Archive for December, 2010

December 30th, 2010

How a social media client can improve your…..

A social media client can improve a number of things. For example, the use of a social media client improved the number of followers I have. It also, when used properly, allows you to manage your time properly. However the most important part is that it allows you look at all aspects of your social media portfolio e.g. your blog, LinkedIn, Facebook, twitter etc. Furthermore you can integrate the different mediums – for example you can easily get the blog to send a tweet or for a conversation that you are having on twitter to be posted on Facebook. So, you become more efficient as you are not having to cross post manually. You also become more effective because you use the mediums to their potential. (Now not all media clients can do everything so it is worthwhile taking the time to read some reviews before you decide which one is best for you. I use two media clients as at present Hootsuite does not allow you to integrate a ‘independent’ blog).

Having considered the pros or positive aspects of a social media client, it is important that I mention that some people might loose their authenticity if they become too reliant on a client. So I suggest that you actively check and log on to your client – thus authenticity will not be compromised.

December 22nd, 2010

Barry Hill CIPD Ireland Membership Advisor & Tony McLaughlin attending the CIPD National Employment Law Conference 2010

December 22nd, 2010

Social media for B2B

I will go through social media which might suit B2B business and what outline a few things that can be done using that medium. (Please note, it is not designed to be a comprehensive list.)

B2B:

  • A blog – a blog can be used to educate consumers on what your business. It can also be used to promote your business by providing information and showing the knowledge base embedded in the business.
  • LinkedIn – some people might be wary about using LinkedIn for a business. However, employees or owners can openly show their skill set off to other people and be linked to a business profile. Illustrating the strength of the business. LinkedIn is also often used by  business people to link up with other people and / or people they have worked with in the past. Providing a unique way to grow your network. I am aware of some companies using it as a cold call contact point for new employees, research and new customers.
  • Twitter – is a good way to establish a rapport with customers as well as link in to people who might become new customers or might recommend you to people seeking your services. It can also keep business people updated on current events and skills in there area.
  • There are also communication devices such as skype that can be used to reduce costs as well as communicate with clients and/or communicate with people working on a projects. Similarly there are ways of sharing files so that people can work on the same file but from different locations e.g. dropbox
  • A businesses could also share knowledge through mediums such a YouTube or slideshare.
December 19th, 2010

Q&A – Budget

Q: If a firm is going to have to review its budget for the coming year, with a view to cutting costs. Do you have any advice on how best to proceed?

As soon as I see cutting costs – warning bells start to ring in my head. This is because most people cut costs without considering the strategic implications thus adversely affecting their ability to generate income. So, when reviewing the finances of a business four things need to be considered, these being

1) income streams,

2) costs

3) profitability

4) strategic importance.

Here are some key questions that need to be considered in a financial review:

Income streams – what are the current income streams? Can they be enhanced? And what are the future income streams?

Costs – what are the current costs? How do these costs relate to the current income streams?  Can they be cut without adversely affecting the current income streams? What costs have the potential to produce future income streams? Note, some costs will be fixed (i.e. coats that can not be matched to an income stream but essential to running a business e.g. rent).

Profitability – Given the income stream and associated costs, how profitable each income stream? Can it be made more profitable by cutting costs or changing pricing?

Before making any decisions consider strategic importance: If an income stream is not profitable and cannot be made profitable, one might think that it should be eliminated from the business. However, consider the strategic importance – an unprofitable income stream might be essential for another extremely profitable income stream. Thus it might not be eliminated from the firm’s portfolio. Alternatively, an current cost might have important implications for a future income stream and therefore might be kept.

At the end of this a firm should be able to identify where income can be generated, where costs can be cut without adversely effecting the future or current income streams and finally which income streams are or can be made profitable.

December 19th, 2010

Newsbites – December 2010

 

Click here for PDF version

 

Links to articles

Q: If a firm is going to have to review its budget for the coming year, with a view to cutting costs. Do you have any advice on how best to proceed?

More on social media

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