I am sure everyone understands the need to have a good Marketing and Sales Plan for the future success of your business.
There are 4 other areas that are also crucial to success and one, or all, of these are often overlooked.
- Financial Plan.
Once the business plan has been developed, a good financial plan (budget) needs to be generated. To do this the sales plan must be converted in Rand values (remember to include all income streams) and be very careful ensure ALL expenses are included. These can be variable, fixed and one off expenses.
- Cash control.
Keeping a tight control on both inflows and outflows of cash will often be the deciding factor in determining whether a business is successful or fails. The importance of having a good financial plan becomes very clear when trying to control the cash flow.
- Systems and Procedures.
Good systems and procedures will help to ensure that the quality of the product or services provided is consistent, cash flows are well controlled and everyone in the business knows how the business is meant to run. When there are good systems the risk of error is greatly reduced thus ensuring the customer service remains excellent and the business runs smoothly, even when managers or staff are absent.
- Staff training.
Even if a business employs only one person, the owner, it is important to ensure that the staff are trained to perform their function properly. Well trained staff will not only be more efficient but will also be more motivated to ensure that the business is successful.