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How to Become a Business Analyst in Top Management

A business analyst is a person who analyzes the function and structure of an organization, to be able to come up with ways to fix the organization’s problems.

In the field of information technology, a business analyst is going to evaluate the organization’s business structure to determine how it integrates with modern technology. The idea is always to establish the organization’s business requirements or objectives, and subsequently improve the efficiency of IT in meeting those requirements / objectives.

Listed here are some of the necessary skills you could possibly find outlined as a business analyst:

Be Analytic
A business analyst needs to be extremely detail-oriented. You must have good analytical skills to be able to understand the different business attributes. You must understand what planning, documentation and assessment techniques or methodologies to utilize. Sharpen your investigative skills to be able to diagnose business system issues and come up with effective solutions.

Make sure that you have top interactive skills.
Different interactive skills like listening, facilitating, interviewing, and documentation skills are a necessity. You should be capable of explaining both technological and business designs to a wide audience (technical as well as non-technical).

You should be distinct, concise and tactful. You should possess great negotiation skills. In fact, part of your job would be to persuade both the leadership of the organization and the employees to accept your plans.

Be well competent in business skills.
Relating to the business side, a business analyst should become aware of strategic planning, business enhancement methodologies, case improvement and business writing.

Enhance your management skills.
A business analyst needs to be adept at decision-making, time supervision and organizational skills. You should have a working expertise in project management approaches and tools.

Stay current with technical skills.
On the technological side, you must have a working comprehension of computer hardware and software employed in the field. If you happen to be on the more technological side of the business, you might be required to be familiar with information technology principles and guidelines, engineering systems, modeling methods, technical writing as well as others.

Have high interpersonal skills.
To be in a position to get the cooperation of all of the levels of the organization, outstanding interpersonal skills are essential. You must be prepared to work with different people and bring them jointly towards a common purpose. Some are employed in multi-cultural environments which means, sensitivity and understanding of various work approaches is as well important.

The 4 Step Guide to Planning Your Home Based Business Model

Creating a home-based business model is about scoping out just how much money the business expects to make and it’s value.

It’s important to look critically and impartially at your business model to decide whether it is worth investing your time and money in. Because it is difficult to remain impartial to the model it is a good idea to get in touch with your local SBA for advice and guidance.

There are never guarantees your business model will be a success and that is why planning is a critical step in the process. It help take you from idea to deciding on your financial commitment.

You also need to consider the return on investment you want and the risk you are willing to accept.

There are 4 stages to look at when designing your business model which we will look at now.

Stage 1 – Analyse

This stage is all about looking objectively at your model and determining it’s profitability.To do that you need to ask the following questions:

  • What is the size of the market I am entering?
  • What is my competitive advantage?
  • How much capital will I need? (if you are working from home this could also mean borrowing money to support your day-to-day living until the business picks up).
  • What are your management skills? can you manage your time and are you disciplined enough to work at home?
  • How else has tried this business model and did they fail/succeed? Why/why not?

Stage 2 – Market Scope

Once you know the market you want to serve you need to do research on the following:

  • Demand – What is the demand for your model? how big is the size of your market and what is it’s capacity for growth?
  • Supply – How will you supply your product/service? You also need to ask if this is the right time to enter into your space.
  • Network – What is the network and relationships that you have available to draw on? Which of these can you use for bargaining power?

Stage 3 – Competitors

If at this point you have decided that your business model is a good one, there is market scope for your product/service and you know what makes your model special it’s time to look at your competitors.

Start by answering these questions:

  • How is your model different to your competitors?
  • Will people buy from you? What makes you and your business special?
  • What barriers will you face?
  • Why are my competitors successful?

Stage 4 – Finances

The last stage is to assess your finances. This is where you prepare a sales forecast, estimate start-up costs and profitability, assess the financial viability of your business. At this point you may need an accountant to help you. I know when I started in business I needed this help, but once you have been through the process the first time any future businesses you will be able to assess on your own.

The Truth About Business Models You Never Realized

Have you ever wondered where the term “business model” came from?

The oldest, most basic business model is the shopkeeper. Originally there was no such thing as a shop front or visual merchandising for that matter. When customers wanted to buy items such as food, clothing, linen etc. they would approach the shopkeeper and explain what they wanted. The shopkeeper would head out the back and select items before returning to the front to show customers.

Until one day a smart owner of rugs, who was low on sales, decided to display his rugs outside to draw in buyers. To his surprise, people were intrigued by this move and he sold more rugs than ever. This was when the true shop front like we know today was born. Fast forward to today and the look and feel of the shop keeper has changed, but the true essence is that the traditional business model hasn’t. Owners set up a store at a site where customers are and display products or services for passers-by to see.

Whilst the traditional “brick and mortar” business still exists business models have evolved and become more advanced especially around advertising. Visual merchandising helps draw in potential customers to a storefront, but business owners still have to focus on advertising. In the early 20th century a new advertising method began called “bait and hook”. This model involved offering a basic service for a low-cost, often at a loss. This part is the bait. Owners used these services or products as loss leaders to get potential customers in the door. The owner would then “cross-sell” or “up sell” to other product lines, this is the hook. It’s also been called the tiered business model.

The original version was from Gillette with the razor (bait) followed by refills (hook). But other examples are printers (the bait) and inkjet cartridges/refills (the hook) or gaming consoles (bait) and the games (hook).

Today’s business models are dependent more on technology with the rise in digital marketing and online business models. These days, many Entrepreneurs are turning to the fastest growing business model “online”. However, traditional brick and mortar businesses are having to diversify and move to a hybrid model using both a traditional store front as well as an online version. With the help of computer technology, new businesses have the advantage of reaching a large amount of customers with a minimal capital injection.