Business strategies (not WebStandard)
4 out of 5 businesses started today will not be around in 5 years’ time. Of those that survive, only 1 in 5 will survive the following 5 years.
You only have 3 ways to grow your business: (1) by increasing the NUMBER of your clients; (2) by increasing the AMOUNT of units your clients buy from you; 3) by increasing the FREQUENCY at which your customers buy from you.
Peter F. Drucker, renowned business guru, says a business is designed to do one thing only: to create customers through (1) innovation; and (2) marketing. Everything else will be an expense. He adds:
“Marketing is the distinguishing, unique function of the business. A business is set apart from all other human organisations by the fact that it markets a product or service . . . Any organisation that fulfils itself through marketing a product or a service is a business. Any organisation in which marketing is either absent or incidental is not a business and should never be managed as if it were one”.
This summary is designed to help you prepare and implement financial strategies for attaining your business goals, in harmony with your personal financial objectives.
Whatever your business goals – to start a new business, to grow an existing one, to change the direction of a mature business, to leave an existing business for a new venture or to enjoy a secure retirement – we trust you will find this overview helpful in developing the appropriate financial strategies.