Performance Press
Covering the Financial Management Aspect of Your Business Plan
I have dedicated several recent blog posts to the importance of creating a multi-faceted business plan, which may seem excessive until one realizes how integral this document is to the strategy and direction your business takes. These plans are comprised of four parts: business definition, objectives, operational strategies and financial management. The final major portion of the business plan is [...]
Insulate Yourself From Operational Risk
Every entrepreneur has to develop a tolerance for a certain amount of risk. However, this does not mean they have to be vulnerable. By taking steps to assess and mitigate operational risks, business owners can have greater assurance that they will be prepared for the surprises that can arise in an uncertain and constantly shifting economy.Have you ever performed an operational risk stress test [...]
Budgeting & Planning? Don't Neglect Marketing
Many small businesses have already started their processes for budgeting for the new year and setting performance goals. Yet how many have given thought to how they will budget their resources and energies for marketing activities? It is vital to not only set a dollar amount for how much you will invest in marketing for 2013, but also identify how you will make the most of that money and [...]
Create an Ongoing Recruitment Strategy
A firm is only as strong as its people. Although that adage may seem trite, it is true - your business will only be successful if you have created a resource management strategy that places talented people in well-defined roles within your organizational hierarchy. In many companies, hiring and employee management are jobs requiring at least one full-time employee, if not an entire department. [...]
Define Your Business' Role in its Industry
As a business builder, it is not enough to decide who is your ideal client and how much revenue you want to generate. You must also determine whether your company will specialize in a niche industry or have a more general focus. How will it compare to others in that sector? Is your aim to dominate the market and lead your competitors, or to carve out a comfortable space for your organization [...]
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