and service largely depends on the consumer's response and behavior. There is no set test to analyze consumer's behavior. The behavior of consumer is affected by several factors and these factors directly indirectly influence the buyer's behavior. Many scientific methods are followed by the companies to analyze the consumer's behavior.
Consumer behavior is exposed to various factors and these factors directly and indirectly influences a consumer's decision in choosing a particular product. A factor such as motivation, learning, and perception great affects consumer's decision. There are several outer factors such as culture, environment as well.
Companies are spending millions of dollars to examine and analyze the consumer's behavior so that they can design and develop a suitable product for the consumer class.
Earlier it was believed that creative advertisements with the catchy lines have the power to affect consumer's buying behavior but the latest experiment does suggest that environmental cues can influence what you like and buy. According to latest research creating a link between a product and something in the environment will surely motivate the consumer to give a second thought about the products and buy it. Though it cannot be generalized but research has shown that establishing relations between a product and something from your outer world will increase the probability of buying a particular product.
One cannot deny the role of social norms and social factors in affecting consumer's buying behavior. The popularity of brand name attracts people and people often prefer branded product and trust brand name instead of local product. Buying and supporting a brand name give social acceptance. People often go for big brands and latest hot trend while purchasing apparel clothing and other items. The cultural value of the society also effects consumer's buying behavior. Companies are paying close attention to advertising and they are trying to inculcate the socially acceptable factors in their advertisement to make it more appealing and influencing.
Man is a social animal and we have a tendency to discuss and exchange views on several topics. For example, if the product is visible as clothing, shoes, car etc., the influence of reference groups will be high. Reference groups also include opinion leader (a person who influences others by his special skill, knowledge or other characteristics).
People mostly shop with friends and family and the role of family member is crucial in deciding the final purchase decision. If someone is shopping for apparels, clothes or other items the suggestion of husband, wife or kid will play important role in finalizing the deal. Here we should note that the purchase of roles change with the changing lifestyles of consumers.
• Roles and Status
When we analyze environmental factor in influencing consumer's buying behavior we cannot ignore the role and status of that person, purchasing decisions will be influenced by their role and status.
Customer's lifestyle is another factor affecting import purchasing behavior of consumers. Lifestyle refers to the way a person lives in a society and express things in their environment. It is determined by the client's interests, opinions, etc., and activities shape their whole pattern of acting and interacting in the world.
A human behavior is highly influenced by the culture and subculture he lived in. Factors like religion, nationalities, and geographical regions affects human behavior. Marketing strategist pay special attention subculture factors while creating advertisement so that it could influence the customers' behavior in a positive way. An advertisement contradicting the accepted norms and standard will not produce the desired result. A good analysis of the subculture will help the marketer to design a product according to the needs of a person residing in a specific geographical location.
The consumer's buying behavior is open to several factors including environmental factor, social factor, personal factor, psychological factors. Marketing strategist and product developers are paying close attention to these factors so that they can come up with the right kind of product and improve the sales of the products.
Consumers for retail goods go with family or friends. I would like to bifurcate as - personal goods such as clothing, cameras, PCs likewise a consumer go to buy along with friends. White goods like refrigerators, Air conditioners the consumer would like to take along family members.
When a Business Development Executive spends the majority of its days on work-related activities and feel as if they are neglecting other important components of their lives, stress and unhappiness result. Thus, you must learn to draw a clear line between your personal and work time and set clear expectations with your colleagues.