“How mature am I in business? “
Practical activities in a business are different from theories. Most business decisions are based on historical data in the case of analytical minds in any practical business environment. Intuitive business owners find ‘feelings’ as the base. Owners gain maturity in business only after experience from supplemental exposures.
“Am I brave to withdraw, if required?”
None would want to close down the business. Yet, business planning should cover this question with incremental points to it.
Why people don’t venture?
Risk is the reacting factor that is complex in any business. Regrettably, there is no business without the risk factor. Investment, capability, customers, and competitors are the risk-prone areas. An outstanding CEO who is employed in a company, may not be ready to take the risk of money and legal factors when it comes to personal business.
People prefer employment to business because of assured monthly salary without any major personal risks. They can nurture the capacity to handle all issues in business for others, but not with the involvement of personal risk.
Precautions in operations
The business planning with capital and cash-flow management will get the strong-sense of the investment process with time duration and break-even analysis. They decide survival during critical moments. Robust budget planning and strict process planning without major deviations would certainly bring success through operations. However, weak planning would melt the business to have critical issues.
Along with the code of ethics, people management is another stressful activity that involves human life and statutory services. Any flaw can make deep dents in operations and that may reflect in business instantly. However, if there are ‘right’ people with the company as a team, any business would be successful. For instance, the right set of people can handle the business with corrective measures even when the company is under a severe cash-flow challenge. It’s a pure ‘people planning’ during business planning.
Customer Relationship is the core root of any business. A deep dive planning on customers would certainly help the business in the long run. The plans should cover targeting, winning, nurturing, maintaining, and strengthening the customers along with the promotional aspects. Customer-loyalty is the ultimatum in the business.
Skill Management is something that controls the entire business system; that should be linked with the growth of the company. Effective training with the need-analysis should offer sharp learning in aligning the delivery output for the clients. Creating ‘get the feel approach’ at every stage of development can set right the challenges of customers at their planning level. When functional changes are inevitable, only training can help to get the changes.
It’s not unreasonable to create a world that can give many things to own. Occupation, environment, financial success, leadership, knowledge, social support, and complete mastery of an industry. That’s ‘business’!