Categories ArchivesStrategy and Planning

What is a business model? standard

Your business model is the underlying structure of how your business creates value.  But what does this really mean?  And why is understanding your business model important? What is a business model? Your business model is the underlying structure and organisation of your business activities.  It defines in general: Who your key stakeholders are The value you provide to your stakeholders The relationship you have with your stakeholders The channels and resources you will use to deliver value to your stakeholders, and how all of the above differ from your competitors. Why is your business model important? Your business model is important as it defines the parameters of what your business can, and does, do.  Your business model influences your strategies. For example, your business model defines your customer stakeholder groups, ...

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What your strategy must do for you standard

It is essential to have clear strategies, but they won't be any use unless they do these six things Your strategy must: Define, in general, how your business is going to achieve its goals Maximise the $ potential of your business Articulate the main points of difference from your competitors Unite and focus your team's efforts Provide clear parameters for decision-making Facilitate increased profitability, growth and longevity. What is strategy? Clarify your strategic plan to achieve your goals Define what is core, unique and valuable about your business You are in Tips and Tools Read more Search a different topic Would like help with your ...

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What do you want to achieve in your business? standard

We all have our reasons for being in business - what are yours? And more importantly, what do you want to achieve next with your business? Why what you want matters As the owner of your business, your business exists to serve you. As the leader of your business, your passion and commitment to your business, or lack of, influences your whole team. Therefore it is important to clarify your personal goals for your business, before working on the business goals you will share with your team. So, what do you want from your business? Increased profitability and cashflow? Are you working hard, but not seeing the financial rewards? Growth? There is no point growing your business, if the headaches are only going to grow too.  Why is growth ...

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Your Business: a Great Wealth Creator standard

Harness the double wealth power of your business Building a business is an effective way to create wealth as it offers two ways to create wealth: 1. Providing an income to you as owner. Income is the profit your business earns from its day to day operations after everyone has been paid (including you, for your work in the business). 2. Increasing the value of your business. Value is the price someone would pay, to buy your business. Profit and value are related. Value is largely, but not solely, influenced by profit. Here are two strategies to increase the profit and value of your business. Strategy 1: Establish yourself as a profitable business Here are some basic guidelines: 1. Establish a real profit In your sale price, ...

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The stages of business development image

Businesses follow a common path of development as they grow. Each stage of business development has its own unique challenges to overcome and requires different management skills. There are three main stages of business development: Startup Adolescence Maturity You are in Tips and Tools How to identify your stage of business development The above sales turnover and staff numbers are just a guide.  We have worked with businesses with 120 staff, that are still at the adolescent stage. The best way to know which stage your business is at, is to review the below challenges, and see which group you identify with the most. Start-up Challenges: Surviving! Finding sales opportunities Converting sales opportunities Managing cashflow Juggling many hats Appearing professional Dealing with the admin/paperwork Overwhelm! Everything is new Adolescent Business Challenges: Getting the work done - properly and profitably Dealing with the ...

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What is strategy? standard

There is a lot of hoo-ha around 'strategy'. But is strategy really that complex to understand? Simply put, 'strategy' is how, in general, you intend to achieve your goals.  As there are many ways you could achieve your goals, it is important to clarify how you specifically plan to achieve your goals.  That is, what will your strategy be? Defining your 'how' facilitates engagement, efficiency and differentiation from your competitors. Strategy is HOW, in general, you intend to achieve your goals. Strategy requires deciding what you will and won't do "Business strategy is the creation of a unique and valuable position, involving a different set of activities."   (Michael E. Porter) In business, your strategy defines how you uniquely intend to achieve your goals which differentiates you from your competitors. To have clear strategies ...

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