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Quality time to think is important

Towers Business Development Update

This business process commences with the BUSINESS PLAN.

The Business Plan should be prepared over a number of sessions with the leadership team, normally with an advisor, to discuss the vision relating to where you would like the business to be at a future date.

The process starts with an analysis of the key components:

Customers: Are they happy? Are you supplying them all of the goods and services in your category that they are looking for?

Suppliers: Who are they? Where are they located? Are there potential supply problems emerging? Should you be seeking additional suppliers so that the supply chain will not be broken because of events in overseas countries?

Team: Are they motivated and enthusiastic? Have team training programs been implemented? Gained input from the team?

Premises: Are they suitable? Do they fit your vision?

Products and services: Are you happy with the products and services that your business is producing? Do you need to make changes? Have you undertaken R&D activities to be able to launch a new product?

Inventory: Has a critical review being made of the business’s inventory policies?

Debtors: What is the debtors days outstanding? How does this compare to industry averages? Is there enough emphasis devoted to debtors’ management to improve cash flow?

Rhythm of meetings: Is there one? Or are meetings only held occasionally? Would it be better to have a fixed timetable for daily, weekly, monthly meetings? This is a commitment to quality time so that the leadership team have time to think and plan.

Competitors: Does your business regularly monitor your competitors and identify where you think they are trying to head? Should you be changing your strategies so as to better compete with your competitors?

Capital expenditure: Are you planning major capital expenditure projects over the next few years? Have these expansions been costed? What effect will the capital expenditure program have on your cash flow and on your long-term business prospects?

Business operations: What is the plan for trading over the next few years? Do you expect business to be similar to what it is at present or are you anticipating a significant increase in sales?

The ‘Business Planning Process’ is important for businesses irrespective of their size.

Towers Business Development can assist in the preparation of Business Plans. To find out more, contact us on 1800 232 088 or email .

Quality time to think is important