New business growth is perhaps the riskiest and complex means to generate new income. The objective is to make profits from a new venture using a new business model and a new product/service. A business has several choices for tapping new potential sources of income. Also, a business faces the problem of how to attract customers to its product/service.
The first step in establishing a new business is to create an agenda. The agenda should include: what the company plans to do and where it is going; who will be the key personnel for the project; when the project will be completed; what milestones to follow; what costs are likely to occur; what the financial implications of the project will be; what the implications of the project are for the company’s current or future balance sheet. The company should conduct a feasibility study, a preliminary examination, and interviews. A consultant may be involved in each stage to provide useful inputs to the above agenda.
If a company adopts a conventional proposal format, its first agenda may be considered. However, some companies adopt a unique agenda format for proposals, such as the special orders process. The special orders agenda, which involves proposals to buy one or more quantities of small units and services, must meet the following objectives: to cover the products and/or services required by the customer and/or to demonstrate how the company meets the customer’s needs; the level of complexity involved in the project and what special equipment is required; the resources required, such as finance and employees, and the timeline needed to implement the order. The special orders agenda may also include a cost estimate.
The second step in establishing a new business is to create a standard order form. The format for the standard order is the same as that used in the company proposal. Companies may also use a standard invoice form that includes information about the customer, the Company, and the proposed service or product. In some cases, a tender can be used to solicit new business, in which case the tender must contain the proposal as well as any attachments (such as additional information or an estimate of costs).
The third step is to initiate the first meeting. Meetings generally include a management discussion to review previous meeting minutes and to review company objectives for the upcoming meeting. Initial company meeting minutes should include an agenda and minutes. Meetings may be held on a specific date or at regular intervals. Meetings should be structured to provide input by management and customer representatives so that goals and missions are clearly defined and directions are outlined.
Regular company meetings are usually informal and occur without notice. Management may use a single person or a committee to host these meetings. In most cases, meetings are held only to give management a chance to refresh ideas, receive feedback, and clarify the policy. Meetings can also be used to announce project highlights, project achievements, and new developments. The main goal of meeting minutes is to provide accurate, comprehensive, timely, and useful information to improve communications between management and customers.
The fourth step in the preparation process for a new business is creating meeting minutes that summarize the main points of the entire meeting. Meeting minutes are usually an informal document that provides a concise summary of the key points of a meeting. These minutes are also a good opportunity for company leaders and managers to air out any unresolved issues that didn’t get resolved during the main conference.
A key component of a successful marketing and sales training program is face-to-face communication between team members. Effective company meetings require a system for soliciting feedback and allowing for honest questions from each participant. This feedback provides valuable insight that can be shared by all involved. After the company meeting, all participants should have a list of any lingering concerns. For example, if project goals were discussed, all participants should have an opportunity to review their performance and ask for specific feedback on how the goals could be achieved. Following these steps allows companies to easily incorporate successful new practices into their overall marketing strategy.