As the manager of your business, at whatever level you like; from small business owner with a bunch of dedicated expert people; through supervisors of their own teams; right up to CEO’s running major businesses, you need the right people around you, all the time. XXBR2 And the way to do this, is through creating a first class and sustainable management team, for whom you groom replacements on the fly, to a program, in a easy process. XXBR2 Here are a few reasons why this will help you:- XXBR2 Make Time XXBR2 Succession planning consistently creates skilled people, whoever are capable of taking the weight off a manager or boss, to ensure that he or she doesn’t have to do it all. Indeed, these talented, developed people often can do the business even better in their particular niche skill than the boss. XXBR2 This is really supportive for a manager and means that they can get back to their real task of focusing on bigger picture issues, where they give the best value. XXBR2 So time is saved from the manic fire-fighting that happens when key people leave and you have to cope, somehow. XXBR2 Because you know whoever it will be whoever will pick up the loose ends – however inconvenient they may be. XXBR2 You got it – it is you. XXBR2 With a good succession planning process in place, you can be assured that this stops – in fact there are much wider benefits – read on! XXBR2 Confidence XXBR2 With succession planning helping to create a healthy business future, managers can build a level of security into how they do their job. XXBR2 This means that they can try out new things to build their business. Safe in the knowledge that they’ll have the right people in place at the right time, business confidence grows and the team becomes far ‘bigger’ people in themselves. XXBR2 Once that confidence swells, the risks have a habit of paying off more often. Maybe it is with the confidence of knowing that not only do you have the best people in place, but they are also creating the next generation too, that a more accurate capacity to make correct judgments kicks in. XXBR2 Reward XXBR2 Both financial and emotional. Enhanced performance usually generates improved earnings, since that’s the way many businesses reward their people. XXBR2 And there is more to it than that. It is at least just as, if not more, fulfilling to be rewarded by the emotional return, gained by using succession planning to create a brilliant team. To leave a legacy too. To leave a sustainable future. XXBR2 It is personally extremely satisfying. This has positive knock-ons into other areas of a manager’s wellbeing too. XXBR2 Succession planning processes are a easy and highly effective way to deliver sustainable, focused business growth with a little pain and as much of the gain as is possible. XXBR2 Maybe it is time to give it a try. XXBR2
XXBR2 I want to share an interesting ad I saw in the paper the other day: Wealthy fast food addict in search of an Austin business consultant to guide him in the purchase of a fast food franchise so he can save money on burgers and fries.
XXBR2 I did not really see that ad, but I know Texas business strategists and business coaches all around your area that could help that person, or you, find and purchase a franchise by guiding you through the process if that’s what you want to do.
XXBR2 It just so happens that, even though I’m awful with an opening joke, I know a few things about buying a franchise myself that I learned from Austin business consultants. This time I’ll be serious, so please keep reading.
XXBR2 As with anything, common questions arise that you want answered before you begin to even consider buying a franchise. Before you consult with a Texas business consultant or business strategist, you must read the answers to those questions and save yourself any time and maybe money.
XXBR2 How does a franchisor make his money?
XXBR2 They consult a Texas business coach like you will! Then, they charge a hefty fee for a franchise. After that, they collect a percentage of the sales and also sell supplies and services to the franchise.
XXBR2 Consult an Austin business consultant to find out the standard fees and percentages for the industry in which you want to buy a franchise.
XXBR2 What’s more important? The initial fee or the charges down the road from sales, etc? Assuming you’re buying into a successful franchise, certainly concern yourself more with the charges you’ll incur down the road.
XXBR2 Those charges come directly from a percentage of your sales, not profits. Too high of a percentage can deflate your profits.
XXBR2 Beware of any hefty fees required up front. Make sure the franchise is successful. Most importantly, consult with a Texas business consultant or seek the help of a Texas business coach before signing any contracts.
XXBR2 Well, is it worth it to pay a percentage of my sales?
XXBR2 I cannot decide that for you. Austin business consultants say that if you possess industry experience then, yes, it could be worth it for you. However, if you’re new to the industry you want to buy into and just want to try your hand, you might be best to work for someone else first.
XXBR2 Texas business strategists point out that you pay a percentage of sales. That means what you pay doesn’t take into account operating expenses and the like. If you don’t know the industry, you cannot plan ahead so that you can pay those fees and still make the profit you need.
XXBR2 What other costs can exist?
XXBR2 You might have to pay a percentage of advertising costs and not just for your area. This might include local, regional, or even national costs. Again, consult with an Austin business consultant.
XXBR2 Take advantage of the help that Texas business coaches can give to you to help you make the smart choice.
XXBR2 What else should I watch out for?
XXBR2 Talk to other franchise owners and a Texas business consultant before proceeding with buying any franchise. I cannot say that enough! However, you should know if you could sell the franchise easily, if the franchise fees can be increased for any reason, and how your industry skills stack up against others who bought into that franchise.
XXBR2 Again, talk to a Texas business strategist and other franchise owners. The time you take to do your research will pay off in gains instead of losses. XXBR2
Developing an effective business strategy is crucial for a business in the UK or anywhere for that matter, we live in a business world where competitors always need to stay one step ahead of everyone else and it is your duty as a small business owner to do proper market research in order to come up with innovative ways to promote your business venture or simply improve ideas your competitors may have developed. XXBR2 There is nothing wrong in launching similar marketing strategies to the ones your competitors are running, you must always remember to give it a unique twist or improve the original concept, if the strategy is proven to work then in can perform even better by adding a few custom changes. Remember that copying an idea is not the right way to market your business, you need to differentiate your product and build your unique brand. XXBR2 It is every small business owner’s dream to create their own niche and capitalize on this exclusive monopolization, unfortunately any product, service or spin you give to your business may be duplicated or copied by any of your competitors so it is necessary for you to create a good image and reputation which will set you apart from more generic type of businesses, just think about it as if you were to choose buying an identical product from two different stores which carry the same item, would you buy the product from the store which has a bad appearance or from the one which has a better presentation? The answer is obvious. XXBR2 Being constantly updated about the changes your particular market goes through can help you prepare for market changes which may affect your budget or the way you do business, so don’t get caught of guard and be left out of the loop by these changes. Being aware of news which concern your niche can give you an advantage by learning from others what works and what doesn’t, the idea is to gather as much information about your competitors as possible in order to find their weak and strong spots in order to create an even better business strategy. XXBR2 Regardless of the type of business you run, it is always a good idea to take advantage of the latest technology available to streamline and automate repetitive tasks. Building your brand, differentiating your products and improving profitable business models can help you shape a productive business strategy. XXBR2
Starting an internet business can be a daunting venture for anyone, let alone someone with little to no experience. If you are one of those people who is excited about becoming a new entrepreneur, you may be relieved to know that starting an internet business does not need to be as complicated as it might seem. With a few simple tips and hints, your Internet venture can be quite simple. XXBR2 One first piece of advice would be to avoid getting caught up with all of the details, at least at the beginning of your venture. Avoid drowning in overwhelming information at the beginning of starting an Internet business. The first plan should be exactly that. Create a simple business plan. You will want to keep your focus pure and simple, maintaining the primary point of your goals and worrying about the details later. XXBR2 Many Internet businesses fail in the first three months. This is why it is so important to be clear on your plan and goals. Often, those running an Internet business pour more money into their venture than they are bound to get out of it. This mostly happens when entrepreneurs feel that money will fix anything and everything. It can also happen if a business tries to grow too fast. If an online business becomes a money pit and costs an incredible amount simply to maintain, something needs to be changed. It is best to start out small and grow slowly. XXBR2 Come up with a very basic budget for what you are willing to spend on your internet business. Starting an online venture does not need to represent a giant financial burden on your behalf. You can actually start a modest business with a very small financial contribution, building and growing over time. XXBR2 One of the biggest issues in terms of starting an online venture that people often overlook is your reason to start your own business in the first place. People often miss the basic aspect of desire when it comes to running your own affairs. If your desire to run your own business is predominately because you want to have free time, not answer to a boss, and create your own easy hours, you may be one of the many internet businesses that does not succeed. You must have the desire and the drive to work hard on your own, be self-motivated and be prepared to learn new things every day when starting an Internet business. XXBR2 When you have the desire, you will need to follow up your determination with the right tools. Learn about your Internet business from reliable sources and use search engines to find other people that are doing what you are hoping to do. It is great to pick some brains and get ideas and advice from those who have been working for a while in the same Internet vein you are interested in. Investigating your competition is necessary to your business’s success. Find out what is working and what is not for your competition and model your business plan using this information. XXBR2 In order to avoid losing ground in the virtual world, you will need to make sure that your choice for starting an Internet business is based firmly in the decision to do something you love to do. If you have the will to succeed, the inspiration to find clients and satisfy their needs, you will have the key components for creating an online venture. Starting an Internet business may seem complicated, but with the right state of mind and proper research, anything is possible. XXBR2
How long should a business plan be? A business plan needs to be whatever length is required to excite the investor, prove that management truly understands the market, and detail the execution strategy. From surveys of investor needs, Growthink has found that 15 to 25 pages of text is the optimum length in which to accomplish this. Anymore and the time-constrained investor will be forced to skim certain sections of the plan, even if they are commonly interested, which could lead them to miss essential elements. Any less and the investor will think that the business has not been fully thought through, or will simply not have enough information to make an investment decision. XXBR2 Several management teams feel that their company is too complex to describe in 15 to 25 pages. While this is sometimes true, the business plan is not meant to tell the whole story. Rather, the company must be boiled down into its essential elements. If the investor is interested, there will be plenty of additional time to tell the whole story. XXBR2 Business plans, like other marketing communications documents, should be visually appealing and easy-to-read. This can be accomplished by using charts and graphics and by formatting the plan for readability. Effectively using these techniques will enable the investor to more quickly and easily understand the companys value proposition in fewer pages. XXBR2 While the body of the business plan should be 15 to 25 pages, the Appendix can be used for supplemental information. The Appendix should include a full set of financial projections, and as appropriate, technical and/or operational drawings, partnership and/or customer agreements, expanded competitor reviews, and lists of key customers among others. XXBR2 If the Appendix is long, a divider should be used to separate it from the body of the plan, or a separate Appendix document should be prepared. These techniques ensure that the investor is not handed a thick business plan, which will make them queasy before even opening it up. XXBR2 To summarize, the goal of the business plan is to create interest not to have an investor write you a check. In creating interest, the full story of your company need not be told. Rather, the plan should include the essential elements regarding why an investor should invest and spend more time examining the business opportunity. The shorter length does not mean that your business plan should take less time to prepare. Rather, it will take more time. As Mark Twain once said, If I had more time, I would write a shorter story. Likewise, condensing your business plan to a concise, compelling document is challenging and time consuming. Fortunately the rewards are significant. XXBR2