Succession Planning for Businesses

Think Ahead.......

"Prepare for opportunities, don't wait for opportunities to take you by surprise." 

by Daniel Emmanuel 

 

An entrepreneur /Business owner, who had devoted their life to the business, strives for it to prosper long after they have retired.  

 

It's never too early to begin succession planning, particularly when you consider that fewer than half of those expecting to retire in five years have actually named a successor. In order for business owners to ensure their business continues to thrive, succession planning should be a priority that mitigates risks associated with economic uncertainty or a sudden shift in management.

 

In order to avoid failure and wasted resources, it is extremely vital for a small business to develop a clear succession plan that the owner should follow. 

 

Some of the key steps involved in a successful succession plan are:

• Exploring your options
• Keeping the business in the family
• Selecting and preparing a successor
• Planning a management buy-out
• Determining the value of the business
• Selling the business
• Financing the succession plan
• Understanding the tax and legal issues
• Managing wealth to secure your future

However, it is also important that business owners take into consideration their unique business model and adhere the planning based around that.

 

 

Here are some planning tips shared by some experienced and hard-working entrepreneurs:

 

- start planning as early as possible as you never know how tomorrow will turn out for you;

- set defined goals - visualize your ultimate target; 

- involve all stakeholders at all times to be on the same page;

- receive buy-in from all the players to keep everyone happy and motivated;

- objectively perceive the skills and will of your heirs to maintain your business competent;

- remain cold-minded when it comes to crucial decisions;

- create an organizational culture that encourages succession to stand up to scrutiny;

- analyze risks to deal with possible business disasters;

- train your successor to nourish your business;

- keep your plan of succession up to date to make full use out of it.

 

So, when it's time to hand over the reins to someone else, there's no need to fret: your succession will smooth it up for you!

Business Improvement

What you need to know about Business Improvement

Businesses of all sizes can use the philosophies of lean enterprise to help eradicate waste, reduce costs and boost productivity.  The benefits of achieving process and quality improvements in a business is  open to private and public companies across all sectors, including areas of commerce and healthcare and traditional industry employers.

The qualification aims to provide the following benefits for employers and employees:

• Improve business performance and help win contracts 
• Maximize company profits and revenues
• Reduce costs, variation and waste
• Assist with recruitment and retention
• Boost employee morale and motivation
• Demonstrate the quality of the workforce to existing and potential customers
• Help reduce workplace accidents
• Provide theoretical and practical knowledge of lean business improvement techniques
• Provide new knowledge and new skills, with a view to working in a lean business environment
• Introduce and encourage a culture of continuous improvement
• To recognize and target the elimination of waste within the business and processes
• Help improve career development/promotion chances
• Provide an insight into current best practice
• Help improve on the job performance.

 
 
 
 
 
 
 
 
 
 
 

Building Your Client Relationships

Client Relationships

“I don't build in order to have clients. I have clients in order to build.”- Ayn Rand

Our clients are our business- this thought process is key to a thriving business. The key to building clientele is efficient management of relationships. Relationships are nurtured with regular and timely communication, setting realistic expectations and being open to listening to your client’s needs. 

Communication plays a large role in any relationship. Before taking on any tasks, you must make sure your client is well aware of your role. You should always be updating your client and keeping them informed. When problems occur, you must tell your client, but always be prepared with an array of options that your client could use to resolve these problems with. 

Being realistic is sometimes hard to do, but it works out for the better. When taking on tasks you must first establish a realistic set of goals with your client- be willing to say yes or no. When your client is aware of what to expect, things tend to run smoothly and there is less chance of disappointment. It is always better to “under promise and over deliver” as they say. 

No matter how long you have been in the business there is always something new to learn, whether it is a fact about a new client, or a new approach to a situation, we are all learners and we will all continue to be learners. Nothing turns a client off more than immediately jumping to solutions, because before coming up with a final solution you should listen to your client’s point of view and how they feel towards their situation and take the time to integrate them into your solution.
And of course being friendly and staying focused are important factors that will contribute to your client relationship as well!!

Strategic Management

The Basics of Strategic Management

"Effective managers live in the present, but concentrate on the future" 

James L. Hayes

If only we could push a button and a mind blowing business strategy was to deploy, wouldn't it be the most relieving experience ?
In reality, strategic management is recognizing the strategies that managers can implement to attain superior performance and competitive advantage for their organization.
Strategic planning is a method that is used by organizations to define and set priorities, resources, focus and strengthen the operation of the organization. Motivating the employees to work towards the common goal.

Strategic management is a process of formulating, implementing and evaluating, which leads to long terms goal development and sustainable solutions along with a sensitivity to  the rapidly changing environment.

"Strategy is not the consequence of planning, but the opposite : its the starting point..!!" Henry Mintzberg. 

Top 3 Sales Strategies for Success

3 Key Strategies for Sales

1. Define your Target Market

Defining your target market is very important. Knowing who your current customers is, and why would they buy from you? Finding those similar features and interests is necessary.

You won’t conduct business with everyone and thus it’s imperative to strategically review your audience, who are you going to sell and who is your current competition. You need to conduct all forms of research electronic and in person to find out whom you will be pitching your product/ services to?

Once you have defined all of these criteria you then create a database of this information or what you would commonly call a list. Also note that targeting a specific market does not mean that you have to exclude people that do not fit your criteria of buying from you. Define your outreach utilize all the tools available to you including social media.

Establish a value proposition for your product/service, for the market you have decided to focus on in order to create a momentum. Prepare for the questions your target audience may have proactively including, challenges and objections.

Following these simple steps will help increase, efficiency in selling your product/service to the correct people with a higher success rate of closing the deal more effectively.

2. Build relationships with you Customers

Even though, I started with ‘Defining your target market’ building customer relationships should be on your top priority list.

Customer service is valued by everyone. This, will perhaps be the key differentiator between your business and the competition. How you treat your customers and how visible, available you are makes all the difference. Everyone knows, that it is easier to retain a customer than to find a new one, so why not ensure that you respect the customers you have and treat them with the attention they need, since a happy customer is a happy profit line.

3. Follow up

Follow up is key to any successful sales/business strategy. If you are not visible to your customers, they forget and thus leaving you in a potential situation of loss of business.

Customers want to feel important and follow up is the prime tool to give them this feeling in addition it also encourages them to confide and perhaps discuss business proactively.

Follow up can lead to referrals hence sales growth, giving you an edge on competition, and sometimes prospects can turn into customers.