Step 2: Advancement
At Eagle Corporate Advisors, we help you chart a course, cross bridges, avoid obstacles and stay on track to keep you and your business on the best path to your success. We call this roadmap “The Six A’s.”
In our last issue, we talked about Assessment, in which we perform an objective comprehensive analysis of all factors which may impact your growth or transition strategy. This includes understanding your business position and personal goals from objective and subjective points of view.
In this month’s newsletter, I want to focus on Advancement, which is the second A. Advancement involves developing the proper action plan and timeline to help make your dreams a reality. Why are you doing what you are doing? Why do you want to change or improve? What will you accomplish? When will you have time to work on your course corrections? When will you reach your destination? How will you do it? How will you find the resources and time to implement each action? Who will be accountable for each step? Will you try to take on more than you can handle and give up too soon?
To truly advance along the path, you need a clear set of written instructions for your journey. Not only does this cover your “who, what, when, how and why,” but your accountability, focus, tracking, use of resources and much more. You may want to re-visit the Planning section of the January 2019 newsletter as a review of some of the steps to be taken.
There are several fundamental areas of your business that will need to be considered while determining what will be advanced first, second, third and so on. Improving and advancing the transferrable value of your business is not a short process. It can be simple, but definitely not easy. Some of the areas to consider are Planning, Leadership, Sales, Marketing, People, Operations, Finance and Legal. Each has many parts and pieces that interconnect with the other primary areas. Obtaining balance among them all is critical before you can successfully and significantly raise the quality of the whole batch.
As you can see, this step is quite complex. You may find you need a company like ours to help you stay the course as you maneuver through the eight fundamental business areas that need to be reviewed and improved:
- Planning – A company with a strong vision and mission supported by a fully-developed written business plan, and an understanding of its target market, competition, and barriers to entry, has significant advantage and value over other companies.
- Leadership – Your company’s transferrable value is increased when it has an active board of directors, a cooperative senior management team that effectively communicates within a positive culture, and can stay on track without constant interference from ownership.
- Sales – High value companies have the ability to deliver on the sales promises made to the marketplace and to do it in a systematic and reliable process-driven manner.
- Marketing – This includes a thorough marketing plan, appropriate positioning, use of technology, and public relations, along with predictable accurate implementation of marketing to generate sustainable sales.
- People – Your business value depends on its ability to hire, develop and retain quality individuals. The right people can strengthen culture, ethics, customer relations, production, innovation and other aspects of operations.
- Operations – Your company needs systems and documented processes in place to deliver on the promises made to the marketplace in an efficient and effective manner, allowing it to scale to the next level or region.
- Finance – All of your company’s financial matters must be in order while following best practices. These include clean audits, readable financial statements, operating reports, adequate tax planning, insurance protection, use of current technology, and proper banking and capitalization strategies.
- Legal – You have all legal matters in order, documented, including intellectual property. There are no claims for or against your company, you have a process to handle potential liability issues, and you have contracts with key customers, suppliers, advisors and contractors.