This ebook is perfect for anyone who is branching into the world of business and needs a solid understanding of business principals. Businesses don't need to fail! What you do in the planning stages of your business can make or break you so it's wise to do a little reading first... Businesses Don’t Need to Fail
Any one starting a new business has to deal with five things -
1. Getting a product that can be sold.
2. Establishing systems to manage the business.
3. Finding potential customers.
4. Selling to those potential customers.
5. Delivering the product.
This may be a simplistic view of business, but it is a very helpful way of understanding what needs to be done, and doing it properly. Think of these as the “five key areas of business”.
Businesses Don’t Need to Fail
It is often said that many new businesses fail. Different figures are quoted indicating that approximately 10% of new businesses fail. They usually fail for one reason - because they don’t attend to all five areas of concern above. It may be that they don’t deal with all of these things because they do not have sufficient resources, for example:
1. Getting a product that can be sold – They choose a product that is already sold well by another large and well-established company. They can’t compete financially or offer comparable service.
2. Establishing systems to manage the business – They are so busy looking at the product and finding customers that they don’t also take an overview of how they are going to run the business effectively and efficiently. Finding potential customers – They can’t afford the marketing required to reach their potential clients and don’t know enough about how they can market for free to do so.
3. Selling to those potential customers – They haven’t conducted enough market research to see who they can sell to. For example by advertising their skateboards and rollerskates in Saga magazine (a magazine for over 60s). This may be a massive generalisation, there may be people over 60 who like to skateboard, but the demographic would suggest that their market is likely to be better aimed at children, teenagers and those in the early 20s.
4. Delivering the product – They may not have taken postage charges into account when pricing their product. They may find that other similar businesses are offering free delivery and they can’t afford to. And so on.....
Read this ebook to find out more!
Table of Contents:
CHAPTER 1 INTRODUCTION - A REALITY CHECK
Businesses don’t need to fail
Getting a product that can be sold
Establishing systems to manage the business
Finding potential customers
Selling to potential customers
Delivering the product
Know your strengths and don’t try to do everything
Types of businesses
CHAPTER 2 THE PRODUCT OR SERVICE
Passion is not enough by itself
Consider your options
Scale of business
What products might you sell?
Supply and demand
Developing ideas for businesses
Possible growth areas in the future
Time saver services and products
CHAPTER 3 SYSTEMS FOR MANAGING A BUSINESS
The cost of systems
Problems with compliance or quality systems
What do you need procedures for?
Shortcuts to systems for a new business
Business control system
Total quality management (tqm)
Interviewing people for a job
Common communication barriers
Books needed in business
There are many different ways of approaching bookkeeping
Steps in the bookkeeping process
Planning in business
Creating a strategic plan
An example of a swot analysis (penny’s parties swot analysis)
Example of a risk analysis
Strategy formation and implementation
CHAPTER 4 HOW TO FIND POTENTIAL CUSTOMERS
How can you become visible?
Being seen in one place is simply not enough
Being noticed is useless unless you prompt a response
How to attract attention?
Defining your target market
Determining market segmentation
Projecting the future
The marketing mix
Where does the marketing mix fit into marketing planning?
CHAPTER 5 HOW TO MAKE A SALE
What makes a good salesperson?
Who is the customer?
Making a decision
Decision making processes
CHAPTER 6 DELIVERING A PRODUCT OR SERVICE
What is involved in delivery?
Presentation and packaging
Ways of delivering products and services are changing
Mail order retailing
The customer’s point of view
Measuring customer satisfaction
CHAPTER 7 PITFALLS TO AVOID / RULES TO FOLLOW
Get your timing right
Manage the money
Keep the cash flowing
Do market research
Focus on sales
Niche products and services
COURSES AND EDUCATION IN BUSINESS MANAGEMENT AND PLANNING
ACS GLOBAL PARTNERS