Akter et al. ( 2016, pp.113-131), is that opportunity analyses is a logical and systematic way of examining as well as evaluating the external business environments for the purpose of identifying marketplace acceptance, market need and desire, and the various economic aspects in the production of the new commodities (Akter et al. 2016, pp.113-131). Analyses of opportunity can also be done to expand the existence of product in in the market, or for the expansion of the products profitability.
According to Barry and Meisiek (2015, pp.153-175) is that the business problem being faced by most organization at this time is the cash flow and time management. Flow of cash is the essential business element of both the well established businesses and small businesses to survive in a competitive market. However, most of the entrepreneurs are struggling to pay their bills whereas they are awaiting the arrival of cheques (Barry & Meisiek 2015, pp.153-175). The part of the challenge or problem curtails from the delaying of invoicing, which is the mutual in the business world. The problem of managing cash is commonly associated with longer period of waiting for the invoices to be approved. For example, a company can perform a certain job to any organization, the after sending the invoice the company will have to wait for about thirty days or more in order to receive the payment is being owed (Carlsson et al. 2015, pp.29-35). However, the company is waiting to be paid it has to cater for other expenditures or expenses including payment of workers’ salaries and wages, contactors, electricity bills to office rent or premises tax. It means that waiting to be paid by another company that owed a company, can make it impossible for the running of another company (Barry & Meisiek 2015, 2015). Thus, leading to a problem of cash flow management within the company.
Time management is a biggest and delinquent problem in the entrepreneurial world being faced by the business at the moment. Some of the problem to be realized by the company include failing on managing of distractions, failing on planning and failing on analysing or examining (Brynjolfsson & Mcafee 2017, p.3). Failing to manage distractions resulting from emails and clients phone calls and colleagues who need advice from other colleagues should be stop within the company in order to maintain conducive working environment. Also, making of appropriate planning is an essential instrument towards time management, hence the company is required to make plain such as setting priorities, setting of deadline and effective workers working scheduling. Eventually, evaluation of the time to be spent on a certain task within the company will reduce the amount of time that can be wasted by employees. Hence, analysing critical the time spent in planning and scheduling will largely help the company to work on its time management (Brynjolfsson & Mcafee 2017, p.3).
The business problem identified in the section above can be addressed through the ways highlighted in this report. Hence, the solution to the problem of cash flow management have to be properly and appropriately budgeted and planned for a good way. There are the critical in terms of maintaining the cash flow, although most of the time they cannot be relied on to save a company from stress of cash flow management. Hence, one method of managing and improving cash flow is acquiring of the deposit or down payment for the services given or product sold on credit (Carlsson et al. 2015, pp.29-35). The deposit will help to manage the cash flow since it will enable a company to cover some of its expenditures which are associated certain project and sales as well as the profit for the company (Chua, Roth & Lemoine 2015, p.189). By company requiring a deposit from the service offered or products sold on credit will be an assurance to the company that it will not be left alone to pay other’s bills. Hence, by putting together the down payment received and part of the company profit the business will be able to pay its expenses comfortably.
Another idea strategy of solving the above business problem, is requesting quick invoices in order to receive fast payments. It is advisable to invoice client’s company within the fifteen days, which is typically half of the normal invoice duration. It means that is a client’s organization is late on payment the service provider company will have at least two weeks to address the issue and be able to pay before the mature of next month’s bills (Carlsson et al. 2015, pp.29-35). Also, a company can require an immediate payment on the deliverance of the services or products, as it a trend that is being used by most of the company in the corporate contemporary world. However, in this digital regime or era where clients or companies can pay their invoices in split of seconds using their phones it will not be stretch to demand for instant payment.
In addition, the company may address this problem from the outside of an equation. It means that the company have to ask its own suppliers and vendors to invoice the company within forty-five to ninety days to allow enough time for the company to receive its payments as well as for the cheques to mature or clear (Tapscott & Tapscott 2016, p.77). This idea is only possible where suppliers and vendors are willing to work with the company once the company account department explain the strategy to them as well as good relationship between the vendors, suppliers and the company.
On the other hand, managing of time problem can be solve be making time, and liking of money as well as being smart on day to day spending of the company. By creating a list of goals, the company should at least have a list of lifetime goals, which can be broken down as monthly goals, then be broken down again into weekly goalmouths. The weekly goalmouths should then be broken down into particular tasks by the end of a given day. In such manner, what will be on the company task list will be accomplish because it all will be done, hence enabling the company to remain on track at all time (Vidgen, Shaw & Grant 2017, pp.626-639). The second, thing that the company should done is elimination of objectives which are not in line with the company goals, it is advisable to delegate the objectives instead of eliminating them as well. Lastly, some of the tasks resulting from the objectives should be delegates to other individual’s within the company for their absolute completion.
The being addressed is manufacturing industry (Tapscott & Tapscott 2016, p.77). However, it is termed as the production of process of production that which involve use of chemical chemicals, tools, machines and labour in order for the commodities to be created. For example, in car manufacturing industries they have to give to combine labour with machines to create quality automobiles.
The reason why the market is considered to be attractive are because of various aspects which have been discussed below in this section (Vidgen, Shaw & Grant 2017, pp.626-639). Some of the aspects include growth of the manufactured marketplaces, short and long term profit, level of market competition within the marketplace, cost of entering into the market, and political stability and support from the government to the manufacturing companies.
The aspect suggests that in manufacturing industry the rate in which rate of market growing is increasing rapidly (Wright & Nyberg 2017, pp.1633-1661). The key reason why this rapidly growth is being experienced is because consumers demand are in the increase all over the globe. For instance, people have tendency of buying new manufactured vehicles instead of ones in the market (Opara-Martins, Sahandi & Tian 2016, p.4). In order, to meet this demand companies in manufacturing sector are working hard to meet their clients’ demands.
The aspect of market attractive news that must be put under consideration by most organization. Because, the primary aim of any organization is to make profit hence, is the profit to be made in a short period of time or over a long period of duration. In the manufacturing industry, entrepreneurs tend to make a lot of profit because the marketplace of the sector permits them to do so (Womack &Jones 2015, pp. 639-789).
It is an aspect of market attractiveness, which suggest that before investing in any type of industry it is good to know its level of competition. The higher the level of competition the lower the profit another low the competition the higher the profit. However, in the manufacturing industries specifically in automobile automobiles manufacturing the number of companies can be counted (Wright & Nyberg 2017, pp.1633-1661). Thus, there is existence of low level of competition in the marketplace that facilitates high level of profit generation.
In the manufacturing sector the cost of entry in the market is not higher compared to other industries. The aspect of low cost of entry in the market has enable most entrepreneurs and investors to consider manufacturing as their investment option.
These two factors of marketplace attractiveness are normal correlated. Where there is political stability the environment will attract most investors and entrepreneurs who will bring more jobs to the local. Whereas, if the government offers support to its investors in any industry the business environment will be attractive (Price &Wrigley 2016, pp.92-105). Hence, in manufacturing sectors governments of various state and countries are giving support. Support can be reducing the rate of taxation, giving free land to companies as well as subsidies to reduce the cost of production. By, offering such things the government is encouraging individual’s to invested, and for people to invest there must be political stability.
The target consumers within the industry will be defined in the following aspects explained below. The group that the industry will be based on age and gander, size of consumers’ income and lifestyle preferences. The age and gander of clients’ will be the main aspect in manufacturing industries’ because different people of various ages have different demand on terms of taste and preference (Carless 2015, pp.963-976). On the gander aspects, both male and female gender have different demand hence the manufacturing industry can fulfil them by consider whether one is old or young. The consumers’ sizes of income also affect the demand in the manufacturing industries. Thus, those clients who have high income are preferred by companies in the manufacturing sector because they have the ability to purchase things in bulk (Reason, Løvlie & Flu 2015, p.901). Lifestyle preferences, various people have different ways of life. Thus, the manufacturing industry is targeting both people with simple and complex lifestyle because the manufactures make all categories of commodities that can suit their lifestyle demands.
Revenue streams are the sources in which the companies in manufacturing industries will be able get their funds. These sources include recurring, project and service revenue streams. The recurring revenue will be generated by manufacturing over and over because it is continuous. It will be used by manufacturing companies that give services. Manufacturing industries, regularly track the record of their recurring revenue on monthly basis or on yearly basis. Project revenue will be based on the predictable of the sales of the manufactured goods (Reason, Løvlie & Flu 2015, p.901). The revenue on this basis is obtained from the consumer’s transaction cost. Service revenues model handles the time of sale of the company to its workers.
The first plan is that company will look at new sales trends in the manufacturing corporate contemporary world (Pitt et al. 2015, pp.89-99). Companies in the manufacturing industry should have to be aware that in the current market consumers are no longer brand loyal as it was in thirty years ago. Hence, they need to work harder to maintain their clients’ trust as well as be able to satisfy them. By, paying close attention to what other competitors are doing the market or what strategies they are using.
Tracking of manufacturing competitors is other strategies that can be used get the share of competitors market hold in the market (Pitt et al. 2015, pp.89-99). Tracking competition of other companies in manufacturing industry can be a great advantage because its help ones company to save money and time. By, noting the company failures and success will allow the company to identify the type of marketing initiatives and the product that will resonate with the organization consumers.
Following of industry leaders on the social media platform, will be another ways of outdoing other companies in the industry (Price &Wrigley 2016, pp.92-105). Social media such as YouTube, give broad information on everything that is happening in the manufacturing industry. It is also another great way of learning what kinds of people are influencing the industry in which the company is operating (Oyemomi et al. 2016, pp.5222-5227).
In the manufacturing industry is concern with the building of the innovation portfolio concerned with the opportunities that will form the organization basis in the future. At opportunity exploration stage, there are various identification and prioritizing of opportunities based on the target market as discussed on the first part of this report (Moreau & Engeset 2016, p.25). However, the report also indicate various benefit of exploiting opportunity in the entrepreneurial corporate world. These benefits include, direct alignment of innovation on the organization strategy, identification and prioritizing relevant market drifts and the implication of the market trends, developing insights regarding to untapped clients’ needs and, identification and analysing the key and primary technology trends and the implications of the technology on companies’ products and services (Opara-Martins, Sahandi & Tian 2016, p.4).
There are various ways in which idea can be evaluated if it can work in relation to the manufacturing industry (Ledford 2015, p.308). Some common ways of evaluating if the idea can work in this report include accessing to consumers, ability of validation, ability of generating cash flow and accessing the size of marketing opportunity.
Accessing to consumers, if the company cannot get enough clients development in a given period, it will means that the idea will take much time or even hard to be implemented (Miklian 2016, p.321). However, if there is existence of relationship between the clients and the idea of the company it will be easy to access buyer of the idea. Second way of evaluating the idea in this report is ability to validation. It is important for the company in manufacturing industry to be confident in pursuing viable affecting the business. The stronger the validation of the idea the strongest the idea of the company (Kohler 2015, pp.63-84). The third techniques of idea evaluation use in this report is the ability to generate cash flow and be able to access the size of the marketing. Cash flow aspects of idea evaluation indicates that a company need a lot of capital or fund in order to execute its idea. Henceforth, if no enough fund the idea will not be implemented. On the other hand, size of the market in which the idea will be executed on also matter a lot (Kohler 2015, pp.63-84). For instance if the company idea is to be built in a big market, then the company should also be big.
The role of project management to be carried out by the project manager according to this report will be planning on the activities, organizing of project team to carry out a task, delegation of team, controlling the time or regulation of time, and monitoring of the opportunity or project progress (Gilhooly, Ball & Macchi 2015, pp.451-981). The main role of project management in exploring of opportunity is setting up the impacting strategy which include the full list of activities which are significant for the opportunity. Organizing the team involve focus on elaboration of spreadsheets, whiteboards and long checklist to project team members (Green 2017, p.56). The delegation of team means that the project manager will have to specify the role of each team member in order to avoid inter-group conflicts between the members. Another, significant role project management is controlling of the time during the discovering of the project (Knapp, Zeratsky & Kowitz 2016, pp.451-571). It constitutes of the following features: objectivity, process, approximating of duration, scheduling development and controlling the developed schedule. The final role is monitoring of the project progress. It is where the project manager is mandate to know the step which have been taken and steps which should be taken in the discovery of the opportunity.
The main approaches in delivering opportunity include DBB or Design Bid Build, DBOM or Design Build Operate Maintain and, BOT or Build Operate Transfer (Drutman 2015, p.45). DBB, it constitute of the opportunity owner developing a contract documents with the project manager, while DBOM it comprises the operational aspects and maintenance of the opportunity in its original aspect (Coleman et al. 2016, pp.2151-2164). Finally, BOT represents the complete integration of the opportunity deliverance has it being governed by operations, financing as well as the maintenance of the opportunity.
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