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Entrepreneurs & Managers
turn obstacles into opportunities
Free knowledge bank for entrepreneurs and managers
Turning Obstacles into Opportunities
Business Basecamp advises entrepreneurs and managers about further development and expansion of their business. In the free knowledge bank for entrepreneurs and managers you will find strategies, supported by guidelines and structures, that aim to encourage customer loyalty and maximize profits.
The website has lots of information that can be applied immediately and that aim to significantly improve profitability of your organization. Business Basecamp works with sample documents, flowcharts, diagrams, etc., that will inspire you to get the best out of your company and/or yourself.
Turning Obstacles into Opportunities
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A Business Model that Works for Every Company
How Can You Perform Better With Your Company?
Many companies are under performing because of insufficient attention to the business as a whole. Entrepreneurs and managers are too busy with one facet of the business, the products and/or services get all the attention. The company may have a great product, but if for example there are no customers for the products or the organization doesn’t meet the expectations of the customer then the company doesn’t have a future and will go bankrupt.
Your Enthusiasm is High and You Start Energetically, But ………
Every business owner and manager has to intention to create something worth while, but sooner or later s/he finds out that there many flaws in the organization. Avoid disappointment and organize your business, it will substantially improve the chances that you, as business owner or manager, will succeed.
We have developed a business model.
And you have the opportunity to structure your business according to this example. All major parts of the business are housed in a clear business model. The individual parts of the business have a common aim to achieve, which is to achieve the corporate objectives of the company. The business model provides you with information, guidelines and structures that support you in developing and growing your business.
Below You Will Find Extensive Information
- Strategic management, establish the long-term goals
- Integrate Strategic Management into the Organization
- Organizational Policy is focused on efficiency
- Quality Management is part of your organizational policy, with the aim of winning and keeping customers
- Human Resources Policy is indispensable for motivated employees
- Recruitment and selection of strategic importance and part of your Human Resources Policy
- Marketing strategy is the “steerman” of your company
- Promotion is part of your marketing strategy and aims to positively impact your sales
- System Strategy, the organization is a system and as such function as a whole
- Information system is part of System Strategy, the information obtained, heads up the organization
Business Objectives Become Specific Goals
Business objectives are general long-term business guidelines which aim to achieve the vision of the company.
Questions Which Need to Be Answered
How big is your vision, what do you want to achieve between now and five years? How big will your market share be and where will you offer your products? How do you want customers to experience your products and organization? What financial standards must your company need in order to ensure profitability? How do you society to assess your company? What responsibility do you wish to assume for your employees? What requirements do you impose on your suppliers for them to continue to work with you? All questions have to do with the continuity and development of the company.
Set Specific Goals Which Are Achievable and Measurable
By setting objectives we mean, define concrete goals. So not: “The company needs to grow”, but “Revenue should grow by at least 8% per year”. To achieve the annual growth of 8%, actions A, B and C, are implemented and implemented and executed. The goal is now defined and is also measurable. Be careful, don’t make the mistake of setting goals which are not achievable. In that case goals no longer serve as a challenge. Instead they are seen as mission impossible and will frustrate your employees.
Compare the results
On a monthly basis the sales figures are compared with those of the same period last year, and is verified that the growth target of 8% is being met. If that is not the case, corrective actions are implemented to realize the goal. Below you will find links to more detailed information. You can integrate the parts that are applicable to you and your company into your business plan.
Below You Will Find Extensive Information
- Mission & Vision is to create a clear plan for the future
- Profitability ensures the continuity of your business
- Winning and keeping customers is the existence of your company
- Deliver quality to your customers in such a way that you obtain improved competitive advantage
- Protect the environment, and saving costs at the same time
- The goal is to work with reliable suppliers
- Quality and motivated staff, who live up to the expectations of your customers
- The purpose of market research is to investigate opportunities
- Marketing & Promotion is to positively impact sales
- The purpose of promotion is to increase attention for your company and products
Business Plan Is Your Road Map to Success
How Do You Transform Your Vision Into Concrete Plans?
A business plan is a detailed plan in which the entrepreneur or business manager has formulated objectives to be achieved in the future. The business plan is supported with concrete actions detailing how the company aims to realize the objectives. An essential part is a planning, underpinned by concrete sub-activities how does the company aims to realize. An essential element of this is a planning, time span and sequence, of the activities.
Opportunities and Threats for Your Organization
A business plan is not compulsory. Unless a bank loan is needed or you want to gain access to certain benefits and/or subsidies. Even though there is no obligation to write a business plan it is still advisable to do so. A business plan will increase your understanding of the opportunities and threats of the company.
Every Business Owner or Manager Will Have to Deal With Changes
Spending patterns of customers that change. Saturated markets, growth stagnates.
Increasing competition, due to which price erosion occurs and profits evaporate.
Technological developments which overtake your products and/or services and make them redundant.
New legislation which makes it impossible to continue to operate in the same way.
Social changes that have a negative impact on your company.
A Business Plan Helps You To Take the Right Decisions
It is always advisable to write a business plan when setting up your own business or when you are thinking about taking over a company. Of course it is not easy to create a business plan, it requires a considerable effort to obtain all the information. But if you want to take a well funded decision to determine the feasibility of a new business or the risks of an acquisition, you basically have no choice.
Write your own business plan
There are many agencies that will take over this task for you, but my advice is to write your own business plan. It requires you to think profoundly about all aspects of entrepreneurship and business you want to start. You now know where the opportunities lie, but also which threats you will face. Due to this you will be better prepared to make a success out of your company.
How Will Your Business Develop Over the Next Five Years
By drawing up a business plan, you try to, as specific as possible, outline how your company develops over the next five years. By going through your business plan step by step you gain insight in the opportunities and threats of the company, but you also obtain a framework to monitor the progress. The business plan is not a one-time action, which then disappears into a drawer. You consult your business plan at least once a year to check whether the development of your business proceeds as planned and whethe there are matter that require you to take action.
You can read more about this topic here: “Business Plan increases insights in opportunities and threats”.
Entrepreneurship Is a Serious Business
Why Did You Become an Entrepreneur, What Purpose Are You Pursuing?
Or maybe you are still playing with the idea to start your own business? Various reasons are given as to why one wants to be an entrepreneur. Popular motives are: the freedom entrepreneurship gives, combining private live and work, my profession isn’t found in paid employment, I got stuck at my employer, etc. With yet another category, entrepreneurship comes with the profession of the person, think about brokers, accountants, architects, designers, physicians, programmers, etc.
Entrepreneurship Is Not Free From Risks
Whatever motives you might have, they are all relevant for you in your decision making process to becoming an entrepreneur. There is, however, also another side, entrepreneurship comes with certain risks. A prerequisite is that the entrepreneur must be able to provide for his livelihood, in other words, there must be sufficient profits from the company to make a living.
Profit Determines the Continuity of the Company
The entrepreneur doesn’t always lead the venture, and the company’s objective are not always achieved. The company’s objective first and foremost is to have at least a positive result. If the company makes little to no profit, the entrepreneur has no income and the survival of the company is at risk.
Definition of the Entrepreneur
An entrepreneur is a person who aims to obtain an income by using a particular combination of labor, capital and knowledge to run a business. Has an income The objective is to maintain the enterprise and to make a profit from the company.
When Times Are Tough It Comes Down To Motivation
An important question is: “Why did you become an entrepreneur?” Do you have the answers ready on why and what you want to achieve as an entrepreneur? Because when times are tough as an entrepreneurship, then it comes down to your motivation to continue. It’s best to capture your motivation in personal goals, so you always have a clear picture in mind. You can also check your personal goals on an annual basis to make sure the leading principles are still the same, or if you need to make some adjustments.
Read more: Personal goals provide clarity
Entrepreneurs and professionals talking about success
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Share your experiences
We are also curious what success means to you and what you do, or don’t do, to achieve it. Want to share your experiences? Follow me on Twitter @bbc_patricia and send me a DM quoting “The road to success”.
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