We all dream of running our own business and shaking off the shackles of corporate life. However, successful business however small need to have a clear structure to them if they are to succeed. If you analyse successful business they tend to go through 3 clear phases in their establishment.
The concept phase is when you define what the business is, what products and services are offered and most important who the target market is. This includes:
- Mission Statement
- Strategy Plan
- Funding requirements
- Resources needed
During the creation phase you build your business and the components that are needed to make it successful. This includes:
- Build a website
- Set up your financial arrangements
- Plan for your resourcing needs
- Create a marketing plan
- Set up a sales strategy
Finally, we have the coordination phase. This is where the elements we’ve discussed above are created and the business is up and running. Of course this is the phase that most people call Business as Usual. During this phase you’ll fine tune the business, redevelop those parts that are not working and building new features.
Running a business is a constant change process as you evolve to meet new challenges, opportunities, innovations, regulations and the economy. Recognising which phase you’re in is important to building the business.
Please contact me if you want to explore this topic further or add a comment to this post.
John Doyle | +44 (0) 7801536104 | (Skype) johndoyle531 | @paymentsbizUK