Over the years I have met and worked with hundreds of entrepreneurs. At one time or another, many of them have written a business plan. But very few of them have a working group of business strategy. A business plan and a business strategy are two very different tools. A business plan is prepared, as a rule for a financing partner, either a bank or an investor. The goal of the plan is to let the investors know about the business andtheir potential for success, to encourage them to invest in the company.
A business strategy is quite different. Instead of a document for investors, this is a plan for the owner to follow. It begins with an assessment of the company "targets. Where the operator is that the company in 5, 10 or 20 years, both in terms of market value and cash flow? What are the plans for withdrawing from the deal? Is it one soldoutside the party or key employees, or it will be handed over children of the owner?
Next, we need to do a thorough assessment of the current situation of the company. This includes an assessment of the company and an assessment of the company's "strengths and weaknesses. The more thorough the evaluation, the better the possible outcome, but even a cursory review is helpful.
Most companies have a tendency to identify strengths and weaknesses, to exclusivelythe contributions of top management. The approach must be greater than that to get a true assessment. A broader approach includes surveys and interviews with key staff of all levels. A side effect of the interviews and surveys it provides significant insights into the possibilities of the company.
Should be considered in the evaluation benchmarking. Benchmarking to identify areas where a company above or below the industry average. This analysis can immediately identify areas of opportunity.
Now we have to overcome a strategic plan for the company 'weaknesses and exploit their strengths to create value and generate the required cash flow. Evaluation is the key to this process. Most companies have never conducted an assessment to They are ready for sale or donation of the company. It makes no sense. If we want a specific value in the future goal, we will not know the current value, and the method of> Review, which is used in our market? By a current valuation, we can develop a plan that will use the principles of value in the assessment to build the value of the company.
Once we have a conceptual strategic plan to have, we need these tactics are likely to be determined to achieve this plan. "Strategy is" most frequently as an elaborate and systematic plan of action a particular target or targets to achieve defined, while the "tactics" are the actionableSteps to implement the strategy. With a well thought out strategy of the company focused and keeps the target in the implementation and monitoring of a list of actionable tactics ensures real results.
Tactics are the specific tools you use to implement your strategy. Their tactics have to adapt to market conditions. For example, your strategy, you can have multiple sites. Her first tactic is to acquire other companies, like your in strategically important locations. Butmay find that it is not qualified or motivated sellers in your target regions. You have to change tactics and build your own office, the desired location.
Using tactics into force provisionally, it is time to start implementing your corporate strategy. This includes building your team, you develop your reports, creating your systems and procedures and putting in place internal controls. When building your team, you should clear agreements with each team member haveabout their roles and responsibilities to you and your company. Clear communication is essential for implementing a successful corporate strategy.
Make sure that the coverage is set up to give you the information you need to make sure that everything is implemented and running smoothly. Good reporting relieves much of the stress of running a business, because you know what is happening and why it happens.
Good reporting is also part of a good internalControls. You need to have internal controls to prevent not only fraud and theft, but also to ensure that the work is done in the order you expect.
Creating a viable and effective systems and procedures that enable you to not be the business through the management systems running on the management of people. Available with the right systems, you can build your business as big as you want and the efficiency and high profitability.
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