Our prime role is to provide business expertise and planning facilities to business owners with the desire to increase their profitability and resultant personal wealth.
Diagnostics is designed to provide us with a snapshot of the business in its current state. It comprehensively reviews all key areas of the business. The outcome will provide us with valuable information about the business in all areas. We will then be able to map out strategies for quantum leaps.
The process entails the following four stages;
Stage 1: Situation Analysis/Diagnostic Workshop
The Situation Analysis/Diagnostic Workshop is a process designed to provide us with a snapshot of the business in its current state.
It comprehensively covers over 100 questions in all key areas of the business including a thorough review of the immediate three years financial statements.
The answers the business owner/management/staff give to these questions and the results of the variance analysis, ratio analysis and analytical reviews provide us with valuable information about the business in the following areas:
1. General overview of the business
2. Financial Management
3. Customer information
4. Business systems in use
5. Current marketing strategies
6. Compliance management
7. The business team
8. Risk management
9. Selling strategies
10. Wealth creation
Stage 2: Action Planning Session
After reviewing the results of the Situation Analysis/Diagnostic Workshop, we conduct the Action Planning Session, where we compile a plan for future work to be undertaken on the business.
Many of these actions will be easily implemented short-term objectives, whilst others will become part of the overall business planning process.
In consultation with the business owners, we create a “to do” list, prioritising the order of implementation of tasks according to their ease and importance to the business. These tasks are assigned to the responsible individuals, with completion dates.
The “to do” list provides us with the basis for defined tasks and/or the marketing and business plan as set out in stage three. At this point it is important that we decide on the future support services that we will be providing.
Stage 3: Defined Tasks and/or Marketing and Business Plans
This is the time at which we make the decision on full plan implementation or, as an alternative, we concentrate on Defined Tasks.
It is sometimes prudent to address key areas of the business that are under-performing or require urgent attention. We classify these as defined or specific tasks that should be addressed immediately.
It is usual that Defined Tasks are completed promptly and as a result the impact on the business can be significant.
Once completed, these Defined Tasks may form part of the full business plan.
Development of the Marketing and Business Plan evolves from the Action Planning Session.
A business plan is essential for the success of any business, for without a plan a business is just travelling along hoping for the best.
Depending on the business situation, marketing and business plans are normally completed together, however they may be completed separately if it is considered important to have a marketing plan first.
Initially, we analyse the potential of the business and determine from where the majority of the profits of the business are being derived.
It is usual to find that the 80/20 rule applies; i.e. 80% of sales and resultant profits come from 20% of the customers. This analysis provides us with the information to prepare plans for maximising efforts in the most profitable areas of the business.
By concentrating on, and increasing, the 20% customers, the business will very quickly see significant increases in sales and profits.
The Marketing Plan identifies the processes to be used for the following:
1. increasing the number of customers
2. increasing the average amount of each sale
3. increasing the number of times a customer buys
4. increasing the efficiency of the business
The Business Plan provides a map that tells us where the business is now, where it is going and how it will get there.
In this process, we:
1. Determine our present situation
2. Develop the marketing plan
3. Define the vision and mission
4. Develop the operations plan
5. Conduct the SWOT analysis
6. Develop the financial plan
7. Develop the targets
Stage 4: Business Mentoring and Regular Performance Measurement Meetings
It is important to continually review the progress of the Business Plan implementation.
Once plans have been documented, they require continuous monitoring and revision during the implementation process. This ensures that the business is achieving the maximum benefit.
The normal practice is a monthly or bi-monthly meeting, involving all parties and the measurement of the progress of plans against the preset timetable. These meetings also include a review of the previous month’s financial reports and the reasons for any variations to budgets, resultant action plans and responsibilities.
Provided that you follow our mutually agreed plan with consistency and total commitment, you are bound to achieve a significant improvement in your results.