As a business owner, there are keywords that are current and you will notice come up a lot in articles, blogs, and vernacular. From information about how to analyze your business framework to creating a flexible working environment for employees, these are four keywords that have come up a great deal.
All businesses, regardless if they’re an architecture firm or a major book retailer, should have a detailed and organized business plan. This is a formalized, overarching collection of goals, tasks, strategies, and projections that describe the business’s purpose, the timeline, ways to solve problems, and organizational hierarchy and responsibilities. Since a business plan can be so grandiose, there are often smaller plans that are offshoots of the overall business plan. These may include a strategic plan, an operations plan, a marketing plan, or a financial plan.
All plans should be reviewed and updated in a timely manner, not just when you are pitching your business or at the inception. Reviewing annually, or more often, is a way for you to see if you are sticking to your objectives and/or flexing in appropriate ways as you grow.
Short for strengths, weaknesses, opportunities and threats, this acronym is an analytical framework that can help your company find internal and external challenges and develop solutions to effective develop your business.
“It is impossible to accurately map out a small business’s future without first evaluating it from all angles, which includes an exhaustive look at all internal and external resources and threats,” said Bonnie Taylor, chief marketing strategist at CCS Innovations in an interview with Business News Daily. “A SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace.”
It’s helpful to outline all strengths, weaknesses, opportunities and threats in a simple diagram, outlined below.
Do you own a business that heavily relies on the internet? If employees can complete their work as long as they have an internet connection, this is a great opportunity to implement telecommuting into your business. This allows employees from anywhere in the world to work remotely. The flexibility has created a new way of working because it helps businesses find great talent even if employees don’t live close to the office. It’s also helped employees to be happier at work and stay with their companies longer because it provides the option for parents to work from home to care for their children. With Telecommuting though comes a whole different set of challenges and requirements that a business owner needs to consider.
No matter if your company is big or small, national or local, a business owner should establish themselves as an authority in their field of expertise. By speaking at conferences, writing to a local newspaper and hosting webinars, any business owner can be a thought leader if they put forth the effort. Not only does it put them in a positive light, but it also provides exposure for the company as well.