You will need to size the opportunity by creating an opportunity report. The Opportunity Report can be viewed as a high-level business plan or a precursor to the feasibility study. Your opportunity report should be no longer than five (5) pages in text (excluding cover sheet and appendices) and ten (10) pages in total. On..
Read moreValuing your company
Valuation involves estimating the worth or price of a company. Different industries use different methods to determine this value. Some industries use complicated quantitative models, while others use relatively simple approaches. Regardless of the methodology used, however, the valuation of a business incorporates not only a financial analysis of the company, but also a subjective..
Read moreKeeping records and preparing accounts as an entrepreneur
Accounting isn’t the most glamorous part of setting up or running a business. Most entrepreneurs would rather spend their time developing their product line or growing their client base. But accounting is important. Without it, your business will never reach its full potential. A lack of adequate accounting could even create legal problems that could..
Read moreStaying on good terms with the FIRS
1.1 File Tax Returns One of the quickest ways to find yourself audited is to not file your tax return. It’s better to extend if you must—extending doesn’t increase your chances of an audit and gives you more time to prepare your information and file a more accurate tax return. Moreover, if you can’t pay..
Read moreLeverage technology for greater efficiency
Today, every business is a technology business. Whether you have a one-person consulting company or a 50-person manufacturing firm, every business must use technology and use it well. But managing technology can be overwhelming to a small business owner. This article helps you concentrate on the most impactful ways to spend your time with technology...
Read moreGetting Things Done Right – The Essence of Project Management
Everyone talks about management, but nobody stops to explain what it is. What do we really mean when we talk about managing something? We can understand that best if we look at the opposite of management. In a business, if something isn’t under management, then it’s out of control. When a situation is out of..
Read moreEffective Communication: The Key to Effective Customer Engagement
Are you having difficulty reaching your target market? Are you using some communication tools, yet your target market cannot hear you? Then, there is a communication problem and like all communication problems, this can be resolved. Because communication is at the heart of all human relationships, it must be taken seriously in building product image..
Read moreHow well do you know your Product?
If you find that your marketing and promotional strategies are not working or achieving desired results, then maybe it’s time to go back to the board. Malcolm McDonald, a marketing academic, said that “the other half of the marketing audit, having considered whom we sell to, is what we sell to them.” An effective marketing..
Read moreHow well do you know your Customer?
You have a good marketing plan. You have a strong strategy team. Your marketing department is devoting a lot of resources to the company’s marketing activities. However, you do not see the impact of these activities on sales. Or maybe, there’s impact but not as much as you had expected. This is no one-size-fits-all solution,..
Read moreStrategic Marketing Planning: The key to marketing success
If you find that your marketing team is not achieving desired results, you may need to follow a strategic marketing planning process that is firmly rooted in a marketing audit to remedy that. Contrary to popular thinking, marketing is not just some random activity. It’s not something you wake up from any side of the..
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