Small Business - The Engine Room of Our Economy
The 2015 Federal Budget referred to small businesses as the ‘engine room’ of the economy. Small business sector accounts for 97% of all businesses in the state, has a value added contribution of $39.7 billion, and accounts for 41% (512,000 persons) of WA’s overall employment.
As of June 2016, there were 224,920 businesses in WA, of which 97% (218,150) were small businesses (0 to 19 employees). Small Businesses are the cornerstone of our economy.
However, may small businesses find it hard to change or to grow. Small businesses find it hard to build solid management teams, to delegate operational control or find business successors. Very few small businesses are truly successful over a period of ten years or more.
The Business Foundations Growth Program enables business owners to focus on core issues that assist small businesses to scale up. The program assists owners to develop detailed and focused business strategies geared towards developing scale. For example, more profitable customers, opportunities in different markets, new products or services.
When a business’ mission, values and vision become clearer, when businesses understand who their ideal customers are, and they have more clarity about who is necessary within the business to achieve the plan growth can happen. Each session has a clear action plan and outcome that participants can take away and implement immediately in their business.
Gain Awareness – Understand what is successful and sustainable business growth.
Make an Assessment – Assess your business and its potential for growth.
Take Action – Create strategic plans and objectives for your business. Drive change and create roadmaps for developing you and your business.
How Growth Owner works
The first three workshops are back to back - an immersive start to the program to build strong peer-to-peer bonds with other business owners.
Threaded throughout each workshop will be the common themes of how to strategically plan for and practically implement scale in your business, how to manage strategic change and growth, how to innovate and how to identify and mitigate risk.
Each workshop will contain a diagnostic on the day’s theme which will result in an action plan for the owner to priorities one or two crucial objectives to achieve in their business with the assistance of their mentor.
Growth Owner Program will provide you with a roadmap for assessing, designing and running your business for optimal success.
Each business is unique and needs to craft its own strategy for success. You simply can’t copy what other businesses have done! The combination of workshops and individual mentoring will support your business to craft its own recipe for success.
Induction to Program & Mentoring
How to leverage mentoring to harness optimal business outcomes
Understand the Habits and Thinking of Successful Business People
Emotional Intelligence and Leadership
- Have a clear understanding of the objectives and outcomes of the program and mentoring.
- To come away with an understanding of mindsets and habits that successful people utilize in business to harness growth
- To understand that the relationship between understanding yourself, your staff and your customer is the key to driving strategic success and growth.
Developing a Scalable and Sustainable Business Model
What is a sustainable scale up business model?
- What is growth? Where does it come from in your business?
- What is strategic business thinking and how do you execute it?
Business Diagnostic and Business Strategy
- Complete a Business Diagnostic to highlight where your business is currently at and what areas do you need to focus on to achieve scale up?
- Become a long-term strategic thinker, take control of the direction of your business, plan for and execute sustainable growth.
- Come away with a roadmap of clear areas that your business needs focus on to achieve scale up.
- Create a business strategy that defines the components of your business and enables you to look at your current business model in an interactive way and improve your results.
Bringing People with You on the Growth Journey
Understanding the Change Process
- Planning for change
- Aligning strategies with organisation goals
- Involvement and empowerment of key stakeholders in the change process
- Communicate your business strategy and plan to your people
- Dealing with resistance to change – rapidly removing people obstacles to growth
- Monitoring and reviewing effectiveness of change and change strategies.
- Inspire your people to a clear vision – employee motivation
- Infuse purpose in your business so every team member understands a clear vision and mission and is working towards common businesses goals
- Develop your management capacity to effectively manage individuals and teams, projects and targets
- Empower your team to be resourceful and self manage – team building
- Drive teams to perform and have an World class culture mindset
- Unharnessing the owner as the center of the business – you are not the business!
You will come away with an action plan of who your key stake holders are, how to communicate your plans for change to them and how to get them on board with your vision.
You will have a clear understanding of your business story and your plans for growth and how to motivate and create a culture and mindset in your managers and team to achieve your strategic vision. Why did you start your business and what do you value in it? What drives and motivates you? The program will help you to capture and communicate the value and story of your business to your staff and customers.
Improving Business Finance
- What is financial management
- How to set financial goals
- Financial Statements – Profit & Loss, Balance Sheet, Statement of Cashflow
- Ratio analysis – your business financial health
- Key Performance Indicators
- Ways to improve profitability
- What to ask your accountant
You will learn the techniques to understand the fundamentals of good financial management and be equipped to build a stronger financial future for your business. Without solid financial understanding of your business and how to improve the financial health of your business, you cannot implement strategic change.
You will come away with a greater understanding of financial management and financial statements, you will be able to identify opportunities to improve profitability, identify unprofitable areas of your business and discover tools to understand your business financial health. Understanding financial management is core to you achieving your business goals through sound business decisions.
Cashflow & Financing Growth
- Cashflow management
- Cash vs profit
- Cashflow drivers
- Cashflow planning
- How to improve cashflow – inventory, debtors, creditors, working capital
- Financing growth through:
- Debt finance
- Refinancing debt
- Equity finance
- Angel Investors
You will be able to understand finance key performance indicators, examine ways to plan and improve cashflow, realise ways to manage cashflow and working capital and learn how to finance your business growth.
Being in business is more than just making money – growth is about the ability to use surplus funds to invest in and grow your business in the future.
To be more profitable you need to understand the concepts of profit margins and profit drivers. You can then develop strategies to increase your profits, including ways to increase your sales revenue, your profit on individual products and services, and decrease costs.
- Understand why, how, where and when to do market research
- Common market research tools
- IHow to integrate your market research into an understanding our your current and prospective customer – the needs, habits and desires of your current and prospective customers.
The Marketing Fundamentals
- Product – what are you selling. How is it different to what is currently on the market and how does it solve/ fill a gap?
- Markets– are there specific markets that the product is more suited to. Where will the product be sold? Sales channels.
- Price – what is the pricing strategy? High volume/ low price? Premium sales/ high price?
- Purpose of marketing – message, differentiate features, provide information, retain customers, stimulate demand etc.
- Understanding the basic product positioning
- Importance of the marketing mix
- Product life cycle and how it affects marketing decisions
- Objective of marketing – for example improve sales/ profit or performance, launch new product, maintain or improve market share, increase awareness of product or service, test a product or service
- Where will the growth come from/ How will the marketing activity drive growth?
Market research is one of the most useful tools that a small business can use to understand customers and maximise the potential for profit and growth. You will gain an understanding of why you should do market research, how to do market research, how to implement the research into your marketing and sales strategy so that you leverage growth strategies.
Marketing & Market Research
Brand Strategy and Business Personality
- What is your value proposition?
- How does marketing strategy relate back to the business strategy?
- How to assess the value of your brand, maximize its potential, and use it to better develop, sell, price, and market your products and services
- Integrate your brand - branding extends to every aspect of your business how you answer your phones, what your people wear, your e-mail signature, your business environment everything.
- Understand common promotional tools and selecting the most effective mix for your business
- Predictable marketing funnel
- Methods of direct selling, customer service and customer management
- Use of partnerships to massively increase your reach
- Referral strategies to create steady flow of customers
- Digital content marketing channels
- Robust social media marketing strategy that creates high quality leads and more sales
- Create compelling on-line content
- How to manage your work/ life balance in an ‘always on, always connected ‘world
- Importance of on-line security plan – cybersecurity
Understand how to create a strategic marketing plan that is consistent with your sales targets and overall business goals.
Articulate and communicate a clear value proposition. Understand the marketing tools that are most appropriate for your customers and your products and services to drive growth.
Marketing for Growth
The Fundamentals of Sales
- Attract the ideal customer and create a buying mindset
- Increase conversations in ‘non-salesy’ manner
- How to present your products in the most compelling way
- Sales talk - How to overcome objections and prevent them from coming up again
- Creating referrals to create steady flow of customers
- Customer service
- Good will and reputation
- Risk of customers
- Negotiation skills
A marketing plan looks at market conditions, your position within a market, and how you will reach and persuade an audience, a sales plan focuses on customers and the most effective way of getting your products or services to exiting or new customers.
You will come away with the ability to create a sales plan that details your customers' expectations and buying trends. You will learn how to set sales KPIs for your teams and how you will measure the success of your efforts, not just in terms of an increase in total sales, but also, for example, through an increased conversion rate of calls and visits to sales.
Command and Control Structures
- Develop Business Processes to ensure effective delegation and management of processes and procedures – management systems, operating systems (Policies, Procedures, Forms, Inductions, Safety Management Systems, IT Infrastructure)
- Discover latest technology that can be integrated into your business, makes processes more seamless, and enables you to work anywhere in the world.
Developing business systems enables your business to create consistency, quality, organizational knowledge and value.
You will go away with an understanding of how to create use business systems to use resources more efficiently and improve financial performance, improved risk management and protection of people and the environment, and Increase capability to deliver consistent and improved services and products, thereby increasing value to customers and all other stakeholders.
Human Resource Management
- Employing People
- Recruitment – Right Peron for the right job
- Having difficult conversations - Performance management
- Training/ Staff Development
- Staff retention
- Off Boarding
Effective management of your staff is key to building and growing a successful business. Learn how to induct people into your business so they start with the right cultural values, learn how to have those difficult conversations around poor performance and how to reward achievement and good performance. Learn how to invest and train your biggest asset – your people.
What is intellectual property?
How do you protect your intellectual property?
What is innovation?
How do you commercialise innovation?
Where do good ideas come from?
The innovation process and key components of commercialisation.
While you Look after Your business, Who looks after you?
- Coping with Pressure/ stress and uncertainty?
Wellbeing and mental health for You and Your Staff
- Warning signs
- Processes for dealing with problems
- Where and how to get help
- Techniques for Health and Wellbeing
Review & Celebration
Participants present their Business Strategy and Lessons Learnt in Program
Graduation and Dinner
Programs start in March 2018
Register your interest today
Our next course starts March 2018. Contact us now for more information.