HOW TO CREATE A COMPANY THAT GIVES MORE THAN WHAT IT TAKES.
We are entrepreneurs for a reason. We embrace novelty and change. Many times, however Entrepreneurs feel that the business is taking more than actually giving; be it in terms of time, money, labor or other scare resources. This is why Small businesses need to be careful when making decisions; as cash flow is a critical point to contemplate.
They may not have the same resources as large corporations, but they still need to think about what will happen if something goes wrong. Entrepreneurship is a risky business, and small businesses need to be prepared for any eventuality.
Here are some tips which can be helpful for entrepreneurs who want to achieve more.
- Focus on growth and value
Strategic planning is about making sure you are doing everything possible to ensure your company continues to grow. You need to assess your current situation and see if there are any areas that could be improved. If you are already growing then you should be looking at ways to expand further. Look at what products or services you offer and how you can improve the customer experience. You may also want to consider offering referral incentives to get more customers.
- Build your plan
A strategic plan is a document that outlines what you want to achieve, why you want to achieve it, and how you will go about achieving it. A strategic plan helps you to focus on what matters most and gives you a clear idea of what needs to happen next. From market research to operations to Finance and Accounting, you need to be able to tie them all together. Nothing does it better than formally engaging in building a rocket business plan that will take your idea to the sky. It also helps you to identify any gaps in your strategy and to understand what you need to change in order to reach your goals.
- Organize around strategic goals and a plan for achieving them.
Strategic planning is important because it helps you understand what you need to do to reach your goals. If you don’t have a clear goal, then you won’t know whether you are making progress towards achieving it. A vision map is a great tool to help you get started. You can create a vision map using any software program that allows you to draw shapes and write text. You can also use a whiteboard or flipchart paper.
- Invest time in preparation
Strategic Planning is garbage in, garbage out. Everyone participating in Strategic Planning should be expected to prepare themselves for a Strategy Conversation, whether that be by preparing information or learning more about how the business works. Study the market you plan to enter, see how other businesses operate and how you can change them to give better service to your customers. Market Research is something that should be performed at the initial stage of your business to determine if it is worthwhile entering this type of market. You can do this by doing surveys, but people don’t enjoy doing surveys, but you could offer gift vouchers to get people more involved in doing the surveys or doing lucky draws.
- Execute relentlessly
Make sure you keep track of what you've done and what you're doing. Make sure you're following through on your plans and that you're making progress towards your goals. If you're not, then you need to figure out why. You may need to adjust your strategy or your plan.
- Gather Data
Data is the raw material of any business. It is the foundation of any strategy. Data is the information that you collect about your customers, competitors, and market. It is the information that you need to understand your customer base and how they behave. Data is also the information that you need in order to make informed decisions about your business.
- Create the right environment
A work environment where people feel valued and appreciated. A place where they can express their ideas and opinions freely; A place where they feel like they have a responsibility towards their colleagues and the company.
It is also a place where they are encouraged to grow and develop. A place where they have fun. A place where they enjoy coming to work every day. A place where they understand that they are important to the company. A place that encourages them to share knowledge and experience. A place where they meet other people from different departments and learn about each other. A place where they get to know their manager and his/her personality.
A place where they learn to trust each other. A place that allows them to relax and unwind after a hard day at work. A place where they know that they are valued and appreciated. A space where they feel like they belong.
A place where they love coming to work every day and enjoy their job. A place where they see their manager as a friend. A place where they respect their manager and his/ her opinion. A place where they appreciate the fact that they are given opportunities to grow and develop.
At the end of the day, business is about people and how you treat them, whether they are your customers, suppliers or employees. In a world driven by connectivity, automation and technology, it is important to step back and see whether all our tools are actually help businesses achieve their vision or are actually a hindrance.
These planning tips can help you to get to the next level and improve your company's performance in the long run.
Bhundhoo Tax PC is a professional accounting firm located in London, Ontario focused on providing tax, accounting and advisory services to small business corporations locally within the Middlesex / London region and virtually across Canada
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