Documenting and establishing a direction for your business is called strategic planning. This is a process of identifying where your business is going. Strategic planning will give you a place to record your mission, vision and long-term goals. The most important part of the process is when your action plans are beginning to be effective to reach your desired result, and this can play a vital role in your business' growth because it will tell you how to best respond to the opportunities and challenges that might come your way. Strategic planning can take some time, but it's definitely beneficial for everyone involved in the organisation. The process can foster an increase in efficiency and productivity, contributing to the success of your business. In this episode, Kathy Bowman Atkins shares her ideas about strategic planning.
Business Tips to Help You Get Ahead of the Competition
It’s important for business owners to understand the ins and outs of operating a business. Read on for some business tips and best practices that you can take advantage of.
“Employees are a company’s greatest asset. They’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel they are an integral part of the company’s mission.”
- Anne M. Mulcahy
Anne Mulcahy was onto something when she wrote this and we can't deny that employees are the backbone of every corporation. It doesn't matter how old the company is or how big its area of operation but what matters most is its exceptional employees who are tirelessly working and offering their service. As time passes employees can tend to become disengaged and careless and don't work at their full employee potential. This is because they don’t feel valued and motivated.
Statistics have shown that every resolution set this year will be about health or money. Deciding to have a fresh start with your money will bring excitement and optimism. If you are a business owner who is currently managing a business and considering to invest your money into something profitable, it's wise to take a good look at the days ahead and consider planning to achieve your goals. Working on your finances might be stressful, but technology will definitely help you with your financial management, so the best thing to do is to keep your system up to date and your finances in perspective. In this episode, Tracey Bissett shares her strategies to help you avoid financial blunders.
One of the advantages of buying an existing business is it's less risky. You will take over an operation that is already generating profits and that has an established customer base. You don't have to create new procedures, systems, and policies. All you have to do is to plan for its greater improvement. However, in most cases, buying a business is more costly than starting from scratch. But it's easier to get financing support to buy an existing business than to start a new one. The best way to find the business that's right for you is to look for an industry that's not only you're familiar with but also passionate about. In this episode, Carl Allen talks about buying a business, important things you should consider, and more.
No matter what type of business you’re in, your ultimate goal is always to succeed and make a profit. You have started your own business maybe because you wanted to be your boss or because you were passionate about your idea. It could also be that you just wanted freedom from a monotonous routine. But sadly, success is not only being determined by the reason behind starting your own company. No business comes with a fixed instruction manual. Success is everyone's dream, and to get there, concrete effort and focus should be done on oneself and one’s people—the two go together. There are also proven strategies for every type of business that can guarantee you a reasonably good footing in the market.
The financial crisis in business can be very challenging to deal with and navigate. Several companies have found themselves suddenly forced out of business due to liquidity problems. For business owners, it doesn't matter how many times they try to prevent this kind of situation—it will pop up periodically due to the changes happening in the market. Businesses are seeing rough spots due to broad market factors, such as excessive debt, overpriced assets, poor financial system and other issues. When you have been building a business or managing one for a while, you have to be prepared and equipped for this kind of situation. You should be aware that the financial crisis occurs in particular industries or even in confined companies due to limiting factors. In this episode, Justine Lalla shares what to do best during a financial downturn.