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The Right Tree in Business

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THE RIGHT TREE IN BUSINESS:

How to Create a Solid Foundation for your Business

The Right Tree in Business

Published by Destiny Oriakhi at Shakespir.

Smarshwords Edition

Copyright 2016 Destiny Oriakhi

Smarshwords Edition, license Notes

Thank you for downloading this ebook. You are welcome to share it with your friends. This book may be reproduced, copied and distributed for non-commercial purposes, provided the book remains in its complete original form. If you enjoyed this book, please to return your favorite ebook retailer to discover other works by this author. Thank you for your support.

Book Guide

Introduction

Organizational Direction

Environment Analysis

Case Study

Strategy Formulation

Note the Following[*:*]

INTRODUCTION

Success, being a Journey, is courted by everyone, yet only a few gets rewarded with its holy grail. Truth is, seeking success is natural. But succeeding is deliberate- it comes with varying prices. Irrespective of your call, understand that you can succeed. It is not a strong factor whether others succeeded in it or the market is too crowded. The key to succeeding is in reinventing what you do, how you do it and where you do it-over and again. Same product, different process/procedure.

For every successful venture/business, five key processes must be followed. The essence of this is to expose your consciousness to them so you can avoid common mistakes and potholes as you traverse the success curve.

Before we highlight these, a quick things of note:

*
p<>{color:#000;}. Before placing your ladder to climb to Success, make sure it is leaning against the right wall. Don’t just try hands on everything. Ensure the things you do surely gives you joy and you can thrive at them. Here, your will to create and reinvent you draws Success your way.

*
p<>{color:#000;}. Success is by choice. Resolve to make this choice. You will need then to change your attitude, keep to details, talk less, reduce your friends etc.

*
p<>{color:#000;}. Make out time to completely plan key things you need for the Success Journey. Yes, Success is a journey.

*
p<>{color:#000;}. Resolve in time to do something, every day that will lead you there. For instance, save daily to buy the equipment you need; take that course to learn the skill you need etc.

*
p<>{color:#000;}. Ensure to do the things that are more important before going onto those of less contributions to your dream.

*
p<>{color:#000;}. Never stop leaning and growing. A man is only as good as the much he knows.

 

Four key things you need to observe and do on you.

 

Create an Organizational Direction.

 

At this stage, you have resolved to succeed, and have carefully placed your Success ladder on the right wall (meaning you have chosen a field you are comfortable with and will not struggle in). First thing you do is to create a direction for your business/job/passion.

Next, determine what you are about. Then, create a vision, a mission, the market demography etc. Determine also your brand color(s), motto, logo etc. These will make you recognizable. Without these, you are simply going to be running in circles while the major customers will always go to the firm with a face and is identifiable.

Creating an Organizational Direction also involves settings goals etc. It includes determining the work behaviors of your would-be staff. It sets the line. A firm/company without a direction will soon faze out of the market. This is what makes a brand strong or not.

Of importance is having your brand officially registered with the country you wish to operate in/from (in Nigeria, this is with the Corporate Affairs Commission).

You can as well open a company corporate account alongside. This will secure your brand name. This sets the foundation stage for your business development.

 

Environmental Analysis.

This basically means conducting a review of the existing market your business is to dwell in and testing the market to be sure of a sure shot of survival for your potential SME.

 

From my experience, there are two aspects to Environmental Analysis:

 

SWOT Analysis: this is important. It means evaluating your strengths against your weaknesses (internal analysis) and the available opportunities against potential or existing threats (external analysis). Conducting your SWOT analysis will score you the following:

 

 

A detailed understanding of your business field, existing competitors and even potential market share.

Firsthand, x-ray of existing or unexplored market or market strategies.

Better understanding of the value your product or service will deliver to the market and how much it should be priced compared to its existing competitors’

Determine your core strengths and weaknesses which you will need to harness to favor your endeavor.

Feasibility Study: this should be carried before the business is established. It helps you determine the viability and scalability of your business idea. It also helps you determine if the business is viable, sell-able and how much it can significantly impact on the people.  Embarking on this will:

Help you in expunging all illusion in your business model

Expose you to existing strategies, wants and primary needs you may not have discovered to cater for in your business.

Your leverage would be those things you do better than your competitors (your core competencies) found in areas such as service delivery, product quality, common core values, corporate culture etc. 

Environmental Analysis helps the entrepreneur get reassurances of the workability of his idea in the market. it helps the entrepreneur predetermine the best possible way to tailor your SME, business model, product packaging, delivery means and, more importantly, the best strategies to employ to exploit the markets not fully covered, or to bite from the saturated ones.

 

Strategy Formulation

This is a key process required in managing your business. It is the strategic process of examining your market and devising suitable mediums of attracting clients or customers. Lasting strategies can ensure resale or referral.

 

 

A strategy is what you need compete successfully and then survive. Formulating strategy is an integral process of business development as it blends with the process of ensuring the scalability of your idea. It is therefore advisable that the first template strategies be developed before establishing your business, or during the design phase of your business model.

Strategy formulation is an important part of business development as most of the processes executed throughout the lifetime of the business are developed here, or at least created here, and modified subsequently.

 

Follow these steps to formulate your business strategies.

Conduct a thorough research on all existing strategies. You can break your work into manageable bits to account for

Competitor’s business strategies (document them).

Market acceptability and reach of existing strategies.

Specific market benefit from each strategy.

Document, reform, re-model these strategies. Some strategies may not be adaptable to your business due to its location, process or market. That a strategy worked well for a competitor does not mean you will get similar result from employing them. It is important to adapt a strategy to your particular business, considering the prevailing circumstance such as staffing, market exposure of business etc. Create new strategies. Your findings from the research will help you determine if new strategies will be required to win your market. Often, this is the case for new entrants to a market.

Define all activities to be daily done in executing these strategies. This will effectively create job descriptions or openings for your firm. You will from this know what skills you need in your business.

 

CASE STUDY

[_Peak Milk was the milk of choice of the people. The strongest brand in the market, it was mainly available in tins and to an elite market who could afford it at N 90. This meant a larger chuck of the market were either cut off their reach or were forced to buy the rather expensive product at the time. _]

When Cowbell was venturing into the market, it did a thorough environmental analysis and found that a larger share of the market was largely ignored. This called for tailoring the product to be available in packages affordable particularly to this maligned market. Needless to say the market share ignored was far larger than the one catered for by Primary Peak.

Cowbell thus targeted the very poor folks, providing satchel powdered milk for N 10, affordable to all classes of people.

This move more than grossed them N 900,000,000 annually. This forced mighty Peak to start producing satchel milk!

This move was the lifeline for Cowbell, effectively breaking them into the market with ease.

 

Note the Following:

Strategy formulation may lead to product redesign and other major business management/policy adjustment. These will forge part of new formulated strategies for your business.

Some strategies may already be counter-productive to your competitors. You will need to know why and weather it will be consistent with your firm should your employ them also.

 

 

The End.

 

 

Thank you for reading my book. If you enjoyed it, won’t you please take a moment to leave me a review at your favorite retailer?

Thanks!

Destiny.

 

 

Connect with me:

Follow me on twitter: https://twitter.com/Oriakhideba1

LinkedIn: https://www.linkedin.com/in/osadebamwen-destiny-oriakhi-38b78852


The Right Tree in Business

This book will guide you on how to create a solid foundation for your business. Statistics has shown that 90% of startups fail within the first three years of existence. One of the reasons for this is poor business foundation or structure. This book was created to help create the necessary structure to ensure your business survival. So if you own a business or want to own one soon, this book is for you.

  • ISBN: 9781370554430
  • Author: Destiny Oriakhi
  • Published: 2016-11-05 23:05:10
  • Words: 1485
The Right Tree in Business The Right Tree in Business