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CONTENTS INTRODUCTION The Challenges of Growth Growth Challenge One: The Planning Vacuum Growth Challenge Two: Muddled Marketing Growth Challenge Three: Mismanaged Change Growth Challenge Four: The Wrong Objectives Growth Challenge Five: Meddling and Mis-spent Time Growth Challenge Six: No Financial Strategy and Poor Controls Overcoming the Challenges Structure of the Book How to Use this Book Assignments Examples Acknowledgements PART ONE: WHERE ARE WE NOW? CHAPTER ONE YOUR BUSINESS AND ITS MARKETS WHAT DOES YOUR BUSINESS DO¿AND HOW DOES IT DO IT Your Business Purpose DEFINING YOUR BUSINESS PURPOSE ASSIGNMENT 1.1 YOUR BUSINESS PURPOSE YOUR BUSINESS MODEL A BUSINESS MODEL THAT WORKS FOR YOU ASSIGNMENT 1.2 YOUR BUSINESS MODEL WHICH INDUSTRY ARE YOU IN THE INDUSTRY VALUE CHAIN ASSIGNMENT 1.3 YOUR INDUSTRY AND THE INDUSTRY VALUE CHAIN WHAT IS CHANGING IN YOUR BUSINESS ENVIRONMENT? INCREMENTAL OR RADICAL CHANGE? ENVIRONMENTAL SCANNING PESTEL ANALYSIS PREPARATION: SOURCES OF INFORMATION OUTCOME OF THE PESTEL ANALYSIS ASSIGNMENT 1.4 PESTEL ANALYSIS HOW DO YOU IMPLEMENT A PESTEL ANALYSIS? CHAPTER TWO YOUR CUSTOMERS AND COMPETITORS THE MARKET SEGMENTS YOU SERVE CONSUMER SEGMENTATION BUSINESS TO BUSINESS SEGMENTATION ABC (OR PARETO) ANALYSIS DO YOU HAVE A UNIQUE SELLING POINT OR PROPOSITION? ASSIGNMENT 2.1 SEGMENTATION AND DIFFERENTIATION THE CUSTOMER LIFECYCLE ASSIGNMENT 2.2 ABC ANALYSIS AND CUSTOMER LIFECYCLE WHO ARE YOUR COMPETITORS? HOW DO YOU TRACK YOUR COMPETITORS? ASSIGNMENT 2.3 TRACKING COMPETITORS DO YOU KNOW HOW YOU WIN BUSINESS? KEY SUCCESS FACTORS FROM THE CUSTOMER¿S POINT OF VIEW ASSIGNMENT 2.4 KEY SUCCESS FACTORS ANALYSIS KEY PERFORMANCE INDICATORS SWOT ANALYSIS ASSIGNMENT 2.5 SWOT ANALYSIS CHAPTER THREE ARE YOU IN GOOD FINANCIAL HEALTH? MEASURING GROWTH MEASURING PROFITABILITY Gross Profit and Gross Profit Percentage Operation Profit and Operation Profit Percentage Net Profit and Net Profit Percentage Return on Capital Employed (ROCE) Return on Shareholders Capital (ROSC) Profit per Employee Value Added per Employee MEASURING LIQUIDITY Current Ratio Quick Ratio (or Acid Test) MEASURING WORKING CAPITAL Average Collection Period (or Debtor Days) Average Payment Period (or Creditor Days) Stock (Inventory) Control Circulation of Working Capital MEASURING INSOLVENCY Gearing Interest Cover CALCULATING YOUR BREAKEVEN POINT Breakeven: (Why is it Important?) Identifying Fixed and Variable Costs Calculating your Breakeven Point Capital Intensive Versus ¿Lean and Mean¿ PROFITABLE PRICING CHAPTER SUMMARY ASSIGNMENT 3 CHAPTER FOUR DIAGNOSING YOUR ORGANIZATIONAL HEALTH WHAT IS THE RIGHT ORGANISATION FOR YOUR BUSINESS? ASSIGNMENT 4.1 TAKING A FRESH LOOK AT YOUR ORGANIZATION PHASES OF ORGANIZATIONAL GROWTH Phase One: Growth Through Creativity Phase Two: Growth Through Direction Phase Three: Growth Through Delegation Phase Four: Growth Through Coordination Phase Five: Growth Through Collaboration BENCHMARKING AGAINST BEST PRACTICE ASSESSING YOUR PEOPLE CAPABILITY Skills and Attitudes Management Capability and Style Culture ASSESSING YOUR STRUCTURE How to Divide Things Up Types of Structure: Advantages/Disadvantages How to Put Things Together Again ASSESSING YOUR SYSTEMS Recruitment and Selection Processes Motivation and Retention Processes Training and Development Processes Communication Processes ASSIGNMENT 4.2 DIAGNOSING YOUR ORGANIZATION CHAPTER FIVE NOW LET US TALK ABOUT YOU PERSONAL DRIVERS AND MOTIVATION Technical/Functional Competence Managerial Competence Independence and Autonomy Security and Stability Entrepreneurial Creativity Service/Dedication to a Cause Pure Challenge Lifestyle Are You a Workaholic? WHAT KIND OF LEADER ARE YOU? Taking Stock of Your Leadership Philosophy Growing into Leadership From Direction to Empowerment From My Vision to Our Vision From Managing Things to Managing People So are YOU the Barrier to Growth? The Four Types ASSIGNMENT 5.1 YOUR LEADERSHIP SWOT WHAT IS YOUR CURRENT ROLE? So How Do You Spend Your Time? Are You the CEO or the Office Boy? Are YOU Holding the Business Back? PART TWO: WHERE ARE WE GOING? CHAPTER SIX WHAT DO YOU WANT? PERSONAL GOALS AND DRIVERS SO MAKE IT WORTH IT ASPIRATIONS AND OUTCOMES Business Outcomes Leadership Outcome Personal Business Outcomes Personal Life Outcomes Business Outcomes Leadership Outcomes Personal Business Outcomes Personal Life Outcomes ASSIGNMENT 6.1 YOUR PERSONAL GOALS AND DRIVERS POSTCARD FROM THE FUTURE ASSIGNMENT 6.2 POSTCARD FROM YOUR FUTURE CHAPTER SEVEN ARTICULATING YOUR FUTURE (OR WHAT DOES THE BUSINESS HAVE TO DO TO ENABLE YOU TO ACHIEVE WHAT YOU WANT?) BUSINESS OBJECTIVES Financial Objectives Market Objectives People and Management Objectives ASSIGNMENT 7.1 BUSINESS OBJECTIVES VISION Characteristics of Effective Visions Developing a Vision Organization Pictures Culture Statements ASSIGNMENT 7.2 ARTICULATING THE BUSINESS VISION PART THREE: HOW DO WE GET THERE? CHAPTER EIGHT WHAT IS YOUR GROWTH STRATEGY? IMPROVING PRODUCTIVITY Cutting Costs Increasing Margins Improving Product Mix Increasing Prices INCREASING SALES VOLUME Competing More Strongly: Squeezing the Lemon! Innovate ASSIGNMENT 8.1 ASSESSING GROWTH OPTIONS THE NEED FOR CLEAR PRIORITIES CASH GENERATION: PRODUCT PORTFOLIO ANALYSIS Arguments for Using the Boston Matrix Proceed with Caution! REVISIT YOUR STRATEGY Your Business Purpose ASSIGNMENT 8.2 REVISIT YOUR BUSINESS PURPOSE CHAPTER NINE HOW CAN YOU FURTHER DEVELOP YOUR DISTINCTIVENESS? DEVELOPING CUSTOMER SEGMENTS AND PRODUCT/SERVICE QUALITY Quality Challenges Attention to Quality Pays Off CUSTOMER RETENTION AND ADDING VALUE CHALLENGES FOR SERVICES PRICE AND MARGIN OPTIMIZATION Margin Enhancement by Focussing on the Most Profitable Customers PROMOTIONAL ACTIVITIES Word of Mouth Marketing More Formal Marketing Approaches Below the Line Marketing Activities Your Website Above the Line Marketing Activity (Advertising) Advertising Aims Change Over Time DISTRIBUTION IMPROVING THE EFFECTIVENESS OF THE SALES EFFORT Setting and Monitoring Sales Targets Sales Forecasting and Control ASSIGNMENT 9.1 FURTHER DEVELOPING YOUR DISTINCTIVNESS CHAPTER TEN HOW TO DEVELOP A BALANCED MANAGEMENT TEAM RECRUITMENT AND SELECTION Job Descriptions Person Specification Sourcing Applicants Interviewing Your Short-List ASSIGNMENT 10.1 RECRUITMENT AND SELECTION MOTIVATION AND RETENTION Hygiene Factors and Motivators Attitude Surveys Exit Interviews REWARDS AND RECOGNITION ASSIGNMENT 10.2 MOTIVATION, RETENTION, RECOGNITION AND REWARDS PERFORMANCE MANAGEMENT Setting the Scene Vision and Key Performance Measures Goals and Targets Performance Reviews Regular Appraisals ASSIGNMENT 10.3 PERFORMANCE MANAGEMENT TRANING AND DEVELOPMENT Investing in Training Identifying Training Needs Choosing the Right Training On the Job Training In-house Classroom Training Public Courses Interactive Distance Learning Off-the-shelf Training Progammes Colleges Government Initiatives Induction Training Coaching, Mentoring and Other Ways ASSIGNMENT 10.4 TRAINING AND DEVELOPMENT BUILDING THE TEAM Vision and Values Size Team Roles Leadership Cross-functional Issues Stages of Development Forming Storming Norming Performing ASSIGNMENT 10.5 YOUR MANAGEMENT TEAM REMOVING PEOPLE Reasons for Getting Rid of Someone Unable to Do the Job Poor Performance Not Needed Misconduct Procedure Disciplinary Procedures Classic Mistakes Handling the Termination Plan the Interview in Advance Do Not Procrastinate Tell Them the Truth Do Not be Emotional Do Not Prolong the Agony ASSIGNMENT 10.6 REMOVING PEOPLE CHAPTER ELEVEN HOW DO YOU MANAGE THE CHANGES? CHANGE HURTS CHANGE MEANS YOU TOO! THE PREDICTABLE PROCESS OF CHANGE INCREASING THE ODDS IN YOUR FAVOUR Dissatisfaction With the Status Quo Desirability of the Proposed Change Practicality of the Change YOUR CHANGE TOOLKIT Force Field Analysis Commitment Charting The Change Star ASSIGNMENT 11.1 MANAGING THE CHANGES CHAPTER TWELVE HOW DO YOU FUND GROWTH HOW MUCH CASH WILL I NEED TO GROW MY BUSINESS? Calculating the Working Capital Requirement IDENTIFYING THE FUNDING GAP INTERNAL SOURCES OF FUNDS Squeeze Working Capital Debtors Stock Control Other Ways to Squeeze Working Capital Make More Profit and Plough It Back Recognize the Iceberg Zero-based Budgetting Cut Out Mistakes Through Training Incentivize Everyone Around Profit Increasing Margins Pricing Working Smarter EXTERNAL SOURCES OF FUNDS Debt (or Borrowing) Working Capital Finance Asset Backed Finance Government Assistance Money for ¿Free¿ Equity (or Venture Capital) Mezzanine Money OTHER WAYS TO FUND GROWTH Franchising Corporate Venturing ASSIGNMENT 12.1 FUNDING YOUR GROWTH CHAPTER THIRTEEN WHAT IS YOUR FUTURE LEADERSHIP ROLE? MANAGING AND LEADING YOUR BUSINESS What is Leadership? Becoming a Leader of Leaders ASSIGNMENT 13.1 LEADERSHIP AND MANAGEMENT LETTING GO TO GROW Building Trust How to Delegate Define the Boundaries Decide Who to Delegate To Communicate Your Decision Clearly Provide the Tools to Help Staff Succeed Review, Feedback and Reward ASSIGNMENT 13.2 DELEGATION WHAT WILL YOUR ROLE BE IN THE FUTURE? MANAGING SUCCESSION ASSIGNMENT 13.3 SUCCESSTION MANAGING YOURSELF How You Spend Your Time Making Your Meetings More Effective Define the Purpose Clearly Decide Who Should Attend An Agenda is Vital Order of the Items Be a Good Listener Involve All Participants Keep to the Point Control Aggression Check Progress Decide on Action Follow-Up Communicating ASSIGNMENT 13.4 MANAGING YOURSELF INVESTING IN YOUR ON-GOING DEVELOPMENT Appropriate Role Models Broader Experiences Making Mistakes Formal Management Training Books Get a Mentor Work with Other Owner-Managers ASSIGNMENT 13.2 YOUR ONGOING DEVELOPMENT CHAPTER FOURTEEN ACQUISITIONS, MERGERS, DIVESTMENTS AND JOINT VENTURES ACQUISITIONS Why Would You Want to Make an Acquisition? Strategic Reasons for Making an Acquisition Process of Acquisition MERGERS THE PEOPLE FACTORS IN ACQUISITIONS AND MERGERS Is the Logic Compelling? Stages of an Acquisition or Merger: the Cultural Perspective Romance Courtship and Culture Fit The Marriage Leadership Employee Reactions Communication Team ACQUISITION OR MERGER CHECKLIST Terms and Conditions of Employment Conditions for Key Managers and Staff Strength of Management Team Organization Structure Culture Fit Post-Merger Management JOINT VENTURES Articulate Clearly the Strategic Aims of the Deal Align the Interests of the Parties Identify Rights and Responsibilities Set Out a ¿Pre-nuptial¿ Agreement that Provides for the Dissolution of the Deal A FINAL WORD ASSIGNMENT 14.1 CHAPTER FIFTEEN WHAT ARE YOUR OPTIONS FOR REALISING THE VALUE? WHY REALIZE THE VALUE? WHAT ARE YOUR OPTIONS? Winding Down Private Sale Trade Sale Selling to Your Existing Management Team Selling to an Incoming Management Team Passing the Business on Through the Family Selling to the Employees Example Going Public Example PREPARING THE BUSINESS FOR SALE (DRESSING TO KILL) Example VALUING THE BUSINESS PROFESSIONAL ADVICE SECOND THOUGHTS AFTERWARDS ASSIGNMENT 15.1 REALIZING THE VALUE CHAPTER SIXTEEN WRITING UP YOUR PLANS WHAT SORT OF PLAN DO I NEED AND WHY DO I NEED IT? WHAT DOES THE BUSINESS PLAN LOOK LIKE? ¿Standard¿ Contents for a Conventional ¿Business Plan¿ ¿Standard¿ Contents List BEFORE YOU START TO WRITE YOUR BUSINESS PLAN PRESENTING YOUR BUSINESS PLAN COMMUNICATING AND LIVING THE NEW PLAN MONITORING PROGRESS Financial Controls Your Next Business Plan ASSIGNMENT 16.1 WRITING UP YOUR PLAN
Library of Congress Subject Headings for this publication:
Small business -- Management.
Business planning.
Management.