Whatever the reason of starting your Business, some degree of financial success is imperative for success. They say Money is like oxygen and a business simply cannot survive without it. It also does not matter which end of the spectrum a business is at they all need cash. To put simply, “cash in must be more than cash out, or you will be on your way out!”
Whether it is an IT company, an App developer or a fashion designer, all crave financial success in order to live out their dreams of entrepreneurial success.
How are you doing on the financial front?
To achieve business success the entrepreneur must have some degree of financial acumen and understanding or simply put the ability to manage money. Many of the young entrepreneurs rushing out to launch their own enterprises often lack this critical skill set.
While you don’t need to be an accountant to be a successful entrepreneur, you need to acquire the basic knowledge and awareness of the accounting systems, processes and financial statements. After all, the buck stops with you. You also need to find experienced professionals who can help you
Money management is a crucial part of this entrepreneurial equation, while businesses need money to survive, develop and prosper, entrepreneur needs money to live and reach their goals. This is essentially crucial for upcoming entrepreneurs in Pakistan, where majority of the personal success of the entrepreneur is tied to the success of his or her business.
So, what are you waiting for? Start acquiring the financial knowledge and skills that you need today and set the financial framework for your success.
Most entrepreneurs are obsessed with the novelty of the idea when planning a new venture. The uniqueness of the idea may give you a head start but it is no guarantee of lasting success. To achieve long-term success an entrepreneur must have the foresight to have a clear vision in mind. How you implement that vision and develop the product/service will ultimately determine your success.
There are many people who say that Business Plans are a waste of time for a start-up due to the dynamic and evolving nature of such enterprises. I don’t agree! Planning is essential for any business. The business plan simply documents those plans along with goals, objectives and targets. What is unnecessary or a waste of time are the academic style business plans prepared by many of the first time entrepreneurs.
Without a doubt, the entrepreneur must have a detailed action plan outlining the future course of action so that the business idea can be executed successfully. The actionable strategies will help to take the business forward and assign responsibilities and hold the team members accountable.
Unless the plan is in writing, it is not really a Plan. The planning process can be very useful in overcoming strategic challenges and opportunities that arise along the way.
Being an entrepreneur is more than putting in a 9 to 5 shift, you have to be on your game the whole time. Once the business gets rolling the entrepreneur is invariably caught up with day to day workload and struggles to develop or implement a strategy. This is exactly why you need a plan at the outset to keep you on track
Strategic Planning process is a critical tool for business if managed well. The process is the best way of ensuring that the business stays on its envisioned path and keeps pace with meeting its outlined goals and objectives.
For this the entrepreneurs are advised to adopt the NOW, WHERE and HOW approach that considerably ease the strategic planning process. The approach at the NOW stage analyses the current situation of the business. Where the business is right now at the present moment in time?
Secondly, WHERE stage ensures that analysis of the proposed future situation is taken into consideration with short-term and long-term goals clearly laid out to provide a sense of purpose and direction for the business.
Finally, the approach outlines HOW the business ensures it will achieve its desired results, which path it will take to make the business dream a reality.
To ensure that the approach brings success in an ever changing business environment the entrepreneur has to ensure that the mechanisms are put in place which will not only allow you to monitor the progress but also fine tune your strategy according to the changing dynamics of the environment the business is operating in.
The NOW, WHERE and HOW approach makes planning for your business a whole lot simpler, so why not start planning right NOW!