Passion pushed you to start your small business, but now you find your profits aren’t what you’d like. To keep your business open, you need to increase revenue — which is easier said than done, isn’t it? You’re competing with larger businesses that have more robust marketing budgets. Also ...

A description of the business, what the business produces or the services provided and the objectives of the business.  In addition, here the plan will describe the manufacturing or production process, the inputs required, and the supply sources. A comprehensive market analysis that includes an ass...

Ideas are just ideas. We all have ideas of one thing or the other, everyone has ideas. I get ideas by the dozen. When I’m driving to work, when I’m at my desk reading an article. But that does not mean that all can be converted into million-dollar businesses. Not that these cannot be conver...

First it guides the company operations and outlines a strategy for turning an idea into reality. Secondly, it helps persuade lenders and investors to finance your business Third, it can provide a reality check in case an idea just isn’t feasible. Moreover it’s a blueprint for how you will operat...

1. Identify Satisfaction Levels (And The NPS) And What Is Driving Them The starting point for any improvement plan is to know the current level of customer satisfaction and what is driving it. Let us assume that a survey has been carried out and a company achieves an overall satisfaction score of 7....

Innovation. Innovation is the first priority, and it’s usually the first one to make an appearance in your entrepreneurial journey, during the ideation and brainstorming phase. It must be kept at the forefront of your mind during your entire course of business development; without innovation, ther...

Thinking digital means being aware that your customers, products, operations, and competitors are digital or in the process of becoming digital. This means that companies must integrate themselves in a dynamic ecosystem in which they must apply digital thinking to all of their processes (internal an...

Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and a...

Competitive Analysis – Who are your key competitors, what can you learn from them and what will it take to outperform them? Differentiation is crucial for your brand to stand out in a crowded marketplace. 2. Why? – What is the fundamental purpose behind your business that inspi...

Here’s a quick explanation of what they mean, followed by an example: TAM = Your Total Available or Addressable Market (everyone you wish to reach with your product) SAM = Your Segmented Addressable Market or Served Available Market (the portion of TAM you will target) SOM = Your Share of the M...