Planning For Profitable Business Growth

Re: Planning For Profitable Business Growth

for business growth we must define one perfect work strategy for it.

Re: Planning For Profitable Business Growth

True, if we want our business to grow we need living and breathing strategy that you can adjust as time progresses. We also have to improve all things which are not absolutely perfect and still evolve. Nowadays consumers have bigger and bigger needs, so we can't stay behind them, but we should be one step before. Developing service / product and its quantity is the only way.

Business Consulting and Knowledge Center

Re: Planning For Profitable Business Growth

Hello
Take the knowledge that you have and manage it correctly. Make notes, plan and set goals. You could look at it as knowledge management. The goal of knowledge management is sustained individual and business performance through ongoing learning, unlearning and adaptation. Knowledge can play a crucial role in gaining competitive advantage. Knowledge Management is a branch of management for achieving breakthrough business performance through the synergy of people, processes, and technology. Its focus is on the management of change, uncertainty and complexity.
Having an elementary or basic business know-how is very important. Once you have that down packed, then you can build off of that and develop a better business. Knowing about the basics can enable you to better plan and manage your business. The basics can help you to better manage your finances & budgeting, arrange and run meetings and hopefully make good profits. You should at least have a basic understanding of how business works and the basic concepts of different business strategies. For the life of your business you’ll need to continuously educate yourself.The old saying that knowledge is power is so true in today’s business world.
Your business acumen or knowledge is a concept pertaining to your knowledge and ability to make profitable business decisions. Developing business acumen is fundamental to your business alignment. It’s a basic understanding of how your business makes money. Business acumen is gained by knowledge and can be gained by reading, studying & doing. It’s not about working harder, it’s about working smarter. By working smarter and using what you know, the world is yours.

Thanks

Re: Planning For Profitable Business Growth

Business Link recommends the following steps when planning growth for your business.
Before doing anything else, take a health check of what shape your business is in now. This will help you ensure that it is properly structured and resourced to make the growth strategy you choose viable. A burst of activity that has not been properly planned could seriously damage your business. At the same time, ensure you look after your existing customer base – it’s their business that will help provide you with the vital cashflow to support growth. Any kind of growth will require investment, from new stock and recruiting people to investing in marketing activity or even opening a new store. Remember to ensure that enough money is in the pot to keep the core business running. It is also a good idea to build in surplus too, as projects can often take longer to bear fruit than originally predicted. Research will enable you to identify potential prospects. Basic market research is one option, and will help you understand what your customers need and look at any necessary changes to build a more flexible and responsive business. Local demographic information can also help inform your strategy. For example, if you are located in an area with a lot of young families, you could think about this as a new target area for your business. On the other hand, if the town or area your business is situated in has an ageing population, then perhaps this might influence the focus of your business. Growing your business organically is usually done in one of two ways – by either increasing market share, or by diversifying into new markets. Both of these approaches present different challenges and benefits, and the one you adapt should depend primarily on your business, its resources, the local market and opportunities you may have identified when planning and researching your options.

Re: Planning For Profitable Business Growth

pwsolutions;49639 wrote: we all are too good in planning something. but we dont focus on executing the plan.

we should also work on planning an execution plan because the most of the processes fail due to bad execution approach.

I must commend pwsolutions for pointing out the most common factor in failure related to planning...Many times we get excited and sit down for a few hours to make up a plan, but then the hardest part is execution and discipline to enact and carry out our plans...8-)

Re: Planning For Profitable Business Growth

Great article, but I would like to know some of the risks of expanding your business online

Re: Planning For Profitable Business Growth

We also have to improve all things which are not absolutely perfect and still evolve. Nowadays consumers have bigger and bigger needs, so we can't stay behind them, but we should be one step before.

Re: Planning For Profitable Business Growth

I think the reality is that a lot of small business owners have no idea what they are getting into. In America, taxes can destroy a business even if it successful without proper planning.

Re: Planning For Profitable Business Growth

How are social responsibilities perceived as a strategy for business growth by organization? Give examples for explanation.

Re: Planning For Profitable Business Growth

There are many things to remember to grow your business quickly.Businesses fails because they can't maintain and manage their growth.Business always keep changing with time.I am giving some ideas.Make future strategies,Analyze your finance,Keep eyes on current market prize,Keep employees and customers satisfied,Market your business on internet.

Re: Planning For Profitable Business Growth

if we want our business to grow we need living and breathing strategy that you can adjust as time progresses. We also have to improve all things which are not absolutely perfect and still evolve. Nowadays consumers have bigger and bigger needs, so we can't stay behind them, but we should be one step before.