Business Strategy

What is a Partner in a Law Firm? (Qualification, Responsibilities, and More)

A firm is a profit-making business organization. Usually, these include specific business structures, including companies and partnerships. These structures provide professional services and do not offer a physical product. There are several types of firms that may exist. Its business activities get performed under the firm’s name. Usually, firms have different ownership and management structures. …

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What Is Performance Prism? And How Is It Using

Overview The performance prism is a multi-dimensional performance measurement framework. It can be applied to not-for-profit and for-profit organizations alike. The performance prism model considers all stakeholders, their needs, and their expectations, unlike other performance measurement models that primarily focus on the needs of the shareholders only. Let us discuss the performance prism model and …

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What Is the Balanced Scorecard? And How is it Using

Overview Most performance measurement tools either consider financial or non-financial metrics. The balanced scorecard takes into account both aspects of performance measurement. The balanced scorecard also considers both internal and external perspectives of an organization. It lets management measure the performance of the organization through four key elements. The management can then set key performance …

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4 Marketing Strategies for Financial Services that Can Help Get New Clients

The right marketing tools and strategies ensure the success of your business and generate an enormous amount of leads. Besides referrals, there are many other marketing tactics for financial advisors. In the technology-driven world, it has become essential to utilize digital marketing strategies. Your main focus should be to convert the users searching for financial …

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Business Process Reengineering: Definition, Usages, And How Does Its Work

Business Process Reengineering (BPR), a business management strategy brought to light in 1990 by Hammer Micheal in one of his articles, particularly a Harvard Business Review titled: “Reengineering Work: Don’t Automate, Obliterate”. In time past, businesses have been looking for a way to boost efficiency and reduce cost but it seemed not to have been …

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Financial Engineering – Definition, Usages, And How Does It Work

Financial engineering covers a broad, multidisciplinary field of study that involves the practice and application of engineering and mathematical approaches to solving financial problems. It combines and uses information acquired from different fields like computer science, statistics, economics, applied mathematics, and financial theory. This financial engineering field involves the conversation of financial theories to practical …

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Kaizen Costing: Definition, Examples, and How Does It Work?

Kaizen Costing In the contemporary business world, continuous improvement is very crucial. Continuous improvement empowers every department, individual, and organization for the better. Kaizen is a Japanese term that means ‘change for the better or ‘continuous improvement.’ It is a business philosophy dating back to World War II. Makai Imai was a Japanese researcher and …

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