"Reinventing Business Basics:Staying Nimble in Any Business Economy
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Transcript of "Reinventing Business Basics:Staying Nimble in Any Business Economy
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Reinventing Business Basics:Staying Nimble In Any Business Climate©
Presented by:Sarah Lipkin &
Nancy Kappler-Foster
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The Interdependent Nature of the Business Environment
Result of Rapid Pace of Change• Shorter product life cycles and shorter
competitive advantages
• A requirement for better, quicker, and more decisive actions by management
• Emergence of new companies and new industries
• Emergence of new professional services
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More Results…
• Outsourcing of non-value-added, but necessary, services
• Increased uncertainty and the explicit recognition of risk
• Increasingly complex business transactions
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Even More to Observe…
• Changes in financial reporting
• Increased regulatory activity
• Increased focus on customer satisfaction
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Value Chain Effect
• Dynamic Business Environment requires business owner to think outside their “business bubble.”
• Effect on players in your Value Chain can trickle down to you
• Can effect more than one player at a time
• Better to be anticipate than react!
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Porters’ Value Chain©
Your Bottom Line
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Four C’s of Awareness©
• A simple proactive method to organize changes that effect your Businesses
• Keep current and considerate of the four C’s
Communication
Customers
Competition
Capital
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Communication
Focus on Technology
• Transactions
• Provide Service
• Human Resources
• Productivity
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Communication Cont’d
• Valued-Added Services
• Suppliers
• Complementors
• Media
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Customers
• Customer Service
• Word of Mouth – Social Media
• Substitute Services/Products
• Economic Effect on Spending/Price
Sensitivity
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Customers Cont’d
• Needs of the Current Market
• New Emerging Markets
• Availability of Information
• Distribution
• Change in Demographics/Psychographics
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Competition
• Substitute Services/Products
• Current Competitor Pricing Structure
• Current Competitor Competitive Advantages
• New Value-Added Benefits
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Competition Cont’d
• New Competitors- Local, National
• Advertising – Where and What
• Trade Shows
• Tools: SWOT Analysis/CRM
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Capital
• New Equipment
• Review Lease Contracts
• Employees – Current Skills
• Investments
• Review Service Contracts
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Breakout Session
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Business Plan
The Case for the Evolving Business Plan©
• Getting from “here” to “there”
• Context for business decisions
• Engaging employees
• Accepted document by external funders, suppliers, investors, etc.
• Compare actual experience to plan and analyze causes of variances
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Business Plan Cont.
Remember to:• Ensure everything is included, not just what
you feel comfortable with
• Keep a Strategic vs. Tactical view
• Develop objectives for the period to supplement the plan
• Review and update…at least once a year
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Business Plan Cont’d.Key Elements
• Statement of purpose
-Tailored to the intended reader/user
• Description of the Business
-Who, what, when, where, and how
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Business Plan Cont’d.
• Marketing Plan
-Objectives, supporting research, strategy and execution, anticipated results
-SWOT Analysis• Financial Data
-Financial statements -3 year projections, start-up costs, capital equipment, historical data
• Supporting Documents
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Business Plan Cont’d.
Seek assistance in developing your plan• Valuable information• Expertise in specific areas• Review• Encouragement
SCORE© Advisors Can Help• Visit: www.scoredutchessny.org for more info• Call (845) 454-1700 x 1021 for appointments