INNOVATIVE BUSINESS IDEA
SUCCESSFUL BUSINESS PLAN
CHOICE OF STRUCTURE
Start-up mindset: adopt its spirit and be innovative
When creating a company, it is desirable to have a start-up mentality when you create a company. It translates into a willingness to take risks and an absolute confidence in the project and idea. Based on this, you need to be original and creative to adjust your product or service to a completely new or recently identified need. A steady exchange of information between team members and a friendly atmosphere foster creativity, receptiveness and constant innovation. Thus, it’s imperative that the company manager offers such environment to his employees
Hire the best and know how to mobilize them
A start-up needs to build a team composed of the best people in the field, and in particular good managers, to make it work successfully.
To achieve this, it’s important that business leaders know exactly what skills they are looking for. If the manager finds an outstanding gem, he must retain this employee and develop assets other than an attractive salary: a good working atmosphere, perks, etc. Managers need to know how to mobilize staff, share information and engage in an open an active dialogue with each of them
ASSESS YOUR FINANCIAL NEEDS
Even before you start a business, it’s important to analyze its financial needs. Thus, a financial plan indicates the initial investment, the primary cash flow and the working capital requirements (WCR).
SETTING UP MANAGEMENT CHARTS
Recognized and accepted financial dashboards are essential, indispensable tools for business management. They allow to track the financial health of the company and follow-up on its objectives, the economic, physical, and human aspect of the project
CUSTOMERS AND SUPPLIERS
Entrepreneurs, globally, should ensure the development of their companies. They must apply a good customer and supplier management policy and diversify their suppliers and customer base as well.s
Going global from the start
In today's fierce and competitive environment, a new company must consider its international reach, regardless of its field of activity. The best place to start is at the beginning and it's definitely true if a startup wants to go global.
Outsourcing unproductive tasks
Companies are encouraged to subcontract non-productive tasks on concentrate better on their core business. For example, accounting and payroll management can be outsourced to an accounting firm.
Raising funds is not mandatory
To get off to a good start, a micro-enterprise or a large company do not necessarily need to raise funds. Indeed, it's possible that the founders initial investment may be enough to meet the company's initial financial needs.
Much more than production tools or financial means, human resources are the strength of an SME, a VSE or a multinational company. Entreprise Conseil will tell you more about the specific requirements for each one. Thus, the head of the company must develop the skills of his employees. To do this, it is necessary to achieve the SMART objectives and ask everyone for feedbacks.
Defining SMART objectives
The company should adjust its marketing strategy to SMART guidelines, i.e. Specific, Measurable, Acceptable, Realistic and Time-defined. It provides an approach with well-defined objectives and transparent communication with customers, suppliers, partners, administrators, etc.
The Art of Giving Feedback
Feedbacks of all kinds are becoming more and more important for a company. It allows the business to grow and develop. It should be stipulated that there are 3 main types of feedback: positive feedback, corrective feedback and feedforward. Keeping an open state of mind is essential.