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    51 Secrets of Successful Entrepreneurs: How To Thrive In Hard Times
    51 Secrets of Successful Entrepreneurs: How To Thrive In Hard Times
    51 Secrets of Successful Entrepreneurs: How To Thrive In Hard Times
    Ebook39 pages26 minutes

    51 Secrets of Successful Entrepreneurs: How To Thrive In Hard Times

    By Hope Etim

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    About this ebook

    It's important to have a destination in mind and a route to get there. For Bob Wilson, a business expert, who assists small and medium-sized businesses with their banking needs, a business plan serves this purpose. Accurate evaluation of risks and opportunities is critical to the task. There will be a lot of people who may want to review your plans, but Wilson stresses that the main purpose is for yourself: "It will be your guidebook on how to reach where you are going."
    Having a written business plan helps a company's owner think through and comprehend their business's challenges. When contrasted to a long term strategy, this is the short term 12-month plan. Wilson explains that the shorter term allows for better accuracy in executing the action tasks to attain the key objectives. For example, buying a complementary company, establishing new and innovative products, and franchising can all be considered as ways of "expanding the business."
    A company plan would be incomplete without an understanding of the competitors. According to Stoney, in order to be competitive, you must know what your competitors are charging and what their service levels are like. There may be additional activities your organization should engage in as a result of these findings. Your own company or the industry you work in may have a need that you can fill."
    An advisory board can also be beneficial to a business owner. With an advisory board, the business owner surrounds himself with experts in a variety of sectors, and it becomes his touchstone on a go-forward basis," Stoney adds, noting that many business owners lack this kind of support network. In addition to increasing accountability for the business plan, an advisory board can also assist in identifying additional measures to be taken.It's important to have a destination in mind and a route to get there. For Bob Wilson, a business expert, who assists small and medium-sized businesses with their banking needs, a business plan serves this purpose. Accurate evaluation of risks and opportunities is critical to the task. There will be a lot of people who may want to review your plans, but Wilson stresses that the main purpose is for yourself: "It will be your guidebook on how to reach where you are going."
    Having a written business plan helps a company's owner think through and comprehend their business's challenges. When contrasted to a long term strategy, this is the short term 12-month plan. Wilson explains that the shorter term allows for better accuracy in executing the action tasks to attain the key objectives. For example, buying a complementary company, establishing new and innovative products, and franchising can all be considered as ways of "expanding the business."
    A company plan would be incomplete without an understanding of the competitors. According to Stoney, in order to be competitive, you must know what your competitors are charging and what their service levels are like. There may be additional activities your organization should engage in as a result of these findings. Your own company or the industry you work in may have a need that you can fill."
    An advisory board can also be beneficial to a business owner. With an advisory board, the business owner surrounds himself with experts in a variety of sectors, and it becomes his touchstone on a go-forward basis," Stoney adds, noting that many business owners lack this kind of support network. In addition to increasing accountability for the business plan, an advisory board can also assist in identifying additional measures to be taken.
    LanguageEnglish
    PublisherSuccess Ventures
    Release dateJul 18, 2022
    ISBN9791222064840
    51 Secrets of Successful Entrepreneurs: How To Thrive In Hard Times

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      Book preview

      51 Secrets of Successful Entrepreneurs - Hope Etim

      Part One

      Chapter 1

      Planning

      It's important to have a destination in mind and a route to get there. For Bob Wilson, a business expert, who assists small and medium-sized businesses with their banking needs, a business plan serves this purpose. Accurate evaluation of risks and opportunities is critical to the task. There will be a lot of people who may want to review your plans, but Wilson stresses that the main purpose is for yourself: It will be your guidebook on how to reach where you are going.

      Having a written business plan helps a company's owner think through and comprehend their business's challenges. When contrasted to a long term strategy, this is the short term 12-month plan. Wilson explains that the shorter term allows for better accuracy in executing the action tasks to attain the key objectives. For example, buying a complementary company, establishing new and innovative products, and franchising can all be considered as ways of expanding the business.

      A company plan would be incomplete without an understanding of the competitors. According to Stoney, in order to be competitive, you must know what your competitors are charging and what their service levels are like. There may be additional activities your organization should engage in as a result of these findings. Your own company or the industry you work in may have a need that you can fill."

      An advisory board can also be beneficial to a business owner. With an advisory board, the business owner surrounds himself with experts in a variety of sectors, and it becomes his touchstone on a go-forward basis," Stoney adds, noting that many business owners lack this kind of support network. In addition to increasing accountability for the business plan, an advisory board can also assist in identifying additional measures to be taken.

      Chapter 2

      People, Processes, and Benefits Management

      To paraphrase Stephanie Waldrop, a company's capacity to engage and keep outstanding personnel, the company's face, is a key factor in how well it does in the marketplace. As part of a firm's remuneration package, a benefits program is a means of fostering employee loyalty. It demonstrates how concerned a company is for its

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