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Doing Business at Home and Overseas |
| Betsy Wise | 08.22.2006 | Any/All Industries | Building a Business |
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 Whether you are doing business at home or overseas, there some basics that you will want to have in place before you begin.
1. Business Plan should include your objective, your target market analysis, a SWOT analysis (strengths, weaknesses, opportunities, threats), your target consumer, your distribution and sales strategy, your marketing strategy, your sales and operating budget, and a calendar which includes launch to important milestones.
2. Personnel who are dedicated and passionate about the business. As the leader, you will want to select a well balanced group of individuals with the talents and competencies that form a cohesive team. People are what drive businesses and it is important to make sure you have the right mix.
3. Work Environment is key. You may have the greatest business plan and the most talented group of people, but you must provide a comfortable and motivating work environment based on your business and the people driving it.
4. Business Tools are essential for the individuals to be effective and efficient in their roles. You might have a very talented group of individuals, but if they find that doing business is difficult, because they lack the tools to perform from day to day, they will get discouraged and frustrated. Today there are a wide variety of computer systems that convert a 5 hour task into a 5 minute task. The investment in these tools pays off very quickly and productivity increases, thus enhancing the work environment and morale of your teams.
5. Continuous Education and Growth Opportunities for your Personnel is another essential element which will enhance your organization and the dedication of your personnel. The more opportunities an individual has to learn new skills or improve on existing ones, the longer they will want to dedicate themselves to your business.
6. Taking your Business Overseas is a challenge and a great opportunity. All of the steps you have taken to grow your business locally are important to a successful launch overseas. Hiring locals that identify with your business model and know the local market is the first step to success. Providing them with the same tools you provide your home team is key. Granting them enough autonomy to run the business within the guidelines you set forth and allowing them to run the business based on the cultural and economical differences in their market is essential for their success and continued interest. Making sure that you have a dedicated point person in your home office to provide support and direction to the team overseas is essential.
7. Celebrate Your Success is something businesses overlook too often. All personnel are used to collecting a paycheck and some even get bonuses based on company or individual performance. What about a weekly or monthly ritual that is more intangible, like a company picnic, barbeque, sporting or cultural event, etc…an activity that takes your team away from the office to simply have fun with their co-workers often stimulates better partnerships, creative ideas, and bonding opportunities that the normal work place doesn’t allow. Take time out to plan regular activities and get feedback from your teams, so that you are planning something with their input.
I look forward to mentoring on all aspects of building a healthy and lasting business. |
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