Start Business Development Journey

This article covers business examination. It is first steps to business development journey.

To begin business development, we need to examine our business condition. No the development plan that fits all condition.  You already have the progress of business development, so you just fix the missing.

We start to examine:

  • your company profile
  • Segment market
  •  business model to serve your market and get profit
  • team support
  • marketing plan
  • management and
  • continues improvement.

Your Company Profile Today

  • What is your company name
  • Company Address
  • Company mission and mission
  • When your business start
  • Business type: Franchise  or you build your own
  • Business type:  retailer, producer, distributor?
  • Industry type
  • Market segment you serve
  • products and services that you offer
  • percentage of the end user and business customer
  • structure organization
  • the quantity of team company
  • Top 5 Important things in your business
  • your performance for your top 5 important things
  • Do you apply bookkeeping and accounting?
    • Your Profit Loss Financial Report in last 5 years
    • Your Balance Sheet in last 5 years
    • Cash flow statement
    • aged debtors listing
    • aged creditor listing
    • sales analysis
    • inventory
    • Others
  • How often you update your financial status? daily, weekly, monthly, yearly
  • Do you have the business plan or business model canvas

Your Private Goal in Your Business

  • Your job, status, and role in the business
  • Your
    salary: fixed salary and variable salary
  • Your non-financial benefit in the business
    • why you enjoy or like  your business
  • 3 thing most
    frustrated things in your business
  • Time spend in the business
    • time for production
    • Time for team building
    • Time for marketing
    • time for administration

Market and Products

  • Your Criteria to target customer segment
  • Who is the best customer? What are your criteria
  • customer segment that you target
  • products and services categories do you have
  • your competitor can and easy to imitate or not
  • your sales per categories products and products per annum
  • sales trend per categories products and products
  • do you regularly hear customer feedback about products, service
  • Why your customer buy  (reason)? eg, quality, service, function, price.
  • Why your prospect does not buy (reason)
  • What is your value proposition
  • Major customer disappoint about your business
  • The quantity of Total customer
  • Total customer retention
  • Total customer repeat
  • Do you have customer lifetime value
  • Average how many

Competitor

  • How many Competitor that your customer can access
  • How many businesses that offer replacement items
  • Comparison of your business and competitor in term turnover, brand, capital, cost, profit, skills, service etc.
  • Common competition basic in your industry
  • Your competitive advantage

Finance

  • Total income per annum
  • Total expenditure per annum
  • Gross Profit per annum
  • Fixed Cost per annum
  • Variable cost per annum
  • cash flow statement

Entry and Exit Barrier

  • startup capital
  • skill to run the business (production, marketing, management)
  • license to run business
  • Attractiveness and main advantage of business
  • Cost for exit barrier
  • Difficulty to enter an alternative business
  • Difficulty to get material, supplier  and qualified people

Team Empowerment

    • Customer Orientation level of team
    • Trust and service culture
    • Recruitment procedure and consideration
    • The main difficulty to recruit
    • Team Training
    • Training and orientation for new employees
    • regular training for old and new employees
    • Written and clear job description
    • Key Performance Indicator of team training
    • Main training problem
    • Performance target for each member or team
    • The main indicator of the performance of each member, division, and team.
    • How to measure their performance
    • satisfaction level of the team member for their job and remuneration (salary)
    • How business give remuneration
    • How often to review remuneration
    • The non-financial reward for good performance for the team member
    • Profit share scheme and incentive for a team
    • What is the area of team participation in management?  product development, market development, strategic management, finance management.
    • regular team meeting and team feedback channel