THINGS TO CHECK IN A BUSINESS PLAN

We have been consulting an investor ( a strategic VC Operations) on investing in various projects.

Common findings:

  • The entrepreneurs who had approached the investors were operating more from their gut feelings than from data.
  • They are very optimistic about their future prospects, even though they have been facing tough times for a long time.
  • The data of the best possible scenario is generally referred to as the standard expected scenario, which is never even remotely close.
  • Expenditures are considered on a very loose levels and always underestimated.
  • Lot of challenges are discounted and overlooked till the time they become big and unconfrontable.
  • Competition is never given its dues in terms of considering market share, marketing, sales and talent retention challenges.
  • Sweeping generalities become the business plan instead of data oriented thought through strategies.
  • Cash Flow is expected to be taken care of, by the expected business revenue – which generally fail to be as per the expectations.
  • Challenges faced by the industry as a whole, are not fully considered and rarely brainstormed to create innovative solutions.
  • Scant respect for Financial Planning, strategy, HR, training and development are seen in many cases.
  • Employees are expected to be automatically aligned to the vision that is hidden in the mind of the promoters.

These are some of the observations, but definitely not applicable to everyone.

Many entreprenuers have demonstrated that they do not fall in the above pitfalls and they steer their organizations to great success and sustained performance standards by combining the entreprenuers fire in the belly, with the strategy and systems.

WHAT WORKS:

  1. Have accurate data of the past and realistic data about the future.
  2. Have all industry related information handy.
  3. Have your financial data impeccable and ready to discuss.
  4. Have your competition and various factors affecting your organization performance detailed out.
  5. Have a strong strategy and marketing plan.
  6. What are the Key requirements for success in your industry, is it technolgoy, manpower, skills, market converage? Have all the bases worked out.
  7. Realistic Growth Plans.
  8. Detailed SWOT Analysis or the reverse TOWS Analysis.
  9. Create a realistic picture of the Opportunites and Challenges and your plans for dealing with them.
  10. Clearly identify the areas where you have not yet sorted out things or you would like inputs or are working out external inputs.
  11. Have guidance from professionals like CAs, Management Consultants, Govt. liasoning officers etc., as required.
  12. Create 3 plans , worst scenario, best scenario and realistic scenario.

To discuss more, contact:

MANAGEMENT INNOVATIONS

managementinnovations2020@gmail.com; manojonkar@gmail.com; 919375970812

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Consultative Sales – First Step – Pre Sales Preparation

Pre Sales Preparation is one of the most under estimated sales tool. Over a period of time, pre sales preparation gets compromised for one reason or the other. There is always some other urgent, seemingly more important work running the clock, and this foundation keeps getting neglected.

Consultative Sales is built on Credibility. Credibility is built on knowledge and mastery. Knowledge and Mastery of one’s own industry, products, services, past projects, difference made to the customers businesses, successes and breakdowns.

One also needs to know the competitors, their products, services, strengths, weaknesses, strategies etc.,

Most importantly, we need to learn the customer’s company, industry, the challenges, the opportunities and what are the best ways that we can make a difference to these potential or existing clients.

Every dollar invested in pre sales preparation will pay back atleast 100 times.

To know what and how you need to do pre sales preparation for your business, feel free to get in touch with us.

MANAGEMENT INNOVATIONS

managementinnovations2020@gmail.com ;  manojonkar@gmail.com;  91-9375970812

Complaints and Unfulfilled Expectations against Management Consultants

We invite all of you to write to us on managementinnovations2020@gmail.com or on this blog, based on your first hand experiences, what have been your moments of dissatisfaction, what have been your complaints, where you have found the Management Consultants not delivering your expectations, where have you found them not in your world.

The opportunity is to share and create awareness and also get inputs on what to do in such situations. 

This would be a WIN WIN for the clients and the consultants reading this blog.

Requested to avoid the names of the consultants and the consultancy firms.

MANAGEMENT INNOVATIONS

managmentinnovations2020@gmail.com; manojonkar@gmail.com, 919375970812

Recommended Readings for Recession Times

If you have not read by now, or even if you have read it once, good time to re- read the extra ordinary book and concept by Management Guru – C.K. Prahlad – “The Fortune at the Bottom of the Pyramid”.

The biggest innovations in the management field have been the new, out of the box, revenue models and business models.

Fortune at the Bottom of the Pyramid concept gets companies access to markets, which were generally not even considered as potential markets ( and of course they are the bigger ocean).

Companies will have to rethink their business models, but those new business models created for tapping the bottom of the pyramid may alter the history of the enterprise as well as the industry and it has a parallel opportunity to make a big difference to the society, while taking care of the stake holders and the stock holders requirements.

Along with that we also recommend the book BLUE OCEAN STRATEGY.

Using both the books as reference points, one can create a unique strategy which will help the companies whether small or big, to emerge as WINNERS in the current times as well as in the future to come.

MANAGEMENT INNOVATIONS,

managementinnovations2020@gmail.com ;  manojonkar@gmail.com ; 919375970812

Strategy Implementation – BSC (Balanced Scorecard way)

Balanced Scorecard by Dr. Robert Kaplan and Dr. David Norton is one of the strong tools available currently in supporting the companies to get clear of their strategy and to do holistic, organization wide implementation. Strategy Maps and Balanced scorecards are very useful tools for strategy planning, communication, monitoring, evaluation, course correction and overall implementation.

Ensuring that the strategy implementations is done powerfully on all the 4 perspective of Finance, Customer, Process and Capability perspectives, organizations can ensure that on a daily basis they are moving forward in the strategy implementation.

Highly committed and transformed organizations also have couple of other dimensions including Impact on Society.

Different organizations depending on their genre will have different focus, e.g. government, NGO and similar organizations may not be highly focused on the financial perspective.

R&D organizations, Manufacturing Organizations etc., may have extra focus on the process perspective.

“Learning organizations” may focus more on the capability, learning and growth perspective.

But each and every organization committed to sustainable growth have to have balanced growth.

Team alignment, each department scorecard, each individual scorecard, the vertical and horizontal alignment and the lead and lag measures are very useful dimensions of implementing strategy the BSC way.

Need support in creating or implementing your strategy?

MANAGEMENT INNOVATIONS

managementinnovations2020@gmail.com; manojonkar@gmail.com

919375970812

FREE ADVISORY SERVICE – Consulting,Mentoring,Coaching,Training & Counselling

An Experiment in Open Source Consulting.
We are starting a breakthrough concept. FREE CONSULTING, MENTORING, COACHING & COUNSELLING.
We will start with free consulting online on a wide variety of topics:

  1. VISION, MISSION & CORE VALUE – creation and org. alignment
  2. GROWTH STRATEGY
  3. OD, CULTURE BUILDING, LEADERSHIP DEVELOPMENT
  4. PROCESS CONSULTING
  5. MARKETING (offline, online & eCommerce)
  6. SALES
  7. HR
  8. TRAINING (Sales, Customer Care, Marketing, Leadership, Soft Skills,Attitude, Team Work etc.,)