Budgeting is a reality check on your plans and ambitions. It allows you to convert your strategy into a financial plan creating a road map to financial success. Not budgeting sets your organization up to several potential financial problems down the road including restricting possible growth. Budgeting enables your strategic planning process by reviewing its affordability. During planning, you will be able to determine the potential profitability and resource requirements of your strategy. Your budget will help in decision making including the affordability of hiring new staff, purchasing new plant...

Values have become a tick-box exercise with organizations thinking they need values, so they define them and display them as a pretty picture on the wall. What a waste of time and effort not to mention ignoring a possible great tool for improving business performance! My view is that if you cannot capture the minds and hearts of your employees with your values, you are better off not having them at all! So what do I mean by this last statement? Firstly, defining...

You have successfully built your organization. You now have employees who know more about the daily operations that you do. Your role is in the transition from being the entrepreneur where you were responsible for everything whilst you built the organization to one of leading your team. How well are you coping in this new role? Are you still trying to do everything and are effectively getting in the way? Or are you leading the team to greater heights? There are several activities that you can get right that...

Global markets are being rattled. We see a belligerent President Trump instigating trade wars with, amongst others, China. There is a saying that when two bull elephants fight, it’s the grass that gets trampled and destroyed. Your business is the potential “grass” in this example! How do you prepare your business to survive any fallout from these trade wars? Unfortunately, it is exceedingly difficult to predict what industries are going to be impacted. Some are obvious. I would not like to...

Your marketing strategy is a comprehensive plan devised to achieve your marketing objectives for the company. This will guide you on how and to whom you are going to sell products and services. It helps you to define where you are going to allocate scarce resources. So why do you want to define such a strategy? It helps you to define your competitive edge. It helps to define where and how you can make the most profit from your products and...

What defines the successful sale of a business? In my view, it will be getting a realistic price and that the business will continue to be successful once you have exited it. Unfortunately, that does not happen in many instances. So what do you need to do to prepare your business for sale? Some of the more important actions include: Optimize your profits and cash flow – these two elements are the key drivers in determining the value of a business....

If you review many of the international project management standards as well as many of the project management courses, you will see a great degree of complexity. Standards have evolved over time to meet the demands of increasingly complex requirements of project management. I can see the need for such complexity with large detailed projects such as systems development and implementation. The question I raise is, has all this complexity confused and deterred the basics of sound project management particularly...

Breathing life into strategy “Strategic planning just does not add any meaningful value.” This is a comment I often hear when talking to different businesses, from CEO’s to operational management and from large listed entities to SMMEs. This is then backed up with a very real frustration. The frustration revolves around making the strategy work. How is the strategy translated into operational effectiveness? How does the CEO ensure that the time and effort put into the strategic plan converts into reality...

A business strategy defines where you want to go and how you are going to get there. You primarily need a strategy to: Set direction and priorities so that it is clear what success means and what needs to be done to achieve your vision for the company. Have a common purpose or understanding of where the business is going. You want everyone in your company to know where you are going with the business and what role each department or...