Loading

What is Important at Each Phrase of Your Business?

What is Important at Each Phrase of Your Business?


https://maresang.com/wp-content/uploads/2017/10/TCG_SocialPresence_NicksBlogPost_Image-650x218.jpg

In general, all business can be categorized into three phrases:

  • Business Start-up
  • Business Growth
  • Business Maturity

It is important to recognize which phrase your business is in. By focusing on the right management strategies at each phrase, you will determine a smooth transition to the next phrase.

(A) Business Start Up

We often dream of starting our own business. It may be a florist, retail shop, a café, a creative/ insurance agency or any other virtual or physically set-up business of your choice.

Regardless of the type of business that you want to venture into, PLANNING is the key to your success.

Before investing any $$$, you should have answers to the following:

  • What is my ‘niche’ market?
  • Who are my target customers?
  • How much $ do I need to start my business?
  • Should I invest in a franchising program?
  • How long will it take for me to get back my investment?
  • What is my return on investment?

While time and resources is required to develop a detailed
Business Plan, it is really worth your effort. It can save you a lot of stress and $$$ in the long run.

Use the Business Plan to

  • Analysis your Strengths, Weaknesses, Opportunities and Threats.
  • Identify “Competitive Strategy”
  • Identify “Key Success Factors”
  • Develop Vision, Mission, Objective and Strategies
  • Determine Capital Requirement, Breakeven, Cost against Benefit analysis
  • Understand the advantages and disadvantages of setting up a sole-proprietor, partnership or company

(B) Business is Growing

Business is growing but

  • Nothing moves (in my shop) in my absence.
  • I am tired of firefighting all the time.
  • I am making profit but my cash flow is tight.
  • I need financing but my accounts are not in order.
  • I need a ‘professional’ to help but I cannot afford a full-time staff.

SYSTEMATIZATION is the key for continuous growth. You will need to include best practices and set up your policies and procedures to BUILD BASICS in terms of

  • Technology
  • People
  • Process
  • Finance & Information System

(C) Organization has matured.

Growth is slower but your business has developed its client base and generating a stable income.

This is the time to

  • formalize policies and procedures,
  • stabilize organization structure,
  • implement controls, efficient and effective methods

AND

  • PLAN for the NEXT business cycle.
  • Integration?
  • Diversification?
  • Start a Franchise Program?
  • Sell the business?

You will need to

  • STRENGTHEN YOUR CORE by emphasizing on controls, efficiency and effectiveness
    Formulate, document and execute best practice policies and procedures
  • Plan for “expansion”, using knowledge, skill and expertise developed within the Company.
  • If the decision is to dispose off the business, there is a need to select the buyer who can give you the best value. If you have staff, then it is also important to have an exit plan for them too.

Do you need more help or explanation on how to plan and manage your business at its different stages?

If yes, please drop me a comment on what you would like me to write about and I shall try to do an article on your preferred topic.

Thanks … happy reading.

Maresa Ng Business Growth Specialist

Maresa Ng – Asia's Top Business Growth Specialist

As Entrepreneur, Author, Investor, Professional Speaker, and ActionCOACH Asia Master Coach Trainer, Maresa has grown several of her own businesses and has worked with hundreds of entrepreneurs, business owners & CEOs to succeed in turning around their businesses. She is the author of MPH Masterclass Guide to Starting a Business. Having spoken in over a dozen countries regionally, her business-building-seminars have touched the lives of thousands of business people and entrepreneurs. Maresa had achieved Top 3 Firm Builder in Asia Pacific in year 2015, and maintained Top 100 Global Coach in 2012 and 2013. One of her businesses was awarded SME100 Fastest Moving SMEs by SME & Entrepreneur Magazine in 2012. Her track record of both successes and failures has led her to be one of the most prominent business speakers and experts in the region. Described mainly as businesses secret-weapon, Maresa has the strategic and tactical ability, energy and passion to take entrepreneurs and businesses to the next level. Visit www.maresang.com and transform your business today.

 
 
 
 

Let's Connect

Feel Free To Reach Me
talk2me@maresang.com

 

Find out when I'm doing speaking events and what I'm working on.

 

Watch my videos to steer towards your Great Business and Great Life.

 

Find out what I publish and who I work with.

 

Reach me directly and ask me your questions.

 

My journal as an entrepreneur for Great Business and Great Life.

 

Send me an email and I will get back to you.