8 Tips To Creating An Effective Business Plan
- December 25, 2015
- Posted by: bankajac
- Category: Business Valuation
Many businesses, large and small, have a huge source of great ideas that can help them improve, innovate, and grow, and yet so many of these companies never think of using this amazing corporate asset. What is this highly valuable asset? Its own people. Says Morgan Fraud, the author of The Thinking Corporation, “Given that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process and implement ideas?” Becoming an organization capable of answering this question can benefit in a number of ways:
- Growth through innovation/creativity:
Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees. - Increased profits:
The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
- Higher business values:
The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly. - Lower staff turnover:
This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
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You can learn more about how your business can become a Smiling Corporation by visiting Mr. Grood’s website or by purchasing his book aptly titled The Smiling Corporation.
At Consulting WP we take executable strategies like harvesting great ideas from employees and suggest that our clients use them in building profitable, growing businesses.
Why shouldn’t an employee earn millions of dollars if his/her company increases its revenues by hundreds of millions of dollars? Makes sense to us.
Within their ranks, many companies have people who are bursting with ideas and are often stifling within an environment that is pro-conformity, rather than encouraging brave, entrepreneurial innovations.
Within their ranks, many companies have people who are bursting with ideas and are often stifling within an environment that is pro-conformity, rather than encouraging brave, entrepreneurial innovations, entrepreneurial innovations.