- Objectives
- Begin with the end in mind
- Achieve Personal Objectives = Happiness
- Achieve Business Objectives = Profit
- SWOT Analysis
Strengths: Internal - Communicate to market
Weaknesses: Internal - Take action
Opportunities: External - Plan then take action
Threats: External - Take action - Strategic Options
- Clear Business Plan
- Analyse Strategies
- List Potential Options
- Benefits, Risks, Costs & Timing/Priority
- Critical Success Factors
- Market Analysis
- Market Size, Trends & Potential
- Profile Industry Leaders
- Industry influences and environment
- Analyse and negate market forces:
- Competition
- Barriers to Entry
- Potential New Entrants
- Suppliers
- Clients/candidates
- Substitute Products/Services
- Technology Trends
- Management/Leadership
Critical skills required:- Manager/Leader
- Technician
- Entrepreneur
- GTB - Growth, Training and Business Development
- Strong supportive leadership
- Lead culture and continuous improvement
- Clear role definitions
- Tight reporting systems
- Open communication channels
- Succession Plan
- External Management Input
- Personnel
- Constant review & communication
- Set quality weekly activity targets
- Training, personal & professional development
- Involve in systems & procedures improvement
- Regular encouragement & recognition
- TLC - Treat them Like Clients
- Combine cash and non-cash incentives
- Involve support staff in incentive schemes
- Recruit slowly and carefully - list benefits
- Operations
- Simple and communicated organisational structure
- Updated systems & procedures documentation
- Continual business process improvement
- Measure & improve productivity & quality
- Isolate & remove bottlenecks
- Encourage & reward innovation
- Keep asking how to maximise capacity
- Outsource non-core activities
- Treat suppliers well for maximum performance
- Ensure technology drives your business, not vice versa
- Maximise technology investment through efficiencies & training
- Regularly back-up and take disks off-site
- How can you better protect the environment?
- Sales & Marketing
- Set individual achievable sales targets with rewards
- Monitor weekly and monthly statistics
- Develop a sales culture - training & motivation
- Identify your target market & identify needs
- Do surveys for feedback & contact
- Diversify spread of clients and revenue
- Ask for referrals & testimonials
- Define your desired image & communicate
- Differentiate your product or service
- Constantly build brand awareness
- Communicate with clients/cand's frequently
- Don't discount - add value
- Price for quality profitable business
- Stand out when advertising
- Use innovative promotions & PR
- Attend events & develop relationships
- Financial Management
- Prepare understandable monthly reports
- Use a budget - actual vs. variance
- Pick five KPI's to measure performance
- Communicate performance with staff
- Is this expenditure going to increase profit?
- Minimise debtors - focus on cash flow
- Watch Economic Indicators
- Maximising Business Value
- Profit is the only measure of success
- Precise & dynamic business plan
- Strong cash flow and low debt
- Develop repeating revenue streams
- Avoid reliance on key clients or markets
- Build strong market awareness
- Maintain staff performance & loyalty
- Reduce dependence on individuals
- Documented systems & procedures
