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5 Good Effects Of Strategic Management On Business

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Nowadays businesses want to gain canniness i.e. competitive edge over their competitors in the market. It provides healthy competition in the market. Strategic management is the procedure of identifying goals, procedures, and purposes so that a company or an organization can be more competitive in the market. If we say in precise terms strategic management looks at properly placing of staff and resources for the achievement of goals.

Generally, strategic management includes the following aspects:

  • Internal Organization Analysis
  • Strategy Evaluation
  • Strategy Execution throughout the organization
  • Allows a company to analyze areas of operational improvement.
  • Identify potential opportunities and threats.

Strategic Management lets businesses be more proactive rather than reactive which means that businesses anticipate the future in advance and then they work actively when a problem arises. One of the prominent saying by Peter Drucker “ Strategic Management is not a box of tricks or a bundle of techniques. As businesses are evolving day by day people understood and recognized the importance of strategic management.

Here in this article, you will learn about 5 good effects of strategic management for your business.

Smooth decision making:

In an organization, everyone has their own goals but all of them are concentrated towards the main organizational goal. The strategy provides a proper structure. Staff performs a daily decisional activity which is impossible for senior executives to know all these decisions. Therefore strategies set the defined boundaries within which staff perform their activities. These small decisions possess a significant impact on businesses. Having proper structure and boundaries helps all the personnel to focus their efforts in the same direction.

Enables progress measurement:

Strategic management is not a one-time action but is Continual action. Strategic management helps in setting practical objectives and evaluate success or failure. When there is a deviation in expected results and actual results. Then considering that deviation they plan new objectives and present n front of senior management. Bradley Fauteux a leader in the service industry also provides services related to strategic management and strategic planning. 

SWOT Analysis: 

Strategic management is a useful tool for SWOT analysis. SWOT here means

  1. Strengths
  2. Weaknesses
  3. Opportunities
  4. Threats

SWOT analysis is crucial in this dynamic environment. A business has to identify opportunities at the correct time and prepare itself for future threats. It should not disclose the strength to its competitors and work upon its weaknesses.

Ease communication:

For accomplishing any objective everyone in the organization must be aware of it so that they could work accordingly. Strategic management makes sure that appropriate communication flows in an organization at all stages. Subordinates and superiors have stable relations between them.

Benefits in planning:

Strategic management lets businesses develop the plan according to the current situation. Also, it helps in building economic plans. For example, now people are showing concern towards the environment in this case one of the prominent leaders Brad Fauteux advises their clients to explore new areas in businesses which is eco-friendly.

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In Finance

Follow Measures Before Investing In Any Desired Cryptocurrency

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Cryptocurrency is a hot topic as every other day some big personalities tend to invest in crypto or crypto trading companies. So many people are trying to understand what cryptocurrency is and there are many who are taking advantage and investing in cryptocurrencies.

There is a lot of buzz for this cryptocurrency market as lots are happening in this market as well. There are various crypto apps that you can download to buy and sell cryptocurrencies such as bitcoins, ethereum, dogecoin but before buying any crypto you need to follow all the news regarding the cryptocurrency you are trading into.

Cryptocurrency is closely related to blockchain & mining. For example, you might have heard about bitcoin mining. This means to maintain the bitcoin blockchain, there are computers (also known as nodes) that are globally present which constantly work on preserving the bitcoin network.

To become a miner, you have to decipher a few math problems. One has to compute math problems, which makes the bitcoin payment network safer and trustworthy, and secondly, when high-end computers solve this complex maths problem they produce new bitcoins. Moreover, you as well get rewarded for solving the problems.

If you want to invest in bitcoins you need to have a trading app so you can buy any cryptocurrencies and even sell after a point when you want to. Today on searching “investing apps India” you will see that crypto apps are popping more often than stock apps. Speaking of which, downloading a crypto app that is locally available in your region will help you learn about the cryptocurrency market via graphs and blogs. There are several investing apps but downloading the right one is important. Before downloading any investing apps you should always check the security provided by these apps as there are many faux apps in the market. After checking the security of the apps, always turn on two-factor authentication and email authentication to add a layer of security. Investing apps should also give you real-time data so that you trade with proper and actual data information, not with outdated information. For example, Ethereum is the most popular cryptocurrency after Bitcoin, as last year the price of ethereum was around 18k and today the price is around 2 lakhs, so real-time data is crucial.

So before investing or trading you need to be aware of all the news happening around the globe which can impact your investment or either boost it. Hence cryptocurrency news is helpful for anyone buying and selling coins. Crypto news is crucial as it will give you all the news which can impact your investment. So staying updated is also very important before and after investing.

Today you have access to tools that can help you learn more about crypto markets. Sign up for forums, podcasts etc. and learn more about the new crypto market.

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In Finance

Know the Eligibility Criteria for HDFC Bank Personal Loan

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HDFC Personal Loan is one of the most popular and best personal loans available in India. With affordable interest rates & charges, easy documentation, flexible tenure, different EMI repayment options, quick online application, and instant disbursal, it has become the most favourite alternative for many during any financial emergency.

Instant HDFC personal loan can be used for travelling, destination weddings, medical emergencies, business requirements, and so on. Pre-approved customers of HDFC Bank can get an instant personal loan disbursal in just 10 seconds without any documentation.

If you fulfil the HDFC Bank Personal Loan Eligibility, you can avail of the loan instantly without any hassles. The eligibility criteria for HDFC personal loan depend on various factors mentioned below: 

  • Your Repayment Capacity: Out of many factors that impact your Personal Loan eligibility, the most important one is your repayment capacity. The lending bank will check whether you are financially capable of repaying your loan over the given tenure. HDFC considers your current income, credit score, outstanding loans, and continuity of income. If your credit score is good (750 or above) and you are financially stable, you will be considered eligible for a higher loan amount. Also, if you are an HDFC Bank customer already, you may even be eligible for a pre-approved loan, which needs little or no documentation. In a pre-approved loan, the amount is usually disbursed to your account within 10 seconds.
  • Credit Score: To enhance your chances of personal loan approval in the future and securing a low interest rate, you must have a good CIBIL score. A CIBIL score indicates your creditworthiness and the ability to a repay loan. For HDFC Bank, a good credit score for a personal loan is considered to be 750 or above. HDFC Bank customers can easily check their CIBIL score through NetBanking. Non-HDFC Bank customers can request their credit report directly from CIBIL or other online platforms. Usually, these credit reports involve a nominal fee. However, some online platforms provide a free credit report too. Check your credit report carefully and look for any errors. For instance, a closed loan may be marked as pending or there could be a loan that you never applied for. If you find any error, file a dispute with CIBIL for rectification of errors, if required, as they could affect your credit rating and decrease your score.

Who is eligible to apply for HDFC personal loan?

Following people are eligible to apply for a personal loan with HDFC:

  • Employees working with private limited companies, public sector undertakings (including central, state, & local bodies)
  • People aged between 21 and 60 years.
  • People who have a job experience of at least 2 years and a minimum of 1 year have been served at the current employer.
  • People earning a minimum net monthly income of Rs. 15,000. If you are working in Delhi, Mumbai, Chennai, Bengaluru, Pune, Hyderabad, Kolkata, Ahmedabad, or Cochin, your net monthly income should be minimum Rs. 20,000.
  • You must submit the following documents to be eligible for HDFC personal loan approval:
    • Identity proof, such as a copy of the Aadhaar/ passport/ voter ID/ driving license.
    • Address proof, such as a copy of the Aadhaar/ passport/ voter ID/ driving license.
    • Bank statements of the previous 3 months or passbook of the previous 6 months.
    • Latest 2 salary slips or current dated salary certificate along with the latest Form 16.

 

Why apply for HDFC personal loan?

Applying for HDFC personal loan has the following benefits: 

  • This instant personal loan can fulfil all your financial needs.
  • You can get a maximum of up to Rs. 40 lakhs as personal loan amount from HDFC.
  • The repayment tenure can vary from 1 to 5 years.
  • HDFC personal loan interest rates start from as low as 10.50% p.a. and can go up to a maximum of 21% p.a.
  • Processing fee for this loan is up to 2.50% of the sanctioned loan amount. The maximum fee for salaried customers Rs. 25,000.
  • The bank allows prepayment of the loan by charging a prepayment fee of 2 to 4% of the outstanding loan amount, depending on when you wish to prepay the loan.
  • You can also opt for HDFC personal loan balance transfer facility to reduce your EMIs.
  • You can check your eligibility online in just one minute and at select branches using HDFC Personal Loan Eligibility Calculator.
  • You can get funds in just 10 seconds if you are a pre-approved customer of HDFC Bank. Other customers can get funds in under 4 hours.
  • You can apply for HDFC personal loan online in just a few clicks through the bank’s simplified personal loan application process.
  • Get Personal Accident Cover of up to Rs. 8 Lakhs and Critical Illness cover of up to Rs. 1 Lakh for a nominal premium.
  • Get Personal Loan Security with Sarv Suraksha Pro and avail of the following benefits:
    • Accidental Hospitalisation cover of up to Rs. 8 Lakhs.
    • Credit Shield cover equivalent to the outstanding loan amount.
    • Accidental Death or Permanent Disablement cover worth up to Rs. 1 Lakh.
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Are Rent Controls The Solution To Higher Housing Prices?

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Portugal has some of the most expensive real estate when we compare with the average salary. The country has been a go-to place for foreigners looking to invest in property, and retirees looking to spend their last years in a sunny and welcoming country. This has driven the prices of real estate higher in the most important areas of the country, Lisbon, Porto and the Algarve. The spike in real estate prices around these regions has made it impossible for portuguese with lower salaries to buy or even rent a property. Portugal seems to be the biggest real estate bubble in Europe. As 60% of portuguese make less than €800 a month, the rise in property prices has forced them to allocate most of their salaries to rent or to pay mortgages. 

Rent controls

As a way of preventing this kind of situation, some countries, namely in Europe, have set up laws to protect tenants. These rent control laws allow every tenant to get an affordable house with standard living conditions. Many view this as an interference of governments in the free market. Real estate prices in countries with rent controls tend to be affected, reflecting the inability to raise prices. Prices should not be regulated, and governments should not interfere with the free market, but at the same time, some countries are deeply affected by high property prices. Housing has always made up most of a family’s spending, and it is to be expected. When these levels reach over 50% of the spending, then the situation changes. 

The reasons behind high property prices

One of the reasons behind the surge in property prices is the amount of capital that is just laying around ready to be deployed. Not everyone knows how to allocate capital in the best way, and real estate becomes an easy and simple way of doing it. This in turn creates a housing shortage that could last for a long time, and has a deep impact on different socioeconomic levels of society. Although there is no simple solution for this problem, rent controls emerge as the most obvious and simple way governments can address the issue at hand.

Author bio: Value of Stocks is an independent financial information provider. Focused on analyzing stocks with a value investing approach. Our main goal is to help investors make better investment decisions.

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In Business

Things To Consider When Opening a Hotel Business

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Have you wondered about what it takes to open a hotel business? When business owners decide to go into the hospitality field, there are many things they’ll need to take into consideration. Hotels require various permits and inspections for the diverse services they provide in the course of business. It’s a very intense and interesting process to be able to open a hotel to the public.

Get Various Safety Inspections

When a business owner wants to operate a hotel, there will be necessary safety protocols they will need to follow to get all their ducks in a row. If the building will be equipped with an elevator system, this must be checked by the right authorities to ensure it’s safe for operation. If the establishment will have automatic doors installed, they will need to be inspected to see that they align with automated door safety compliance. These types of machinery are powerful and useful, and it’s important they’re not only installed correctly but that they function in the safe manner for which they were designed.

Acquire the Necessary Permits

All businesses that serve the general public will need some sort of permit for operation. Usually, the municipality in which the building lies is responsible for issuing the necessary certificates. Public operations will need to be inspected for fire safety, and this will include issuing a certificate of maximum occupancy. Another type of permit a hotel may need is an alcohol license. If the hotel serves food or beverages, they’ll need a seller license for the alcohol and a health inspection to ensure the food they’re serving is clean and safe.

Secure the Right Kind of Insurance

Business owners must protect themselves and their companies by securing a liability insurance policy. Insurance policies protect entrepreneurs from potential lawsuits from customers or other employees. Sometimes accidents happen no matter how safely an operation is run. Business insurance policies help pay for damages on the building, medical bills for an injured person, and other expenses that result from an accident. Most lenders require businesses to have some sort of insurance before extending loans to fund the enterprise.

Owning a hotel can be a lucrative opportunity if the right steps are taken. There’s a lot involved in the day-to-day process of running a hospitality operation. When business owners make careful plans and take the right steps, they can end up having a very successful outcome.

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