Today’s Digital Business Management

INTRODUCTION

It’s true and obvious that today’s organizational business has actually grown from what we use to know as being analogue into the modern digital business. Here in our business guide, we will be looking into the metamorphosis of global business from analogue to digital, the post-digital era of business, the challenges that various business organizations faced in the pre-digital era, the benefits of digital era of business and why that conglomerates, that company organization needs to be digitalis via internet (if not yet done) for a reliable, accurate, timely, complete, and concise effective business management for butter out put.

THE ERA OF PRE-DIGITAL BUSINESS MANAGEMENT

During this period, which we might refer to as the dark ages in business, so many businesses were revolving only in one place without having much branches and extension. Branches, even when is there were not effective in terms of quality service delivery, effective business communication and contact outside the territory where it is situated on like what we have every where today. In the western world as we refer to them, this period ended faster than it started compared to what we had in so many African countries during the period of digital business revolution.

In Africa, Nig. Precisely, these analogue business method remained (even in the midst of global digital business consciousness via the internet) not until the early 21st century (of course that was when the country embraced democracy in its 3rd republic) when most business organizations especially banks started digitalis their businesses having seen what it can give to them in terms of quality service delivery, business gain, the cost it can reduce for them and make their work more effective and rewarding.

CHALLENGES FACED BY BUSINESS ORGANIZATIONS AND THEIR CLIENTS/ CUSTOMERS DURING THE PRE-DIGITAL BUSINESS ERA.

If I may ask myself or like every other person may have asked, are there challenges that business organizations faced during this pre-digital business era? The humble answer is yes. So many of then was faced by customers (i.e. for banks and other companies), clients (for private businesses) and even staff of these a fore-mentioned business institutions. Remember we are using Africa as our case study and Nigeria as our point of focus. In banks, some customers had laid several complains on how long it had taken to have some money transferred into another branch for withdrawal in another branch, in fact that was not even possible before this times because you can not actually make payment in a branch and withdraw it in another, but everything will be done in the same branch both deposit and withdrawal. This was the bane of so many bank customers and advantage of highway robbers since individuals who are doing inter-state business will have to carry their raw cash all by themselves traveling. So many had fallen victims of this high-way robbery circumstance whereas some had even resulted into the death of the people involved as a result of un-digitalized businesses in the area of banks. For some staff in most banks during that period, the job was very tedious since they will have to carry files from one desk to the other carrying one or two functions. This resulted into many graduates running away from banking jobs as a result of the challenging nature of the job before now. But today, the story is definitely a different one. Graduates even clamor for the job which only but very few get. Banks were not the only business institution that experienced this challenges during this period, organizations like private companies, public liability companies, conglomerates, federal government owned business institutions like customs, immigration, to mention only but a few. In immigration we learn t that It had taken much longer time for an applicant to have his request for an international passport granted than what is obtainable today.

THE DIGITAL AND POST-DIGITAL BUSINESS ORGANIZATIONS AND ITS BENEFITS.

As works for institutions like banks and other business organizations becomes tedious and very challenging, the quest for a better way out and effective business expansion started coming into mind. These led into researchers looking out for a way of giving bail to this quest, and also make money for themselves. So many programmers’ started writing programmers for computers, net-working for computers within and outside organizations started coming in, organizations started using computers in keeping records and international networks (internet) becomes the order of the day. Business institutions, both private and public, federal government business now have their world wide web (WWW) together with their domain name. Video cameras now used to keep the event of things for proper documentations. GSM companies came into the rescue of so many Africa local telecommunication companies that got the revolution earlier than us. Today, with phone and electronic mail (e-mail), one can coordinate his or her business effectively without having to travel.

As we said earlier, it was not till the end of 20th and beginning of 21st century that most of us in Africa grabbed digital business, and as we did, we have been glad we did. Today business is hitch free, stress reduced, more business boost, profit within a short period of time est. Globally today, we can see the effect or rather the benefits of post-digital business era on internet. Internet is now the world global business village center where people come to meet their respective needs. Researches can be done online; people can make reliable friends online and even meet their soul mate and other host of online business. Digital business has done it all. It was amazing to me when my first business article on insurance for beginners was accepted and published on EzineArticles’ high traffic site online, I did not travel to any where to effect this, thanks to digital business.

Today as well, people can trade on foreign exchange (forex) at the comfort of their office and Closest and make huge profit without having to travel or know their broker, thanks to digital business/electronic business.

Now for business organizations that are yet to grab this time saving and reliable business pattern, both in Africa and beyond, you have to stand up to your feet and do it no matter what it takes seeing that it pays more. Like we said earlier in our introduction, it will give you a reliable, accurate, timely, complete and precise result, when you do so.

Thinking of Starting Your Own Business

What You Dislike About Working for Others

Take a look at the aspects of why you liked your job in the first place, and see how far you have progressed working for others. Taking this information into account and summarizing it doesn’t look too grand, does it? But starting your own business can give you many rewards. Remember assessing your life in a logical fashion, will help you when you turn your future business into a profitable one.

What you need to do is evaluate what you do not like about your job, if you want to work for others for a living, going through the same old rat race working 9 to 5. Some of these concerns could include, the way people speak to you, how you disapprove of authority figures, or you do not feel appreciated enough.

Maybe it isn’t these issues at all. Maybe it has to do with the management of the company. By evaluating this, you will give yourself the opportunity to look back at what you disliked as you get ready to start your new venture in your future business. A lot of people would love to be Entrepreneurs, but don’t think that they have that spirit. But you’re wrong my friend, we all have it. You just have to take the initiative to get started and work at it. A lot of people became Entrepreneurs to run there own business and work for themselves. They needed the change of working for a boss and he’s making all the profits. Entrepreneurs like working for themselves and not for anyone else. They enjoy making lots of money and bringing home their own paychecks, and love working at a successful career.

Putting Together a Business

You should include things in your plan like: what type of business you would like to get involved with. Consider a timeline and how you plan to open your business. Ask yourself if you would need to start your business with a large capital sum or on a shoestring budget. When you plan to open your business, do you plan on having many employees or any employees? Also, will your business require you having a large inventory or a small one? Personally, I would not want to have a large inventory or a large payroll. These are just some of the things you will need to consider in order to create a business that will work. When compiling the various components of your overall business plan, you should not just consider my questions, but many other questions that will be related to your particular type of business.

In order to put these ideas into action, you should take yourself to a quiet place in order to focus on your thoughts. It is imperative to first create a foundation for you business that can help you sustain a long term business in the market place. Please, do not take this lightly, really try to get that quiet space to focus your thoughts and build your business plan. Many individuals have a hard time doing this. Take a look at similar businesses that you want to work with and you’ll get some great ideas.

You should be able to find lots of information relating to your business and more by searching the internet. Use key words that describe your business and you’ll discover similar businesses and maybe even trade associations. Trade associations are great places to gather and share information with other business owners.

There are some business owners that will help you out and there are some that won’t. This is like a crapshoot. Many business owners are not happy to discuss their business or position because they are afraid of competition. But this is still a very good source that may prove quite valuable to getting your business started. This should be taken seriously. The easiest way to start your research is from home or a local library with the use of the internet. You need to research the business you want to start in, and how you will market your product(s) or service(s). Also, you need to know who your competition is in your market. So, please focus on specific areas of their business, because there is a lot of information that you can require.

Legal, Financial and Other Considerations

The best legal advice is from a lawyer. Your local city/town hall clerk’s office will provide you with information you’ll need to register your business and licensing requirements. They could also suggest a local business lawyer for your legal requirements (if any). When you are starting a business, you want to make sure you do it legitimately. Another thing you’ll want to do is file for a Federal ID number with the IRS. This is good to have as a business because it makes you look more professional and without it you would have to use your social security number in order to get paid by your clients.

How much money do you need to start your business and do you have it? Will you be working from your home computer, or will you need office space and equipment for employees? If you need money, you’ll need a well written business plan to submit to investors. There are many sample business plans that can be found on the internet.

Sales Education

Let’s face it, nobody really likes sales. But without sales, you cannot make money. Maybe you are already good at sales. Or you plan to hire a sales staff to handle sales for you or to run advertising campaigns. Usually when you start out however, especially with limited funds, you have to be the sales person. There are many books you can find either on the internet or at the library. Remember, you have to be trustworthy to convince people to buy your products and to sustain a profitable business.

Choosing a Different Business Model

But, let’s be quite frank about this. Even though you have thought about your business considerably, researched your competition, figured out what type of an education you need, and understand all of the legal requirements in order to open your business, do you really want a brick and mortar store that you would have to wake up to every morning and deal with employees, merchants and all the other aspects of the business

The Triple Bottom Line Business Model

Increasingly, successful enterprises are embracing a “triple bottom line” business model focusing on sustainability. Without a new kind of capitalism, one that replenishes the human and environmental resources that drive it, continued production will become increasingly difficult and expensive and, eventually, impossible.

A company’s goals must look beyond short-term profitability to sustainable profitability, and that will require businesses to embrace a three-fold plan that creates economic, social and environmental value. This triple bottom line is one conceptual way to structure a corporate business model for a truly sustainable business, incorporating a business plan that addresses not just net profit or loss (economic sustainability), but also the planet (environmental sustainability) and people (sustainability in terms of customers, employees, vendors/suppliers and investors).

Profit

No business model can ignore the fact that profit is the traditional measure of business success. People go into business, and invest in businesses, to profit monetarily. The triple bottom line does not place environmental or social considerations above this profit incentive, because a business that does not profit is not sustainable-it will not be around long to provide any kind of benefit. However, in contrast to the industrial revolution-era business theories that assumed an inexhaustible supply of natural resources and willing workers, the triple bottom line acknowledges the modern reality that environmental and social resources are limited, and the progressive scarcity of those resources could eventually destroy business.

The triple bottom line theory pushes businesses to stop thinking of environmental and social responsibilities as a burden. Instead, sustainability in these areas offers opportunity to businesses that formulate and execute this business model. The triple bottom line business does not just absorb benefit from its surroundings; to do so will eventually exhaust the environmental and social bases on which the business relies. In order to be truly sustainable as a profitable enterprise, a business must provide as much benefit as it absorbs, in order to nurture the environmental and social resources that allow it to profit.

A 2009 report from the MIT Sloan Management Review and the Boston Consulting Group points out several examples of larger businesses that are profiting from enhanced environmental awareness in their business programs. Most notably, they include giants such as GE, Nike, Shell and Wal-Mart. But smaller businesses can see advantages from the triple bottom line business model, as well.

Planet

Every business consumes natural resources in the ordinary course of operating. A triple bottom line business concedes that these resources are limited, and that true sustainability as a business model requires it to do what is necessary to maintain those natural resources.

Every business, no matter how small, contributes to the environmental impact of industry, and every business will derive ultimate benefit from reducing its negative effects on the planet.

One of the potential positive economic benefits of a triple bottom line business plan for a small business is the availability of financing. While many banks already require environmental due diligence before lending, there are signs that they may soon begin to require environmental accountability, forcing businesses that seek financing to provide business plans that include demonstrable environmental sustainability. Additional funding is available from both private and government sources for businesses that pursue environmental initiatives. Green makes good sense for modern business.

People

A business cannot succeed in the long-term, without good employees and good community relations. Exploiting employees may lead to short-term profits, but it will exhaust the supply of good employees, which will eventually make the business unsustainable. One report suggests that by looking on a global level at groups that generally go unnoticed due to their low economic standing, corporate assistance in raising their standard of living in a sensitive and responsible way will lead them to participate in the world economy.

Reports from strategic management research in various industries are developing proof that the triple bottom line’s insistence on maintaining a social base for business provides competitive advantages for those companies that seize the day.

The triple bottom line’s social component can be even more significant at a local level for a small company. A business can quickly gain a bad reputation by treating employees poorly and responding to customer and supplier concerns with indifference. The result is an unsustainable and failed business.

The triple bottom line business model is achievable for small companies, and the business advantages that can be derived from it are potentially vast, with some being known now and some yet to be seen. A business can begin by examining its products, its employee base, its purchasing, manufacturing and distribution processes, its physical effects on the immediate environment via its building and operations and its internal policies, all with an eye to the three concerned areas of impact: profit, planet and people.