How do i bring in more money? How do i find more customers? Bring more customers in?

How do i sell more things (complementary products) to (existing) customers? What new products/services do i have the ability to make that my customers need? Can i reduce features of current offering & offer cheaper alternative to different customer segment? What can i do to increase the freqiency of purchases? Loyalty program? Can i add a new distribution channel to reach new customers? Interent & new media, direct mail, street fares Can i bundle services to products or bundle more services together? Can i add pricing, financing &/or guarantees that will produce more buyers? Enchanting travels profile 2 reasons why they controlled the tour experience: 1. Better experience & they control the delivery of product (travel experience) 2. They keep the profit of the tours they deliver They focused on guests (not customers) who wanted to travel from n. Amercia & europe to india (places that are difficult to plan a travel holiday) 1st year of company MD was Focusing on problems, fire fighting Now it's training them fire fighters & leading Constantly review the hotels, restaurants that they use. HQ needs IT infrastructure, local reps to have a check list so they file everyday on the daily update. They have scenario planning, if guests are sick. Plans & processes! V indepth things - no single point of failure He hired people from europe & n. Amercia, travelled to india & experieced travel, but didnt have travel business experience. This led the employees to develop strategies in the country & get them to have experiences which other people would enjoy. FRESHERS. He ' hired people 'like your customers", so the customer/tours desires Business model: countries that are difficult to get around, but make it easy for customers MD Visited argentina & he visited resturants, site seeing etc to get knowledge himself
Franchise or not? Mission critical: high quality delivery, how can they ensure it happens.? The risk is they cannot. Control training, delivery & repeat business.

What can you improve? Product - meeting customer needs better Make product more quickly 4 ways to grow a business

I provement

innovation.

Scaling

strategic acquisitions

Innovations Something that is new for you 1. Combining exisiting things in a new way 2. Learn something from a different type of business & transfer it you you business - learn from other companies (eg. How are they. Merchandising? Etc) 3. Challenge the " usual way" assumptions, ask why its done this way in this type of business 4. Learn from. Competitors 5. Innovate with customers - customer co-creation 6. From "learning launches" - small. Cheap' fast experiments that tezt new ideas and ways of doing things. Scaling Turbo charge for high growth Doing lots more of what gou're doing now Why outsource? Scale faster?, cheaper? Allows you to focus on criticial processes & parts of you business What should you rarely Outsource? Quality controls? Financial controls? Control of customers/customer experience ? Strategic acquisitions Acquisitions require fundamentally different expertise than scaling an existing business: due diligence, valuation & acquisition integration skills. Usually high-risk Integrate their companies profile into yours & teach them 'your ways' Why buy? Geographical expansion , customers, new products/services, new capabilities? Once a company has experienced high growth & exhausted reasonable scaling alterenatives as they currently exist & still want to grow more. 3 things ive learnt today The Questions to ask yourself when growing Importance of Plans & processes Hard work of constant focus on business & what's needed to do the next stel or around the corner How would you improve: Manufacturing, sales, delivery, inventory control, HR, advertising, customed experience Factor in the 'growth booster' taught previously List ways to improve & grow

3 common reasons why entrepreneurs do not develop a strategic plan Time scarcity, lack of knowledge &/or expertise on how to develop the plan, lack of trust & openness in investigating and discuss plans with others.... Perception of high cost associated with developing the plan 5 competitive forces that determibe industry profitability

Analysing co petitive forces within an industry is fundamental to postitioning the new venture successfully. 5 forces are: Rivalry among competitors, Buyer power Supplier power New entrants Substitutes 5 basic steps to strategic planning are to : Examine internal & external environments of venture (stengths, weaknesses, opportunities, threats) Formulate ventures long-range & short range strategies (<mission, objectives, strategies, policies) Implement the strategic plan (programs, budgets, procedures) Evaluate the performance of the strategy Take follow up action through continuous feedback