Strategy Based on Innovation
One of the most important topics that I discuss with C-level leadership is strategic planning for business growth. It doesn't matter how good or how bad the economy is, all companies want and need growth. Most new companies start as an innovative new idea for a product or service-and your company is no different. Your company's original creativity is what put you business, so I find it ironic that lack of innovation and creativity may be the very thing preventing it from growing. Innovation creates growth. Innovation keeps you relevant. It keeps you connected to your customers and your customers connected to your product.
Stop blaming the economy for your lack of growth. Unrealized growth is not the result of a bad economy. More than likely, it is the result of a bad (or outdated) business model. If your company's strategic planning is not focused on innovation, it cannot grow in a sustainable way-in this economy or any other. Historically, companies that experience continual growth do it by staying in touch with their customers and generating new ways to solve their customers' problems. Companies like Apple and Google-two of the most successful American companies-have grown into veritable empires by creating a corporate culture of creativity and innovation, and translating their internal wellspring of ideas into successful growth strategies. Most companies do the opposite. They tweak their products over and over using the watered-down ideas of executives who are woefully disconnected from their customers. Then they spend millions on launching "improved" (i.e. rehashed) versions that their customers don't care about. I liken it to being a plumber on the Titanic. Failing to plan for innovation wastes countless man-hours, brain cells and budget dollars on sprucing up a sinking ship. It's a flawed business model and a failed strategy. Read More...
Franchise Business Opportunities for Everyone
The literal meaning of the word "franchising" is using an already successful business model created by someone else. The trend that started around the middle of nineteenth century has become very popular around the globe. It seemed to everyone that if you franchise your business, it is a great way to have a safe and secure business; as the business model of the particular company has already proved to be a success all someone has to do is pay money and open one for himself.
Before deciding to become the franchisor, here are a few pointers for you to consider.
- Study the Business Model carefully: Study the business model of the company you are looking at, to tie up with. There are a lot of companies that offer franchising options, however there are a lot of things to consider before tying up. The product, the returns, market projections, marketing plan, target customer base and most importantly the background of the company; are a few point that you check very carefully.
- Take Advice: Take advice from professionals, who know a lot about the market and the legal matters of these ventures to determine what would be the best option for you. Before entering into any agreement these are the documents you would need Disclosure Document, This is the document that has all the significant details about the business; Franchising Code Of Conduct; marketing related information and a copy of the lease for the business premises. These documents can be obtained fourteen days before signing the agreement. Read More...