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Steps to Create a Perfect Swot Analysis Template

By
Muhammad Anas
-
SWOT analysis

SWOT Analysis simply indicates Strengths, Weaknesses, Opportunities, and Threats! It is very paramount to every business organization and companies. Without disputing the fact that, SWOT Analysis is an intelligent evaluation of a company’s performance in the global market, it is of absolute necessity before commencing any vital business decision.

Having the full understanding of the SWOT analysis is important; however, our focus here is to create the SWOT analysis template. This is a solid takeaway that you are acting on.

A perfect SWOT analysis template will include your company’s Strength; which interprets the sufficient funding to implement your goal, the capability of your personnel, and the competitive advantage you have over your competitors.

This template also has the potential barrier that might be an impediment to achieving your plan; it is otherwise stated as weaknesses.  The opportunities and the threats are also inclusive to prioritize the result of the concrete establishment of your company’s productivity.

Simply follow the steps below to create a perfect SWOT analysis template via using the PowerPoint on your system.

Step 1: Insert the Pie Chart into the PowerPoint slide through this guideline;

Click on the “Insert tab” on the PowerPoint Ribbon,

Click on Charts then

Select the “Pie” option

Finally, Click on OK

Step 2: Edit your Data

The Excel Data Sheets automatically opens up as the pie chart is being inserted. If you did not see such notification on your screen, in a simple manner, right click on the inserted diagram then click “Edit Data”.

You can now close the Excel Sheet then select “the sales text box” located above the circle and the Quarter box below then press Delete. You will be left alone with the pie, you can now proceed to step 3.

Step 3: Split the Pie!

Simply follow the instructions below for easy and fast result.

Right click on “the shape”

Click on “Format Data Series”

A window will pop open on the right side of the slide

Then Set the Pie Explosion value to 4%

Step 4: Save your changes as an enhanced picture

The chart is now linked to the excel sheet, as each pie stays enclosed within the chart area. However, you need to convert it into a movable object.

Simply Select the pie chart and then press Ctrl+X

Click on “the Paste drop-down” located at the top left corner under the Home tab and then click on Paste Special. Then Select the Picture option in the window and then click OK.

Step 5: Ungroup the saved picture.

The image you saved is grouped, simply ungroup it by right-clicking on the image, click on “the Group menu” then select Ungroup. Alternatively, use Ctrl+Shift+G.

Step 6: Wipe out the duplicate shape and the outlines

A duplicate shape is behind the ungrouped object; as you navigate any of the pies, you will observe the shape and you have to delete it because you are using up the extra space.

Follow step 5 to ungroup the shape Anew. You’ll observe the appearance of all the four pies and then click on the selected border. Press Delete. With this, only the duplicate shape will be deleted leaving all the four pies with their individual outlines.

To remove the Outlines, select the pie then right click and click Format Shape. Below the Line menu, select the No line button for each pie in a consecutive manner to delete the outlines.

Step 7: Finally, Insert Icons and Text Boxes

These icons symbolize every aspect of your SWOT analysis template; the muscular arm for the strength, broken link in the chain for the weakness, a star for the opportunity, and warning signs for the threats.

Makes sure they are all well aligned by simply selecting the text box, click on the format tab and then locate the align command.

You have just designed an efficient SWOT Analysis template using the PowerPoint slide.

6 Tips for Entrepreneurs Who are Starting from Home

By
Tweak Biz
-
Entrepreneurs

Mark Zuckerberg started his first venture right from his dorm room. Steve Jobs started from his own garage. Jeff Bezos started selling products right from his father’s basement. While it is difficult to predict what the ventures will turn out, small business owners still need some guidance if they are willing to start from home.

Here are some tips that that help you take the business to the next level.

1- Your Willingness to Succeed is Important

It takes more than courage to start and sustain your business. Some say, the first step is the most important step, but, it the second step that makes all the difference.

Tony Robbins says, your success is, 80% psychology and 20% work. This means something. You need to be mentally strong when taking risks.

It means you need to have something to believe in. You need to have the courage to take the less traveled path and make your way to the top.

The problem with most of the new breed of Entrepreneurs is that they have no level of patience and this makes them less passionate about the work they’re doing.

2- Execute Fast

I have faced this problem more than once. Think of a brilliant idea and forgot to execute it.

For the first few times it was okay, but later, I realized that executing the idea is the most important step.

If you do not take the first step, how will you know your idea is worth or not. My friend started a web design agency right from his room.

At first, the idea was difficult to execute, but once he started, all things turned out great.

3- Find the Right Mentor

As an Entrepreneur, you will be needing more and more advice from people that are more experienced than you.

To do that you need to network with people. Attend events, sessions, which are related to your field.

This will not only make you popular, it will also let people know that you are doing something worth doing.

4- Keep the Overhead Down

If you’re not careful about the overheads, you will have to pay the price sometime later.

As an Entrepreneur, it is okay to cut down your expenses &go for things that are most important to make you survive.

If you’re able to control the extra expenses right from the start it will be easy for you to maintain it later.

If you really want to invest your money, invest in people, in technology, and anything that can help you, and your people grow.

Jeff Bezos, Steve Jobs, Larry Page, and Mark Zuckerberg. All started from their homes with no overheads. Why? Because they wanted to spend all their resources and energy on things that really mattered. You can do the same. Start small, and go big.

5- Stay Positive to Yourself

It doesn’t matter what your neighbor, friend, or co-worker think about your idea. What matters is, what you think about yourself.

You can either curse the darkness, or you can light a candle and be the beacon of hope.

Your future will ultimately depend upon what you are thinking today. Fill your mind with bright ideas and audacious goals. And then give your heart to those goals.

6- Network like a Movie Star

You know why some movie stars are popular more despite they lack the basic acting.

Yes, they network like a movie start. You can adopt the same habits and shine like them.

Go to conferences and be the best learner of science, ideas, and human psychology.

Get some books on communication. Watch some YouTube videos on how to give that perfect elevator pitch?

Give, give, give, before you plan to get anything out of people. Be genuinely interested in what people are doing and what they plan to do in future.

No one said that running a business is easy. People only see the over-night success as the goal. What people don’t know, is the hard work, the long hours, the midnight oil, that all those people have spent to get there. For example, 2 RED Ltd, who are based in the East Midlands, was started by 2 brothers in their bedroom who wanted to offer heating solutions. They now have their own office and a full team of staff, so we can always use this kind of inspirations to get motivated and start.

Use these points to get your head straight on what you want to achieve in life.

Be clear stay focused, and have a lot of fun while you pursue your dream idea. Best of luck!

Marketing – A Brief History

By
Tweak Biz
-
marketing

We are in the twenty-first century where everything we experience is fast-paced and effective in nature. But, taking a look back into history and tracing its past can give us a clearer a better idea on how we can proceed today.

Marketing has been in this world since time immemorial with traders from the ancient civilizations thriving by interacting with different markets. Of course, the term ‘marketing’ wasn’t coined until the late eighteen and nineteenth centuries when the developments led to the industrial revolution.

The technological and innovative blast that took place around that time turned the tables upside down and redefined the whole world’s business sector. Along with the birth of every new idea, trend and technological advancement, there was another side to the coin – marketing them!

Let’s take a look at the different stages that marketing has crossed over to meet this day:

Production oriented era

This was the initial stage where newer products were getting invented and produced. At this point in time, very few companies produced a product and were also limited to their production numbers. Only the consumers who had enough resources were able to purchase these products because of their high demand and exorbitant costs. So, the focus was on ‘how to produce and distribute products at the lowest costs possible?’ – This can be done by reducing distribution costs or by opening new markets.

Sales oriented era

This era began with the dawn of the twentieth century and continued till a little after the Second World War. Here, the competition grew drastically turning the focus of marketing to ‘selling’ the products. This is when the importance of communications, branding and advertising increased. Now the outputs generated was increasing and companies were striving hard to sell in the market.

Though marketing was still dependent on the rate of production, the focus shifted to the distribution of the goods and the potential to urge customers to buy their products. The bottom line was to convince the buyers that their products were better than their competitor`s.

Marketing oriented era

From the 1960s onwards there was a new shift in the markets as most of the markets reached a state of saturation. This era is the basis for today’s modern marketing. Now the focus is on ‘What do consumers want; where should we sell our products; how should we promote our products; what should be its ideal price’ and so on.

Social media and online marketing to have become big. The real influencers are not just the media but bloggers. Having strong relationships with a network of bloggers help.

In this realm, much effort and time is put into researching the consumers, their needs, preferences, and effects on the markets.

So, based on this brief summary of marketing, we can draw the following points concerning marketing:

  • Marketing is a constantly developing realm of the business world. Many small businesses are yet to understand the new strategies that ought to be incorporated in this era. We must let go of the focus on ‘production’ and ‘sales’ and shift it on ‘marketing’.
  • Earlier marketing was all about the company. They focused on what they could produce and so on. But, now the focus is shifted to understand consumer needs.
  • We have seen a tremendous growth and innovations in the last few years. With such changes come changes in the strategies to be incorporated in marketing. So, we should be sensitive to all changes and should adapt our marketing strategies accordingly.

Having an idea of how we have evolved to the current position in terms of marketing will help us in formulating the strategies that will attract the masses. That, in turn, will expand our businesses to great heights.

Online Advertising 101 | Creating a Stunning Advertisement Strategy

By
Tweak Biz
-
Online Advertising

Advertising is one of the best ways to generate leads and boost your business. No matter how fantastic your product is, without leads, you’re going to die broke.

Yes! Broke! Think about Tesla. He invented the X-Ray, AC electricity, and even the radio; some of the most revolutionary advances in history, but he died broke after failing to get his company Tesla Electric light off the ground. Digital Marketing is one of those magical ways to fire up your business, but it’s not guaranteed success- you really have to know the fine print, and this briefing covers the essentials of online advertising:

#1.1 Know your target audience

Finding your target audience needs a little bit of work. Don’t try the impossible task of conjuring a product that is to please all beings. No…that’s a recipe for disaster.

Determining your target audience

  • Think about the needs your product fulfills and try to narrow down your target audience.
  • Challenge your assumptions and even conduct both large scale and small scale surveys.

Strategies for reaching target audience

  • Networking still stands tall as one of the best ways to reach your target audience. Facebook is still king and it’s used by 81% of 18-29-year-olds. If you’re trying to reach out to the youth, then you should take that route.
  • Integrate your communication channels.

#1.2 Create a Strong Brand and Positioning

Brand positioning involves giving your target consumers a reason to buy your product in preference to your competitors. This is where you get to focus on how your product can catch the eye of your consumers.

For the perfect results:

  • Determine your competition and how they’re positioning their brand.
  • Determine how unique your brand is to the competition.
  • Create a distinct value-based positioning idea.
  • Ensure your brand position is sustainable across all contact points with the consumer.
  • Come up with a brand positioning statement.

#1.3 Know your main competitors

Your competition has got a huge say in how your product sells, so take time and figure out exactly how your competitors are operating.

Competitor analysis tries to determine who your competition is, what strategies they’re using and how you can have the upper hand.

Steps in competitor analysis:

Identifying current and future competitors

  • Target products and know the number of players currently in the market, both direct and indirect competition.
  • Use Michael Porter’s framework in analysing competitors. It involves 4 factors:
    • Competitors objective
    • Competitors assumptions
    • Competitors strategy
    • Competitors capabilities

Define your competitor’s target market and market share

  • Start by finding out the main existing clients of your competitors and see what slice of the market they’ve got.
  • Perform a mini-market research to know why your competitors’ product sells. Is it because of their low price, availability or quality?
  • You should then get the statistical trends of your competitors market share over time to enable you to make better decisions.

Perform a SWOT analysis

  • Involves analysing the strengths, weaknesses, opportunities, and threats of your competition.
  • Also, remember to SWOT out your own company.
  • SWOT assists in benchmarking your company and generating strategies to move forward.
  • You could also use competitive analysis tools such as SimilarWeb to track and learn more about your competition.

Plan and execute strategies

  • Once you’ve got all the details about your competition and how you compare against them, have a game plan.
  • If your competition is far superior, you could either mimic the strategies they’re using or go innovative and ty take up the market by surprise.

#1.4 Budget up

After setting up your plans, don’t go diving in. Sit and budget. Know how much you’ve got and how much you’re willing to let go when advertising.

Question is, where do you start? And how much do you allocate for online marketing?

Narrow down on what works.

  • Sometimes, spending over a large number of platforms can be costly, so try and focus on what works like Google and Facebook. You’ll have full control on such platforms.

Calculate income and expenditures

Acquiring complete knowledge of your company’s revenue is monumental.

  • On average, B2B and B2C firms use about 7%-9% of their revenue on marketing.
  • Smaller businesses spend more than 10%.

Analyse your spending and balance your checkbook

  • Take a look at your past efforts. Which strategies were most successful? Which one’s showed zero promise?
  • Conduct a brief analysis of your efforts in terms of retweets, lead generation, and even email subscribers. If it worked well, consider boosting such efforts.

#1.5 Set up advertising goals

  • Be specific…very specific when setting your objectives. Yes, you want foot traffic, but what kind? You want them coming in high heels, flip-flops or cross trainers?
  • Figure out which strategy and plan you’ll go for.

Conclusion

It’s important that you analyse your competition. Figure out where your competition is not advertising and rapidly expand your advertising into such areas. Try and find new target demographics that your competition isn’t focused on yet, you may just hit a goldmine.

And remember, the marketplace is under continuous evolution so you need to have a clear picture and adapt when need be.

Top 5 Credit repair Companies for 2017

By
Tweak Biz
-
Credit Repair

Your credit status portrays the exact information that makes you eligible for most payment you make, it quantifies your ratings, and it also determines whether or not you qualify for credit cards. In the case, many have suffered from negative information due to one reason or the other; some bad status comes from late payments, some through so many credit inquiries and much more.

Negative information places you under restriction to rise up your costs. This is where Credit Repair Company comes into play; we have compiled the best of 2017 that are legitimate and capable to fix your credit issues.

Before you choose a Credit Repair Company, consider:

You are required to maintain a highly modified sensibility to legal parameters as you make your choice. Focus on their legitimacy; be careful not to fall into the trap of companies that will request for upfront fees. This is highly essential; be educated on your personal rights and things that are of a negative effect on your credit status, this will be of help to a great extent.

The decision of choosing a Credit Repair Company that is reliable is not an easy task. As there are no other places to go in order to fix your credit, improve your scores than these companies. The following are trustworthy with satisfactory services, companies you can trust and are well suitable for your challenges.

1- Lexington Law Company

With over twenty-six years of experience when it comes to credit repair companies, Lexington is one that is reputable with highly experienced and qualified staff. Family members also get to enjoy the discount as they repair their credit. Top quality service is offered here with authentic law functionaries. There have been lots of feedback from customers that have enjoyed their service.  Lexington is readily available from month to month and they charge you only when your job has come into completion.

2- CreditRepair.com

Enjoy your credit repair and credit monitoring service at the same time with CreditRepair.com. With your absence on the computer, you get notification via text and emails for any changes on your credit status report form this company. With this alerts, you will be able to implement your own changes as soon as possible without any delay. Here is your excellent choice, why not be one of the beneficiaries of this outstanding service.

3- Sky Blue Credit Repair Company

Another top rated credit repair company that has been for 28 years now is the Sky Blue Credit Repair Company. Their service involves free consultation with the guarantee of 100% money back and many other benefits. They get your job done to the best of your desire at an affordable payment. Here, you get to pay an initial payment afterward you can complete it when your job is done with a full guarantee.

4- The Credit People Company

The “Credit People” offer their service with ease, as there are manifold ways to make your payment in the most suitable way you can imagine.

If you desire to increase your credit score, but you are feeling reluctant or untrusting to pay a monthly fee, The Credit People offers a workable alternative with very good results. Instantaneous service is guaranteed as they connect you with your lenders in the best way as possible.

5- Ovation Credit Services Company

Ovation also provides credit repair services far beyond expectation at an affordable rate that is well suitable for any budget. With Ovation Credit Services, you even get to enjoy the discount for Military, Couples, Friends and family members.

How to Calculate the Market Share for Your Company

By
Umar Bajwa
-
how to calculate market share

Calculating the market share for your company is not an easy task, especially when the marketplace is surrounded by many private companies. In this case, the analysis of the market share is of paramount importance as it simply interprets the market’s revenue or units that are controlled by your company. At the same time, the market share showcases the company’s stand within the market.

Many companies make use of their market share to increase their productivity and performances, simply because, it doesn’t depend on “the state of the economy or tax policy changes”.  If the market is not completely filled, you can use the outcome in calculating your market share to uphold the pillar of your company as you cling on the lead stand through the capture of the current market share strategically.

Why Must I Calculate My Company’s Market Share?

Market share is highly effective in various factors that influence the company’s productivity; some of which are suppliers, customers, and most importantly the competitors. In whichever ways, calculating the market share simply indicate competitiveness in the market.

It is very important because it determines the basis of your company’s functionality against your competitors. It will sprout an effective decision that will aid your company performance, the opportunity to grow at a faster pace and an increase in the value of your productivity.

More reasons to back up the need to calculate the market share is to understand the types of market share that are available; these include.

The Unit Market Share: This is the number of items sold by a particular company. It can be calculated as you divide the number of unit sales by the total market unit sales.

The Revenue Market Share: This type of market share indicates the selling price of each commodity sold. It can be calculated by simply dividing the sales revenue by the total market sales revenue.

How to calculate market share

Most companies and business organizations are always concerned with the issue of calculating the market share. The solution to how to calculate market share is simply defined by measuring the sales of the company’s overall (total) revenue over a specific period of time.

 

Alternatively, as soon as you have your company revenue and the total revenue of the market at a specific period of time, you can calculate the market share for your company.

How? Divide your company’s revenue total by the market revenue total to produce the market share percentage. With this, you can also determine other companies market share (your competitors); you will only need an accurate estimate of their actual sales figures and financial reports.

Mathematically;

Market share= (your company’s total sales or revenue) / (the market’s total sales)

Are you achieving your company’s goals and vision? The only proof to your answer is a true comparison with other competitors as your company, and it can only be made known if you make use of the guidelines above on how to calculate market share.

When Do You Need a Family Law Attorney?

By
Tweak Biz
-
family law attorney

It is said that family is an anchor during rough waters. But what happens when you find yourself in the rough waters due to a member of your family? Instead of suffering the pain and the distress all by yourself, you need to seek legal redress. This is where the family law can be of immense help for you. In this article, we tell you when and why you need to consult a family law attorney.

Circumstances under which a family law attorney can help you

Families sometimes go through various kinds of disputes. Many of these disputes often get settled without the involvement of any external party. But sometimes the involvement of the law becomes necessary to settle certain issues. Some of the major cases in which a family law attorney can help you out are:

  • Domestic violence: If you are a victim of domestic violence, you can get protection through law.
  • Divorce: A divorce is not just about the separation of two individuals, it is also about the division of many things such as child custody, property, etc. An experienced lawyer can help you out with the settlement of such issues legally.
  • Alimony: Spousal support or alimony is a common part of most divorces. In it, one spouse makes monetary payments to the other after the divorce. An attorney can be the best person to represent your case and help you to get alimony.
  • Child support: An attorney will be able to establish the financial payments that one parent has to make to another for taking care of the child’s needs and proper upbringing.

Apart from such scenarios, a family law attorney can also help you out with many other cases where no dispute may be involved. These include but not limited to:

  • Adoption: If you want to adopt a child, you need to follow certain rules and legalities. A lawyer can help you with the adoption procedure.
  • Wills and trusts: When you want to create a will or trust regarding your finances or properties, an attorney can help you out with the legal formalities.
  • Property division: In the case of the breakdown of your marriage, an attorney can help you out with the division of matrimonial property.

Why do you need to consult an attorney?

You need to consult a lawyer for the following reasons:

  • An attorney can tell you whether you have a reasonable position in a settlement dispute
  • An attorney can help you to understand the various legal aspects of your case
  • An attorney is aware of the legal procedures involved in such cases
  • An attorney can tell you about the options that you haven’t considered yet
  • An attorney can help you to settle your case
  • An attorney can help you out with the legal paperwork

What You Need to Know About Making a Personal Injury Claim

By
Tweak Biz
-
personal injury claim

It is often said that you don’t meet people by accident. There’s always a reason behind it. But if you meet with an accident, that is enough reason for you to get in touch with a lawyer and make a personal injury claim. However, before you start navigating the route to making your compensation claim, you must be aware of a few things first as outlined below:

On what grounds can you make a personal injury claim?

There may be various ways in which you can suffer an injury, leading to your pursuing a claim. Some of the grounds for making claims include the following:

  • Accidents on the road caused by a cyclist, motorcyclist, driver of a car or a commercial, vehicle, etc.
  • Injuries at the workplace
  • Injuries caused by defective goods or faulty services
  • Negligence in medical treatment
  • A slip or a fall in a public place
  • Accidents involving pets or other animals
  • Injuries resulting from attacks or assaults

How much can you claim for your injury?

The value of your personal injury claim depends on the severity of your injuries and the physical, mental, and/or financial damages suffered by you. It can be a challenging task for you to calculate how much your claim is worth. An experienced personal injury attorney will be able to assess your case and determine the accurate worth of your claim.

How can a case for personal injury claim be resolved?

There are two ways through which a case for personal injury claim can be resolved. They are:

  • Informal settlement: Informal settlement happens when the case is resolved out of court among the parties involved, their insurers, and their attorneys. The settlement involves negotiation and a written agreement in which both sides declare that no further legal action will be taken regarding the case. The matter is resolved by paying the victim a certain amount of money that is acceptable to both the sides.
  • Formal lawsuit: If no negotiation takes place or any attempt to resolve the case informally fails, the victim can file a formal lawsuit against the person, company, or government agency responsible for the injury or accident and seek justice in a court of law.

When should you contact an attorney for making a claim?

It is best to reach out to an attorney for making a claim as soon as possible. One of the major advantages of consulting an attorney early in the case is that if any witness or evidence is required for establishing your claim, your attorney will be able to do so easily.

Making a personal injury claim can turn out to be a simple matter if you have an experienced attorney to handle your case.

5 Most Common Time Clock Questions In 2017

By
Umar Bajwa
-
time clock question

With the new trend and innovation of time clock system in business organizations today, many have started the implementation while others still see the need for a perfect confirmation. Either way, it is very important to have the full understanding of what your source of income depends on.

Time is of extreme importance in every phase of life most importantly in every business, employee’s payment depends on it, the business success and productivity depends on it. It so unfortunate that time waits for no one and it can’t be corrected, therefore, at every certain point in time, any wrong decision can mar what you’ve built for years.

In this case, do not feel awkward as you desire to know the most common time clock question in 2017. This will be an eye-opener is the aspect you’ve never even questioned before, it will also back up your point of view if you’ve previously asked the same question.

Let’s learn more from the following time clock questions.

Is Security Guaranteed on Confidential Data By Using this System?

The time clock system is legitimate and it is safe to use; it protects the employee’s information with other special features of keeping their data saved and the company’s data saved as well. In other words, time clock software does not trespass at it also ensure optimum security when you entrust any information that can’t be revealed to the second party.

Security also covers the aspect of time theft which is common amongst employees today. If your employees do clock time for their coworkers, Arrive and depart from workplace early, Spend unauthorized overtime and much more, then your time clock question has been answered because of the time clock system the solution you desire.

What are the Benefits of Using the Time Clock System?

Lots of benefits come from using a time clock system, let’s just take note of some of the following.

  • It promotes mutual trust between the employee and the employer
  • It enhances the pace at which work is done at workplace
  • Easy computation of payroll
  • The organization even gets to save more money and much more benefits.
  • Does the Usage of Time Clock System Enhance Productivity?

Productivity in any business organization is incomplete without the check for the time. The time clock system aid in all aspect to complement the optimum goal of the organization which is productivity and in the long run, profit comes into play.

Is the Time Clock System Accurate in Calculating Work Hours?

The main aim of having a time clock system is accuracy when it comes to the perfect calculation of hours; the time clock system has it. There is no need for doubt because this is the time system’s main functionality. Enjoy the service.

Do Time Clock Software Track Employee Attendance?

The employee attendance is very paramount; as the easy work, accurate calculation, client communication and many of their duties can’t be completed without prompt attendance. This issue is very serious and needs to be mitigated. It is a thing of joy to know that the time clock system is also readily available here as they clock in and clock out.

What Are The Advantages Of Functional Organizational Structure?

By
Umar Bajwa
-
functional organizational structure

With the aid of functional organizational structure, employees grouping are based on functionality and how they perform their roles in the business organization. However, with time this process results in functional units like finance, marketing, accounting, engineering, HR and so on. Basically, the director of each special unit is meant to report to the topmost management of the business organization; with this reports, it becomes clear if there would be the need for a sub-functional unit through further divided into smaller units.

This division grows to become highly responsible for most important tasks in the organization, some of which include paying salary, payroll preparation, making raw material payments, quick payment to creditors and fast collection of debts that are owned by the company’s customers. This has changed the phase of many business organizations today with a greater level of productivity.

If your company utilizes this method or not, you really need to get your mind prepared for a better understanding of the advantages of functional organization structure that are highlighted below.

Accurate Data

A company’s organizational structure is aided with keeping an accurate record of all transactions done. These transactions processes involve the preparation the cash flow statement, financial statement and much more. In most cases, it is advisable to hand over the role of financial statement to professionals, if there is no specialist in the company for the financial statement; the company can go outside the agency for a professional financial statement specialist.

Higher Level of Expansion

Functional organization structure offers a greater setting for expansion other than that of line organization. It does the expansion of an enterprise and still maintains its efficiency in the organization.

Division of Labor

The whole work process is been segregated based on mental and physical functions. Hence, the executives are eased from tedious operations and tasks. Mental and physical (more of manual operations) functions are totally different, they both require a higher degree of efficiency in the business organization or company. Duplication of works can no longer be found in the company since the management has allocated tasks to the right department.

Specialization

With the functional organizational structure, there is a suitable implementation of a greater division of labor. Additionally, this creates a stronger framework for the organization and most importantly, it offers a higher level of specialization. Employees are now ready to develop their skills with increased speed for a better productivity. Whatsoever task a department is assigned to, it is been done quickly and professionally since they specialize in that aspect.

Higher Efficiency

Another advantage of a functional organization structure is that it leads to speedy work with higher efficiency since they perform a limited number of tasks according to their area of expertise.

Big Time Production

Production in a business organization involves so many activities such as the quality and quantity control, production process, products design, packaging, storage, and much more. Nevertheless, as a business organization keeps maintaining the normal level of input with functional organization structure, the company’s level of production increases.

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