Category Archives: Business Strategy

Top 5 Ingredients of Successful Business Plans

Everyone has prepared a business plan. Well, should that read, everyone should have prepared a business plan? My thinking is that these tend only to be prepared when they are needed, rather than as a useful business tool for all senior management. My top five ingredients are:

1. Understand what a business plan is;

2. Understand what you intend to use it for;

3. Identify and implement the critical steps to achieving a successful business plan;

4. Understand what needs to be included in the plan;

5. Be aware of gaps or weaknesses in your plan.

What is a business plan?

A business plan sets out the method for running a specific activity over a specific future period.

Why are business plans needed?

Business plans are needed essentially for the four following reasons:

1. A formal, explicit document of the planning process;

2. A request for finances;

3. A framework for approval;

4. A tool for operational business management.

What are the critical steps needed to achieve a successful business plan?

This may come as a surprise to my fellow business consultants, but producing a successful business plan is not as difficult as people often think, so long as they follow a logical sequence. Here is my considered view as to the critical steps.

1. Understand what you are planning and why;

2. Define the activities of your organisation;

3. Outline the current position of the business;

4. Review and discuss the external market conditions, undertake and understand a competitive analysis, and define your market positioning;

5. Define your core objectives;

6. Prepare and articulate the strategy to attain and meet the objectives;

7. Identify and review risks and opportunities;

8. Prepare a strategy to deal with risks and exploit opportunities;

9. Refine the strategies into operational plans;

10. Prepare financial forecasts including revenues, costs, cash-flow, capital expenditure and assumptions adopted;

11. Finalise the plan;

12. Get it approved;

13. Use it;

14. Review it regularly and update as appropriate.

What should be included in the business plan?

Without being too prescriptive, there are certain necessary elements which need to be included. Such elements are:

· Preliminaries – such as contents, contacts and definitions;

· An executive summary;

· A description of the business;

· A review of the market, the competition and market positioning;

· The vision, mission and objectives;

· The corporate strategy;

· The plan for developing the products and services;

· Financial projections;

· An outline of the risks and opportunities;

· A conclusion.

Understand gaps and weaknesses within the plan.

Any casual viewer of the BBC programme, Dragons Den will be aware of how easy it is for weaknesses or gaps to be identified. Depending upon the purpose of the plan, this may, or may not, prove to be critical. It is often easier to recognise such weaknesses and gaps, and be prepared to deal with them, either by noting them in the plan itself, or having appropriate answers available should the need arise.

Who should prepare the plan?

As a business consultant, this may sound like heresy, but I believe that any plan should be produced by the senior management of the organisation. That is not to say that the consultant does not have a role to play in its preparation. He does. Senior management should prepare the plan as they will then be able to present and discuss it, demonstrating to their audience that they fully understand their business and market. I believe that the consultant’s role is to help facilitate the preparation of the plan, the consultant can help undertake the necessary research, and can cast a critical and impartial eye over the plan.

Reasons To Have A Good Business Strategy

A business strategy is basically a documented plan mentioning how a company is setting out to reach to its business goals. Therefore, these strategies include different types of main principles, which outline the ways through which the companies can reach to their goals. For instance, the good business strategies define the ways to look at the expectations and requirements of clients, the ways to deal with the competitors and these also check the sustainability and the long-term growth of the companies.

A good business plan is also essential in guiding channels and resources, making decisions, defining directions and setting goals. Due to that reason, building strategic plans is well worth of the time. With the help of right strategies, businesses can meet with the opportunities and ongoing challenges.

There are actually many types of business strategies available, which can be used by both new and already established businesses to have healthy competition in the market. Most of the successful businesses generally have a history of functional and good strategies, which are set and followed strictly. Thus, it is necessary that once the strategies are drawn and enacted, the measures must be followed and put into that system.

Another big reason why having good strategies is necessary is that these offer the businesses the required time to get the sense about capabilities, how those are actually performing and whether the capabilities can actually help the businesses to grow.

Here are some other reasons why it is necessary to have good strategies for businesses:

    1. A well defined strategy provides a guide on how a business is actually performing internally. Besides, this also defines how a company performs against the competition and the things that the company needs to stay relevant in the future.
    1. A good business strategy is capable of creating a direction and a vision for the entire company. Actually, it is necessary for every person in a company to have some clear goals and to follow the mission or direction of the company. Good business strategies can offer these visions and can prevent the company people from losing sight of the aims of the companies.
  1. The business strategies can also find the future opportunities and trends of the businesses. These can look at all the broader changes in the market like as social, political or technological changes and the consumer changes. Besides, these strategies can also develop the tactics so that the businesses can change and develop to suit to all the future changes.

So, it can be said that with good business strategies, the businesses can enjoy greater profits and brighter track records.

Effective Business Development Strategies for a Successful Business

Who doesn’t want to be the proud owner of a successful business? But it isn’t an easy thing to be the owner of a successful business. It needs some years of hard work and patience. Business developers play a major role in the success of a business. Let us now look at the three business development activities that the business development managers adapt for success in their business.

The business development activities are divided into three main strategies.

• Business development activities
• Enhancing public image
• Increasing market exposure

Business Development activities:

1. Market Research:

You should be having a detailed understanding about the position of your company and where it is heading towards, you need to do a research in the particular industry where you are in. There is a lot of information that you can find on the internet.

2. Competitive analysis:

Every company or business has its own competitors in the particular industry that it is in. Get to know the top competitors to your company. Always make sure to maintain a healthy competition.

3. Relations with clients:

Maintain contact with your regular clients and always try to know their feedback and stay in touch with them to understand their needs, requirements and keep them in mind.

4. Get new clients:

Know the main targeted audience or clients for your current business and try reaching them out and make them interested in it. Getting new clients will also be done when you satisfy your current clients sufficiently, the mouth to mouth word is a big thing that helps you in bringing new clients.

5. Networking events:

Always try to maintain a network. Always staying inside the office and trying to make huge plans and all is not going to help you alone. Try attending various events related to your industry which helps you in building a network.

Enhancing public image:

Building your company’s or business’ image among the public is the major thing that you need to concentrate on. You can try to influence the audience using various different ways and having a website of your own for your business or your company can be one of them. Creating a brand for your business by following various things that increase the brand value among the public. The office of your business should be very much appealing to the audience and the customers as it will also play a major role in influencing them.

Increasing market exposure:

Use the search engine optimization techniques for increasing your companies marketing exposure.

Developing A Business Startup Success Strategies That Work

It can be easy to lose sight of the very reasons why you wanted to open your business startup. You can get wrapped up in the day-to-day operations, leaving little time to focus on what makes your business startup standout in the market. Having a strategy in place that allows you to keep you motivated can ensure your business stays on a path of success.

Fall In Love With Your Business

Any business that you invest your heart in soul in should be the great love of your life. You need to nurture it and watch it grow. Having a real passion for what you are doing and the products and services you sell can make your business startup a real labor of love. You should have a real hunger that drives you to do well. Making your business startup idea one that you can stand behind and love to eternity is the first step in achieving success.

If it seems that you are losing that connection with your company and not really feeling the love, take a step back and allow yourself to remember how it all started. This can spark your emotions for your business and allow you to fall back in love with what you are doing. Your passion for your business is often times enough to get you through the challenging times.

Surround Yourself With Good People

From your employees to your professional network, the people that you surround yourself with can have a strong influence on your business startup. These very people can give you new ideas and help educate you on your business’ operations.

Having positive people to lift you up can be a strong motivator and allow you to have someone to bounce thoughts off of when you feel uncertain about a decision. Use your network to gain valuable information and learn from your peers on what mistakes to avoid. They can prove to be a big part of helping you run your business and ensuring it is successful in its endeavors.

Don’t forget your employees; they can be a big part of keeping your focused on your business startup on a daily basis. Good employees will drive your customer service and in turn your revenue. When your employees believe in your business and the vision you have set for it, it makes it that much more important that you deliver now and into the future.

Create A Marketing Strategy

Having a marketing strategy in place to promote your business is necessary to help achieve strong revenues. You should have prepped and planned a strategy that you want to adhere to market your business startup to your customers. It doesn’t have to be a large portion of your budget, but it should include some effort on your part.

Think about where your customers go for their information. Be visible to them and make sure you use every opportunity that is available to you to market your business with both new and existing customers. Try social media, check into local advertising, hold and an event, and use what is available to you to reach your customers and introduce your business’ products and services to the masses.

If you stay aggressive with your marketing plan, you are sure to garner the attention of your current customer base as well as a new group of potential clients. This can bring in more revenue and keep your business startup on a path of success.

Get To Know Your Customers

It is your responsibility as a business startup owner to know everything there is to know about your customers. You should have a strong idea of who they are, what their likes are, and where they are located. When you truly understand your customers, the more effectively you can serve them with your products and services.

While your attention may be turned toward gaining new customers, don’t lose sight of your current clients. They are the bread and butter of your business, and you want to make sure you are not replacing existing customers with new customers at a losing pace. Show your loyal customers how much you appreciate their business. Without them, your business will only see marginal success, and you want to make sure to grow your business startup rather than be stagnate in its approach.

Take Time For You

It may be difficult to imagine, but you need time away from your business startup. You may think that you can’t take time away or that your momentum will crumple without you, but taking a vacation every now and then is one of the best things you can do for your company. When you step away for a moment, you allow yourself the opportunity to recharge and refresh. You’ll be able to see your business in a new light and be surging with motivation when you return.

You’ll be surprised at how much a vacation from your business startup can do for you. You’ll be filled with new ideas and solutions to problems that you previously thought unsolvable. Being able to see your business from a new angle can be just what you need to take it in a new direction, move it forward, or reach to new heights. Your business startup will appreciate the time you took, and you will be ready to take on new challenges with a fury as your drive will be restored and you will feel anew.

Plus, you have good people surrounding you that you can trust to steer the ship when you are away. Rely on your employees and allow them to do what you hired them to do. You’ll be pleasantly pleased with how quick they are to pick up the slack when you are away and the positive results you’ll see upon your return.

Having a strategy in place can ensure your business stays on track and experiences great success now and into the future. It is important to stay focused, think about your customers, and take a break when you need it. By embracing your business startup and trusting in yourself, your business will reach the success that you deserve and have always envisioned.

An Easier Way to Excel Your Accounting Skill Without Taking Support of Others

Learning is supposed to be a life long process. If you want to excel well in your field of learning, then you must have to take some serious steps and it will provide you greater option in meeting your intentions. These are the reasons; you must have to become interested in finding out the best way that can provide you excellent opportunity and which can make you sure in getting better options as well. People are taking the most important opportunities through regnskabsassistance holbæk and services and due to the increased demand of these services more number of professionals is getting priority for their services. In addition to that obtaining these facilities from the experienced and expert accounting professionals become of great value also. When you will get better facilities to learn your profession online, it will help you getting more importance too. All the times, you should have to become curious enough in grabbing the most prominent opportunities and it will help you getting more preference as well. With the most significant facilities from the online reputed sources you will get your confidence back and it will help you getting better accounting assistance holbæk in the most exciting way.

By fulfilling your learning needs in an excellent way, you will not only be capable of meeting your interests but also you will grasp more facilities including saving your time as well. When you meet your interests without making any mistake, surely, you grasp the best facilities from the online sources. These are the reasons; you must have to become capable of choosing the quality accounting assistance holbæk facilities so that you can generate more income. With such intentions you will get not only the most exciting facilities but also you will grab more confidence and many other advantages in the finest way. A great number of people are taking such advantages that are providing people a great option in fulfilling your intentions in the exciting way. These are the reasons; you must have to take the initiatives of obtaining accounting assistance holbæk from the online sources and it will satisfy you in the finest way too.

With such advantageous opportunities you will not only grab the most potential options but also you will grab an exciting way that can provide you a wider scope in the finest way too. A great number of people are interestingly taking accounting assistance holbæk services for meeting their accounting needs and this is the reason; you would get priority to them in their accounting needs. Therefore, without making any mistake you must have to consider taking the advanced accounting assistance holbæk facilities that can provide you greater way in fulfilling your requirements as well. With these opportunities you will grab a quality scope that can make you possible getting an important scope in the finest way. It will provide you more satisfaction and more interest towards the online learning process. In this way, learning life long will be easier and growing with your profession will also be easier to you.

General Analysis on Financing For Development

India is now becoming more attractive to both foreign and domestic investors no thanks to the given improving regulatory framework in place. The just past election results was a confirmation that the federal government will do everything within their power to work in the improvement and introduction of new policies focused on the growth of different sectors including real estate. This has great benefit, as it will lead to a huge impact when more investment and foreign businesses come into India and help in improving the confidence that local investors will have in the economy.

Just in the last two years, there have been changes within the private equity investment sector in the sense that investment from within the country has exceeded that from outside the country for some time now. Most notably, is that the total private equity India has seen great inflow domestically in 2016 crossing the peak seen in 2007. The total private equity domestically invested in 2015 was at USD 1,770 mn, it was almost double of that in 2016 at USD 3,410 mn. The corresponding figure in 2007, which was the previous peak, stood at USD 3,300 mn. In comparison to these figures with that of the foreign inflow, which stood at USD 1,540 mn in 2015 and USD 1,850 mn in 2016. The corresponding figure in 2007, which was the previous peak, stood at USD 4,600 mn in 2007.

From the statistics above, one could deduce that equity investment is gradually returning to India and experiencing a consistency in the last three years. A large number of domestic investors have come to the realization of the potentials of the Indian’ real estate business, which was supported by the improvement of both political and economic scenario in India. Besides this, most project finance companies in India have supported most investors in providing the basic infrastructure needed. Local knowledge also contributes to the confident of domestic investors than their foreign counterparts. With many states on the verge of setting up a real estate regulator and REITs coming up, 2017 could very well set a new benchmark as far domestic PE inflows into Indian real estate are concerned

At the least, an investor needs to compare the returns being provided by various investment banks issuing the infrastructure bonds and check out their credit rating. Experts opine that an investor should also keep in mind the latest financial performance of a company before buying its investment instruments. One may also not purchase because of Secured and Unsecured bonds because secured doesn’t mean any kind of guarantee – it simply means that the company has set aside some assets against this bond issue. If anything happens to the company then those assets will be sold to recover the money for the bondholders. That is all it means – it does not mean a guarantee from the company or the government of India that you will be repaid no matter what.

Tips For The First-time ELSS Investors

Are you planning to invest in ELSS? If yes, then there are some basic things to consider as a first-time investor. What are those basic things? How to invest in ELSS funds for the first time? Is there any catch?
By the time you will end up reading this post you will have an answer to all these questions. So without wasting any time let us straight away get to the tips –
Tip 1: Don’t leave it until the last moment
Most people think of ELSS investment as a great way to save tax at the last moment. However, this cannot be considered as a smart idea simply because in order to get the best returns on your investment you need to do a thorough check and find the one that suits your requirements.
Planning early and researching meticulously, therefore, becomes the key here. This will give you plenty of time to think and make a learned decision rather than investing your money anywhere because of the last minute rush.
Tip 2: Start a SIP
Investing a lump sum amount of money puts you at a higher risk. This is the reason why investing in monthly Systematic Investment Plan is a great choice.
A monthly SIP allows you to plan your finances, and at the same time does not burden you with the liability of sparing a lump sum amount at one time. You can easily plan the tax saving as well as your investment without any hassle.
Tip 3: Evaluate long-term performance
A big mistake every beginner ELSS investor makes is to look for short-term performance. It is not necessary that a scheme that has been doing well in the past few months is a worthy investment.
You need to look at the past performance over years. This will give you a clear idea about the risk involved in the scheme. According to the experts, it is recommended to invest in a scheme that has been performing well consistently over the past 5-years.
Tip 4: Don’t invest for the Tax-saving purpose only
One of the biggest reasons why people look to invest in ELSS is because of the tax benefits. However, even if you are not in need of tax saving you must look at ELSS as a great investment option.
The returns it brings, in the short time span for which you invest your money, make it a worthy choice to reap some great rewards. If invested carefully, it can prove to be the best decision in one’s life.
With this point, our list of things to consider when investing in ELSS for the first time comes to end.
Whether you are looking for just saving income tax, or need to get some great returns from your invested money, ELSS can prove to be just the perfect idea. And, now that you know how to invest in ELSS it is time to get going with your investment plans and start investing!

Undertake Solar Energy Cost Reduction With The Help of Experts

Solar energy has been a highly beneficial resource for industries since its introduction. Due to its availability in abundance, there are numerous methods of utilizing it as a potential energy resource for operations.

There are major breakthroughs in the industrial sphere due to the extreme potentiality of innovative and indigenous systems. Solar energy and power is one such innovation that has redefined the industrial power supply vertical. Due to the increasing prices of traditional supply of power, solar energy poses a lucrative potential with its smart pricing and cheap maintenance. Many attributes add to the rising price structure of solar power. Its high availability and cheap maintenance can get businesses delusional and may be left unchecked that in turns poses a risk of increasing prices.

Undertake solar energy cost reduction in your business by hiring expert cost reduction specialists and render your business the flexibility of cheap and accessible power in tranquillity. A cost reduction specialist will audit your existing solar energy systems including panels, supply chain etc. and identify the loopholes that are responsible behind the rising costs. Let us have a look at the various methods using which you can effectively reduce your solar energy costs:

1. Implement proper maintenance procedures on the solar panels in order to avoid expensive repairs. Solar panels are easy to maintain but, in case of damage, they are pretty expensive to repair.

2. Solar energy cost reduction can be implemented successfully by modulating the delivery model of this energy. The wiring should be improved and replaced with efficient material for better and linear delivery and lesser consumption.

3. There are a number of attributes that result in the all-round development and design of the energy supply vertical. Thoroughly analysing and rectifying them can render ground-defining results for the same.

Another significant part of a business that involves high amounts of expenses is logistics. The logistics vertical has drastically evolved with better outreach and feasibility. However, with this effective evolution, the cost of running them has increased as well. Cost reduction in logistics management is possible through cohesive analysis of various verticals and identifying the most capital consuming elements. By doing this, you can strive to create an ecosystem supported by real time data and implementing those data in the most beneficial manner.

Running a business is not an easy task and it involves numerous intricate tasks to be performed in order to meet the maximum output. However, without thorough analysis of verticals, it may lead to unprecedented expenses costing dear money that a business can avoid otherwise. Hiring a cost reduction specialist helps a business to address and rectify these verticals with effective ease.

5S Methodologies – The Key to Your Lean Management System

The Lean management philosophy is a flexible and adaptable approach to creating a smooth, efficient production system that uses a number of techniques and methodologies to accomplish the goal of higher productivity with less waste. And while no two Lean implementations are exactly the same, most of them have one element in common. The 5S system.

5S Basics:

The 5S approach to production is a key component of the Toyota Production System (TPS), developed in the 1970’s and 80’s, which helped propel Japan to the forefront of the world automotive market. As the name implies, it is comprised of 5 steps or elements, each one critical in its own way to the success of a lean system:

  • Sort: This step focuses on the items and personnel which are located at any given workstation during the production process. The key is to:

◦ Make sure that all supplies, material, components, equipment and workers required for the current step in the production process are in place before the work begins. This eliminates time wasted waiting for things to arrive.

◦ Insure that anything that does not contribute to the current phase of the production process is eliminated. This reduces clutter and allows for more efficient placement of the items that should be there.

  • Set or Straighten: This step focuses on the position of the supplies, materials, equipment, and tools used in the current phase of the production process. The goal is to minimize the amount of time spent accessing the elements during the process:

◦ Things that are used more frequently should be closer to the workers, while less frequently accessed supplies, tools and equipment should be further away.

◦ Tools should be stored in easy to reach racks or fitted boxes that allow workers to locate and access them quickly and accurately.

◦ Supplies should be positioned for easy access but in such a way as to not interfere with movement or work.

  • Shine: This step focuses on the need for a clean, neat and orderly work environment. Dirt and clutter have a number of negative and time wasting effects:

◦ Dirt and debris can be harmful to machinery and can contribute to accidents.

◦ A cluttered workstation can be distracting, which reduces worker efficiency.

  • Standardize: This step focuses on the need for standard operating procedures across the board. This allows every portion of the organization to benefit from the improvements in every other and makes cross training easier and more effective.
  • Sustain: This step focuses on the need to make your operation sustainable, adaptable, and self improving. This step may require the most commitment of all, as it is easy to sit back and settle in with the new status quo

Tips To Get An Ideal Service For Your Property Maintenance

hat does your yard resemble? Does it have wonderful grass and blooms? Despite your garden’s appearance, keeping up a pleasant grass is imperative to keep your home fit as a fiddle and ensure the soundness of your family. Luckily, there are numerous approaches to keep your garden in top condition. These incorporate picking the right harvests, watering, cutting, treating, and staking. Examine on to know more about garden maintenance tips.

Consider it as a Preventive Health Program

Consider by cultivating the support as a well-being program for you and your family. This can keep issues from happening so you don’t need to handle them as time passes by. A sound garden can expel undesirable weeds, survive bug assaults, and wipe out those maladies before it touches your family’s well-being.

Adjust your grass support to your nearby conditions. The measure of precipitation, the impact of daylight and the state of the dirt is critical in your yard upkeep.

A Grass Type That Matches your Climate

The grass that suits your requirements and adjusts to the various climate conditions can give the positive results. Research to decide the kind of grass that you require. Think about replanting as an alternate sort of grass if your garden neglects to make due to notwithstanding the consistent care. Pick grass that opposes neighborhood bug and adjusts to various types of climate. This can guarantee a solid yard and shield your family from the diseases. If you are looking for a reliable solution of Property Maintenance in St Albans then you have to continue an effective research online.

Create Healthy Soil

Great and solid soil is the establishment of an appropriate procedure for looking after garden. To think of a decent garden, create soil with great surface and loaded with supplements. Check the surface of your dirt to see whether it is overwhelming with earth or sand and light. Whatever the kind of soil you have, enhance it by including natural substances, for example, manure, fertilizer, or grass clippings. These natural substances help an earth soil and help it to hold water and supplements. The help of the experts with having some expertise in property maintenance solution can help simultaneously. They are knowledgeable about terms of property support and give proposals to your favored grass maintenance.

Water Deeply yet Not Too Often

Water can help to grow up the profound roots, which make them more grounded and less powerless against making any kind of harm. It is perfect, in any case, to water your plants when they truly require it. This helps the plants and grass roots down, as incessant watering lessens their dampness amid dry periods.

To Seed or Not to Seed

Revealing a cover of grass is the least demanding approach to get a wonderful yard. These grasses might be expensive, particularly if your garden covers a wide region. Seeding the region is a successful contrasting option to these expensive techniques. Either by hand or with a strategy known as hydro seeding, seeding upgrades the general offer of your garden.