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Achieving profit goals and strategies


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Help entrepreneurs or those in business achieve their business goals in business which is profit

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Achieving profit goals and strategies

  1. 1. By Angela Ihunweze CEO OF ANGELA ITAMBO COMPANY 080 33 28 04 53 Achieving profit goals and strategies
  2. 2. Outline  Why is this topic necessary  Definition of major terms  Steps towards achieving this feat  Summary
  3. 3. Why is this topic necessary  The oxygen of any thriving business lays on the ability to achieve the desired profit goals of the business in question  In order to achieve this: you the entrepreneur must be acquainted with how to achieve it given the complex nature of the business environment you operate in  In order to achieve your desired profit goals you need to do so by developing strategies that will guide you towards achieving this feat. There is a saying ‘Being busy is not the same as producing results’
  4. 4. Definition of major terms Entrepreneur: a person who sets up a business or businesses, taking on financial risks in the hope of profit Profit: is simply the final amount of money that the business makes, once all the costs are paid from the income (aka revenue) In business profits are seen at least after eighteen months of operation
  5. 5. Definition of major terms part 2  Strategies  The origin of the term The term strategy originated from the battlefield, armies never went into a battle without a strategy. Smaller armies overdrew bigger armies by the careful execution of a strategy, even entering enemy territory, one needed a strategy. The same can be said of business, doing business especially in this era of globalization needs careful maneuvering which can only be got through strategizing.  Its definition; according to the advanced oxford dictionary a strategy is defined as; 1. A plan that is intended to achieve a particular purpose. 2. The process of planning or carrying out a plan in skillful way 3. The skill of planning the movements of armies in a battle or war
  6. 6. Steps towards achieving this feat Create your vision for the business  Vision: to excel in this profession, you must have an insight on what you intend to achieve from this business. What is your dream for this business immediately, three years from now, five years from now even to old age? This requires deep sincere soul searching after taking into consideration all necessary inputs that will affect your entry into this profession e.g Family, Economy e.t.c To make this exercise worthwhile it has to be written down.
  7. 7. Steps towards achieving this feat 2 To achieve your vision, you must inculgate a direction for your business and this can only be achieved through having a mission  Mission: In order to achieve this vision, you must then be acquainted with how you intend to arrive at it. In order to do so successfully, you must do an intelligence report of the business in question. A viability report which will provide you with all the information that constitutes the business in question. What are the core revenue generation opportunities that make up this opportunity. The time span towards achievement. As well as the most suitable environment for its actualization. This information is a necessary guide towards developing the right mission for the business in question.
  8. 8. Steps towards achieving this feat 3 To ensure you achieve your mission, goals must be set for the short term , medium term as well as long term. This goals must be SMART
  9. 9. Steps towards achieving this feat 4  Strategy: given the information derived from your intelligence exercise, as well as goals you have set for your business. Strategies must be created to ensure you achieve your goals and this strategies can only be possible if you are armed with the following: 1. The business environment of the intended business, the various forms of business within the sector in question, the different entry routes to use towards serving customers as well as generating revenue in order to make a healthy profit. 2. The most ideal option to use as regards the resources at hand. 3. With this information at hand you can
  10. 10. Steps towards achieving this feat 5  Strategies along the following must be established 1. Marketing: to identify the needs of the customers and create products or services which meet these needs 2. Sales: Setting sales leads and targets which will ensure the company has a sizeable number of customers to break even as well as make a profit 3. Employee Retention: to ensure there isn’t high employee turnover which is bad for business . 4. Operations: to ensure that there aren’t leakages which causes cost hikes and unexpected loss in the business in question 5. Financial: How money is raised and how money generated is managed so as not to lead to bankruptcy.
  11. 11. Important point There must be a system in place to ensure that there are control checks which will audit the outcomes of these strategies either monthly, quarterly or every 6months to ascertain whether there is progress or not and find alternative outcomes to still achieve the goals of the business. Thank you for the opportunity to share this with you
  12. 12. About Angela Ihunweze(Mrs)  She is the CEO OF ANGELA ITAMBO COMPANY  She is a graduate of business management and marketing  She has been a columnist with the business day , Nigerian SUN newspaper, body of work has also been published in Punch news paper as well as Success Digest  She is a certified mentor  She has facilitated for companies such as , Fate foundation, Leap Africa, USAID, Technology incubation center, Oshodi Local government,Redemmed Christain church of God (City of David, Jesus Sanctuary, House of Victory, Strong tower missIon) Assemblies of God to mention a few  She is the author of How to start and succeed in business, and what it takes to own a successful business.
  13. 13. About Angela Ihunweze(Mrs)  Invite her to facilitator in your trainings , workshops, meeting and you will glad you had her on your team any where you are. Aside this lecture , she has spoken on customer service, customer management, professionalism in the workplace, business concept writing, business plan, starting a business, identifying and accessing business opportunities to mention a few
  14. 14. CONTACT DETAILS Contact: ANGELA IHUNWEZE(Mrs) CEO OF ANGELA ITAMBO COMPANY +234 08033280453, +234 08182560539