CRM has many important advantages:
. This improves relationships with existing customers, resulting in:
>> Increased sales
>> Identifying customer needs
>> Cross-selling products
. This allows for better marketing of its product or service.
. This increases customer satisfaction and loyalty
.
It increases profitability by identifying and focusing on the most profitable customers
What is a network?
In business, networking means leveraging your professional and personal connections to generate a steady supply of new business. This method of marketing is both effective and inexpensive. It’s a great way to develop sales leads and relationships. Networking can be based on referrals and introductions, as well as phone calls, emails, and social and business websites.
Networking Needs
Networking is a necessary personal skill for business people, but it is even more important for entrepreneurs.
The networking process stems from relationship building. Networking can facilitate communication and build influence in an entrepreneurial ecosystem. It helps to build strong relationships with other entrepreneurs.
Business networking events held around the world play an important role in connecting like-minded entrepreneurs who share the same core beliefs in communicating, exchanging ideas and making them happen. These networking events also play a vital role in connecting entrepreneurs with potential investors. Entrepreneurs may have very different experiences and backgrounds, but they all have one goal in mind: they are all looking for connections, inspiration, advice, opportunities and mentors. The web provides them with a platform to unleash these benefits of the web.
Networking offers many benefits to entrepreneurs. Some big benefits are:
. Get quality leads
. Increase business opportunities
. A good source for relevant contacts is
.
Council of like-minded entrepreneurs
. Gain popularity and boost your image.
. Meet positive and enthusiastic people
. Increased confidence
.
Satisfaction from helping others
. Forging strong and lasting friendships
Advice
. Use social media interactions to identify needs and gather feedback.
. When socializing, ask open-ended questions rather than yes/no questions.
Business Plan: Why You Should Set Goals
Setting goals is important because it gives you long-term vision and short-term motivation. Goals can be short-term, medium-term, and long-term.
short term goals
. These are specific short term goals. Example: recovering a broken down machine.
Medium-term objective.
. These goals are based on your short-term goals.
. They don’t need to be as specific as your short-term goals.
Example: Conclude maintenance contracts to ensure that your machines will not break down again.
Long Term Goals
These goals take time and planning. This usually takes a year or more to complete.
Example: Planning your expenses to buy new machinery
Why a business plan
A business plan is a tool to understand the structure of your business. It can be used to track progress, promote accountability, and monitor the fate of the business. It usually provides a 3-5 year forecast and outlines the plan the business intends to follow to increase revenue.
A business plan is also a very important tool for attracting the interest of key employees or future investors.
A business plan generally consists of eight elements.
Elements of a Business Plan
Executive Summary
The executive summary follows the title page. The summary should clearly and concisely state your wishes as a business owner. This is an overview of your business and your projects.
Ideally, it should not exceed 1-2 pages.
Your resume should include:
Mission Statement: Explain what your business is about.
Example: Nike Mission Statement
Nike’s mission statement is “to bring inspiration and innovation to every athlete in the world”.
Company Information: Provide information about when your company was established, names and roles of founders, number of employees, your location, etc.
Growth Highlights: Give examples of business growth. Use graphs and charts whenever possible.
Your product/service: Describe the product or service offered.
Financial Information: Provides details of current banks and investors.
Summary Future Plans: Describe your vision for the future of your business.
Business Description
The second part of your business plan should detail the various elements of your business. This will help potential investors fully understand your business goals and the uniqueness of your product.
Your business description should include the following:
. A description of the nature of your business
. The market needs your target to reach
. How your products and services meet those needs
Specific consumers and organizations you intend to serve
.
Your Specific Competitive Advantage
Market Analysis
The market analysis section usually follows the company description. The purpose of this section is to demonstrate your knowledge of the industry and the market. This is also the part where you should write your research results and
conclusions
your market analysis
. A description of your business and your prospects
. Information about your target market.
.Needs and demographics of target audience
. The size of your target market is
. The number of market shares you want to gain
. Your price structure
.
Your Competitive Analysis
. Any Regulatory Requirements
Organization and Management
This section should immediately follow the Market Analysis and your Organization and Management
section should include the following:
. Organizational structure of your business
. Details of your business ownership
. Contact details of your management team
.
Eligibility for your council
. Detailed description of divisions/departments and their functions
. Salaries and benefits you offer to employees
. Incentives you offer
Range of services or products
The following section is the service or product line section. Here you can describe your service or product and highlight its benefits to potential and existing customers.
Explain in detail why the product you have chosen will meet the needs of your target audience.
Your service or product line section should include:
. A description of your product/service
. A description of the life cycle of your product or service
. List all copyright or patent applications
.
Describe any research and development activities you are involved in or are planning
Marketing and Sales
Once your services or product lines section is complete, you should begin to describe the sales management strategy and marketing your business.
Your marketing department should include the following strategies:
Market penetration strategies. This strategy focuses on selling your existing product or service in the market to increase your market share. In the existing
growth strategy. The strategy focuses on increasing market share even if it cuts
earrings in the short term.
Distribution Channels: These can be wholesalers, retailers, distributors or even the internet. facial expressions), non-verbal strategies (body language, facial expressions, tone of voice) and visual strategies (logos, web pages, illustrations).
Your sales department should include the following information:
Sales Strategy. The strategy focuses on increasing the company’s revenue.
A summary of your sales activity: this means explaining how you plan to sell your products or services – will you sell them offline or online, how many units you plan to sell, at what price do you plan to sell each unit, etc. .
Financing requests
This section is dedicated to those who need financing for their business. The Funding Request section should contain the following information:
. How much money do you currently need.
. How much money you need for the next five years.
It will depend on your long-term goals.
. The kind of money you want and how you plan to use it. Do you want funds that can only be used for
specific purposes, or funds that can be used for any type of need?
• Future strategic plan.
This will involve making your long term plans – what they are and how much money you will need to implement them.
. Historical and forecast financial information. This can be done by creating and maintaining all of your financial records, from when you started your business until today. The documents required for this are a balance sheet detailing the assets and liabilities of the business, an income statement showing the income, expenses and net income of the business for the year, tax returns (usually for the last three years) and a cash budget showing cash inflows. and cash outflows, and indicate whether you have a deficit (negative balance) or a surplus (positive balance) of cash at the end of each month.
Financial planning
Before you start building your business, you need to plan your finances.
Review the steps to financial planning.
Step 1: Create a financial plan. It should include your goals, your strategy, and your timeline for achieving those goals.
Step 2: Organize your important financial documents, keep a file to keep your investment details, bank statements, tax documents, credit card statements, murance aapers and any other financial records
Step 3: Calculate your net assets . This means determining what you own (assets, your home, bank account
investments, etc.), then deducting what you owe, assets, low loans, outstanding credit card balances, etc.
)
The amount you have left is your net worth
Step 4: Create a spending plan. This means writing down in detail where your money will come from and where it will go.
Step 5: Create an emergency fund. A good emergency fund contains enough money to cover expenses for at least 6 months.
