10 Tips for Developing your Business Strategy

Updated: Oct 15, 2020

1. Build a Sustainable Business Strategy

Do you know that there is a simple business strategy you may be overlooking? Incorporating a charitable aspect into your business model promises win-win results. Besides the good feeling that comes with giving back to the community. This sustainable strategy is a great way to showcase your business while improving the community and staff morale. Remember how important this is to generation Z the leaders of the future. Like so many of your stakeholders, they care. They not only care about their environment and what businesses do to their local community, they care about the entire global ecosystem. This is important to us and is at the core of what we do at CFBL consulting.

2. Understand Sustainability and How Important this is to Generation Z

With generation Z, this is one way to become a desirable employer. Reports show that younger generations are more attracted to employers whose businesses offer volunteering opportunities. Now more than ever, young professionals are choosing rewarding life experiences over tangible things. The long-term gain to be had from these experiences can create long-term wellbeing and satisfaction. In addition to attracting talents, offering these opportunities gives your business a desirable reputation to employees and investors.

3. Taking Advantage of Tax Planning & Tax Deductible Expenses

Your business could qualify for tax deductions from charitable donation. Choosing to support a non-profit company approved by the tax authority could qualify your business for deductions from donations, tax deductible expenses and much more. There are many ways to get tax breaks for simple acts of charity, but ensure you work with your bookkeeper to maintain proper documentation and bookkeeping records to support your charitable expenses. Discuss tax planning, give as you earn and match funding through payroll with your company accountant. Some capital expenditure and investment in research and development or technological innovation e.g. software or applications could also help with cash back shave off some of your tax bill.

4. Adopting a Customer Centric Strategy

One strategy that could distinguish you from a competitor is backing a non-profit organisation and this might be the final factor that nudges consumers in your direction. As majority of consumers have a better outlook on and prefer businesses and brands that support a charity that they care about. When customers see a meaningful impact behind their patronage, they are more likely to return to engage your services again and again, thereby earning you repeat business and sustainable long-term, profitable relationships.

5. Consider Your Marketing and Publicity Strategy

Many charities offer publicity as a means of enticing the support and sponsorships of businesses. If your company chooses to sponsor an event or organisation, you can expect to see your business logo plastered across T-shirts, social media platforms, and flyers. Supporting the cause, therefore exposes your brand to new audiences. You could also choose to have your employees actively participate in a charitable event of their choice, take pictures and with their consent post them on your business website or social media accounts to generate continued support from current customers and attract attention from new ones.

6. Communicating and Engaging with Your Customers

At the start of the pandemic, it was important to CFBL to communicate with our network and local community. We set about providing top tips for business resilience to both our SME and Infrastructure Project clients. We also organised a series of webinars titled Money and Giving - A Post Pandemic Perspective. We choose the topic money and giving because we had witnessed how Covid 19 had redefined what was really important to society and we wanted to talk about this.

7. Giving back almost as Much as You Take

Going forward in both our personal and professional lives, corporate social responsibility should be at the crux of what we do through highs and lows of lock down or a looming recession. Whether it is by volunteering at a food bank or offering free business coaching and support to SMEs or local businesses. This will be beneficial in helping to prevent repeated mistakes or in reducing risks early on. We sought to prove this by exploring theories and we took a poll of quotes from various sources and several famous people. From our webinar poll, Oprah Winfrey’s quote “ What I know for sure, is that what you give comes back to you” was the most popular and the one that resonated the most with attendees.

8. Careful Planning and Executing

As commercial finance consultants, at CFBL Consulting, we know that everyone needs money to be able to discharge their business and personal responsibilities. We all need money to fulfil our obligations, champion our goals, maintain good health and wellbeing and to ensure self-fulfilment amongst others. In short, we all need some money to be able to satisfy our basic needs, responsibilities and to lead a fulfilled life or to achieve our vision. As such, money is important, so it should be carefully planned and discussed by all parties to be able to carry these aspirations through. Nevertheless businesses and individuals need cash flow planning, agile forecasts as well as investments such as self-investment pensions, investment funds, investment properties and wills.

9. Understanding that Some things are now more important than Profit

Studies have shown that as we grow older and age, our craving for more and more wealth tends to dwindle, while the yearning to giveback begins to rise. Probably for reasons of weariness or maybe for reductions in options on what we reasonably can do with more and more additional units of money earned. The law of diminishing marginal satisfaction, that is the reduced value or satisfaction a consumer derives from the consumption of each additional unit of a good or service was used to drive home this point. This assertion is more evident at a time like this and is what drives us to want to do more and better.

10. Factor in Changing Consumer Behaviour

During the pandemic, where lockdown prevented travel, expensive holidays and did not necessitate the use of many expensive luxury items. Most people went back to the basics of enjoying time and meals with family and simple comfortable items of clothing leggings, joggers, and sports tops. With the pandemic, it has become clearer that our health, our family, and friends have become far more important than the power, influence, or the luxury we strive to acquire with the money many of us work so hard for to earn. Indeed, almost everyone that we spoke to had made one life changing decision as a result. What about you? Think about what you have decided to change, start, or stop doing? The most popular were people wanting to start a new business or scale up an existing passion into a business.

Our Top 6 Tips & Key Steps for SME & Start-Up Survival

  1. Daily and Weekly Cashflow planning and forecasting

  2. Cost control and cost optimisation measures

  3. Complying with government rules, accessing grants & long-term loans.

  4. Adopt an agile, more digital, resilient & sustainable strategy

  5. Have an agile flexible cost and diversified cash flow structure

  6. Continuously develop, innovate, and evolve your teams, resources, and business

We can help. Call now on 01737452323 or M: 07951722554. E: info@cfbusinesslinks.com and visit our website today. www.cfbusinesslinks.com

Do you want to achieve these Top 5 Business Goals ?

1. Increase Sales

  • Start up a new business or scale up an existing business

  • Set up or register a UK business company with companies’ house

  • Set up a business address, telephone and call answering services

  • Access to Business data services for competitor analysis

  • Access specialist business advisory services

  • Get support in bidding for new work and increasing your sales

2. Improve your Business Finances

  • Develop a financial strategy

  • Develop a business case to gain buy-in or secure funding

  • Open a business bank account or Switch a business bank account

  • Access commercial finance, mortgage, re-mortgage, insurance & protection

  • Financial Accounting, Cashflow and tax planning and Bookkeeping

  • Management Accounting, planning, budgeting, and forecasting

3. Develop and Implement Strategy

  • Create a business plan, change, or develop an old business plan

  • Develop and implement a business strategy

  • Develop a commercial strategy

  • Develop and implement an IT, Legal, HR and Marketing strategy

  • Perform Application and System Audits

  • Develop and Implement a Digital Transformation Strategy

4. Access Leadership and Management Expertise

  • Leadership Training & Coaching

  • Management Training & Coaching

  • Get Access to an Interim Commercial & Finance Director

  • Access Cost Advisory & Optimisation Services

  • Commercial management and contract advisory services

  • Access Management Consulting & Advisory Services

5. Risk Management & Control

  • Develop a resilient business strategy

  • Cost Controls & Audits

  • Project Audit & Control

  • Systems Audit & Controls

We can help. Call now on 01737452323 or M: 07951722554. E: info@cfbusinesslinks.com and visit our website today. www.cfbusinesslinks.com

SME & Start-Ups

We help SMEs who want to Start-Up or Scale-Up to develop and implement a clear business strategy and an agile business plan.

Below are some of the amazing stories from a few of our SME & Start-Up clients.

Our SME & Start-Up Testimonials

"During my experience with CFBL Consulting, I was motivated to start up my own business. The team did an excellent job on my bespoke business plan. There were a lot of creative ideas that I was very impressed with. Their professionalism is one of the best attributes of the company”. - TMR

"Throughout my experience with CFBL, they provided expert advice and support. Their professionalism is one of the many positive attributes of the firm. They are highly responsive and always ready to listen to the client. “I strongly recommend CFBL Consulting for quality & value" - U2P.

What we do for our clients include

  1. Reviewing the current business strategy and recommending options

  2. Developing an agile business plan & recommending options

  3. Undertaking gap and competitive analysis & recommending creative options

  4. Developing optimised business operations, risk, financial, cost controls

  5. Providing business mentoring & training

The tangible benefits that we provide our clients include

  1. A clear business strategy

  2. A bespoke and agile business plan

  3. Diversified revenue & income stream options

  4. Optimised business operations, risk, financials, costs & controls

  5. Project plan & implementation roadmap & mentoring

We can help. Call now on 01737452323 or M: 07951722554. E: info@cfbusinesslinks.com and visit our website today. www.cfbusinesslinks.com

Get Our Free SME & Start-Up Business Resilience Resources

  • Get our free resileince toolkit

  • Book a 30min consultation with us here

  • Get specialist advice for your business

  • Follow us and subscribe to free latest thinking blogs and newsletters

  • Subscribe for access to our free SME webinars and events

We can help. Call now on 01737452323 or M: 07951722554. E: info@cfbusinesslinks.com and visit our website today. www.cfbusinesslinks.com

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