Business Growth Principles

Paul Green, the well known business journalist interviews me on the keys to successful and sustained business growth. Enjoy!

http://www.wsqsolutions.com/WayneWright11-5-10.mp3

The Art of Project Managment to aid Business Growth

As an organisation that is in contact with a plethora of businesses in the UK and abroad, it ceases to amaze us how indifferent companies are to the art of project management.

The simple truth is that project management plays a part in every activity. If all processes and procedures are viewed as a project then the business will come a long way in identifying areas for improvement as well as delivering a product or service on time and at minimal cost.

There are four stages of a project:

START-UP
This is the feasibility area that investigates whether it is OK to proceed with the project.

PLANNING AND ORGANISATION
This identifies the plan to execute the project and brings together the internal team and suppliers required to complete the project.

IMPLEMENTATION

This is where the project plan is put into action. Includes management processes to monitor progress and costs.

WASH-UP
This is where the project is reviewed and compared against plans for deviations and successes. Learning points are documented for the next project.

FOCUS ON:

• The plan, if you fail to plan you will plan to fail.
• The ‘Start-up’ part of the project, make sure that you have the resources to complete it.
• The team. Have the right skills to manage the project. If not bring in external expertise.
• Communicating progress regularly through short team meetings.
• Involving external suppliers or contractors in the planning process of the project. Set them success fee targets.

Contact us for more details on info@wsqsolutions.com

Or see how we have helped to use our expertise in project managing some key critical business issues on our website www.wsqsolutions.com/casestudy4.htm

First steps of doing business in China

Like any export activity, a thorough understanding of the market will help to underpin the sales proposition of your products. China is no exception and a number of tips for doing business are outlined here:

• The appointment of a good agent in China is essential, especially if your sales staff are non-Chinese nationals. Always identify an individual who understands your market place. The UK trade desk at the DTI is a good starting place for information regarding agents.
• If the local agent does not have a good command of English then a good technical translator will also be required. However many of the young Chinese have learnt English or have moved to China from Hong Kong.
• Plan and make good your time. China doesn’t stop. A good agent will look to maximise the time for visiting as many people as possible within 24h days!
• Be very aware of the culture. In the majority of cases a company business transaction is linked with the local government, regional official or even mayor.
• In the case of manufacturing or service requirements be clear of the technical strengths of your partner. Be very clear of the quality specification that you require. For example a grade of steel in the UK is NOT the same as similar graded steel in China. Double-check in the UK all raw materials before agreeing the specification.
• There is a risk associated with trading with less established Chinese businesses in more obscure locations. However there are big financial gains to be made if the implementation is handled correctly and ongoing training is given to the workforce.
• If your product has some patent or IP surrounding it then think carefully about manufacturing it in China. Clones have been known to surface in the market place with other products. One way around it is to semi-finish the goods in China and complete the manufacture of the goods back in the UK or Europe.

If you would like to know more information on doing business in China then please do not hesitate to contact us at info@wsqsolutions.com or see our website wsqsolutions.com for more details on how we help businesses to grow and develop profitably.

Executive mentoring and coaching

When we talk to companies about setting in place strategies for growing their business, invariably we get asked the question 'can you give me the skills to get there'. As entrepreneurs we can be so involved in running the business in a hands-on way that we reach a stage where our management and delegation skills need to kick in, so as to allow the business to grow and to give space for the entrepreneur to focus on the things that drive the business forward.

We have developed a unique Executive mentoring and coaching course that works with the senior team of the company to help them move the business to the next level. The type of things that we focus on include:

• Making sure that the business has a clear vision and purpose over the next 3 years.
• Working with the individual to understand the issues that they are working with on a day by day basis.
• Understanding their role to their staff and creating management strategies to improve the staff's performance so that things get done.
• Provide them with tools and techniques to plan and execute projects
• Helping them to understand their strategic role as a Director and owner and ensuring the skills are imparted to help create and execute strategy.

The key aspect of our role is to impart all the skills and experience of our expertise in growing and turning around companies around the world; and apply it to your business.

We work with individuals on a one-on-one basis every two to four weeks over a 3-5 month period. Once you have the skills then we will leave you to execute your plan and revisit you in a period of time that is agreed. Companies that have used this approach have seen individuals productivity esculate, staff energised and focus and more importantly busines profitabilty increased.

Contact us for more details on info@wsqsolutions.com

Or see how we have helped to use our expertise in growing a number of businesses in this way on our website www.wsqsolutions.com/casestudies.htm

Recession Business Strategies

'If you fail to plan, you will plan to fail'. Another quote to inspire us all to always regularly review where our business is going and to identify what can be done to ensure that it stays on track. Managing a business in a downturn can be a rollercoaster activity but there are some best practice principles that if adopted can help to ensure that you have the plans in place to manage through this difficult phase.

Our top tips are:

*Review all expenditure and keep a tight squeeze on cash leaving the business. Ensure all expenditure is aligned to customer or business generating needs.
*Work with your top customers on understanding their business and their needs. Better to be in a proactive situation to respond rather than reacting to a competitor's offer.
*Accelerate any product or service development plans. New products will always do well in a recession as they help to build and protect market share.
*If you are feeling the crunch on cash flow then talk to your bank and suppliers early. Again, nobody wants to be comfronted with last minute surprises.
*At the same time discuss continuity of raw materials or products from suppliers. Ensure that they are financially healthy, and if not, identify additional key suppliers to minimise business risk.
*Do not get the business at any cost. Know your margins and ensure that you communicate robustly the value of the proposition to your customers. Differentiating yourself from your competitors is essential in a price-driven recessionary marketplace.

If you want to access more top business tips then please download our latest newsletter from our website on the link below.

http://www.wsqsolutions.com/