How To Improve Profit
Improve Profit For Your Business To The Max – A Proven Framework For Professionals, Entrepreneurs, Startups, SMBs and SMEs
Improve Profit Or Say Good By To Your Business
All businesses move through a life cycle starting from setup, to scale and then to sustain.
However, things are always changing.
Emerging and disruptive technologies, or new ways of doing things like “everything as a service”,
Plus new competitors, means what was in high demand, no longer is.
Failure to understand and act on this, means failure in your business.
So it’s critical for you to continually reinvent yourself, if you are to remain relevant and provide value longer term.
The Challenge Though, Is What Do You Focus On, and When?
With so much uncertainty it is very hard to know what to focus on and when to focus on it, in your business.
How do you know when is the right time to raise funds for your business if your goal is to grow and scale? How do you know if a specific technology investment is the right one? Is it in your interest to establish formal partnerships, or go at it alone? Or how are you learning and keeping up to date?
These questions and more, will need to be answered at some point on your business journey.
That’s Why The Imperative Of Support Is Non Negotiable
So, the Imperative of Support ensures you are focusing on those commercial aspects of your business such as finance, legals, risk, and security. Also, in this age of The New Economy, you have in place the best partners to help you scale your business and are aligned to what is happening in the market place so that you can come up with your next big idea.
This is how you improve profit for your business!
To help you with The Imperative of Support for your business, there are four steps that you need to implement…
The 4 Steps To Improve Profit By Developing Business Acumen and Being Commercial…
Step 1 – Capital To Start Up
One of the most often asked questions by people wanting to start a business is “how do I go about funding it?”.
Depending on your circumstances, bootstrapping or reaching out to family & friends is an option. Banks and non-banks, grants or incubators can be a source. For some, crowd funding, angel investors, venture capitalists and investment bankers could all be options. However, you will also need to create a pitch!
Step 2 – Organise To Be Commercial
Your business must be commercial from day one. This ensures not only risk is minimised, but also ensuring that the correct processes, procedures, and practices are in place.
To do this, you need to consider things like legal structures, banking, accounting and intellectual property. Also, risk & compliance, security, talent, governance, ethics, and even social responsibility factors should be also considered.
Step 3 – Relationships To Expand Influence
One of the biggest changes in managing a business today is the importance of creating an ecosystem where you form partnerships.
These may be formal and long term or less formal and established only for a discreet period like for a project. Some of these “partnerships” may include suppliers, leads, prospects, clients, industry expert authorities, associations, promotional partners, affiliate marketer, joint ventures & investors, complimentary competitors, supplementary competitors, and influencers.
Step 4 – Paradigms To Be Challenged
Developing and maintaining an entrepreneurial mindset for the New Economy, is key to ensure you are successful in your business, as disruption and new ways of doing things is the norm.
To help you do this you need to look at how to re wire, disrupt, engage, through events, network, coach, mentor, or advisory councils.
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