Do You Manage Your Business or is Your Business Managing You?

Many owners have ideas and plans for how they believe their business will develop over time and sometimes the reality of setting up a business doesn’t match those original ideas. There are many factors that impact progress – some positive and some negative: Here’s a few

• Unrealistic expectations
• Unclear message
• Competition
• Lack of difference
• Lack of market (products or services that you are convinced will sell and yet no sales)
• Lack of resources
• Unexpected growth
• Timing delays
• Cash flow
• Initial expenses exceed your budget

The process of planning and developing a business plan is a good way of looking ahead and planning for the development of your business. It can help you stay on track when distractions come your way.

I have outlined some key areas of management information that may help you manage your business more effectively. See how many you can agree with!

Your Business:

• I know the  business /market I am in
• I know what I will sell
• I know who will buy and why
• I know why those customers will choose my business

Your Market:

• I know exactly the opportunity there is for me and my business – where my potential customers will come from and why they need my products or services
• I have researched and understand what my market place will look like over the next couple of years
• I have planned an effective method of retaining my customers loyalty
• I have implemented a method of ensuring the highest levels of customer service in my business
• I have established a way of capturing data from prospects and customers so that I can market and communicate with them effectively
• I can clearly define my ideal customer
• I have researched and understand my competitors – how they operate, add value, differ from me and the way they charge for their products and services
• I have a resource team around me to help provide me support and specialist information that will enable me to manage my business well – for financial and legal guidance.
• I have set up systems to manage cash in my business
• I have set targets and will monitor progress against these

If you are starting a business, or managing an existing business – this checklist is a great starting point for ensuring that you are on the right track. If you have some observations/suggestions and ideas about items to add to the checklist then please do get in touch.

Release the Power of Your Ps!