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Business Development

We got the money, now what?

Our last article highlighted the need to focus a lot of attention on the first year after the investment paperwork has been signed. We include a brief summary below to explain the key focus areas:

1. Build a brilliant management team

The absolute first step is to review and make any necessary changes to ensure that you have the right people to work together as a team to drive the business forward. Bear in mind that these may not include all of the people that got you to this stage!

2. Drive a change culture

Make it clear that you will not tolerate statements such as “This is how we’ve always done it!” and find ways to both encourage and reward behaviors that help to positively transform your business and encourage others to likewise.

3. Visualise end-to-end business goals and execution strategies

Don’t just launch potentially costly and often irreversible strategies. Carefully consider and bring in outside expertise if you feel it would add benefit and plan the execution thoroughly. Don’t launch innovative activities that you are going to struggle to deliver either as a result of capabilities or perhaps just through resource constraints.

4. Develop technology and processes

Now is the time to review and upgrade technology and processes. If you have an in-house CRM system consider developing ERP capabilities. This will help to further streamline your business and provide more comprehensive management information. These investments are much easier to justify at the start rather than a year down the line.

5. Clearly articulate intent, KPI’s and progress

Ensure that everyone clearly understands what the intent is, how you are going to do it and who the key people and responsibilities are. The business has gone through a big change and your people need to be clear on what next. They also need to be regularly updated on progress and asked to provide feedback.

We’re an independent and experienced consulting, programme management and executive resourcing business. We're focused on the needs of both public and private sector clients. We work with all sizes of organisations from local start-ups through to global concerns. Without the cost overheads associated with a much larger consultancy business we have the flexibility to take on small targeted assignments, or much larger work programmes. Every client relationship is valued greatly and treated with dignity and respect. Each engagement benefits from the breadth and depth of our expertise.