Business processes or systems are key to building new businesses or scaling existing businesses.
Project Management
Projects carry risk that decreases over the life of the project. It’s important to mitigate risks early on by validating assumptions and defining clear requirements. A good schedule will show a project’s “critical path” which determines how long the project will take, based on all the activities. We are accustomed to building project schedules, with time and budget estimates.
Standard Operating Procedures (SOPs)
Whether companies are growing, shrinking or staying the same size, they can always benefit from streamlining their processes to ensure that responsibilities are appropriately divided and documented. Proceduralizing work helps to ensure that workers are always able to rely on written instructions to help them do their jobs. Written instructions make training new workers much faster, allowing more experienced workers to climb up in the company or take on new responsibilities.
Risk or Cost-Benefit Analysis
Quantifying potential risks, or estimating costs or benefits to compare options is essential for businesses to put money where it is most needed. Companies are made or broken by how they direct their capital. Electronic Launchpad is accustomed to estimating costs, benefits and risks to then compare options and determine what options are most appropriate for a company. Cost-benefit analysis takes the emotion out of decision making. Humans are emotional decision makers, but since businesses need to make money, those emotions need to be based on dollar figures. The best way to see the dollar figures is to determine the projects a company can undergo, and then compare the expected benefits of those projects. Similarly, companies may face risks that need to be mitigated, and so those risks should be compared to minimize the amount of risk while also minimizing the amount of capital spending.
SWOT Analysis
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. In studying each of these categories for a particular business, decisions can then be made on how to leverage strengths, strengthen weaknesses, harness opportunities and minimize threats. This is a classic tool that has been used to help many businesses, and Electronic Launchpad will be happy to assist you with this analysis.
Business Valuation
Electronic Launchpad can help you valuate your business by comparing it with other companies in the industry. Using your EBITDA (earnings before interest, taxes, depreciation and amortization) and comparing it to comparable EBITDA multiples for your industry, your business can be valuated which can help with a merger or acquisition. Check out our article on Mergers and Acquisitions for more info!
