Empower your business

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Empower your business

If you have an already operational business and you think you might get better results, you can take up an empowerment plan:

  1. Carry out a careful analysis and description of your company focusing on what you are currently offering on the market and on the market trends;
  2. Try to diagnose what works and what can be improved, identifying in particular your strengths and weaknesses;
  3. Identify the strategies and goals to achieve if you wish to improve your business. Some of your goals may be: to improve your products and services, to improve your sales methods, to search for new customers and finally to innovate your company;
  4. Define the actions needed to implement the objectives. A practical way to do this is to use a table for each target empowerment goal and set out all the actions that are needed to accomplish it. For each action enter a detailed description and motivation that will allow you to verify independently the causal link between the action described and the related goal. You can also draft a separate table of associated costs describing them in detail and indicating their estimated amount;
  5. Make a financial plan to understand where you will have to invest and how much it will cost. Here are some useful tips: always try as much as possible to use your own capital to avoid being too much in debt with banks and risking to be insolvent. Prepare a structured and detailed business plan to get a loan, it's very important to be able to communicate your business idea to third parties and to convince investors that your strategy is right. Demonstrate capital soundness and resources and highlight the value of corporate assets;
  6. Define in detail the activities that will be your operational plan. Defining specific activities individually allows you to understand how to organize the resources and staff you need;
  7. Make forecasts of the economic and financial results your company can achieve. In particular you will need to understand how the balance sheets of the future years will improve; usually a three-year forecast is necessary. The assets and liabilities sheet shows at a given time the source of the money invested in the enterprise: it can derive from the entrepreneur or the shareholders’ own capital, from bank loans and from public funding and incentives. It also shows how the entrepreneur has invested the company’s resources, i.e. machinery, goods, but also credits and cash stock. The profit and loss account is a snapshot of your business situation and explains how the resources have been or are expected to be used during the management. In particular it indicates the operational costs, ie the value of the resources used during the activities detailed in various cost items and operating revenues, ie the results that are achieved thanks to the company activities.

Bear in mind that the SUAPOffice for Productive Activities, will be your reference point. You can refer to it for all bureaucratic procedures that you will need to implement your empowerment plan.

 

Updated on 11/09/2017