Developing A Sustainable Business
Developing A Sustainable Buisness
The majority of SME owners, tend to focus their attention on maintaining the day to day operations of their business, which is entirely natural. Unfortunately, there is little if any focus on the business's strategies required for continued sustainable growth until it's too late.
Innovative Solutions Plus can offer a virtual business development team that can identify areas in the business that are not realising their full potential and help to improve them to build a stronger, sustainable and more profitable future. Our Business Development services are designed to give the business owner that confidence to turn their dreams into reality, along with building on the foundations that you already have in place to make your business more profitable and more valuable.
We have developed tools, resources, skills and the knowledge to help you achieve business performance excellence and have a dramatic and positive impact on your business and your life.
Please explore our website to see ever-changing business development ideas that can help you build a better business, enjoy higher profits and improve your lifestyle in the process.
The business review process will identify your business’s strengths and weaknesses, as well as opportunities or threats which will enable a workable strategic plan to be developed. The strategic plan would highlight what can your business achieve and what potential is there for growth?
Part of the overall process is to create a vision of where you want the business to be in 3-5 years whilst laying out a roadmap to get you there.
Together we will identify the why, what, how and who for your business:
- A purpose statement defines the 'why' and 'how'. As a business grows, its objectives and vision may change. At its core, a business's purpose is a bold affirmation of its reason for being in business. It conveys what the organisation stands for in historical, ethical, emotional and practical terms. No matter how it's communicated to employees and customers, a business's purpose is the driving force that enables a business to define its true brand and create its desired culture. Identify what it is you really want your business to do for you (quality of life, financial independence, more free time etc.). Build on the business’s strengths whenever possible, they should be exploited and reinforced to give your company an edge over its competitors.
- A mission statement is intended to clarify the 'what' and 'who' of a business. An effective mission statement must be a clear, concise declaration about your business strategy. Don’t underestimate the importance of a mission statement. A mission statement provides the company and employees with the framework and purpose.
- Maximize your business success by taking advantage of the opportunities to service customers’ needs in areas where you have business strengths. We’ll show you how to avoid areas where you have weaknesses.
- Identify where there are threats to your business and counter them by building on your strengths and improving minor weaknesses.
Innovative Solutions Plus can work with you to outline a strategy that matches your strengths with opportunities to maximize your ability to satisfy customer needs, wants and desires. We’ll also identify ways to minimize your involvement in areas where you have a demonstrated weakness, and there is a clear threat to success.
Contact us for more information about Business Strategy and how Innovative Solutions Plus can assist.
Starting and running your own business can be a scary experience for first timers, some will handle it with ease, but the majority will need support in some form. One thing is for sure you will be required to wear many different hats and work long hours to fit everything in.
There is so much you need to know, and it will take years of experience not only to learn it all but to understand how the external elements may affect your business without you realising. A few poor decisions could be devastating and cost you a lot – maybe everything. But with support and guidance, a well-informed strategy with support and advice can stabilise your business, generate the company’s growth and position it for long-term sustainable success.
In the first 3 -5 years of any business more than 75% of startups fail, so you can’t afford to take those risks you are unsure of to jeopardise your businesses future. Research has shown that without proper guidance and support you’ll have better odds of winning the lottery than having a successful business.
Innovative Solutions Plus can help you through those initial stages to increase your odds of success.
If you’re an entrepreneur developing a new venture or product Innovative Solutions Plus can help you develop a competitive business strategy, establish a strong position against your competitors and structure the business, so it works for you.
Contact us for more information about our Business Development Program for startup entrepreneurs.
Business Value Proposition
The biggest asset to your business is YOU, which is the difference between your business, and any of your competitors. Whilst many businesses compete for the same market, those that can differentiate themselves have a higher rate for success by delivering innovative service, a higher quality product and meeting clients needs or wants.
Equally important, communicating success and having a strong market presence clearly and quickly adds to their Business Value Proposition – it is articulating why your business should be the first choice and leading the market with innovative solutions and products. You can never stop promoting the business and the benefits it offers to its clients and the market.
What can you tell your clients about your services or products that will differentiate you from the competition, and why should your business be that first choice for them? Is the first question any owner should ask themselves.
Business Value Proposition is created by ingenuity and solid client relationships. Using a proven structured approach, Innovative Solutions Plus can help create and communicate a Business Value Proposition that your clients will understand what it is that sets your business apart from the competition.
Contact us for more information about building Business Value Proposition that benefits your business.
Business Health Check
It's essential for every business owner to understand your current business position. The process of reviewing the business, market and product development utilising a SWOT analysis, will assist in identifying the Strengths, Weaknesses, Opportunities and Threats that will affect and drive your business strategy and minimise a lack of focus during implementation.
This will allow you to know what your business does well and what not so well, it will also take into account the business performance, the resources and capabilities:
- Firstly, it is essential to know the overall performance – the quantities produced, compared to quantities sold, what is your client and product lifecycles, what is your total market share.
- Secondly, we’ll look at your physical assets – the facilities, plant, machinery and equipment. Do they meet the desired requirements for what the business is trying to achieve? Do they need updating and are they fully utilised?
- Thirdly, we’ll look at the financial resources. How much capital do you have and is there more required or available? Is your cash flow sufficient to deliver the strategic plan? Is there access to sufficient funds to deliver growth potential? Is the lack of financial investment preventing the business to reach maximum capacity?
- Fourthly, we will review the human resources to evaluate if the structures, experience, expertise and personal qualities are capable of delivering the strategic plan?
- Finally, as part of the report a list of skills will need to be developed for your human resources to perform to the best of their abilities. As well as what training or mentoring is required. Are there any employees being under utilised? Are all the employees highly motivated? Does management have the right leadership skills to develop and grow their teams?
Contact us for more information relating to a Business Health Check.
A common mistake made by business owners is they create an organisation that is entirely reliant on their participation, which adds no value if they leave. Creating a business that works without you is the goal and not simply creating job security.
The best way to answer this question is to consider whether the business can continue to operate if you had been diagnosed with a serious illness and you could not continue. Have you developed an experienced, qualified leadership team who could take over whilst you recover, or would the business merely crumble or come to a stop in your absence?
Innovative Solutions Plus can assist in developing a fully integrated business system; the business can set up so that it can be sold whenever you need to or if you want too.
Innovative Solutions Plus can assist you to work ON your business, not IN it. Build a business that can run without your day-to-day involvement. Delegating those responsibilities of different functions to the individuals that manage and deliver those services. Also by cross-training your employees, they will be able to handle several different duties when necessary. By hiring individuals with management potential and developing them will grow a culture of belonging.
A well structured and maintained, business is much easier to sell and commands a higher price than a tired and run down operation. Innovative Solutions Plus can also assist with getting an objective, third-party opinion and evaluation of your business.
Importantly, we’ll assist you in building a sustainable and profitable business. Unfortunately, many business owners believe that simply longevity or sales volume is the key to business value when the thing that matters most is profitability, sustainability and being innovative.
Finally, we can assist with developing an exit strategy if your plan is to leave the business. If you leave this critical decision to chance, the future of your business couldbe in jeopardy, so to have developed a viable plan with contingencies is a brilliant business decision.
Contact us for more information on business systems, exit strategies as everyone leaves their business at some point, but the thing we can’t predict is when that will be.
Organisation Structure / Governance
There is the potential for disagreement wherever there is an environment with diversity and choices. Those differences, when handled correctly, can result in more productive, more effective and creative solutions. However, it can also be difficult to manage those differences of opinions into opportunities. Managing conflict can be very problematic, but with the right structures, and processes in place, they can all be managed with benefical results.
Real-time, accurate communication is vital to any business success. A simple face-to-face approach that provides honest, open, two-way focused communications to employees and stakeholders builds trust and collaboration. Innovative Solutions Plus can offer a suite of tools, training programs, and communication strategies to improve communication with both internal and external stakeholders.
The corporate structure of the business is critical to delivering a culture that is inclusive, diverse, innovative and developing leaders. Depending on the business’s culture and industry type Innovative Solutions Plus will be able to assist in developing the right organisational structure to increase motivation, responsibility, inclusion and performance.
Contact us for more information relating to Organisational Structure / Governance.
Client Relationships / Market Awareness
Business’s that dedicate themselves to working hard to give their clients superior services and products will produce better financial returns, create managed sustainable growth, be more innovative with their products and are able to establish a differentiator to gain a market advantage over the competitors that do as little as possible.
A business that is successful with their client relationship or servicing tend to have lower marketing costs, fewer complaints from clients and more repeat business – clients who ‘vote with their feet’ are the best kind.
Employees that have high job satisfaction have a tendency to deliver excellence in client relationships which could also lead to lower employee turnover and absenteeism and morale.
Innovative Solutions Plus can work directly with your employees, and using structured service-focused training program we can assist you to create and sustain a high level of client service.
It is important to build client and team member loyalty that will have an impact on your bottom line profits, and work to have the appropriate strategies in place to ensure your selected clients continue with the business long into the future.
Innovative Solutions Plus can assist you to educate your staff so that they can understand how delivering “excellent” client service will help in growing your business.
Contact us for more information relating to Client Relationships / Market Awareness.
© Copyright Innovative Solutions Plus