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dairy inflation

Dairy Industry Faces Unprecedented Inflation

Rising costs currently present unique challenges necessitating strategic adaptations across dairy supply chains. As an advisory firm– we have analyzed macroeconomic factors driving inflation and their implications for producers, processors and other stakeholders.

Input Cost Pressures Feed, fuel and material expenses increased substantially in 2022. Our research found dairy farms saw a 15-20% rise in input costs on average. Processors also incurred higher transportation, packaging and labor outlays.

Supply chain disruptions and high fuel costs are also squeezing transportation networks, exacerbating inflationary pressures. Our data indicates over-the-road freight rates for dairy shippers rose 20-30% in 2022. Processors report delivery delays as driver shortages persist industry-wide. To mitigate impacts, cooperatives are negotiating improved compensation packages to attract and retain qualified drivers long-term.

Evolving Consumer Demands

Rising grocery bills are altering purchase behaviors. Data shows a 10-15% decline in fluid milk sales as buyers trade to private labels or consume less. A few well-known brands saw only minor volume reductions.

Looking ahead, most economists forecast inflation will gradually moderate through 2023 but remain elevated above pre-pandemic levels. The dairy sector must therefore plan for a “new normal” of higher input costs. Producers would benefit from multi-year supply contracts locking in stable feed prices to the extent possible. For processors and retailers– long-term fixed-rate agreements on utilities and other recurring expenses provide greater budget predictability.

Strategic Considerations

Financial resilience grows increasingly vital as interest rates rise in tandem with inflation. All entities must stress test financial plans under various inflation scenarios to identify vulnerabilities. Where debt levels are high, refinancing options should be evaluated to potentially lower borrowing costs. Maintaining sizable cash reserves and lines of credit allows flexibility to withstand unforeseen economic shocks.

To navigate current headwinds, we recommend the following actions:

  • For producers– focus on cost-cutting through efficiencies, input hedging and price negotiations. Consider diversifying revenue streams.
  • Processors should pursue measured price increases balanced with promotional support to maintain sales volumes. Portfolio optimization can better serve value-conscious customers.
  • All entities should stress test financial plans under inflation scenarios and bolster cash reserves to ensure flexibility in adapting strategies going forward.

By proactively implementing strategic recommendations, dairy industry stakeholders can effectively manage rising costs, evolving demand trends and financial risks to withstand near-term inflationary pressures. We hope these insights provide a useful framework for navigating today’s turbulent operating environment.

By implementing strategic recommendations tailored to their unique circumstances, dairy industry stakeholders can effectively manage rising costs, demand volatility and financial risks amid ongoing inflationary headwinds. Proactive adaptation is key to navigating the challenging operating environment successfully in both the near and long-term.

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Time Management RFC Productivity Software

Comprehensive Financial Analysis – NUMO

RFC contributed for a holistic business proposition for NUMO, a company that provides users with a personal journaling, goal-setting, and time-management tool that helps them increase productivity and achieve their goals. We have provided NUMO with comprehensive investor documentation, such as IM, whitepapers, decks, strategy, and financial model for their product. Our documents highlight the mission, vision, value proposition, market opportunity, competitive advantage, customer journey, partners, and business model of NUMO. We have also conducted market research, competitive analysis, regulatory assessment, and valuation estimation for NUMO and its product. These analyses provide valuable information and insights on the current and future trends, challenges, opportunities, risks, and strategies in the cloud-based productivity management software market.

The cloud-based productivity management software market is a large and growing market that is expected to reach USD 5.59 billion by 2032, growing at a CAGR of 11.50% during the forecast period (2023-2032). The market is driven by factors such as the increased adoption of cloud-based technology, the growing shift of businesses toward digital transformation and customer engagement, the rising demand for online and personalized learning, and the vast data being generated across businesses. The market is also facing challenges such as high competition, low retention rates, quality issues, and regulatory uncertainties. The market is segmented by solution (AI and predictive analytics, content management and collaboration, asset creation, structured work management), deployment (on-premise, cloud), organization size (small and medium enterprises, large enterprises), end user industry (BFSI, telecommunications, manufacturing, media and entertainment, transportation, retail), and geography.

NUMO aims to tap into this lucrative market by offering a unique and innovative product that can enhance the productivity and quality of life of users. NUMO is a personal journaling, goal setting, and time-management tool that uses advanced time-tracking system, personal journaling feature, and various tools and resources to help users stay on track and achieve their goals. NUMO supports all learning styles, including textual, aural, visual, and kinaesthetic. NUMO also supports various delivery modes, such as online, offline, and hybrid. NUMO covers all aspects of personal development for users of all ages and includes features such as daily journal entries, to-do lists, progress tracking, goal setting, reminders, personalized schedule, calendar view, and tips and affirmations.

We aided NUMO with market intelligence regarding cloud-based productivity management software market to achieve its goals and vision. We have also provided guidance and advice to NUMO on how to launch its product in the US market. We believe that NUMO has a promising business opportunity and a strong competitive edge in the cloud-based productivity management software market.

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IoCure RFC

Comprehensive Business Plan – IoCure

We worked in partnership with IoCure, a company that offers a novel therapy for COVID-19 and other respiratory infections using steam inhalation of a heated iodine and iodide salt solution. We have provided IoCure with comprehensive investor documentation, such as IM, decks, strategy, and financial model for their therapy. These documents highlight the mission, vision, value proposition, market opportunity, competitive advantage, customer journey, partners, and business model of IoCure and its therapy. We have also conducted market research, competitive analysis, regulatory assessment, and valuation estimation for IoCure and its therapy. These analyses provide valuable information and insights on the current and future trends, challenges, opportunities, risks, and strategies in the respiratory infection field.

IoCure has developed and commercialized a novel therapy that can meet this need by using steam inhalation of a heated iodine and iodide salt solution. The therapy is based on the inventor’s belief in the safety and efficacy of iodine against viruses on mucus membranes. Iodine is a well-known antiseptic that has been used for various purposes, such as wound care, water purification, and disinfection. However, iodine has not been widely used as an inhalation therapy for respiratory infections, due to its volatility, toxicity, and irritation. IoCure has overcome these challenges by using a heated iodine and iodide salt solution, which releases therapeutically effective amounts of volatile iodine at a controlled temperature and concentration.

The solution is administered by steam inhalation using a device that heats and vaporizes the solution. The device is designed to deliver the solution to the lower respiratory system, where most respiratory pathogens affect or penetrate the mucosal lining of the lung. The solution is expected to kill the pathogens by disrupting their cell membranes and inhibiting their replication.

IoCure has achieved several milestones, such as patent filing, confirmatory trial, and device development. The company is ready to conduct phase I clinical trial in the US and seeks to obtain regulatory approvals in the US and ex-US markets. The company also intends to explore other applications of its therapy to other diseases, such as breast cancer, where iodine may have anti-tumor effects. The company faces some challenges, such as scaling up manufacturing, securing funding, and competing with other COVID-19 treatments. However, the company has a strong competitive edge in terms of its unique value proposition,

We have also designed a robust and flexible business model for IoCure, using our predefined tools. We have considered two scenarios: self-distribution model and licensed manufacturing model. We have compared the pros and cons of each scenario, using our own surveys and knowledge.

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CASS Pharma Medical Industry RFC

Comprehensive B-Plan – CASS Pharma

Ruskin Felix Consulting collaborated with CASS Pharma, a company that is transforming the diabetes landscape with its novel ultra-rapid-acting injectable insulin formulations. We have provided CASS Pharma with comprehensive investor documentation, such as IM, whitepapers, decks, strategy, and financial model for their products. These documents highlight the mission, vision, value proposition, market opportunity, competitive advantage, customer journey, partners, and tokenomics of CASS Pharma and its products. We have also conducted market research, competitive analysis, regulatory assessment, and valuation estimation for CASS Pharma and its products. These analyses provide valuable information and insights on the current and future trends, challenges, opportunities, risks, and strategies in the diabetes field.

Diabetes is a chronic metabolic disorder that affects millions of people worldwide and causes serious complications such as cardiovascular disease, kidney failure, blindness, and amputation. Diabetes is characterized by high blood glucose levels due to insufficient insulin production or action. Insulin is a hormone that regulates blood glucose levels and is essential for the survival of people with type 1 diabetes and some people with type 2 diabetes. However, the current insulin formulations have limitations such as slow absorption, instability at room temperature, and risk of hypoglycemia. These factors reduce the efficacy, safety, and accessibility of insulin therapy.

CASS Pharma has developed and commercialized novel ultra-rapid-acting injectable insulin formulations that can overcome these limitations and improve the management of diabetes mellitus. The company has two lead product candidates: CASS Ultra-Rapid-Acting Lispro and CASS Ultra-Stable and Ultra-Fast-Acting RHI. Both products use Generally Regarded as Safe (GRAS) ingredients and are compatible with existing insulin delivery devices. They have been tested in diabetic mini pigs and have shown faster absorption and better glucose control than the current market leaders. CASS Ultra-Rapid-Acting Lispro is formulated with GRAS ingredients and may be eligible for Breakthrough Therapy Designation in the US and fast track designation ex-US. CASS Ultra-Stable and Ultra-Fast-Acting RHI uses generic recombinant human insulin and GRAS ingredients that stabilize the insulin and speed its absorption into the blood. CASS Ultra-Stable and Ultra-Fast-Acting RHI does not require refrigeration and is eligible for Breakthrough Therapy Designation in the US and fast track designation ex-US.

We have used our expertise and experience to assess and support CASS Pharma in achieving its milestones and goals. We have also provided guidance and advice to CASS Pharma on how to approach potential strategic partners and investors for their US and EU operations. We have identified and contacted relevant stakeholders in the industry and facilitated negotiations and discussions with them. We have been working closely with CASS Pharma to bring their innovative insulin products to the market and improve the lives of millions of people with diabetes.

We believe that CASS Pharma has a promising business opportunity and a strong competitive edge in the diabetes market. We recommend that you consider investing in or partnering with CASS Pharma to benefit from their products and vision.

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diversification strategy, new markets, conglomerate diversification, new industry

Importance of Diversifying Your Business

diversification strategy, new markets, conglomerate diversification, new industry

INTRODUCTION

What diversification is and why it’s important?

As an entrepreneur, it’s tempting to stick to what you’re familiar with and what’s proven to be effective. However, in today’s fast-paced business landscape, relying on a single product or service can be risky. To ensure long-term success and sustainability, diversification is essential. This article details down the significance of diversifying your business, the consequences of failing to diversify, the various forms of diversification, methods to implement diversification, and examples of companies that have successfully diversified.

What is a business portfolio?

A business’s collection of products, services, and commercial divisions is referred to as its portfolio. This compilation characterizes the company’s overall plan and establishes its identity. The portfolio may comprise a broad range of products or services, or it may concentrate on a particular specialty or sector.

BENEFITS OF MARKET DIVERSIFICATION

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Reducing risk

Enterprises can spread their risks and safeguard themselves from losses in one area by investing in various markets or industries. Consider a corporation that exclusively operates in the oil industry, for instance; it could encounter losses if oil prices suddenly plummet. However, if the same company broadens its investments and operates in the renewable energy sector, it can minimize the likelihood of losses due to oil price fluctuations.

Expanding market share

Diversifying into different markets or industries enables enterprises to access new customer bases and broaden their revenue streams. E.g., Consider a company that specializes in manufacturing sports equipment; it can broaden its operations to fitness apparel. As a result, the company can attract new customers who are intrigued by fitness but may not necessarily be interested in sports. This approach related diversification can assist in expanding the company’s market share and boosting its overall revenue.

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Maximizing profits

By investing in various markets or industries, enterprises can identify prospects to increase their revenue and profitability. Suppose a company operates in the healthcare sector; it could also invest in the technology industry to create new healthcare technologies. This plan can assist the company in developing new products that can be marketed to both healthcare and technology industries, resulting in increased revenue and profits.

Enhancing innovation and creativity

Diversifying into different markets or industries enables companies to bring new ideas and perspectives into their core business, helping in the creation of innovative products and services that cater to a diverse customer base. Furthermore, diversification can motivate employees to break out of their traditional roles and explore new areas of the business. This approach can result in increased creativity and innovation, which can propel the company forward.

RISKS OF NOT DIVERSIFYING

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Dependence on one product or service

If a business relies heavily on a single product or service, it leaves itself vulnerable to shifts in the market or changes in consumer behavior. If a company only sells a particular product, and that product falls out of favor with consumers, the company could suffer significant losses. Diversification helps mitigate this risk by spreading out a company’s offerings across multiple products and services.

Economic downturns

Economic downturns can significantly impact businesses that are not diversified particularly those that rely on a single industry or market segment. If a company only operates in the hospitality industry, it could suffer significant losses during an economic downturn. Diversification can help protect a company by providing a buffer against economic fluctuations.

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Competition

Not diversifying also makes a business vulnerable to competition. If a company only offers one product or service competitors can easily replicate it or offer a similar product at a lower price. Diversification helps a business stay competitive by offering unique products and services that set it apart from the competition. It also provides a safety net in case one product or service fails to gain traction.

Changing consumer preferences

Consumer preferences are always changing, and companies must adjust to remain relevant. If a business focuses solely on one product that is no longer popular, it risks experiencing significant losses. Diversification permits a company to adapt to shifting consumer preferences by providing a diverse range of products and services.

TYPES OF DIVERSIFICATION STRATEGIES

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Concentric Diversification

Concentric diversification refers to a strategy adopted by businesses to expand their operations by venturing into related markets or industries. Essentially, it involves adding new product or service lines that complement the company’s already existing products or offerings. This type of diversification can be observed when a company that manufactures sports shoes diversifies into producing sports apparel or accessories, for instance.

By using their existing resources, capabilities, and expertise companies can leverage their strengths to enter new markets or industries. This approach also mitigates some of the risks associated with diversification since the company already possesses some knowledge and experience in the related field. However, a potential downside is the risk of becoming too reliant on the existing market, which could constrain future growth opportunities.

customers, business, diversification benefits, brand recognition, joint venture, product line

Horizontal Diversification

Horizontal diversification is a diversification strategy where a company enters a new and unrelated market or industry. Unlike concentric diversification strategy, this approach involves adding new product or service lines that are unrelated products to the company’s existing offerings. For instance, a sports shoe manufacturer may diversify into producing consumer electronics.

The main advantage of horizontal diversification is that it allows a company to enter a new market or a new industry with high growth potential. It also reduces the risks associated with diversification as the company does not have to rely on its existing market. However, there is a risk of lack of knowledge and experience in the unrelated field, which may lead to failure.

Conglomerate Diversification strategy

Conglomerate diversification is a type of business diversification strategy where a company ventures into an entirely new industry. This approach involves adding new product or service lines that have no connection with the company’s existing offerings. For E.g., a sports shoe manufacturer may diversify into producing aerospace products.

The main advantage of conglomerate diversification business strategy is that it allows a company to spread its risks across different markets or industries. It also provides opportunities for high growth potential and increased profitability. However, there is a risk of lack of synergy and coordination between the different businesses, which may lead to inefficiencies and reduced profitability.

HOW TO DIVERSIFY YOUR BUSINESS PORTFOLIO?

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Conducting market research

Market research is a vital tool for businesses to identify new opportunities in the market, understand consumer needs and preferences, and discover gaps that can be filled by the company’s offerings. With market research businesses can gather valuable data that can guide their decision-making and ensure that product diversification and efforts are strategic and informed. By conducting thorough market research businesses can make sound decisions and confidently expand their offerings.

Investing in new products or services

Investing in new products or services is another way to diversify your business portfolio which can be done by developing new products or services internally or by acquiring other companies that offer complementary products or services to current market. Investing in new products or services allows your business to expand its offerings, reduce its reliance on a single product or service, and tap into new markets and revenue streams.

brand image, sell products, specific markets, brand extension, production processes

Mergers and acquisitions

Purchasing other businesses can provide your company with entry into untapped markets, goods, or services. Mergers and acquisitions can also minimize competition, boost productivity, and open up fresh prospects for expansion and growth strategies.

Strategic partnerships

Collaborating with other businesses through strategic partnerships is an effective means of broadening your portfolio without the requirement of significant investments or acquisitions. Partnering with other companies enables you to leverage their skills, assets, and customer base. Strategic partnerships can facilitate the expansion of your existing business’s reach, enlarge its product/service lineup, and allow access to new markets and income streams.

Franchising

Franchising offers another avenue for expanding your business portfolio. By franchising your existing brand or business, you can broaden into fresh territories and markets without substantial investments or acquisitions. Franchising also allows you to tap into the skills and resources of your franchisees, who are invested in your business’s success.

SUCCESS STORIES OF DIVERSIFIED COMPANIES

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Apple Inc.

Apple started as a computer company but has since expanded into smartphones, tablets, music streaming, and more. This business level product diversification has helped Apple become one of the most valuable companies in the world.

Amazon Inc.

Amazon started as an online bookstore but has since expanded into e-commerce, cloud computing, streaming media, and more this diversification helped Amazon become one of the most dominant companies in the world.

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Alphabet Inc.

Alphabet, the parent corporation of Google, has diversified into numerous industries, such as self-driving cars, healthcare, and smart homes. This corporate level product diversification has aided Alphabet in sustaining innovation and relevance in a swiftly transforming market.

Coca-Cola Co.

Coca-Cola has diversified its portfolio by expanding its offerings beyond soda to include sports drinks, juices, and water. Diversification has helped Coca-Cola remain competitive and adapt to changing consumer preferences.

CONCLUSION

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Diversification is essential for the long-term success and sustainability of a company. By spreading risk across different products, services, and markets, companies can reduce the impact of failures and maximize opportunities for growth. While diversification presents challenges, it’s a necessary step for companies looking to remain relevant and gain competitive advantage in a rapidly changing market.

We at Ruskin Felix Consulting help clients in strategic consulting including product and market diversification. We help clients transform, grow and operate while fostering trust through assurance with our services and solutions. Please feel free to contact us at contact@ruskinfelix.com

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Manage Resource Allocation for Business Growth

allocate resources, RFC, multiple projects, project scope, team members

INTRODUCTION

In today’s fast-paced business environment, the effective allocation of resources is critical for achieving sustainable growth. As a business owner, it’s essential to make smart decisions when it comes to allocating your resources, including time, money and personnel.

However, with so many competing demands, it can be challenging to prioritize and allocate your resources effectively. In this comprehensive guide, we’ll explore the best practices, tips, and strategies for effective task management and resource allocation to help your business achieve sustainable growth.

Effective resource allocation also requires a proactive approach to risk management. As a business owner, you need to be aware of the risks associated with different resource allocation decisions and take steps to mitigate those risks.

This may involve diversifying your resource allocation, investing in risk management strategies, or developing contingency plans in case of unforeseen events.

Communication and collaboration are also key to effective resource allocation. By involving key stakeholders in the resource allocation process and fostering open communication channels, you can ensure that everyone is aligned around how resource allocation helps with your business goals and priorities.

This can help to build buy-in and support for your resource allocation decisions and can also lead to more innovative and creative solutions. The project scope should be the first thing employees should discuss and put all team members and available resources to use.

The project manager must navigate the complex web of available resources and team members, carefully considering each individual’s skillset and expertise. Effective resource management requires a strategic approach to project resource allocation, assigning tasks to team members in a way that maximizes their strengths and minimizes their weaknesses.

The success of the project team hinges on the ability of the project manager to make informed decisions about resource allocation and ensure that each team member is equipped with all the resources, tools and support they need to excel.

allocating resources, RFC, allocate resources, team members

FEATURES OF THE RESOURCE ALLOCATION PROCESS

Identify Your Business Goals and Priorities

Before you can identify resources and can effectively allocate your resources, you need to identify your business goals and priorities.

Your goals should be specific, measurable, attainable, relevant, and time-bound (SMART), and your priorities should align with your long-term objectives.

Conduct a Resource Audit

Once you’ve identified your goals and priorities, it’s time to conduct a resource audit. A resource audit involves reviewing all your resources, including financial, human, and material resources, to determine where they’re currently being allocated and how they could be better utilized.

This will help you identify any gaps or inefficiencies in your resource allocation and enable you to make informed decisions about how to allocate your resources more effectively.

Use Data to Drive Resource Allocation Decisions

In today’s data-driven world, it’s essential to use data to drive your resource allocation decisions. Data can help you identify trends, patterns, and opportunities for growth, and enable you to make informed decisions about how to allocate your resources effectively.

Some key data points to consider include customer feedback, sales trends, and operational efficiency metrics.

Consider Outsourcing as an Option

Outsourcing can be an effective way to allocate your resources more efficiently. By outsourcing non-core business functions, you can free up your internal resources to focus on core business activities that drive growth.

Some common areas that businesses outsource include IT, accounting and human resources.

Build a Resource Allocation Strategy

Once you’ve conducted a resource audit and identified your priorities, it’s time to build a resource allocation plan. Your resource pool plan should outline how you’ll allocate your resources, including timelines, budgets and personnel requirements.

It should also include a contingency plan for unexpected events that may impact your resource allocation.

Communicate Your Resource Allocation Plan

Effective communication is critical when it comes to resource allocation. You need to ensure that everyone in your organization understands your resource allocation plan, including the goals, priorities and timelines.

By communicating your plan effectively, you can ensure that everyone is working towards the same objectives and that your scarce resources are being allocated effectively.

Resource planning process

As we embark on the journey of project management, we are faced with the daunting task of doing project planning and allocating resources to multiple projects while keeping an eye on project timelines and ensuring optimal resource utilization.

Resource allocations

Resource allocation is a crucial skill for any project manager. It involves assigning the right resources to the right tasks at the right time, taking into account the project requirements, the project lifecycle, and the resource dependencies.

A good resource allocation tool can help you allocate resources effectively and wisely, as well as handle project scope changes and fluctuating resource demands.

Project management tool

A resource scheduling tool can help you assign tasks, track progress and identify task dependencies. A backup resource allocation plan can help you deal with unexpected situations.

By using these tools and techniques, you can improve resource allocation and ensure a smooth collaboration between your sales and delivery team.

Resource management tools

Client satisfaction is one of the biggest problems any business faces. With limited resources, all project objectives can’t be fulfilled.

Hence, businesses should allocate resources wisely and make sure that all future projects have a proper project budget and lower their benefits of resource allocation problems.

allocating resources, allocate resources, project team, resource utilization,team members

MONITOR AND EVALUATE YOUR RESOURCE ALLOCATION PLAN

One of the key factors in effective resource allocation is understanding your business goals and priorities. Before you can allocate your resources effectively, you need to have a clear understanding of your business objectives and project priorities, both short-term and long-term.

Once you have a clear understanding of your goals, you can begin to prioritize your resource allocation accordingly.

Another important aspect of effective resource allocation is data-driven decision-making. To make informed decisions about resource allocation, you need to have access to accurate and timely data.

This may involve conducting a resource audit, gathering feedback from stakeholders, or using data analytics tools to analyze your business data.

Finally, it’s essential to monitor and evaluate your resource allocation plan regularly. By tracking your progress against your goals and making adjustments to the project plan as needed, you can ensure that your resources are being allocated effectively and that you’re on track to achieve sustainable growth.

Outsourcing can help with resource allocation by allowing businesses to free up their internal resources to focus on core business activities that drive growth.

By outsourcing non-core functions, such as IT, accounting, or human resources, businesses can ensure that their internal resources are being used efficiently, while still maintaining a high level of quality in these areas.

allocating resources, RFC, allocate resources, available resources, project team, team members

COMMON CHALLENGES OR PITFALLS

Resource allocation can be a tricky process that involves many challenges and pitfalls, such as:

Overallocation or under allocation:

When resources are assigned too many or too few tasks, they can become overworked or idle, resulting in waste and inefficiency.

Resource leveling:

When overallocation or under allocation is resolved by adjusting task dates, it can affect the project duration and the project timeline critical path, which is the longest sequence of dependent tasks that determines the project deadline.

Political infighting and bureaucracy:

When resource allocation decisions are influenced by personal agendas or organizational barriers, they can hinder collaboration and effectiveness.

Lack of project management and communication:

When resource allocation information is not shared or updated regularly, it can cause confusion, errors, or conflicts among stakeholders.

Uncertainty and volatility:

When resource availability or demand changes due to external factors, it can disrupt the resource allocation plan and require adjustments.

team member, resource management, team members, available resources

HOW CAN I AVOID OVERALLOCATION OR UNDERALLOCATION OF RESOURCES?

Resource allocation is a vital skill for project managers who want to optimize their time, budget, and quality project outcomes.

However, it also involves some challenges and pitfalls that can affect project performance and deliverables. Some of the common issues that project managers need to avoid are:

Overallocation or under allocation:

This happens when resources are assigned too many or too few tasks, leading to waste, inefficiency, or dissatisfaction. Project managers need to balance the workload and availability of their team members and avoid resource conflicts or shortages.

Resource leveling:

This is the process of resolving overallocation or under allocation by scheduling resources and adjusting task dates, which can change the project duration and the critical path.

Project managers need to consider the impact of resource leveling on the project deadline and the critical tasks that need more attention and priority.

Political infighting and bureaucracy:

This occurs when resource allocation decisions are influenced by personal agendas or organizational barriers, which can hamper decision-making and collaboration.

Project managers need to deal with political infighting and bureaucracy by communicating clearly, building trust, and aligning goals and expectations.

Lack of visibility and communication:

This causes confusion, errors, or conflicts among stakeholders when resource allocation information is not shared or updated regularly.

Project managers need to improve visibility and communication in resource allocation by using tools and methods that provide real-time data and feedback.

Uncertainty and volatility:

This affects resource availability or demand due to external factors, such as market changes, customer requests for new projects, or competitor actions.

Project managers need to cope with uncertainty and volatility in allocation by forecasting accurately, planning contingencies, and adapting flexibly.

resource management, project schedule, team members, other projects, right resources

CONCLUSION

Resource allocation is critical for achieving sustainable business growth. Make sure you are well ahead of your project timelines and that the resource utilization is properly managed.

By identifying your goals and priorities, conducting a resource audit, using data to drive resource allocation decisions, considering outsourcing as an option, building a resource allocation plan, communicating it effectively, and monitoring and evaluating your plan regularly, you can ensure that your resources are being allocated effectively and that you’re on track to achieve sustainable growth.

Remember, useful resource allocation is not a one-time event, but an ongoing process that requires constant evaluation and adjustment. Following the best practices and strategies outlined in this guide, you can position your business for success in today’s competitive business environment.

Furthermore, effective allocation can help businesses to avoid common pitfalls such as overspending, underinvestment and poor decision-making. Allocate resources effectively in order to run your business profitably.

By using data to drive their allocation decisions, businesses can avoid investing in areas that are unlikely to generate a positive return on investment and focus skilled resources on areas that are most critical to their success.

Overall, the benefits of effective resource allocation are clear. By using all the tools and project resources effectively, businesses can achieve sustainable growth, increase profitability, improve employee engagement and stay competitive in today’s dynamic business environment.

So, if you want to position your business for long-term success, it’s time to start allocating your resources effectively!

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Rise of the circular economy, circular economy, economic growth, circular economy transition

Rise of the Circular Economy

Rise of the circular economy, circular economy, economic growth, circular economy transition

Introduction

What is the circular economy?

The circular economy is an economic model that aims to minimize waste and maximize the use of resources by keeping materials and products in use for as long as possible. This is achieved through a closed-loop system that emphasizes recycling, reuse and regeneration of materials and products as opposed to the traditional linear economy which relies on a “take-make-dispose” approach.

Importance of the circular economy in the future of business

The circular economy is becoming increasingly important in the future of business due to several factors:

Resource scarcity

As the world’s population grows and consumption patterns change resources are becoming increasingly scarce. The circular economy offers a solution to this problem by keeping resources in use for longer and minimizing waste.

reduce waste, circular economy principles, economic growth, more circular economy

Environmental impact

The traditional linear economy model has a significant impact on the environment i.e., greenhouse gas emissions, air and water pollution and deforestation. The circular economy helps to reduce these impacts by using resources more efficiently and minimizing waste.

Economic benefits

The circular economy can provide economic benefits by reducing costs associated with waste disposal and raw material acquisition which can create new business opportunities in areas like recycling, remanufacturing and refurbishment.

Consumer demand

Consumers are growing more aware of environmental issues and are placing higher demands on businesses to provide them with ecologically responsible options. The circular economy offers businesses an opportunity to meet this demand and differentiate themselves in the market.

Policy and regulation

Governments around the world are implementing policies and regulations aimed at promoting sustainable practices and reducing waste. The circular economy aligns with these policies and can help businesses comply with regulations and reduce their environmental impact.

Overview of the circular economy

circular economy, more circular economy, resource efficiency, raw materials, waste streams

Key principles of the circular economy

The key principles of the circular economy are as follows:

Design for circularity: Products and services should be designed with the aim of being reused, repaired or recycled at the end of their life.

Preserve and extend what’s already made: Resources should be kept in use for as long as possible through strategies such as reuse, repair and refurbishment.

Regenerate natural systems: The circular economy aims to regenerate natural systems through practices like regenerative agriculture and closed-loop systems.

Use waste as a resource: Waste materials should be reused or recycled rather than being disposed of in landfills or incinerators.

Collaborate to create joint value: Collaboration between stakeholders in the value chain is crucial for implementing circular practices and creating shared value.

Scope of the circular economy

minimize waste, economy, three principles, circular economy, resource efficiency, raw materials

The need for a more circular economy

As the global population and consumption continue to grow, it is becoming increasingly apparent that our linear economy model of “take, make, use and dispose” is no longer sustainable. The depletion of natural resources, the accumulation of waste and the environmental degradation caused by our current production and consumption patterns are posing a serious threat to the planet’s health and wellbeing. In response to this challenge the concept of the circular economy is gaining momentum offering a more sustainable and regenerative model for economic development.

The circular economy is an economic system that aims to keep resources in use for as long as possible, extracting the maximum value from them and minimizing waste and pollution. It is based on the principles of designing out waste and pollution, keeping products and materials in use and regenerating natural systems. By adopting circular economy practices we can reduce the pressure on natural resources, decrease waste and pollution and create new economic opportunities.

Examples of successful circular business models

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The circular economy is not just a theoretical concept it is already being implemented in various sectors and industries. One of the most well-known examples of a circular business model is the Dutch company Philips which has shifted from selling light bulbs to providing lighting as a service. Instead of owning and disposing of light bulbs customers pay for the light they use and Philips takes responsibility for the maintenance and recycling of the products.

Another successful circular business model is the Swedish company H&M’s garment collecting initiative. The program encourages customers to bring in old clothes to be recycled, reused or repurposed reducing the amount of waste and extending the life of materials.

Mr. Green Africa is a Kenyan plastic recycling start-up. They sell recycled plastic pellets of various colors and qualities made from collected used consumer plastics and industrial waste as feedstock which they buy.

Circos is a baby clothing platform where clothes from different brands are delivered to your doorstep. As babies outgrow clothing it is returned, cleaned and redistributed to another customer – eliminating waste and capitalizing on the clothing value all while creating convenience for customers.

Industries adopting circular economy practices

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The circular economy can be implemented in a wide variety of settings and industries. For example, the automotive industry is adopting circular practices by designing cars for disassembly and reuse of components reducing the need for new materials. The construction sector is also adopting circular practices by using recycled and repurposed materials, reducing waste and increasing energy efficiency.

The potential economic benefits of a circular economy

The shift towards a circular economy offers significant economic benefits including job creation, cost savings and new business opportunities. By designing products for circularity companies can reduce their material and production costs while creating new revenue streams from waste and byproducts. The circular economy can also generate new business models such as product-as-a-service where customers pay for access to a product instead of owning it creating new revenue streams for companies.

In addition to the economic benefits the circular economy also offers environmental and social benefits i.e., reducing greenhouse gas emissions, preserving natural resources and improving community health and wellbeing.

In conclusion, the circular economy offers a promising solution to the environmental and economic challenges we face today. By adopting circular practices we can create a more sustainable and regenerative economic system that benefits both the planet and people. As individuals, businesses and governments we must work together to transition towards a circular economy and build a better future for all.

Circular economy and the environment

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The circular economy is a concept that aims to reduce waste, conserve natural resources and lower environmental impact by keeping resources in use for as long as possible. This approach to economic activity is gaining traction globally as the world becomes more aware of the impact of waste and pollution on our planet. The circular economy provides a framework for sustainable economic growth while protecting the environment.

Reducing greenhouse gas emissions

The circular economy model is designed to reduce greenhouse gas emissions by encouraging the reuse of materials and the reduction of waste. In a linear economy, resources are extracted, used and then disposed of leading to the production of large amounts of greenhouse gases. In a circular economy, resources are kept in use for longer periods of time reducing the need for constant extraction of new materials. This helps to lower greenhouse gas emissions by reducing the energy required to produce new materials.

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Conserving natural resources

The circular economy also encourages the conservation of natural resources by keeping resources in use for as long as possible. By doing this we can reduce the amount of waste that goes to landfills and reduce the need for new resources to be extracted from the earth which helps to conserve natural resources such as forests, water and minerals.

Lowering waste production

Further reducing waste output is a primary goal of the circular economy which advocates for the use of renewable energy sources and efficient manufacturing practices.

Reducing environmental impact

The circular economy model is designed to reduce the environmental impact of economic activity. By keeping resources in use for longer periods of time the circular economy reduces the need for constant extraction of new resources thereby reducing the impact of resource depletion. The circular economy promotes the use of renewable energy sources which helps in reducing the environmental impact of energy production.

Challenges to circular economy implementation

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Existing linear business models

One of the biggest challenges to the implementation of a circular economy is the existence of linear business models. Many companies are still operating under the traditional take-make-dispose model and are hesitant to adopt circular practices due to the costs involved in changing their business models. This is particularly true for companies in industries that rely on the consumption of finite resources such as fossil fuels. These companies face the challenge of transitioning to a more sustainable business model while remaining competitive in the marketplace.

Lack of incentives for circular practices

Another challenge to the implementation of a circular economy is the lack of incentives for circular practices. In many cases, the economic incentives for companies to adopt circular practices are not strong enough. For example, companies may find it cheaper to dispose of waste materials rather than recycle them. Governments can play a significant role in incentivizing circular practices by providing tax breaks or other financial incentives to companies that adopt circular practices. This would help companies see the benefits of the circular economy in terms of their bottom line.

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Infrastructure and regulatory barriers

Infrastructure and regulatory barriers are also significant challenges to the implementation of a circular economy. The current infrastructure is designed for a linear economy which makes it difficult to implement circular practices. For e.g., recycling facilities may not be available in all areas which makes it challenging for companies to recycle their waste materials. Regulatory barriers also play a role in hindering the implementation of circular practices. Regulations and policies that are not designed to support circular practices can make it difficult for companies to adopt them.

Need for consumer behavior changes

A significant challenge to the implementation of a circular economy is the need for consumer behavior changes. Consumers are used to the take-make-dispose model and may not be willing to change their habits to support circular practices. For example, consumers may be resistant to purchasing products made from recycled materials or they may not be willing to participate in recycling programs. Addressing this challenge requires education and awareness campaigns that can help consumers understand the benefits of the circular economy and motivate them to change their behavior.

Creating a circular business model

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Creating a circular business model involves several key steps that include rethinking product design and materials, developing sustainable supply chains, adopting new business models and investing in circular technologies. Let’s explore each of these steps in more detail.

Re-thinking product design and materials

One of the first steps in creating a circular business model is to re-think product design and materials which involves designing products that can be easily repaired, upgraded or recycled and using materials that are renewable or can be recycled at the end of their life. For example, a furniture company could design products that can be easily disassembled and repaired using renewable materials like bamboo or recycled materials like reclaimed wood.

Developing sustainable supply chains

Creating a circular business model also requires developing sustainable supply chains that involve working with suppliers to ensure that they are using sustainable practices such as minimizing waste and emissions and sourcing materials from sustainable sources. For example, a clothing company could work with suppliers to ensure that they are using organic cotton or recycled polyester in their fabrics.

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Adopting new business models

Adopting new business models is another key step in creating a circular business model that may involve shifting from a traditional linear business model. For e.g., a technology company could offer a product leasing program where customers lease products instead of purchasing them and the company is responsible for repairing and upgrading the products as needed.

Investing in circular technologies

Creating a circular business model requires investing in circular technologies which may involve investing in technologies that enable the recycling and repurposing of materials such as advanced recycling technologies or 3D printing. It may also involve investing in technologies that enable more efficient and sustainable production that include renewable energy or smart sensors that optimize production processes.

Circular Economy: A Sustainable and Innovative Approach to Economic Growth

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We will explore the circular economy initiatives that are driving the transition toward a more sustainable economy.

Circular economy approach

In a circular economy waste is seen as a valuable resource that can be used to create new products or services. This approach contrasts with the traditional linear model of the industrial economy which is based on the extraction of raw materials, production of goods, consumption and disposal.

Circular business models

Circular business models can be applied to a wide range of industries from fashion to food and can help businesses to reduce their environmental impact while also creating new revenue streams.

Circular initiatives

The transition to a circular economy requires a concerted effort from businesses, governments and consumers. There are several circular initiatives that are driving the transition toward a more sustainable economy. These initiatives i.e., the development of circular supply chains, the promotion of zero-waste practices, the use of renewable resources and the adoption of circular business models. Governments can also play a role in promoting circular initiatives through policies and incentives that encourage businesses to adopt sustainable practices.

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Reduce waste and tackle climate change

The circular economy approach is an important tool in the fight against climate change, by reducing waste and reusing resources the circular economy can help to reduce greenhouse gas emissions and preserve natural resources and by promoting the use of renewable resources the circular economy can help to reduce our reliance on fossil fuels and other non-renewable resources.

Corporate social responsibility and sustainable development

Adopting a circular economy approach can also be seen as a form of corporate social responsibility. By reducing waste and promoting sustainability businesses can demonstrate their commitment to sustainable development and environmental stewardship and by adopting circular business models businesses can create new revenue streams and improve their bottom line while also reducing their environmental impact.

Plastic packaging

One area where the circular economy approach can have a significant impact is the reduction of plastic packaging which is a major contributor to waste and pollution with an estimated 11 million metric tons of plastic entering the ocean each year. By promoting the use of reusable and recyclable packaging businesses can help in reducing the amount of plastic waste generated.

Conclusion

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To successfully embrace circular economy practices businesses must assess their current practices and identify opportunities to transition to circular models. They must also collaborate with stakeholders including suppliers and customers to create a shared vision for a more sustainable future.

In conclusion, businesses that embrace circular economy practices will not only contribute to a more sustainable and resilient economy but also position themselves as leaders in a rapidly changing world. It is imperative that businesses act now to secure a better future for generations to come.

We at Ruskin Felix Consulting help clients generate long-term value for all stakeholders. We help clients transform, grow and operate while fostering trust through assurance with our services and solutions. Please feel free to contact us at contact@ruskinfelix.com

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Developing Customer Focused Business Strategy

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WHAT IS MEANT BY CUSTOMER FOCUS?

Successfully putting your clients first will offer you a leg up on the competition. It’s not a set of steps so much as a way of thinking that needs to permeate your organization for everyone to accomplish their tasks properly. This can be achieved via customer focused business sstrategies.

Are there repercussions for the business when employees are devoted to the satisfaction of customers? So, how do we go about fostering this culture? When it comes to the growth of your firm, what part does it play?

A company with a “customer focused strategy” prioritizes its customers while making decisions. If a corporation realizes that its decisions will negatively affect its customers, it will probably prioritize satisfying those customers over making as much money as possible. Increased sales may result from the trust and loyalty earned from such dedication.

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It’s a mindset, philosophy, or strategy for keeping your business dedicated to the things that matter most to your customers. Customer focused strategies generally improve customer focus on what they want to sell and why choose them.

Adopting this strategy ensures that all parts of your business work together to provide the same result: happy clients. Since your success depends on that of your customers, you two create a strong combination.

Companies can no longer afford to ignore their clients in light of the plethora of options available to them in the SaaS market. The days of successfully competing in today’s markets by simply trying to guess what consumers want and then producing products and services to meet those demands are over. You need to refine your product positioning strategies now to ensure that they appeal to the proper demographic.

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Proper execution is essential for shifting your company’s focus to one that is customer-centric and can have a dramatic effect on your bottom line. Developing an understanding of customer-centric business involves building a customer-focused strategy, mindset, and skillset. Companies must focus on their existing customers while also recognizing that customers now expect businesses to provide a high level of service.

To be successful, businesses must invest in customer experience and focus on developing customer-focus skills. This is important as customer focused strategy is essential in order to build customer-focused companies that will attract and retain customers. The most useful use-case of this would be its effectiveness in the real-estate consulting as it requires to understand the customers and then suggest them with valuable insights.

In today’s competitive business environment, your group must go above and beyond for customers. The success of your business depends on your ability to leave a lasting impression on your customers.

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WHAT DOES A CUSTOMER-FOCUSED COMPANY DO?

One clear benefit of putting the customer first is an increase in happiness levels for everyone involved. But the next sections will focus on how it can help your business grow.

Greater Retention

Keeping a consistent flow of paying clients is essential to the health of any SaaS firm. Customers may be kept around for the long haul by understanding their desires and needs, both now and in the future, and the role your product plays in meeting those wants and needs.

The best way to achieve this is to work closely with the customer success team and pay close attention to the customer’s demands and needs. When you take the time to get to know your customers and their preferences, they will reward you with continued loyalty.

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More Revenue

If you want to put this plan into action, the first thing you need do is experiment with several methods until you find one that works well. Therefore, more time, energy, and resources will be required. The good news is that with practice, you can hone your skills and get better outcomes.

There will likely be less money spent on running the business as you grow more specialized in serving the needs of your customers.

Your company’s bottom line benefits in two ways from this:

  • The cost of retaining an existing customer is five times lower than that of acquiring a new one.

  • One strategy to bring in new customers is to upgrade your current clientele.

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Brand Advocacy

Loyal customers are the key to achieving brand advocacy. Loyal and satisfied patrons are more inclined to tell others about your company. Referrals from satisfied customers are often more effective than commercials at getting the word out.

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HOW TO BUILD A CUSTOMER-FOCUSED CULTURE?

You can encourage this outlook in the workplace in several ways. Some are universally understandable, while others can only be used in a certain situation. Please read on to discover a handful of strategies for establishing a customer-focused company culture.

Hire the Right Candidates

To create a customer-centric culture, it is essential to hire the right people first. Interviewees’ opinions of the company’s clientele should be taken into account if you want to hire the ideal people to assist your business to thrive.

Ensure Customer Satisfaction

More than just the people that deal with customers directly, a company’s leadership must support a customer-centric strategy for it to succeed. All workers, not just those who interact directly with customers, should be made aware of the significance of putting the customer first. The entire company will adopt this client-centric philosophy.

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Connect Employee Growth to Customer Outcomes

Any manager will be highly motivated by the opportunity to have a measurable impact on customer outcomes. Results for customers should be at the center of both the training and evaluation of employees. Sales teams, for instance, should be rewarded for making strategic decisions that boost client retention rates, such as selecting the best customers.

Build a Great Employee Culture

The way employees treat customers is a reflection of the company’s culture, and it tends to spread swiftly throughout the workforce. Employees that love what they do are more inclined to go above and beyond for their clients. Customers benefit as well from interacting with energized employees.

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Share Customer Insights Company-Wide

Understanding customers’ pain points, motivations, and previous experiences are incredibly difficult without first hearing their perspectives. Although this seems more like a problem for the marketing and sales department, it’s in everyone’s best interest to be aware of it. All parties involved will have access to customer feedback, improving their ability to cater to individual needs.

Build Customer Empathy

Many SaaS providers struggle to connect with their clients on an emotional level. This data is vital for gaining a deeper understanding of the issues faced by consumers and the emotions associated with those issues. Building and maintaining rapport with customers requires a unique set of skills, but above all else, it requires empathy.

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Collect Customer Feedback

To better serve their consumers, the staff of a customer-centric business should delve into various customer communication channels, such as social media, support calls, etc. This should help them determine what resonates with their target audience.

Use Customer Metrics

It’s important to think carefully about how to measure client satisfaction and loyalty so that you don’t jump to the wrong conclusions. Get the right key performance indicators in place to monitor and report on your customers’ health.

A client’s account health can be evaluated with the help of a customer success platform’s customer health score. Another crucial metric is the Net Promoter Score (NPS), which displays how content your customers are with your brand. You may use many metrics to determine how satisfied your customers are and where to focus your attention to increase loyalty.

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Provide Feedback to Employees

The culture of customer success encourages employees to become more devoted to their clients. Imagine it as if each action were a domino falling. The demands of the customers should be at the forefront of every employee’s mind. Staff workers that go the extra mile to direct customers in the right direction deserve praise and rewards for their efforts.

Improving an organization’s focus on its customers requires hearing from those customers. Workers can then put more of their attention toward satisfying customers. A company’s greatest asset is its people, especially those that put the client first. Don’t wait a full year to share your thoughts; do it regularly.

Leverage the Power of Data

Information is critical in the present day. For data to be truly useful, advanced technologies like IoT and AI are needed. Client care could get a boost from using a parallel computing system. An effective customer-centric strategy can benefit from allocating sufficient resources to data technology and intelligence.

Using data aids in developing a sense of foresight. In the long run, this can help you hone in on your clientele more intently. Better communication, more effective survey design and higher response rates are all possible with the help of data analytics. Prioritize your clientele’s needs while expanding your profit margins using data analysis.

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Keep Investing in Learning

A strong foundation is essential to the achievement of any customer-centric culture or strategy. A quick turnaround is not expected. Improvements in customer focus are possible with a sound foundation. Constructing a solid customer-centric approach is similar to laying bricks.

There are a variety of strategies you may employ to strengthen your focus on customers. When workers feel confident in their abilities, they are more likely to put up their absolute best effort whenever possible. Customer satisfaction has a multiplicative influence on growth, repeat customers, and financial success.

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ESSENTIAL VALUES IN A CONSUMER-FOCUSED BUSINESS STRATEGY

In today’s competitive business environment, your group must go above and beyond for customers. The success of your business depends on your ability to leave a lasting impression on your customers.

In a corporate strategy centered on the customer, exceptional executives always keep an eye on these three metrics: First, dependability and honesty; second, awareness of one’s requirements and opportunities; and third, flexibility in approach to issues.

RFC, customer focus, customer needs, customer empathy

Trust and Credibility:

Customers will have more faith in your company and your products if you always go the extra mile for them. Your customers’ expectations are shaped by their experiences with your brand and with competing brands. Your former, or potential, customers from other companies will compare and contrast your offerings to their own. A large portion of your clientele has set the standard exceptionally high, and if it isn’t being met, they will not be pleased.

Their expectations of service providers in general, including you, are shaped by their experiences with other providers. If you want to increase your customer happiness and get a competitive edge, studying how other businesses, both inside and outside of your industry, are focusing on their customers is crucial.

In addition, clients have high standards for your business’s marketing and sales teams. Your brand promise, advertisements, content, and direct communications all work together to shape the perceptions and expectations of potential customers and keep existing ones satisfied.

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Needs and Opportunity Awareness:

Think about the comments that come up most often in employee surveys. These tendencies might help you identify areas where your business is falling short of customers’ expectations. Think about how you may build a plan for resolving challenges that keep cropping up.

Since we can’t be there for every possible problem, the next logical step is to teach your staff how to deal with them tactfully and with compassion. It’s time to come up with a plan and train your personnel on how to implement it when problems happen that may have been seen coming.

While we would want to prepare our staff for every conceivable eventuality, the reality is that we simply cannot. To ensure that your team is well-equipped to handle any situation that may arise, it is important to provide them with problem-solving training and then give them the autonomy to take any action they deem appropriate.

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Responsive Problem Solving:

Unhappy consumers may spread unfavorable word of mouth about a business, which could spread to more people than the business originally anticipated. However, the true danger of customer dissatisfaction is frequently hidden.

It’s better to actively seek out dissatisfied customers through surveys, reviews, and in-person encounters than to ignore them. A competent manager can be distinguished from a transformational leader by his or her ability to solve problems, and negative customer feedback can be viewed as an opportunity for progress.

The notion of putting the customer first before tackling the problem is one of the most fundamental in customer service. What’s more, the sequence matters. Taking care of the person in distress first can prevent everyone from getting worked up and allow you to find a solution together.

It’s important not to skip this step in your search for a resolution; by the time a client is upset enough to complain to you, they’ve probably already invested a lot of emotion in the subject. 

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CREATING A DIRECT IMPACT ON THE CUSTOMERS

Prioritizing the needs of the customer might increase profits. Businesses can make a lot of money if they have devoted customers. Returning customers are the ones most likely to tell their friends and family about your company. It’s worthwhile to invest in customer satisfaction because word-of-mouth advertising can bring in new, loyal clients at a much lower cost per acquisition.

Once a brand proves it can reliably deliver on its promises, it gains credibility and trust. While it’s true that any business will inevitably face customer service concerns, your company’s reputation will improve if you consistently evaluate consumer demands, solve existing problems, seize new possibilities, and earn their confidence. These are only a few of the examples of customer focused business strategies.

Differentiating yourself from the competition by the quality of service you offer requires prioritizing your clients in all that you do. One’s ability to make sound decisions and take advantage of chances depends on three intangible skill sets, namely (1) trust, and credibility, (2) responsive problem-solving and (3) needs and opportunity awareness.

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For this essential skill, successful managers are doing more than just boiling soapberries and dried gooseberries. Intelligent managers will provide their employees with the tools they need to consistently delight their consumers.

It’s not just the customer service department’s job to make the organization customer-centric; everyone in the business should do their bit. The success of any business depends on its customers, and while a highly trained customer care team is necessary to assist them, it is the job of everyone in the company to ensure they have a good experience. This can only be done via the help of a good customer focused strategy.

It consists of:

  1. Good quality products or services

  2. Fair and open pricing structures

  3. Credible advertising and promotion initiatives

  4. Relaxed and comfortable sales cycles

RFC, success, customer focus

CONCLUSION

To fulfill the rising demand for outstanding customer service, businesses are reorienting their cultures from a sales-driven or product-focused orientation to one that is centered on the client i.e. utilising customer focused strategies. Today, providing excellent service to customers is crucial.

Therefore, everyone in the firm, not only those that interact with clients, has some degree of accountability.

The focus of many businesses today has shifted away from product sales and development toward customer satisfaction. Everyone in the firm can have an impact on the service they provide to clients. Create value for your customers as well as for yourself. A company’s values may remain stable throughout time, no matter how difficult the going gets if they are customer-centric.

If you’re considering understanding what appeals to your customer, you must work with a consultant who has a proven track record and deep expertise in your market. Ruskin Felix Consulting is here to help! We can help you streamline your product development process, lower your risk and realize your business objectives. Feel free to get in touch with us at contact@ruskinfelix.com whenever you need assistance with product development.

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Guide To Lean Business Planning

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WHAT IS LEAN BUSINESS PLANNING?

Lean business planning is an efficient method of formulating a company’s long-term strategy that places an emphasis on rapid testing and ongoing refinement. The emphasis is not on developing a thorough and detailed plan, but rather on developing a high-level plan that specifies the major features of the business, and then utilizing this as a starting point to test and refine the plan considering new information and the changing market. To avoid wasting time and resources on a thorough strategy, it is important to immediately identify and evaluate assumptions about the business models.

BENEFITS OF USING A LEAN BUSINESS PLAN

The benefits of using a lean business plan include:

  1. Quick and Easy Preparation

    A lean business plan requires less time and effort from the business plan writer.

  2. Focus on the Essentials

    It aids in zeroing in on the most important and relevant components of the business concept while leaving out the fluff.

  3. Flexibility

    As the company grows and new information becomes available, it can adapt more easily than a traditional business plan.

  4. Better Decision Making

    A clear and concise understanding of the key elements of a business enables better decision-making.

  5. Cost-Effective

    It is less expensive to prepare a lean plan, as it requires less research and fewer resources.

  6. Better Pitch

    The lean plan is a better way to pitch the firm to investors since it concisely summarizes the most important aspects of the venture.

HOW DO YOU WRITE A LEAN BUSINESS PLAN?

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  1. Identify your target market and understand their needs.

  2. Define your value proposition, the unique benefit your product or service provides to your target customers.

  3. Outline your revenue flow and how you plan to generate income. Any business’s success is defined based on its target and potential customers. Therefore, a formal business generating plan should inculcate an executive summary in a manner of bullet points so that it is highlighted by the target audience and collect key resources list for themselves.

  4. Determine your cost structure, including fixed and variable costs, to understand how much it will cost to operate your business.

  5. Build a cheap and quick-to-market minimal viable product (MVP) to see if your assumptions hold true and if your idea is worth pursuing further.

  6. Create key performance indicators (KPIs) to monitor your company’s development and growth.

  7. Keep the plan concise and to the point, focusing only on the information that is critical to the success of your business.

It is a living document that should be updated regularly as your business grows and evolves.

Sometimes traditional business plans work with an old market analysis which is operating on old data. Hence they need to create a new executive summary, in order to ensure business success.

KEY ELEMENTS OF A LEAN BUSINESS PLAN

A lean business plan typically includes the following:

Problem and Solution: This section clearly outlines the problem the business is solving and how it intends to solve it.

Target Market: This section defines the target customer segment and the market opportunity.

Unique Value Proposition: This section outlines what makes the business unique and what sets it apart from its competitors. This aspect of needs to be

Business Model: This section details how the business will generate revenue, including pricing strategies and key partnerships.

Marketing and Sales: This section outlines the business’s marketing and sales strategies, including channels and tactics to reach the target market.

Team: This section introduces the key people with years of experience and skill in the organization.

Financial Projections: This section provides a realistic estimate of the business’s financial performance, including revenue and expenses.

Minimum Viable Product (MVP): This section outlines the minimum viable product that the business will launch, along with a roadmap for future development.

The aim of a lean business plan is to provide a concise and focused overview of the business, emphasizing its vital elements and avoiding extraneous information.

PUTTING THE LEAN BUSINESS PLAN INTO ACTION

This process involves taking the following steps:

Resource allocation

Allocating the necessary resources, such as time, money, and manpower, to each aspect of the plan. This also helps in efficiently mapping out a go-to-market strategy.

Prioritization

Prioritizing tasks based on their level of importance and urgency, to ensure that the most crucial activities are done first.

Implementation

Taking concrete steps to bring the plan to life, such as setting up systems, hiring staff, and launching products or services.

Monitoring and adjusting

Continuously monitoring progress, making adjustments as needed, and tracking vital metrics to measure success.

Collaboration

Encouraging collaboration and teamwork among employees to help achieve the business goals.

By following these steps, a lean business plan can be successfully executed, leading to the achievement of the desired outcomes.

WHAT IS LEAN BUSINESS MODEL?

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The goal of the Lean Business Model is to maximize efficiency by minimizing waste. Adding value for customers is prioritized without wasting any of the company’s resources (time, money, or waste). Decisions under this method are driven by data and client input, and the process is one of constant experimentation and improvement. Supplying first-rate goods and services at the most competitive prices is crucial to sustaining rapid expansion. Even though there are similar patterns in circular economy and lean business management it is necessary to remember that lean management prioritizes customer value to drive efficiency whereas circular economy practices focus on eliminating waste.

The term “sharing economy” is used to describe a relatively new business model in which customers and suppliers interact virtually to facilitate the exchange of goods and services. Companies can adopt a lean startup strategy due to the reduced overhead costs and a high degree of flexibility accompanied by this company model. A company description should outline the key aspects of the business, including its mission, products or services offered, target market, and competitive advantages. A lean startup approach involves minimizing risk by launching a minimum viable product, testing its market viability, and then continuously improving based on feedback from customers.

HOW LONG SHOULD A LEAN BUSINESS PLAN BE?

It is recommended that a lean business plan should be no more than one or two pages long. A lean business plan aims to swiftly express the core parts of the business concept. The plan must focus on your unique selling offer, your critical success factors, and the assets you’ll need to launch your business.

HOW IS IT DIFFERENT FROM A TRADITIONAL BUSINESS PLAN?

The key aspects of an organization’s operational strategy are rapidly and easily identified and validated in this streamlined method of business planning. Startups and smaller organizations frequently implement this methodology because of its emphasis on testing and iteration.

Traditional business plan is thorough, detailed and focuses on creating a long-term plan for the business. It involves creating detailed economic projections, market research, and in-depth descriptions of products or services.

The main difference between the two approaches is the focus on speed and agility in lean planning, versus the emphasis on comprehensive planning and forecasting in traditional business planning.

WHY IS THIS IMPORTANT FOR STARTUPS?

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Lean Business planning is important for startups because it allows them to focus on creating value for customers, make decisions based on data and feedback, and conserve resources by avoiding unnecessary steps and expenditures. The lean approach emphasizes testing assumptions and pivoting quickly based on results, which is particularly important for startups that face high uncertainty and a need to adapt quickly to changing market conditions. By using lean methods, startups can build a sustainable business with a higher likelihood of success while minimizing waste and maximizing resources.

BUSINESS PARTNERS AND RESOURCES IN LEAN BUSINESS PLANNING

Business partners and resources are key components of business planning, a method of creating a roadmap for achieving specific goals and objectives through continuous improvement and efficient use of resources.

A company’s business partners are those who help accomplish organization’s mission. Suppliers, customers, distributors, and competitors are all examples of such parties. By collaborating with these influential parties, a business can more effectively tap into the latter’s knowledge, resources, and partnerships on its way to achieving its goals.

Resources refer to the assets, capabilities, and skills that a company has available to support its operations. In Lean planning, the goal is to use resources efficiently and effectively to achieve desired outcomes. This may involve streamlining processes, reducing waste, and continuously improving operations to maximize value for customers.

WHAT IS LEAN BUSINESS PLAN TEMPLATE?

Detailed business plan, traditional business plans, lean manufacturing, lean business plans

A business plan template is a skeleton upon which a complete plan can be built. Processes are streamlined, waste is minimised, and customer value is increased with this type of strategy. It provides a framework for arranging and presenting data, outlining the essentials of a business plan.

Typically, a business plan template includes sections on the company’s mission and goals, target market, value proposition, vital metrics, and a continuous improvement plan. The template may also include spaces for detailing the company’s model of business, consumer segments, key activities, and partnerships with other organizations.

The template serves as a useful starting point and can be customized as needed to fit the specific needs of the business.

WHAT ARE SOME EXAMPLES OF BUSINESS PLAN?

One-Page Business Plan

This document is brief and to the point, outlining key aspects of a business plan such as the offering, target audience, promotional tactics, and financial forecasts.

Lean Canvas

This is a visual tool that helps entrepreneurs quickly outline the key components of their business, including value proposition, customer segments, channels, revenue flow, cost structure, and vital metrics.

Pitch Deck

To convey an idea to prospective backers, clients, or business associates, a pitch deck is created. The problem a company is attempting to solve, the product or service to be offered, the demographics of the intended audience, the nature of the firm, and its financial forecast are all common topics in a pitch deck.

Minimum Viable Business Plan

This is a bare-bones plan that outlines the minimum requirements needed to start and run a business.

WHAT ARE THE FIVE PRINCIPLES OF LEAN MANAGEMENT?

Lean business plan, intellectual property, day to day operations, existing business

The five principles of Lean management are:

  1. Value: Determine what the customer values and focus on delivering it, while eliminating waste.

  2. Value Stream: Analyze the entire value stream, from raw materials to finished products, to identify areas of waste and improve flow.

  3. Flow: Create a smooth and continuous flow of work to eliminate bottlenecks, reduce lead times, and increase efficiency.

  4. Pull: Implement a “pull” system, where production is triggered by customer demand, to reduce waste and improve responsiveness.

  5. Continuous Improvement: Continuously seek opportunities to eliminate waste, improve flow, and increase value to the customer.

CAN YOU USE A LEAN PLAN TO RAISE FUNDING?

Yes, this plan can be used to raise funding. The essentials of a company, such as its value proposition, client groups, revenue flow, and important indicators, are included in lean business plan. The plan must have the ability to convey your idea and attract potential investors by formatting a clear and succinct summary of your firm.

However, note that lean a plan is not a substitute for a traditional business plan and investors may still request a more detailed document before making a funding decision.

THE APT BUSINESS PLAN: STREAMLINING YOUR BUSINESS FOR SUCCESS

Business resources, key metrics, customer experience, market analysis

A lean business plan is a simple and efficient method of outlining your company’s most vital aspects for potential investors. Traditional company plans can span hundreds of pages, while a lean business plan can be written in only one.

Key components of a lean business plan are as follows:

User Relationships

To be successful, a lean business plan must explain customer relationship management (CRM). Here, you should describe the strategies that the firm plan on to retain existing customers. The company’s unique selling proposition and strategies for satisfying customers should also be outlined here.

Cash Flow

A lean business plan should include a clear explanation of how the company intends to create and manage its cash flow. Therefore it is essential to provide financial projections so that potential investors have a clearer picture of the business’s viability.

Competitive Advantage

In this section, you should describe your firm’s USP and the advantages your company has over its competitors.

Revenue streams

This section of a lean business plan should describe how the business plans to generate revenue including direct sales, selling advertising space or other methods of generating income.

In conclusion, a lean business plan may help companies of any size cut wasteful spending and zero in on what really matters. Relationships with customers, critical resources, cash flow, competitive edge, and revenue models are all laid out clearly and concisely. By adhering to the principles of the lean startup, companies can get up and running fast and efficiently, supplying necessary paperwork and details as they are requested. A lean business plan can help you succeed whether you’re just getting started in business or you’re an established company looking to make some changes. We at Ruskin Felix Consulting will help you formulate a lean business plan for your organization so please feel free to contact us.

Guide To Lean Business Planning Read More »

Investor Pitch Deck – MBM Management & Consulting LLC

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MBM Management

Ruskin Felix Consulting LLC partnered with MBM Management & Consulting LLC, to create an investor pitch deck highlighting the overview, and working of the business, B2B benefits of the company, B2C benefits, and the functioning of the business. The pitch deck also helps in understanding the market trends, operations plan, financial projections, and investor information. 

MBM Management is a Montana Based Limited Liability Company with an exclusive management agreement with CannaConnection LLC (A licensed Marijuana Provider firm in Montana). They provide Quality Marijuana for medical and therapeutic benefits.” They also entered the recreational marijuana industry which has been voted in by 57% margin on November 3, 2020.

MBM Management is strategically placed to provide such marijuana both for medical and recreational purposes in Montana and in the US at later stages. The Montana Cannabis market is expected to hit $400 Million within a few years.

There is to become a Market leader in Medicinal Marijuana Production and revenue in the Montana Market and other US Markets.  To become a Market leader in Recreational Marijuana Production and revenue in the Montana Market and other US Markets. High Quality and scalable operations to provide all types of Marijuana based products including expansion by way of licenses as a Marijuana Provider.

Through MBM Management’s strategic partner Canna Connection LLC and their expertise, they wish to gain their part of the $400 Million potential Cannabis market in Montana and expand further into the market through operations and market-focused products.

Investor Information:

  • Company Overall Valuation: USD $7 Million
  • Available for Sale: 40% of Stake in MBM LLC

Investor Classes:

  • 1 Unit block – USD $75,000
  • 10 Unit block – USD $700,000
  • 40 Unit block – USD $2,800,000

Mode of Ownership: Equity Stake in Company

Type of Participation: Passive

Point of contact: CFO of MBM Management – Philip ‘Marc’ Hays

Documents for MBM Management available on Request

Investor Pitch Deck – MBM Management & Consulting LLC Read More »

Comprehensive Valuation Report – Shareef Corner

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Shareef Corner

Ruskin Felix Consulting LLC partnered with Shareef Corner to prepare a comprehensive valuation report. The report highlights the financial viability of the project by laying emphasis on the business risk, credit risk, competition risk while also analyzing the projections. The infrastructure outlay forms a significant part of the report. To understand how financially viable the project is, we have highlighted the projected turnover and projected expenses. The financial metrics further helps to understand the NPV and IRR, payback period and the capital that is required to be raised.

Some of the key risks associated with this type of business are as follows:

  • Scalability and cost of acquisition
  • Revenue maximization practices
  • Distribution Network – Selection and Operation
  • High reliance on specific distribution KDRs

There will be a credit risk that Shareef Corner will be exposed to as well if some parts of the operations are funded through debt. In such a case the assumed WACC of 10% may also change. Even with higher demand and opportunity in the market. Businesses that have focus on food products run the risk of depreciation or obsoletion of output produced in case of long-term storage. This increases the cost of warehousing as well as the need for assured demand for the output. With various players in the field, the sudden increase in competition might affect the long-term view of the business as product differentiation and distribution will be key to the operational success.

The overall valuation of Shareef Corner is based on 3 valuation methods and is computed based on the weighted average of the valuation methods. The overall valuation of Shareef Corner (Post Money) is SAR 2.167 billion on a 5 Year forward basis. The methods used to compute the value of Shareef Corner are:

  • PE multiple of FCFF cash flows
  • Overall Project NPV Valuation – DCF Valuation
  • Terminal Value Method

The range of valuation for the business is computed at: SAR 1.95 billion to SAR 2.38 billion.

It is to be noted that this value is based on the projections and assumptions made for the valuation and may significantly differ during real operations due to the overall business and industry risk. The Pre-money Valuation of the business is SAR 452 million based on 2021 Earnings Multiple basis at a 42X PE Ratio.

For an investment of SAR 30 million, the investor should get 6.64% of the overall company at the above-mentioned valuation range – Pre money and should look to gain an IRR of 225% on investment.

The company is a viable investment due to its assured structured cash flows and growth potential at a valuation of SAR 2.167 billion with a healthy business and asset flow with existing distribution contracts. 

Comprehensive Valuation Report – Shareef Corner Read More »

Comprehensive Valuation Report – Black Orchard Farming

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Black Orchard Farming

Ruskin Felix Consulting LLC partnered with Black Orchard Farming to prepare a comprehensive valuation report. The report highlights the financial viability of the project by laying emphasis on the business risk, credit risk, competition risk while also analyzing the projections. The infrastructure outlay forms a significant part of the report. To understand how financially viable the project is, we have highlighted the revenue segmentation, projected revenue, operational expenses and revenue expenses. The financial metrics further helps to understand the NPV and IRR, payback period and the capital that is required to be raised. 

Some of the key risks associated with this type of business are as follows:

  • Scalability of farms and cost of acquisition
  • Yield maximization practices
  • Distribution Network – Self or franchise Model

There will be a credit risk that Black Orchard Farming will be exposed to as well if some parts of the operations are funded through debt. In such a case the assumed WACC of 10% may also change.

Even with higher demand and opportunity in the market, businesses that have focus on food products run the risk of depreciation or obsoletion of output produced in case of long-term storage. This increases the cost of warehousing as well as the need for assured demand for the output. With various players against Black Orchard Farming in the field, the sudden increase in competition might affect the long-term view of the business as product differentiation and distribution will be key to the operational success.

The overall valuation of Black Orchard Farming is based on 3 valuation methods and is computed based on the

weighted average of the valuation methods. The overall valuation of the company is $16.67 Million on a 5 Year forwards basis. The methods used to compute the value of the company are:

  • PE multiple of FCFF cash flows
  • Overall Project NPV Valuation – DCF Valuation
  • Terminal Value Method

The range of valuation for the business is computed at: $14.1 Million to $19.2 Million

It is to be noted that this value is based on the projections and assumptions made for the valuation and may significantly differ during real operations due to the overall business and industry risk.

For an investment of $800,000, the investor should get 4.17% – 5.6% of the overall company at the above-mentioned valuation range.

Black Orchard Farming is a viable investment due to its assured structured cash flows and growth potential at a valuation of $16.67 Million and the investor should invest $800,000 at a Share value of 4-6% Equity in the company.

Comprehensive Valuation Report – Black Orchard Farming Read More »

Comprehensive Strategy Formulation – Manuka Honey – New Zealand

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Manuka Honey

Ruskin Felix Consulting LLC prepared a comprehensive strategy formulation report focusing on the Manuka Honey pricing analysis. The report lays emphasis on the industry characteristics, fluctuations and future scope of the industry. The report analyzes the growth drivers, industry challenges, industry opportunities and business environmental analysis. This report also highlights the financial viability of the of the project by detailing the financial assessment, costing management, absorption costing, cost allocation and pricing and revenue computation. 

Manuka honey is made from the nectar of the manuka tree and is only produced in Australia and New Zealand. The key active ingredient is methylglyoxal. This is an antibacterial organic compound that can be used for both medicine and everyday health benefits. Consumer’s changing lifestyle, rising health concerns, increasing healthcare costs, and growing preference for a fit and active lifestyle are the key factors driving the demand for the it.

Manuka honey is making a comeback in the wellness world, and for legitimate reason. It is high in vitamins, nutrients, amino acids, and minerals, all of which aid in skin protection and renewal. It’s utilized in lotions, gels, perfumes, foundations, and mascara, to mention a few applications. Furthermore, it has health benefits such as strengthening the immune system, avoiding oral infections, speeding up the healing process, and stimulating the respiratory system, all of which contribute to the demand for Manuka honey. The rich flavor, as well as its expanded uses as a table sugar substitute, are driving the market forward. 

The market in North America is expected to grow at the highest CAGR during the forecast period. Rapid growth in the snacking needs of children and the surge in the consumption of nutrient enriched food is fueling the growth of manuka honey market in North America. The manuka honey market was valued at US$ 741.69 million in 2019 and is projected to reach US$ 1,238.15 million by 2028; it is expected to grow at a CAGR of 5.9% from 2020 to 2028. 

The growth drivers for manuka honey are as follows:

  • Increase in number of health-conscious individuals worldwide.
  • Antibacterial properties.
  • Therapeutic properties.
  • Usage in beauty products.
  • Rise in e-commerce contributing to manuka honey sales.

Comprehensive Strategy Formulation – Manuka Honey – New Zealand Read More »

Comprehensive Market Research – USA Beverages Industry

USA Beverages Industry

Ruskin Felix Consulting LLC created a comprehensive research and strategy report based on the Beverages industry. The reports sheds light on the overall industry analysis, market size and technical analysis which comprises of the certification analysis, calorific value analysis and sugar content analysis. The report consists of a detailed research based on the behavior and trends of consumers – behavior shifts, trend analysis, competitive analysis, and opportunity analysis. The report highlights the e-commerce strategy, B2C sales approach, and the execution plan of the project. The report lays emphasis on the business model and the brand positioning of the company.

 

Sales of major beverage categories are expected to grow from $150 billion to more than $160 billion by the end of 2020, according to a new report titled U.S. Beverage Market Outlook 2020: Grocery Shopping & Personal Consumption in the Coronavirus Era by Packaged Facts, a leading market research firm and division of MarketResearch.com. Most packaged beverage categories are mature, but there are still growth opportunities for companies that focus on product innovation, appeal to shifting consumer preferences, and successfully navigate market changes associated with the COVID-19 pandemic.

 

Over the past 2 years, the pandemic has changed the way consumers shop, socialize, entertain as well as the types of foods and beverages they consume. Although vaccines have been developed and are in distribution, the pandemic is affecting beverage trends and overall health and wellness.

 

From soft drinks and fruit juices to diet beverages and alcohol, the United States’ beverage market is, indeed, a profitable one. The success of the industry is illustrated by the nation’s extensive consumption of alcoholic and non-alcoholic beverages. Current estimates value the U.S. beverage market at an impressive $146 billion.

 

Globally, 57% of consumers report being more concerned about their immunity as a result of COVID-19. As consumers strive to enhance their immunity, they are becoming more knowledgeable about how the human microbiome supports the immune system and overall wellbeing. Products containing probiotics, prebiotics and postbiotics can benefit the microbiome and are already gaining momentum in the marketplace.

Some of the changing trend for various health sectors are as follows:

  • Plant based beverages is the most popular trend in the beverage industry today and has tremendous opportunity. More and more brands are coming up with plant-based alternatives as part of the product portfolio with the rise in veganism.
  • Juice cleanses are old school and should be replaced with beverages with low-calorie and zero calorie drinks and smoothies with popular flavors such as strawberry, mango, vanilla, chocolate etc. Tea and fruit infused beverages should also be considered while developing a new drink for the weight management ND Metabolic health segment.
  • With rising stress and focus on emotional well-being, this segment has tremendous opportunity. More and more people are leaning towards CBD based drinks and oils to help with their insomnia, anxiety and other illness. Some popular choices of beverages in this category are CBD infused coffee, oils, sparkling water, soda, syrup and shots.
  • With an increased focus on personal health and immunity after the collapse of health policies across the world due to COVID, the company should look at focusing on making immunity-based drinks focused on organically bettering the internal immune system of the consumer.

Based on the report, there are a few product recommendations that have been highlighted and emphasized on:

  • Probiotic beverages – To focus on Probiotics in the form of soda as it has lesser existing competition than diary-based probiotics and has a very high appeal to the millennials due to their inclination towards sugary sodas.
  • Wellness shots – More and more brands are focusing on ancient medicinal and apoptogenic ingredients in wellness shots and we recommend this company do the same. Ingredients like apoptogenic.
  • Plant-based milk – We recommend creating plant-based coffee beverages, smoothies, or desserts for this category as the milk category is already crowded with existing competition.
  • Weight management beverages – Low calorie and Zero sugar drinks are also another option to consider
  • Sports and energy drinks – The energy and sports drink market is very saturated and has many top players already existing in the market. Any new entry in the market will have to come with a huge marketing budget and celebrity endorsements to be successful.
  • CBD beverages – Some recommendations for products in this category would be to create CBD infused water, CBD infused soda, CBD infused coffee, and CBD infused shots.
  • Mocktails and cocktails – Low content alcoholic drinks in sustainable packaging like glass.
  • Juices – An exciting innovation being seen in North America is caffeinated fruit juice, where fruit juice is infused with cold brew coffee. This is another arm of the functional energy drink category, tapping into the demand from health-conscious consumers.

Comprehensive Market Research – USA Beverages Industry Read More »

Comprehensive Market Research and Strategy Report – Resin Artwork

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Research & Strategy Report

Ruskin Felix Consulting LLC prepared a report which covers an overview of the personalized gifting industry and highlights the demand for resin artwork globally and in the United States. The report analyses the various platforms and channels that can be adopted for selling resin artwork online. It explains in detail the pricing of various competitors and product segments which can be taken into consideration before setting a price for your product. The aim of the report is to provide complete strategy and analysis along with recommendations of various options that can be weighed based on cost, effort and time. Some of the key aspects covered in the report are market analysis, online aggregators, pricing strategy, traffic analysis, key competitive advantages and product placement.

Epoxy resins are a two-component system consisting of resin and hardener. By mixing the two components, a chemical reaction takes place so that the liquid resin gradually hardens to a solid plastic. The result is a high-gloss, clear surface. Epoxy Resin is a versatile material that’s used in a wide variety of crafts, including resin artwork. Resin casting is a fun way to accent your furniture, create jewelry and ornaments, etc. Resin starts as a liquid and then hardens, so you can pour it into molds, or add items like dried flowers, insects, or leaves. Because people may not have knowledge of the vast uses of resin artwork, there may be some hesitation or intimidation by the idea of trying it at home. We have provided answers to common questions we receive to help artists understand more about using resin in their upcoming art projects.

The overall resin artwork industry in the USA was valued at $170 million in 2020 and is projected to hit $331.26 million by 2027 at a CAGR of 10%. Resin artwork has been booming for a few years now, but the pandemic and lockdown all over the world have led the artists to open their own website stores and sell their art, including resin artwork, using social media. The demand for resin artwork has proliferated, and right now is a very good time to get into the industry.

The initial focus for the business should be to start with their own website for selling resin artwork products as per the niche to be focused upon. A further scaling up of units should be done through aggregators like Etsy and Amazon. The company should look at having an aggressive focus on sales and marketing through online social media platforms, including Instagram and Facebook, to promote their resin artwork.

Comprehensive Market Research and Strategy Report – Resin Artwork Read More »

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About Ruskin Felix Consulting LLC

About Ruskin Felix Consulting LLC

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Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.