When I have been commissioned to assist a business attain growth and profit there are definite principles and initiatives which I cover in an initial due-diligence which to me are non-negotiable.
This approach is the same for any business as although the products and processes may differ, the principles of success/management are all the same.
1. You must set yourself apart to deliver world-class capabilities across all operational areas of the business to become sought after because you offer superior products, processes and/or services know for quality characteristics and a value-for-money pricing structure.
2. The business must be seen as one founded on quality products combined with personalised service, value for money pricing and quick/rapid turn-around.
3. You must be seen to add value to your customer’s business by forming an important and efficient part of their supply chain
4. The immediate operational improvements, short term and long term strategies must be combined objectives which focus on the core business expanding capabilities both nationally and internationally
5. You may need to also look at growth through targeted acquisitions, licensing/technology agreements and in particular developing your own proprietary products
Out of any plan that I develop with a business is four (4) major support initiatives:
1. Generate cash flow through the existing business to invest in technology advancement through point 5 above
2. Re-branding to offer a greater exposure to the businesses overall capabilities which will be supported by a world-class marketing and sales plan including a PR component
3. Package and prepare a range of capabilities that will be attractive to clients who are seeking full service capabilities rather than deal with multiple suppliers
4. After careful market research you select specific industries for sustainable relationships
You must also have a clearly defined mission statement which becomes the starting point of all forward strategies:
1. It must be a clear statement of the business you are in including capabiliities
2. It must be qualitative – Not to make more money and/or profit
3. It defines the scope of your business activities
4. It assists in the decision making processes
5. It reflects your commitment to a future for all employees
These are just a sample of Strategic Business Plan document which I develop for businesses and all of which have gained immeasurably from in all operational aspects of the business.
I recommend that these few points be looked at strongly if you are seeking the opportunities which growth can bring for an exciting future.