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Definition of Business Excellence
When arriving at a definition of business excellence, we need to defer to the “current global term for an integrated collection of proven practices for how a business should operate to become the best it can possibly be” – i.e. world class. Business Excellence is applicable to all businesses whether private or public, for-profit or not-for-profit and small or large. It results in substantial productivity improvements.
Understandable confusion for SMEs / SMBs despite the Simple Definition
Other popular integrated collections of proven practices advocated over the past 70 years include World Competitive Manufacturing, Just In Time, Best Practice, Total Quality Management (TQM), Six Sigma, Agile, Business Improvement, Process Improvement, Business Transformation and Lean Thinking. All of these overlap significantly with each other, and fit within the umbrella term “Business Excellence”.
Not surprisingly, CEOs of SMEs / SMBs can get confused as to which methodology and language they should adopt.
Even within Business Excellence there are slight variations around the world regarding the fundamental criteria for success. For example, Singapore, Australia and the United States promote 7 assessment criteria for Business Excellence, whereas the Europeans promote 9 criteria.
Common core of Business Excellence globally
Fortunately all of the 76 or so active national Frameworks / Models have a common core. This may be summarised as 5 logical and memorable Prerequisites for SMEs seeking a practical implementation approach that is easy to understand. Not surprisingly, the overriding driver of all 5 Prerequisites (see below) is Customer Focus for both internal and external customers.
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Shared Strategic Direction
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Process Design & Improvement
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Performance Measurement & Feedback
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Knowledge Capture & Leverage
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Leadership & Management of Change
We have found that this implementation sequence maximises the return on investment. It eliminates the possibility of false starts and poorly focused efforts
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FAQs on Business Excellence - Start up Issues, Entrepreneurship & Small Businesses - Entrepreneurship & Small Businesses - B Com
| 1. What are some common start-up issues faced by entrepreneurs and small businesses? |  |
Start-ups often face challenges such as lack of funding, limited resources, competition, and difficulty in attracting customers. Additionally, entrepreneurs may struggle with developing a unique value proposition, establishing a strong brand presence, and managing cash flow effectively.
| 2. How can entrepreneurs overcome funding challenges for their start-ups? | |
Entrepreneurs can explore various funding options such as bootstrapping, crowdfunding, angel investors, venture capitalists, and government grants. They can also create a solid business plan, demonstrate market potential, and seek strategic partnerships to increase their chances of securing funding for their start-ups.
| 3. What are the key considerations for entrepreneurs when developing a unique value proposition? | |
Entrepreneurs should thoroughly understand their target market, identify their customers' needs and pain points, and differentiate themselves from competitors. They need to clearly communicate the unique benefits and value their products or services offer to attract and retain customers.
| 4. How can small businesses effectively manage their cash flow? | |
Small businesses can implement strategies such as creating a cash flow forecast, closely monitoring expenses, invoicing promptly, offering discounts for early payments, negotiating favorable terms with suppliers, and maintaining a buffer of emergency funds. It is also important to regularly review and adjust pricing strategies to ensure profitability.
| 5. What are some effective ways for entrepreneurs to attract customers to their start-ups? | |
Entrepreneurs can leverage digital marketing channels such as social media, content marketing, search engine optimization, and online advertising to increase their visibility and reach their target audience. Building strong relationships with customers through personalized communication, providing exceptional customer service, and offering incentives or referral programs can also help attract and retain customers for their start-ups.
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