Digital Signage – Powerful and Flexible Ways to Market Your Business in Tough Times

You gain new clients, increase average spend, save on print costs, introduce an elevated level of energy and vitality, and increase your profits. You have to have a good reason not to use it. Whether you're a hotel, Boutique, Pharmacy, Leisure Center, Car Dealership, Restaurant, or Take-Away, providing clients with eye-catching messages and information is vital.

Time to join your fellow SMEs who are tapping into the power of digital signage to attract attention, boost sales and avoid the costs associated with static, non-digital methods for presenting menus and promotions. Discover as many others have, the real benefits, savings and increased sales that exist within those pixels.

Impulse buying behavior

Where you have a market dependent on impulse ie Boutiques, Restaurants and Take-a-ways to name a few, you've got it made. Impulse buying disruptions the normal decision-making models in consumers' brains. The logical sequence of the consumers' actions is replaced with an irrational moment of self-gratification. Impulse items appeal to the emotional side of consumers. Some items bought on impulse are not considered functional or necessary in the consumers' lives.

Good signage solutions are designed to trigger these impulses, by exposing promotional messages at the right place and at the right time – you simply nudge consumers' to spot that something that stirs a particular passion in them – which in turn leads them straight to your tills .

Raise your company's profile

Many SMEs also realize that not only do they generate a great Return on Investment (ROI). Sure, we know they're eye-catching and that they can easily tempt passer-by's with mouth-watering images or up-sell on impulse using carefully crafted messages using the power of motion and change.

But now those screens are also saving money in creating a modernizing effect; At a lower cost than undertaking major leasehold improvements ie an "eye-catching" 40 "digital screen integrated into the design of your shop front, on display to anyone walking past." Digital Signage can introduce an elevated Level of energy and vitality to any shop front, adding a fresh look to your business promises. A more "high-end" appearance, this is easily achievable by any small business with a vision and desire to stand out from its competitors.

Not only does this provide SMEs with a prime promotional space on any busy high street, it also raises their profile. As digital signage becomes more established as a mainstream marketing technique it becomes more accessible to smaller businesses. The days of only seeing digital signage in Piccadilly Circus are over; The age of digital marketing is upon us.

Opportunity to profit from advertising time

These systems can also be used as a tool to generate advertising revenue by promoting other businesses and services; By selling advertising time on your digital display to other local businesses.

Revenue generation by advertising local non-conflicting businesses; A big brand like Budweiser may not get excited about advertising on your one – two screens inside your shop, but the local hairdressers or plumbers around the corner might. And with the local community Newspapers circulation falling – similar local retailers would be wise to follow.

Digital Signage can be an active element in anyone's marketing, unlike those never-changing listings within local directories and printed banners / signs – which when you add all these up – can cost the average retailer a fortune over time, and with a hard to measure ROI.

In tough times, you have to change the way you do business, by stopping the drip of less viable products that provide limited value to you. Digital Signage delivers real and measurable benefits to SMEs – proven business benefits.

Digital Signage = Smart Expenditure

The rising use of digital signage by small and medium-sized companies can be attributed to many factors, falling equipment costs – a 50% drop in the price of LCD displays over the last five years has previously made expensive solutions a realistic proposition for SMEs – Increased awareness and a realization of the competitive advantage that can be gained are all positive drivers. Smart expenditure, on this type of technology provides SMEs with a real affordable advantage in tough times.

The following excerpt from an article "Small businesses should make their technology pay" from SMEWeb.com (the online resource for SMEs in the UK) acknowledges this competitive advantage:

"Digital signage is another area which has seen leaps of progress over the past few years. And far from being a luxury, these screens can save thoughtful costs and so offer fast ROI – particularly for customer-facing businesses. Increase market share is to ensure your customers have the information they need about your company and products at the point of purchase.

Nowadays digital signage is far more than an elaborate poster; Used correctly it can provide real-time data; Stimulate demand by offering further information surrounding and complementary to products such as recipes or alternatives. Already they are being used extensively in restaurants and hotels – for example, to promote special dishes and update menus without the printing costs and allied transport overheads.

Small businesses need to be more responsive and quick off the mark than their larger counterparts – there's no better way to do this than using a digital sign which can be updated, either from a central location or locally, to reflect changing situations.

These are just two examples of the way that making smart investments in technology can make a real difference to the effectiveness of a business today. The challenge, particularly for SMEs, is to know what is available and how to implement them for the best return.

The key is to find a solutions provider that can give reliable advice and has a good relationship with a vendor so they can give you the inside track on the development of the product in future.

Hopefully we are through the tunnel of recession. However, it's worth coming up for air and taking a look at what there is to help smaller businesses. Far from being mere window dressing, the new electronics equipment just emerging onto the market can actually make a difference. "Time to open your eyes to the opportunities that digital signage has to offer.

Innovative Advertising Displays

You need a solution that addresses the fast growing need for digital signage displays in areas within the public eye, providing an effective form of advertising, information, communication or entertainment – you really need to be exploiting this, now.

Your best course of action would be to select one with a built-in media player and scheduling software; Allowing for simple plug and play methods for updating content, making them extremely user-friendly. Unlike many of your fellow SMEs, you will not be exploited into having to pay out for annual software licenses.

Using our Plug and Play displays, you do not need a computer or DVD support as the display has a memory card reader built-in. Simply insert an SD / CF Memory Card and power on. The screen automatically starts playing the images, video and music that are loaded onto the card.

You can easily set the position order and interval time (Breakfast, Lunch Hour Specials and Evening Dining) of each slide giving you complete control over every aspect of your digital signage – take a glimpse as to how easy our software is at Scheduling your playlists. The screen has a memory card locker to protect the memory card from public access. A wall mount also comes with the screen, so you can fix the screen on the wall without extra cost. Professional installation can be provided which also includes a walk-through of the product and its features.

Commercial grade displays are different from that of a TV purchased from your local electronic shop – these displays are more robust and rated to show content for more total hours, fit for purpose. All displays are designed for 24/7 use and have special LCD panels so that the color does not fade over time, as it would with other LCD panels found in TVs and PC monitors.

Their sleek, elegant tempered glass styling, ability to be in constant use (more energy-efficient) and wide viewing angle means that they offer many advantages over using home TVs for commercial display. As well as these benefits the Digital Advertising displays are also brighter than home TVs and have no buttons or controls on show. By placing a TV in a business environment, you typically lose or limit its warranty.

Additionally they can be easily networked or wirelessly connected to a PC for more frequent updates and even up to the minute RSS feeds.

Digital signage can be one of the most effective shopper marketing technologies in use in retail today; It can deliver the right message to the right place, at the right time, and in the right format; It has the power to impact sales, build brands and improve the customers' experience.

Cost of content and who controls it

There are companies that are claiming to be creators of Digital Signage, where the opposite being, there just jumping into the industry simply because it's hot. And with the analysts promising 33 percent or higher growth this year; This creates plenty of scope for others to follow.

One of their more noticeable mistakes, being content creation, an issue for these resellers, which in turn becomes an issue for their clients – these companies are simply not adept to creating interesting visual content – let alone the need and importance of refreshing content.

These companies often try to sell you expensive digital campaigns with their products – it should be noted that most of these content deals are just simple PowerPoint presentations that can be made by anyone with little experience. Alternately, most will provide you with contact numbers to very expensive Design Agencies that they have formed partnerships with – all this can be a real put-off for SMEs.

As an SME, you will want to cut costs when it comes to Digital Signage Content, so using in-house resources instead of giving the business to an outside supplier is one sure way of cutting costs. Most of us, have PowerPoint installed on our computers, and with powerful editing features such as adding videos, pictures and animations, you would be crazy not to use it for creating your own Digital Signage Content.

Integrating existing content such as logos, images, animations and video will be less time-consuming and inexpensive – this also ensures compliance with your existing image, listed by your company. Many SMEs may have internal / external marketing, printing and web design departments – these are great places to look for existing assets. Inevitable though, new content will obviously be required at some point in time.

Many providers and brands that may be part of your on-going promotions can also provide these assets. Existing logos and graphics can be retouched and animated, to provide a more dynamic and contemporary look. There is no reason why an SME can not produce and deliver a broadcast-quality experience to their clients, using in-house resources.

Small businesses in particular need to control the cost of content, to make their investment in a Digital Signage System, worthwhile. Therefore, when considering your Digital Signage Partner, it is best to choose a provider that will consider your size, budget and needs – one that specializes in designing low-cost media and content for SMEs.

A knowledgeable partner that has the time and desire to provide you with that one-to-one attention, dedicated to the highest level of customer satisfaction and service – walking you through every step of the specification and implementation process; Focusing on three things: improving sales, reducing costs and improving customer relations. A Digital Signage Partner with, a good proposal at good cost.

Knowledge Mapping

This module focuses on the basics of Knowledge Mapping, its importance, principles, and methodologies.

Key Questions

  • What is K-map?
  • What does the K-map show, and what do we map?
  • Why is K-mapping so important?
  • What are some of the key principles, methods, and questions for K-mapping?
  • How do we create K-map?

Background

Each of the past centuries has been dominated by single technology. The eighth century was the time of the great mechanical systems involving the Industrial Revolution. The nineteenth century was the age of steam engine. After these, the key technology has been information gathering, processing and distribution. Among other developments, the installation of world wide telephone networks, the invention of radio and television, the birth and unpresented growth of the computer industry and the launching of communication satellites are significant. Now people started to think that only information is not enough, what matters is Knowledge. So there has been seen a shift from Information to Knowledge.

A bit of information without context and interpretation is data such as numbers, symbols.

Information is a set of data with context and interpretation. Information is the basis for knowledge.

Knowledge is a set of data and information, which which is added expert opinion and experience, to result in a valuable asset which can be used or applied to aid decision making. Knowledge may be explicit and / or tacit, individual and / or collective.

The term-Knowledge Mapping- seems to be relatively new, but it is not. We have been practicing this in our everyday life, just what we are not doing is – we are not documenting it, and we are not doing it in a systematic way. Knowledge Mapping is all about keeping a record of information and knowledge you need such as where you can get it from, who holds it, who expertise is it, and so on. Say, you need to find something at your home or in your room, you can find it in no time because you have almost all the information / knowledge about -what is where- and -who knows what- at your home. It is a sort of map set in your mind about your home. But, to set such a map about your organization and organizational knowledge in your mind is almost impossible. This is where K-map becomes handy and shows details of every bit of knowledge that exists within the organization including location, quality, and accessibility; And knowledge required to run the organization smoothly – since making you able to find out your required knowledge easily and efficiently.

Below are some of the definitions:

It's an ongoing quest within an organization (including its supply and customer chain) to help discover the location, ownership, value and use of knowledge artifacts, to learn the roles and expertise of people, to identify constants to the flow of knowledge, and to Highlight opportunities to leverage existing knowledge.

Knowledge mapping is an important practice consulting of survey, audit, and synthesis. It aims to track the acquisition and loss of information and knowledge. It explores personal and group competencies and proficiencies. It illustrates or "maps" how knowledge flows through an organization. Knowledge mapping helps an organization to appreciate how the loss of staff influences intellectual capital, to assist with the selection of teams, and to match technology to knowledge needs and processes.

– Denham Gray

Knowledge mapping is about making knowledge that is available within an organization transparent, and is about providing the insights into its quality.

– Willem-Olaf Huijsen, Samuel J. Driessen, Jan WM Jacobs

Knowledge mapping is a process by which organizations can identify and categorize knowledge assets within their organization – people, processes, content, and technology. It allows an organization to fully leverage the existing expert residency in the organization, as well as identify barriers and constraints to fulfilling strategic goals and objectives. It is constructing a roadmap to locate the information needed to make the best use of resourses, independent of source or form.

-W. Vestal, APQC, 2002

(American Productivity & Quality Center)

Knowledge Map describes what knowledge is used in a process, and how it flows around the process. It is the basis for determining knowledge commonality, or areas where similar knowledge is used across multiple process. Fundamentally, a process knowledge map cntains information about the organization? S knowledge. It describes who has what knowledge (tacit), where the knowledge resides (infrastructure), and how the knowledge is transferred or disseminated (social).

-IBM Global Services

How are the Knowledge Maps created?

Knowledge maps are created by transferring tacit and explicit knowledge into graphical formats that are easy to understand and interpret by the end users, who may be managers, experts, system developers, or anyone.

Basic steps in creating K-maps:

Basic steps – creating K-maps for specific task

  • The outcomes of the entire process, and their contributions to the key organizational activities
  • Logical sequences of all the activities needed to achieve the goal
  • Knowledge required for each activity {gives the knowledge gap}
  • Human resource required to undertake each activity {shows if recruitment is needed}

What do we map?

The followings are the objects we map:

  • Explicit knowledge
    • Subject
    • Purpose
    • Location
    • Format
    • Ownership
    • Users
    • Access right
  • Tacit knowledge
    • Expertise
    • Skill
    • Experience
    • Location
    • Accessibility
    • Contact address
    • Relationships / networks
  • Tacit organic process knowledge
    • The people with the internal processing knowledge
  • Explicit organizational process knowledge
    • Codified organizational process knowledge

What do the knowledge maps show?

Knowledge map shows the sources, flows, constitutions, and sinks of knowledge within an organization. It is a navigational aid to both explicit information and tacit knowledge, showing the importance and the relationships between knowledge stores and the dynamics. The following list will be more illustrative in this regard:

  • Available knowledge resources
  • Knowledge clusters and communities
  • Who uses what knowledge resources
  • The paths of knowledge exchange
  • The knowledge lifecycle
  • What we know we don? T know (knowledge gap)

Activity: 1

>> Can you create your personal knowledge map which shows the types and location of knowledge resources you use, the channels you use to access knowledge?

Where does knowledge tear?

Knowledge can be found in

  • Correspondents, internal documents
  • Library
  • Archives (past project documents, proposals)
  • Meetings
  • Best practices
  • Experience
  • Corporate memory

Activity: 2

>> What are the other places where you can find knowledge?

What are the other things to be mapped?

Benefits of K-mapping

In many organizations there is a lack of transparency of organization wide knowledge. Valuable knowledge is often not used because people do not know it exists, even if they know the knowledge exists, they may not know where. These issues lead to the knowledge mapping. Followings are some of the key reasons for doing the knowledge mapping:

  • To find key sources of knowledge creation
  • To encourage reuse and prevent reinvention
  • To find critical information quickly
  • To highlight islands of expertise
  • To provide an inventory and evaluation of intellectual and intangible assets
  • To improve decision making and problem solving by providing applicable information
  • To provide insights into corporate knowledge

The map also serves as the continuing evolving organizational memory, capturing and integrating the key knowledge of an organization. It enables employees learning through intuitive navigation and interpretation of the information in the map, and through the creation of new knowledge through the discovery of new relationships. Simply speaking, K-map gives employees not only -know what-, but also -know how-.

Key principles of Knowledge Mapping

  • Because of their power, scope, and impact, the creation of organizational-level knowledge map requires senior management support as well as careful planning
  • Share your knowledge about identifying, finding, and tracking knowledge in all forms
  • Recognize and locate knowledge in a wide variety of forms: tacit, explicit, formal, informal, codified, personalized, internal, external, and permanent
  • Knowledge is found in processes, relationships, policies, people, documents, conversations, links and context, and even with partners
  • It should be up-to-date and accurate

K-mapping – key questions

Knowledge map provides an assessment of existing and required knowledge and information in the following categories:

  • What knowledge is needed for work?
  • Who needs what?
  • Who has it?
  • Where does it benefit?
  • Is the knowledge tacit or explicit?
  • What issues does it address?
  • How to make sure that the K-mapping will be used in an organization?

Note:

  • K-maps should be easily accessible to all in the organization
  • It should be easy to understand, update and evolve
  • It should be regularly updated
  • It should be an ongoing process since knowledge landscapes are continuously shifting and evolving

Offline Readings:

  • K-mapping tools
  • K-mapping tool selection
  • Creating knowledge maps by exploiting dependent relationships
  • Creating knowledge structure map?
  • White pages
  • KM jargon and glossary

Online Resource: http: //www..voght.com/cgi-bin/pywiki? KnowledgeMapping

K-mapping Tools:

  • MindMapping
  • Inspiration
  • IHMC (cmap.ihmc.us/) (need to have.NET Framework and JavaRunTime installed in your computer)

(Learn more about KM tool selection at http://www.voght.com/cgi-bin/pywiki?KmToolSelection )
________________________________________

Categorised K-mapping

Social Network Mapping:

This shows networks of knowledge and patterns of interaction among members, groups, organizations, and other social entities who knows who, who goes to what for help and advice, where the information enters and leaves the groups or organization, which forums and communities of practice Are operational and generating new knowledge.

Competency Mapping:

With this kind of mapping, one can create a competency profile with skill, positions, and even career path of an individual. And, this can also be converted into the? Organizational yellow pages? Which enables employees to find needed expertise in people within the organization.

Process-based Knowledge Mapping:

This shows knowledge and sources of knowledge for internal as well as external organizational processes and procedures. This includes tacit knowledge (knowledge in people such as know-how, and experience) and explicit knowledge (codified knowledge such as that in document).

Conceptual Knowledge Mapping:

Also sometimes called -taxonomy-, it is a method of hierarchically organizing and classifying content. This involves in labeling pieces of knowledge and relationships between them. A concept can be defined as any unit of thought, any idea that forms in our mind [Gertner, 1978]. Often, nouns are used to refer to concepts [Roche, 2002]. Relations form a special class of concepts [Sowa, 1984]: they describe connections between other concepts. One of the most important relationships between concepts is the hierarchical relation (subsumption), in which one concept (superconcept) is more general than another concept (subconcept) like Natural Resource Management and Watershed Management. This mapping should be able to relate similar kind of projects and workshops conducting / connected by two different departments, making them more integrated.

Knowledge is power, broadly accessible, understandable, and shared knowledge is even more powerful!

What Is Digital Marketing? A Guide to Marketing in Today’s Digital World

In the world of business development and branding, going digital is all the buzz. So just what is digital marketing and how can we use it to grow our businesses?

Digital Marketing Defined

Digital marketing is the advertising and promotion of businesses and their brands through digital media channels. Digital media, at the moment, includes websites, social media, radio, television, mobile and even forms of traditionally non-digital media such as billboards and transit signs. Essentially any marketing media that is delivered electronically is considered digital marketing.

This leaves only various forms of person-to-person (P2P) marketing, print advertising and direct marketing outside of the digital marketing umbrella. Even then, print ads, direct mail, print directories, billboards and posters are all starting to connect to their digital counterparts. With items like URL landing pages, QR codes, web banner advertising, online directories and text codes, traditional marketing and advertising almost always has a digital marketing connection.

Why the Focus on Digital Media?

The shift to digital media is being driven by marketing agencies, business owners and consumers alike. The ever-increasing demand to show quantifiable results makes going digital a dream for the digital marketing agency. Most digital media, including websites, social media and mobile advertising is much easier to track than traditional marketing media such as print advertising.

For business owners, many forms of digital advertising are very low cost. Having a web presence, engaging customers in conversations through social media and e-mail marketing are low cost alternatives to print advertising and direct mail. These digital channels are available to businesses of any size, and help to even the playing field for start-ups, small businesses and independent consultants seeking new business.

For consumers, the fast pace of life makes digital advertising a must. When consumers are in need of goods and services, gone are the days of thumbing through a phonebook to find them. Now, we whip out our mobile devices or head to our computers for answers – and we find them fast.

Using Digital Media to Build Your Business and Brand

No matter what size your business is – large or small to medium sized business / enterprise (SMB or SME) – you can effectively market your business through low-cost digital channels. The foundation of your marketing efforts will be your website. Invest wisely in your website, and be sure that it does the following:

  • Adequately represents your business and brand (look and feel, messaging)
  • Adequately speaks to your target audience
  • Can be found by searchers on top search engines
  • Is up-to-date and easily navigable
  • Provides multiple channels for customer communication
  • Connects to other marketing efforts

It is recommended that you work with a professional web design firm that is skilled in web development and search engine optimization. Because your website is the foundation to and from which all other digital channels will lead, it should be considered one of your top business investments.

Once you have your website complete, the next steps would be to launch regular monthly or bi-monthly e-mail campaigns, and connect with customers via social media. If you are truly on a shoestring budget, these are efforts that can be done in-house (by someone with the proper knowledge) or for a low cost by an outside digital marketing agency. Be sure that all of your efforts lead customers back to your website where they can fully engage with your business, products and services, and choose the channels through which they contact you.

If you’re interested in getting aggressive with search marketing, you can set aside some digital marketing dollars for search engine optimization and pay-per-click advertising. Many businesses today rely heavily on being found online to gain new customers. A common misconception among business owners is that simply having a website means that customers will find it. Not so. Your site must be built with specific key words and phrases, meta data, page content and linking strategies that will help it reach top search rankings.

Because many key words and phrases have stiff competition for top search rankings, you will need to supplement your organic search engine optimization efforts with pay-per-click advertising. Getting established with pay-per-click advertising campaigns can be a little daunting, but with a little time, effort and instruction, that too can be accomplished in-house, or for a reasonable cost through an outside digital marketing agency.

Beyond e-mail, social media marketing and search engine marketing, you can venture into a host of other digital marketing efforts. Mobile advertising, radio, television, electronic billboards and much more are available as marketing outlets. Whatever digital efforts you choose, they should all connect and tie into your foundation – your company website.

If you have the means, a wise investment would be to engage the services of a digital marketing agency to assist in your marketing efforts. Today, many digital agencies offer multiple levels of service to accommodate businesses large and small.

Major Facts About Partnership And Business

A partnership can be defined as an association of two or more persons who have agreed to combine their labor, property, and skill, or some or all of them, for the purpose of engaging in legal business and sharing profits and losses between them.

Partnerships present the involved parties with special challenges that must be communicated before agreement. Overarching goals, levels of give-and-take, areas of responsibility, lines of authority and success, how success is evaluated and distributed, and often a variety of other factors must all be negotiated. Once agreement is reached, the partnership is typically enforceable by civil law, especially if well documented. Partners who wish to make their agreement affirmatively explicit and enforceable typically draw up Articles of Partnership.

A partnership is particularly very attractive if it helps to pool the talents or skills of partners for their mutual benefit. Partnerships require individuals who are compatible, honest, healthy, capable, dedicated and equally motivated to succeed. And because of the voluntary nature of partnerships, they are reliably easy to set up.
The term business in this definition includes every trade, occupation, and profession. Therefore, this article becomes very necessary for every individual to have the idea of ​​bargaining / planning and negotiation in any kind of business level.

Humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and diverse combinations thereof, have always been and remain commonplace. In the most frequently associated instance of the term, a partnership is formed between one or more businesses in which partners (owners) co-labor to achieve and share profits and losses. Partnerships exist within, and across, sectors. Non-profit, religious, and political organizations may partner together to increase the likelihood of each achieving their mission and to amplify their reach. It is sometimes considered as alliance, governments may partner to achieve their national interests.

A partner acts as an agent of the firm in the conduct of its business. A partner must, however, exercise the highest degree of good faith in all transactions with the other partners, devote time and attention to the partnership business, and must account to the other partners for any secret profits made in the conduct of the partnership business. The liability of a partner for partnership debts is said to be unlimited, except when the partner is a limited one in a limited partnership organized in accordance with the provisions of a state statute permitting such limitation of liability.

FORMATION OF PARTNERSHIP
A partnership comes into existence by a contract entered into by the parties concerned. No formality is required but the agreement could be writing, inferior from conduct or oral. The agreement to form a partnership is known as a "Partnership Contract", the most important provision of which spells out the manner in which profits are to be distributed.

Partnerships are governed by the law of contract. It is advisable for individuals who wish to form a partnership to draw up what we called "Articles of Partnership". The article of Partnership essentially contains these items below:
• Name of Partnership
• Name and Addresses of each partner
• Statement of Business Purpose (s)
• Duration of the Partnership
• Name and Location of the Business
• Amount Invested by Each Partner
• Ratio for Sharing Profit
• Accounting Records and their Accessibility to Partners
• Specific Duties of Each Partner
• Provision or the Dissolution of Partnership and Sharing of Net Assets.
• Provision for Protection of Surviving Partners, Decedent's Estate, etc.
• Restraints on a Partner's Assumption of Special Obligations.

TYPES OF PARTNERS
There are five types of partners:
1. Active Partner: – This is the partner who participates in all the activities of the partnership.
2. Dormant or Sleeping Partner: – This is the partner who does not take an active part in the activities of the partnership but shares in the profit.
3. Nominal Partner: – This is a person who lends his name to a lends his name to the partners for a consideration.
4. Secret Partner: – This is a partner who takes an active part in the affairs of the company but he / she is not known by the public as part of the partnership.
5. Silent Partner: – This is a partner who is known by the public as part of the partnership; But he / she does not take an active part in the management of the enterprise.

ADVANTAGES OF PARTNERSHIP
1. Greater Source of Capital: – The pooling of the individual resources of each partner helps to raise a large capital. It makes it possible for an individual with the know-how, new product, invention, or new idea but no money, to work with man with money who is interested in the project.

2. Greater Specialized Management: – The ownership of a business by two or more people makes it possible for them to pool their skills and judgment for the benefit of all concerned.

3. Greater Incentive for Employees: – Employees in partnerships tend to enjoy better fringe benefit package and higher salies. They have better prospects for earned recognition and promotions.

4. Legal Recognition: – There is a partnership law that regulates the relationship between partners themselves, and between the partners and their parties that they have to deal with.

DISADVANTAGES OF PARTNERSHIP
1. Personality Clashes: – Partnership require cooperation, trust and dedication but failure on the part of one of the active partners to discharge his / her own responsibilities that could have led to personality clashes and to the end of the partnership. Partnerships are known to have ended because the members could not agree on the best course of action to take on an important issue.

2. Difficulty in Withdrawals: – The contribution of each partner ceases to be the property of the individual making the contribution. When a partner needs money, he / she can not withdraw his / her contribution or borrow money from the partnership without the express permission of the other partners. Many entrepreneurs dislike this lack of flexibility characteristic of partnerships.

3. Unlimited Liability: – Each partner is held liable for the obligations of the partnership. If one of the partners makes a costly mistake in the execution of the affairs of the partnership, creditors can sue, and if they obtain judgment against the partnership, each partner may have to sell his / her personal assets to meet the obligations.

4. Short Length of Life: – Factors like, death, prolonged ill-health, withdrawal, bankruptcy, insanity or of sorts could lead to the end of the partnership.

Conclusively, governmentally recognized partnerships may enjoy special benefits in tax policies. Among developed countries, for example, business partnerships are often favored over corporations in taxation policy, since dividend taxes only occur on profits before they are distributed to the partners. However, depending on the partnership structure and the jurisprudence in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation.