Steps To Take When Planning A New Business

There is no denying that planning a new business can be an overwhelming process. The risks involved, financially and otherwise, can be overpowering. That being said, the eventual outcome can be very rewarding, such as being the boss, managing your own time and best of all, doing what you love and earning a living while doing it.

In truth, this may not be the right choice for everyone. Possession of certain personality traits will give certain persons the edge over others. Qualities such as creativity, confidence, commitment, drive and the ability to work hard are some of the elements which can increase the odds of success. Good management and organizational skills are also vital assets to have.

Given the myriad of things to contemplate when going into business, a business plan is central to the process. It is the map which must be followed if success is the goal. Covering a wide range of issues such as promotion and marketing, funding, credit from suppliers, operational and financial management, this tool is a must have for any serious potential businessman. It also identifies target markets and assists in profit predictions.

Customer access to an operation hinges on whether it will flourish or not. So too, the type of enterprise being established must be taken into account prior to deciding upon a location. Customers can either visit the business or the entrepreneur can go to his client. In the former situation, which necessitates reliance on pedestrian and drive by traffic, a spot downtown or a mall would be good places to set up.

Alternatively, should customers actively seek the services available, for example gyms, day-care centres and beauty parlors, then setting up for easy access from roadways, public transportation and heavily populated areas, would be advisable. Even then, availability of parking and the ability to locate the establishment without difficulty is important. Funding can also be a challenge, particularly if personal funds are not available to begin. Financing institutions such as banks are one choice for providing start up capital.

However, other opportunities for funding abound, including government agencies and non profit organizations. These programs compare favorably, as their terms and conditions can be much less stringent than the traditional lenders. The nature of the operation determines the nature of the loan provided, be it long or short term. It also determines the type of licenses, permits and registration which must be obtained before beginning legal operations.

Determination, hard work and the will to expend significant time, energy and resources are prerequisites for reaping the many benefits to be derived from planning a new business. It takes tenacity and steadfastness. Nevertheless, the fruits of such labor make it all worthwhile in the end.

Get the details and information you need to build a successful business working with a Gold Coast Business Coach. The knowledgeable and experienced professionals of Gold Coast Business Coaching provide the techniques and methods that will help you generate the money you want quickly.

Transformational Leadership: 5 Tips For Leadership Communication

Most organizations use tools such as the intranet, emails from the CEO, Town Hall meetings and blogs as a means for the CEO to communicate with employees. However this focus on information tools whilst necessary in letting employees know the details of what is happening do little to engage employees with the reason for change. This is especially true when those changes relate to a merger or acquisition, a restructure of the organization, the announcement of financial results or other complex change messages. In these instances an engagement strategy needs to be designed to ensure that employees truly embrace the reason for change.

The fundamental difference between employee engagement and information is the former focuses on changing employee behaviour to support the achievement of business objectives. The latter is about providing information to employees about what will change, when and why.

These following 5 tips illustrate how you can ensure leadership communication will achieve desired business outcomes.

1. Step one is reviewing all the current tools and methods you use to communicate with employees. You need to scrutinize the content of that communication and determine whether it is one way information or whether some could be adapted as an engagement tool.

2. The second tip is important because your ultimate aim as a leader has to be to create the “Aha Moment” for employees. The “Aha Moment” is based on information that challenges the employee’s belief about an aspect of the business. The information that suddenly helps employees say, “Now it makes sense”, “Now I understand”, “Now I can do something about it”. Once you know what the “Aha Moment” is this will form your key message and the basis of your design of your employee communication strategy.

3. This third tip explains the best type of research to find out what the “Aha Moment” is, and the best type for this purpose is focus group research. Focus group research allows you to ask employees about your business and their thoughts on competitors, to identify the largest gap between what customers think and what staff think customers think, and to identify what would create a paradigm shift in employee’s thinking. It also helps you identify how you will measure the impact of your leadership communication strategies in the change in employees thinking and to determine how significant it is to achieving the business objectives.

Focus groups are a good format as they allow issues to be explored further and sometimes will uncover issues or ideas which hadn’t been considered prior to the session. Focus groups generally are held for one and a half hours duration and in groups of 8 – 10 participants. The facilitator’s role is to lead the discussion but leave the actual dialogue to the participants, bringing them back to the main issue if they have gone off on a tangent or to ensure that all the topics that you wanted to cover within the allocated timeframe are covered. A well facilitated focus group will identify the key messages for your communication strategies as they relate to a particular business issue.

4. In this fourth step you gather the information sourced from the focus group feedback. The key data you are looking for is what the opinions are of employees about a particular topic or issue that directly relates to the business issue at hand. Then if it is based on false information or assumptions you find the factual data to refute this and then present it in such a way that employees are engaged and understand the basis for change.

5. The fifth step is to take the key information that you have gathered from the focus groups and then identify a business issue that you feel certain your transformational leadership strategies can impact. The advantage is that by making use of that information you are then able to create a personalized leadership communication approach that will be measured against business results.

When you have gathered all the outcomes of the focus groups you will then be in a position to identify the key messages and data to bring about change in your organizaiton. Transformational leadership is about understanding what is of concern to your employees and what they need to know to support your business objectives. Development of an employee engagement strategy that focuses on “Aha!” moments and information is the essence of transformational leadership.

For more information make sure you obtain our excellent free report on how to design transformational leadership communication strategies.