The Business IDEA
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The Business IDEA
Your Source for the Best and Newest Thinking in Business
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The recent movie, Ford v Ferrari, shined a spotlight on the innovations brought about by competition between American and European car companies (also chronicled in the documentary, The 24 Hour War). But do you know the real extent of how these historical innovations impact not just the car industry, but well beyond today? This article provides insights on the critical developments brought about for companies and consumers alike by Ford, Toyota, and Mercedes Benz.
Three car companies instantly come to mind when you think about how the auto industry has changed in the 19th and 20th centuries. Read on to find out more about these historical innovations. FordAccording to Autodesk, Ford revolutionized the way that cars were manufactured on assembly lines. When the Ford Motor Company was able to reduce the time that it took workers to build a car from over 13 hours to under 45 minutes, cars became affordable to almost everyone. In Ford's early years, the company also managed to cut the number of parts required to build a car to 45. Ford also was one of the first to use slides and trolleys so that parts were precisely where they needed to be for workers to use them efficiently. By breaking down the process of building a car into steps, Ford changed the way that cars were built everywhere. ToyotaToyota revolutionized the industry by coming up with Just in Time manufacturing, which is often called the Toyota Process. The principle behind Just in Time manufacturing is making only what is needed, in the amount that it is required and at the time that it is needed. Toyota, however, was not content to stop there. The company developed a system that purposefully always looks for ways to improve their process. They also implemented the Five Whys Process. The process starts by asking the question of why at least five times. The result is a process that avoids problems and can create solutions. By asking five why questions, mistakes in thinking are often eliminated. These processes have helped to fuel the company's innovation, as seen in its wide range of models. According to Santa Monica Motors, Toyota now has over 70 different models listed under its namesake brand. Mercedes BenzMercedes Benz traces its company history back to the first practical automobile that was built by Karl Benz. More recently, however, it is credited with developing multi-skilled teams, according to Auto Design & Production. The advantage of this approach is that people with different areas of expertise get involved with the car’s design, production and evaluation. Therefore, Just in Time principles often reserved for assembly lines can be built into the process from day one. Application of the Mercedes Benz principle also allows more models to be constructed using the same parts. These three car manufacturers have revolutionized the way that cars are manufactured. You can take their principles and apply them to your manufacturing facilities. If you are a shopper looking for a new car, then you can be thankful for these manufacturing principles as they allow you to have a new vehicle at a lower price. Here’s another article you might like: The hottest accessory-friendly vehicles on the road
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Toxic employees drag everyone down with them. Bad attitudes and inappropriate conduct make other employees feel uncomfortable. Managers find themselves constantly distracted dealing with disasters these troubling hires cause. Firing them may put an end to current miseries, but the effects of toxic employees can linger long after they are shown the door. The best way to deal with toxic employees is not to hire them in the first place. Here are three ways to avoid making a regrettable hiring decision.
Look at Employment History Horrible employees likely have a long and dubious track record of poor performance. Look closely at an applicant's prior employment history for any red flags. Was the person locked into low-level work for years without any promotions? Did he/she jump from job to job frequently? According to Palmer Group, this can show that an employee could have a behavior issue. Probe these areas of concern, and see what the full story is. Taking the employee's word for everything might not be enough, though. Contact references and past employers to confirm any explanations. Remember, the past may be a good indicator of the employee's future. Put Them Through an Attitude Test Not every human resource department relies on an attitude test when screening would-be employees, but their inclusion could be helpful. According to The Hire Talent, attitude tests look for signs of toxic traits like blame, dishonesty, unsupportiveness, criticism, and negativity. Once these traits reveal themselves, a personnel manager can make a more informed decision. Hire someone to train HR in effectively administering an attitude test if no current managers possess the skill. In an office environment, teamwork can be crucial for success. If an attitude test reveals someone is argumentative or hostile, then he/she may not be the right match for the team. Look over the results of the test carefully when weighing different hiring choices. Anyone with toxic traits is not likely a good fit. Screen Social Media Feeds According to Law Depot, approximately 70 percent of employers screen a candidate’s social media when making hiring decisions. People reveal a lot about themselves on social media. Sadly, many show shockingly negative personality traits. Inappropriate or adversarial behavior on social media may spread to the workplace. Don't ignore how someone acts online; he or she probably acts that way everywhere. An employee becomes the face of a company to others. When that person acts outrageously on social media, he or she may drag the company into an embarrassing position. A business might even need to hire a PR firm to dig it out of an employee's social-media-created hole. Toxic employees create havoc wherever they go. Make sure you are confident you aren't hiring one the next time a position opens. By following these tips, you can be less likely to hire an employee that will cause you problems. Enjoy this article? Check out this other article on ways to increase your employees’ attention to detail!
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Most large businesses have an IT team that is responsible for protecting data and networking the computers used by employees. In many cases, the IT department can be ignored or isn't given enough attention from upper management. If you manage or own a business, there are a few things that you need to know to get the most out of your IT team.
How Much to Budget Depending on the industry, good IT can cost a bit of money because the technology likely affects your customers. Technology is a key driving force in every business market, which makes IT teams more in demand. IT teams can also cost more because they're responsible for accommodating the re-occurring wave of change while embracing technology as a partner rather than a commodity. Companies that sell technology as a product will likely have lower costs than those that sell products like tacos or buildings. Investing more money in IT may be a sacrifice but can have a positive impact on each department and aspect of the business. The Terminology If you make the mistake of getting hooked on buzzwords as a business, then you will quickly find yourself bloated with useless hardware and incompatible software, which can make your IT team confused and ineffective. Do you know the difference between ITIL and ITSM? Using confusing acronyms can only lead to issues and complications that occur down the road. Their Strategy Many businesses fail to have an IT plan or strategy, which is critical to the operation of their business with the type of software that is used. Many businesses often assume that technology can compensate for mistakes that are often made, but it is actually a force multiplier for the business. It can save money, attract more business, and boost the productivity of your team. You'll need to work closely with your IT team to develop a strategy and research the top software that can be utilized. Work with a professional that can help you to identify that IT structure that is needed to support the business and also plan for the future. Businesses that understand the importance of their IT team often succeed because they utilize what the department has to offer. With the right software used and a plan created, you'll likely obtain more success in the industry. KEYWORDS
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The critical factors for success for female entrepreneurs
Women are starting businesses at a record pace — motivated to pursue passions, financial independence and the flexibility that eludes most traditional jobs.
(BPT) - Women are starting businesses at a record pace — motivated to pursue passions, financial independence and the flexibility that eludes most traditional jobs.
In the U.S. alone, women entrepreneurs generate $1.1 million in revenue on average across retail, professional and personal service businesses that have operated for 11 years. This stat comes from Visa’s new ‘State of Female Entrepreneurship’ report, which informed their recently announced program, She’s Next, Empowered by Visa, a global initiative to support and champion women in their efforts to grow their small businesses. That’s powerful stuff, highlighting the important role women entrepreneurs play in the prosperity and economic development of local communities. The typical entrepreneur is 42 years old and earns nearly $110,000 in household income a year, making a profound difference in building and supporting families in the community. Clearly, female founders are coming into their own. In fact, the Visa study found that 79 percent of American women entrepreneurs feel more empowered now than they did five years ago. Still, key challenges exist: 73 percent say funding does not come easily, and nearly 2/3 use their own funds to get started. Assembling a good team, finding the right tools and dealing with competitors are among the biggest challenges keeping women entrepreneurs up at night. For any entrepreneur, it can feel like there’s never enough time or resources to grow a business. To help other entrepreneurs and based on insights from the ’State of Female Entrepreneurship’ report, Visa polled four areas women entrepreneurs focus on to turbocharge success: Find mentors: More than two-thirds said they wanted advice from fellow entrepreneurs. Relatable role models and mentors are invaluable when you’re making the leap to starting or building your own business. Find your feet: Strategy development is critical for women starting up their own company. Assembling a good team was a challenge encountered by 37 percent of women founders. Other challenges include: finding the tools to grow and manage their business (36 percent), competition (36 percent) and growing as quickly as they need to (33 percent). Have a plan and pursue your vision. Gather capital to invest in your business: Cash flow is the lifeblood of any business. Respondents cited profits and revenue growth as the top two priorities for improvement. Thirty-two percent of women would direct additional funding toward newer technology. Put in overtime: When building a business, time is precious. Given the investment and high stakes that come with the territory, it comes as little surprise that a majority of women entrepreneurs (56 percent) are putting in more work hours than before they started their business. If you’ve joined the ranks of female entrepreneurs, find support and resources by signing up for the Female Founder Collective, and visit She’s Next, Empowered by Visa where you can download and print a toolkit with tips and advice to help build and sustain your company.
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