While you can think in terms of efficiency in dealing with time, a principle-centered person thinks in terms of effectiveness in dealing with people. - Stephen Covey
Integrity / Trust
The glue that holds all relationships together ... is trust, and trust is based on integrity. - Brian Tracy
Insight / Perspective
Insight is not about gaining understanding or knowledge. It is about gaining a new perspective from which things look different
Caring / Customer Satifaction
In today's competitive marketplace where businesses compete for customers; customer satisfaction is seen as a key differentiator.
NovaBP Business Advisory Services
At certain stages in the life of business, it becomes crucial to review or rethink what your doings and why. The accelerated rate of change in technology and the general business environment has meant that today more than ever businesses need support in evolving, developing and growing their business strategies and plans
The following 7 steps represent the major issues that we will cover during the Nova Business Development process. As you proceed through each step remember that it is not so much the information itself but the process of thinking objectively and practically about these issues, acting on the plan and then, most importantly, by reviewing and evaluating your progress to adjust and focus your actions you will develop what is most important for your success.
Step 1 Clarify your Vision
We support you to set clear business goals and objectives that support you in creating and maintaining the quality of life you and you family want.
Step 2 Analyse your Business
We then support you to objectively analyse your business and take stock of where your business is at the moment. Identify all the measurable features of your business such as revenue; number of customers; amount of repeat business; current sales/conversion rates; lost customers, debtors, creditors, cash requirements, debt levels total sales, sales by product group or major products. Compared to last year, are your sales increasing or decreasing?
From human resources through to production and distribution: we will also encourage you to look at less measurable areas such as the quality of management, acceptability of products to the market, depth of established networks, reputation of the company etc.
Compare all these variables with previous years to determine many of your business strengths and weaknesses.
Step 3 Summarise findings in swot
A well-managed business will analyse and isolate major business opportunities and threats. The business must evaluate the needs of the market, competitors’ offering to the market, the major promotional selling points of competitors and the relative success of these appeals. These should be compared to your business – has it positioned itself with a strong long-term competitive advantage?
Then we have to look at the general market sales and trends, break down the market into market segments and conduct a detailed and thorough analysis of the needs of each segment. Who is your customer and what are his/her needs? You will also need to assess your competitors.
Next, we will summarise all this analysis of your business and all factors that affect your business. Crunching all this information to in a SWOT analysis.
In this step you are beginning to move from the experience of being in the business to an objective understanding of your business as a system that you can work on. The key is to look for where you have the most “leverage”.
Step 4 Develop clear business plans
It’s a simple matter of uncommon sense that to improve your business you need to focus on your strengths and address the weaknesses to minimise their impact on your business. Sometimes this means letting go of ways of doing things that we are attached to; sometimes it means doing things that we never knew needed doing.
The Business Planning process is the means by which you can understand how to capitalise on your strengths and minimise your weaknesses. We help you to form your intentions to take advantage of opportunities and avoid potential threats to your business.
This stage involves developing your marketing plan, a finance/aadministration plan, a human resource/training plan, and plans covering any other major operational areas of your business.
Step 5 Implementing the plan
Tasks, timings and responsibilities. Who is responsible for “Getting the job done” and by when? The Nova Business development program is designed to support you through this crucial implementation phase, we have an ongoing coaching and mentoring component to help you to follow through on your plans.
Step 6 Monitoring business progress
Don’t fall into the trap of constantly “Firefighting”. To keep the big picture in your mind and stay focused on the job of developing or growing the business we need to regularly step back and assess how much progress we have made.
If any of your planning objectives are not met, we’ll support you to ask the question, “Why not?” and “what can we do about it?”
Step 7 Evaluation and review of business development program
It is crucial to recognise and reward achievement. We’ll join you in celebrating your successes. We also want to help you decide how to invest and build your wealth.
If objectives are not being met then you may have to reconsider your initial plan. Often events occur throughout the planning period that will affect your initial assumptions. A good evaluation of all your objectives and the level achieved will lead to better future planning.
Business Start- Up?
Probably the first question to ask is “Why do I want to be in business?”
Starting a business can be scary. But there can be great rewards await entrepreneurs determined enough to create successful small businesses — benefits you may miss out on if you remain a wage earner for the rest of your life. Although only you can decide if you’re ready to quit your job and plunge into running your own business, here are some of the rewards of going out on your own:
Independence and flexibility
You’ll have more freedom and independence working for yourself. And once your business is firmly established, you’ll probably have the flexibility to make sure you don’t miss the moments and events that matter most to you in life.
Owning and running your own business can be more satisfying and fulfilling than working for someone else. Many successful small business owners find they enjoy the respect they earn from their peers for having the courage to go out on their own.
The risks of forgoing a steady paycheck can pay off when you own your own business. You can get rich in a small business, or at least do very well financially. Although most entrepreneurs don’t get wealthy, some do. (For more information on calculating the financial viability of your idea you will need to complete the Nova Financials).
NovaBP has developed an easy step-by-step software that enables and supports you to research and prepare a business plan with confidence. The Nova Business Plan has been used by over 1,000 businesses in the Hunter Region of NSW. It is used by TAFE NSW, as well as the very successful NEIS Programme. These businesses have included service, import, wholesale and manufacturing and it is easily adapted to all types of business structures, whether you are a sole trader, partnership or company.
Scott and his team are ever reliable and consistent in their business support and “Advisory Services.” Over the many years I’ve know them, they have slowly broadened the range of “Services” they provide, all the while maintaining their high standards and friendly manner. They deserve all the good recognition and commendation that is now coming their way. Thanks again for all your good advice.Peter
Business Planning Software
The Nova Business Plan will provide you with the following:
- It has a step-by-step, 100-point template, with a summary and checklist, as well as notes provided throughout to guide you through each area.
- The marketing section is thorough and comprehensive from detailed market research right the way through to developing your competitive edge.
- The financial tables are fully integrated. Breakeven graphs, income and expense graphs, viability tables, taxation and financial accounts are automatically generated.
- You can access support if you have difficulties by emailing one of our business consultants.
Need a Bookkeeper?
Bookkeeping is an essential part of running your business but we know … there is not always the time to devote to it. At NovaBP we can get your accounts and financial records setup on either Xero (our preferred software), or MYOB ( or even Excel spreadsheets if you prefer). If you are too busy and need to outsource the work we can access your work remotely and prepare your Bank Reconciliations, Management, Financial and BAS Reports.
Up to fifty of our small business clients prefer to manage their own business account on Xero. We have found Xero to be such a user friendly software, that after a couple of sessions with us, you will be good to go. We promise!
Call our team today or book in for a session ……
Want to know more on Xero?