Entrepreneurs – Korsell Corporate Consult

HOW TO BE SUCCESSFUL IN RUNNING MULTIPLE BUSINESSES

August 21, 2019 (updated August 21, 2019) Published by kccadmin

Starting and running a business can be extremely challenging. From marketing strategy to financial challenges to time demands, few things about running a business are easy. For some people, this doesn’t matter. For some, the thrill of launching and successfully running a business beats out all the demands that come with the journey. Some people are born with the entrepreneurial bug. For these people, the excitement and grind of starting and running a business are so motivating they want to do it repeatedly. Some successive entrepreneurs will launch, build and exit the companies they start; others want to continue running their first venture while working on the second or third, fourth, etc. It can certainly be done, but it takes a lot of hard work and dedication to each of your businesses.

These are what you should know to succeed in managing multiple businesses,

Entrepreneurship requires wearing a lot of different hats, you need to be organized and know your priorities to stay on top of things – and that’s just for one company. According to Emily Miethner, Your biggest priority as a multi-business entrepreneur is prioritization itself. Time management is one of the toughest challenges of running multiple businesses. You need to determine when you’ll spend time on each business and how you will delegate different business tasks. It’s nearly impossible to run multiple businesses without an excellent team helping you manage your responsibilities. In some cases, it may even help to hire an assistant to help you keep track of your different responsibilities.

Being in the right business location; does your physical business location make sense? Are you in a good place geographically to recruit and hire top talent? When can you be at the physical business location or office for your businesses? One of the most obvious challenges of opening a second business is not being able to be in two places at once. When you’re at one business, you can’t be at a different location, which means you must make sacrifices.

Harmonizing your brands; whether your businesses are related to each other or in different industries, they have at least one thing in common: you. Even if the connection is not obvious, consumers and business partners can easily discover that you’re at the helm of each company, so you’ll want to keep your values consistent. Running different businesses is a way to bring in money from different sources, but that doesn’t mean your brands need to be complete opposites or work completely separately from one another.

Finding the right staff; it takes a significant amount of work to run one business, let alone multiple companies. However, it doesn’t have to mean more work for you if you hire the right people to help you out. Once you find these talented team members, let them shine. Don’t micromanage. You brought team members on for a reason, so trust them to do their jobs. It’s not a bad thing to delegate.

Learning new things; one of the perks of owning multiple businesses is the opportunity to gain new knowledge and perspectives on how to approach certain business strategies. Learning about new industries and meeting different people may even stir up ideas about future businesses to start.

Getting your timing right for owning multiple businesses; you may be excited at the prospect of launching your next business, but you don’t want to bite off more than you can chew. As with any venture, you need time to devote to this new startup to make sure it succeeds – meaning that your first business should be self-sufficient enough for you to step away from it. According to Stacy Tuschl,” Be careful you don’t jump too quickly to open a second business,”

At Korsell Corporate Consult Limited, we help you with your business planning, strategy document and other custom services. Speak to us now 055 391 9618 or Email: in**@*********************lt.com

TURNING YOUR BUSINESS IDEA INTO A MILLION DOLLAR STARTUP

August 16, 2019 (updated August 16, 2019) Published by kccadmin

For entrepreneurs, it is often easier to come up with a variety of ideas for new businesses and more difficult to actually implement those concepts. A business concept is a bridge between an idea and a business plan. It focuses one’s thinking so that the entrepreneur can identify the specifics of his or her proposed venture. Converting an idea into a business concept requires thinking about how the product or service will be sold and who will buy it, the benefits of the product or service, how it is differentiated from similar ones, and methods of delivery. There are no clear recipes for starting a new business, but here are a few guidelines that can help you get going in the right direction;

Look for windows of opportunities; Smart observation is your best ally when looking for unique ideas. Start by assessing exactly what you do well. It’s a much safer bet to venture into familiar territory where you can use your existing strengths. Do what you’re passionate about. Enthusiasm ignites the interest of lenders. Choose ideas that enable you to act now. You need to move swiftly before your idea fizzles. Be specific about your business goals, Look around you for windows of opportunity such as taking over a family business, Start a business doing something that your existing company isn’t doing, Keep your eye on the franchise market and Read business publications and stay informed of growth areas.

Find your market niche; the potential success of a product or service involves a myriad of factors, including the design, features, potential profit margin and sales volume projections. Apart from patenting inventions, you can assess these possibilities for product development.Present your idea with a strong business plan.Take your creative thinking and put it on paper. A business plan is your tool to sell your idea to lenders, investors and existing shareholders. Lack of clarity, poor information, and the absence of a strategic orientation are the main deficiencies in most business plans. Make sure you allow time to put a plan together with all the appropriate details, such as positioning, market analysis and financials. Projects developed with the help of an expert in the target market get the best reception.

Get yourself a mentor; getting a business off the ground is not an easy task. Many projects never amount to much because they are not taken seriously, or because they lack adequate follow-up or support. You will increase your chances of success considerably by seeking advice from someone with business experience, often called a mentor. These business leaders provide management advice, suggest sources of financing, and and offer opportunities to hone leadership qualities in the field.

At Korsell Corporate Consult, we help Entrepreneurs transform their business ideas into a million dollar startup. We can help you with your business strategy documents, business models, business diagnosis and other custom services. Call: 055 391 9618 or Email: in**@*********************lt.com

STRUCTURING A CONDUCIVE CORPORATE CULTURE

August 14, 2019 (updated August 14, 2019) Published by kccadmin

Most Entrepreneurs are so consumed with getting all the tangible aspects of their products and services just right, other than dealing with the intangible like creating a company culture. At the outset of most new business ventures, the principle actors are usually a small nucleus of collaborating individuals who fill multiple roles. The company culture, out of sheer necessity, becomes a product of their individual drive, ambition and personality. But as the organization grows, and decisions become less centralized, creating a set of core values and ideas that represent a strong and clear culture can give everyone within the company a sense of belonging work.It is important to install values and earlier on so as the business grows, these ingrained standards remain consistent with the goals and objectives of the organization strategy.

An organization’s culture is determined mostly by how leaders act, so formulating a leadership team that embodies the beliefs and attributes that are representatives of the company, its mission and its brand’s reputation is essential to developing a company culture. Team members should embody the company’s values and be empowered and enthusiastic about spreading the mission. Look for employees that have good balance of technical capabilities and leadership skills, those that can build great relationships as well as brainstorm and innovate with colleagues. Conducive Corporate Culture improves the performance of a business in a number of areas;

To begin with, productivity as an importance help improves morale of workers in a company with healthy conducive corporate culture increases productivity. When workers increase productivity, the financial health of the organization improves, and profits increases. Increase in productivity is a measure that illustrates efficiencies and effectiveness in the company. Secondly quality healthy conducive corporate culture encourages workers to deliver quality products and services. Companies with cultures valuing the highest standards create an atmosphere for workers to deliver products and services that meet those high standards. The culture standards for excellence are an important factor for creating a product or service with a reputation of high quality.Reputation helps companies with healthy corporate culture gain a positive repute among potential workers, which may attract talented and skilled workers to the organization. In addition to attracting to attracting high quality workers, a well- regarded business reputation put companies at an advantage in the financial market. Customers may prefer to conduct business with a business with a solid corporate reputation as well.Employee Retention; in a company that values workers for their contribution to the business, employees experience high morale and positive attitude towards the organization. Workers with a positive attitude are loyal to the organization which reduces employee turnover. Worker turnover has a high cost for recruitment, hiring and training. A healthy corporate culture can help a company retain valuable employees and reduce human resources cost.

In a nut shell, a strong corporate culture is integral to long – term organization sustainability and success; a primary responsibly of management is to both define and communicate this sense of shared organizational culture.

Tag: Entrepreneurs