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Reinventing Business Basics:Staying Nimble In Any Business Climate©

Presented by:Sarah Lipkin &

Nancy Kappler-Foster  

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The Interdependent Nature of the Business Environment

Result of Rapid Pace of Change• Shorter product life cycles and shorter

competitive advantages

• A requirement for better, quicker, and more decisive actions by management

• Emergence of new companies and new industries

• Emergence of new professional services

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More Results…

• Outsourcing of non-value-added, but necessary, services

• Increased uncertainty and the explicit recognition of risk

• Increasingly complex business transactions

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Even More to Observe…

• Changes in financial reporting

• Increased regulatory activity

• Increased focus on customer satisfaction

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Value Chain Effect

• Dynamic Business Environment requires business owner to think outside their “business bubble.”

• Effect on players in your Value Chain can trickle down to you

• Can effect more than one player at a time

• Better to be anticipate than react!

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Porters’ Value Chain©

Your Bottom Line

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Four C’s of Awareness©

• A simple proactive method to organize changes that effect your Businesses

• Keep current and considerate of the four C’s

Communication

Customers

Competition

Capital

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Communication

Focus on Technology

• Transactions

• Provide Service

• Human Resources

• Productivity

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Communication Cont’d

• Valued-Added Services

• Suppliers

• Complementors

• Media

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Customers

• Customer Service

• Word of Mouth – Social Media

• Substitute Services/Products

• Economic Effect on Spending/Price

Sensitivity

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Customers Cont’d

• Needs of the Current Market

• New Emerging Markets

• Availability of Information

• Distribution

• Change in Demographics/Psychographics

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Competition

• Substitute Services/Products

• Current Competitor Pricing Structure

• Current Competitor Competitive Advantages

• New Value-Added Benefits

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Competition Cont’d

• New Competitors- Local, National

• Advertising – Where and What

• Trade Shows

• Tools: SWOT Analysis/CRM

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Capital

• New Equipment

• Review Lease Contracts

• Employees – Current Skills

• Investments

• Review Service Contracts

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Breakout Session

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Business Plan

The Case for the Evolving Business Plan©

• Getting from “here” to “there”

• Context for business decisions

• Engaging employees

• Accepted document by external funders, suppliers, investors, etc.

• Compare actual experience to plan and analyze causes of variances

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Business Plan Cont.

Remember to:• Ensure everything is included, not just what

you feel comfortable with

• Keep a Strategic vs. Tactical view

• Develop objectives for the period to supplement the plan

• Review and update…at least once a year

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Business Plan Cont’d.Key Elements

• Statement of purpose

-Tailored to the intended reader/user

• Description of the Business

-Who, what, when, where, and how

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Business Plan Cont’d.

• Marketing Plan

-Objectives, supporting research, strategy and execution, anticipated results

-SWOT Analysis• Financial Data

-Financial statements -3 year projections, start-up costs, capital equipment, historical data

• Supporting Documents

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Business Plan Cont’d.

Seek assistance in developing your plan• Valuable information• Expertise in specific areas• Review• Encouragement

SCORE© Advisors Can Help• Visit: www.scoredutchessny.org for more info• Call (845) 454-1700 x 1021 for appointments