Our business advisory service team offers a friendly, practical and simplified approach to business development. We help small, medium and large organisations conceive/refine and develop business ideas. We help them through the incubation stage to the growth and development stage. We help businesses source the necessary support until the stable growth stage when the new business ideas can stand alone as striving businesses.
Business Incubation Service (BIS)
Do you have a brand new idea as a fresh entrepreneur or you are trying to develop new business for your current business, at Biz Summit, we provide you with the right support, information and guidance until you no longer need us? The growth of any nation depends on how much she provides a thriving environment for small and medium scale enterprises. We do not have enough of these businesses in Africa.
Our target is to provide the right support to as many as possible of these businesses until they are strong enough to provide the appropriate support to the economy. Such support includes accounting system, business processing, structural advice, cash flow management advice, tax planning support, capital raising support, development of strategic plans, development growth strategies, due diligence support and others.
Business Diagnostics & Maintenance Service
Just like human beings, most companies think they are doing well until they suddenly collapse never to rise again. Many organizations that thought they were doing well had cracked under the heavy hammer of the pandemic. Many Business managers and owners ignore the warning signs that their businesses present at intervals until it becomes almost impossible to revive or too costly to restore.
It is necessary to conduct an annual health check on your business by an independent expert, beyond the regular performance appraisal or internal audit check, to strengthen the business structure and identify pain points to prevent avoidable failure. At Biz Summit, we recognize that business does not fail suddenly. There are symptomatic signals that companies indicate per time that management may fail to track or ignore.
Our business diagnosis service focuses on five key areas to determine the health and sustainability of businesses. The five areas are:
- Financial performance: The most acceptable measure of organizational performance is the financial result. Although financial performance is the result of other organizational activities, the review of this area may expose the inappropriateness of the financial management system or other fundamental operational issues, which may have burdened the financial performance. In many instances, inappropriate financial strategies are responsible for other operational issues.
- Strategy: We conduct a review of the plan and strategies of an organization during our diagnostic review. Many of the business failures stem from a wrong plan or strategy or the absence of any. The findings of our review may involve developing a new strategic plan for the organizations reviewed.
- People: The strength of an organization lies in its people, whether strategic staff or operational staff. Many organizations have belatedly realized that their failures emanated from the importance they attach to some categories of people in the organizations. Every employee is essential; otherwise, there is no need to engage him or her. Organizations that automate specific routine tasks save themselves the multiplier effect of the emotional burden of unhappy employees. Our diagnostic review on people is wholistic.
- Process: Business processes are critical factors in the success of an organization. We have noted in many organizations, the absence of crucial processes. We conduct a test of the strength of each process, the adequacy and interconnectivity. In many instances, there are too many or few processes, while many processes are abandoned. We make recommendations on the appropriate process transformation project based on the findings of our review.
- Business Environment: The business environment is a critical component of an organization as events in the environment may determine its success or otherwise. The failure of an organization has emanated from the neglect of changes in the environment. While conducting a business diagnostic review, we review existing and potential environmental factors as they affect the business. Our analysis covers economic, political, legal, technological and cultural issues.
Although the five areas may not present health issues at the same time, we, however, recommend that any diagnostic test should cover all the five areas to minimize the incidence of underrating the danger any signal may portend.
Our Business Diagnostic and Maintenance Service helps our clients to identify business signals (internal and external) and prepare them for an appropriate response. The result of the diagnostic review may result in a mere treatment of the issues or a business transformation project. On rare occasions, the result of the evaluation may provoke a business turnaround service.
Business Recovery & Turn-around ServiceIt is shocking to note today how many promising and once-prosperous companies and organizations have gone into extinction. Just as many companies are established, many others are dying. Is business failure inevitable? Just like human beings, many business failures are avoidable. Unfortunately, the same mistakes humans make that result in preventable deaths are the same mistakes businesses are making.
Someone once said that a man who cannot take care of his health cannot take care of his business. The prospect of recovery is very high if business owners can spot the signal of business distress early. With each passing phase of distress, higher cost and time are required to bring back the business. The deeper an organization sinks into the murky waters, the harder the recovery. Customers will lose fate and align with other products and service providers. Creditors and other business partners will seek alternatives outside the organization. All these changes make business recovery extremely difficult and time-consuming.
Our Business Recovery and Turnaround strategy centres on five key pillars:
- Business diagnostic or situation analysis
- Development of Recovery/Turnaround Plan
- Phased implementation of the Plan-30/60/100-day plans
- Dealing with the externals
- Review and measurement
At Biz Summit, we take the same keen interest in incubating a new business as in the recovery or turnaround of the ailing and distressed companies.
You can reach us on +234 8188888893 or email: email@example.com