Throughout my career I have been involved in many businesses and various initiatives. A project or business is only a sound as the research, evidence, customers and market in which it operates. As such, it is important that companies analyse the size of their potential market, the value at which they can sell goods and services and the profit margins they can make. This sounds simple, but not enough attention is given to the absolute fundamentals of business operations.
Analysis of market potential - This includes looking at the value of the market, the type of customers that operate in that market, the profile of a typical customer, gap analysis to ascertain if there is value in another competitor operating in the market, product comparison, current risk analysis and future risk analysis.
Business plan viability - This requires looking at your business plan and assessing the potential of that plan to deliver its outcomes. Market conditions, politics and consumers are constantly changing and it is important to know if your business plan will actually deliver your ambitions.
Technology - Whilst being an economist I am very passionate about technology. Companies generally undervalue or over anticipate the impact having a website or a social media account has on their business. Having a website and a twitter account does not guarantee new opportunities. It takes commitment and a culture change within the company if technology is to truly reult in increased business oppertunities. The big question is can you work out its value? If not why not? and so maybe its time to start trying.
Business performance - I have undertaken, managed and been involved in many benchmarking exercises. The greatest measure of a company is how it compares against its competitors. Such information is not easy to gather and direct comparisons are always challenging. The value of comparative data should never be underestimated it provides amazing insight into the operation and efficiency of a business and it is important that businesses can capitalise on such information. Informed decisions are better decisions, what data do you make your decisions based on?
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