Tuesday, 22 December 2015

Key Concepts When Starting a New Venture by Barbados based Elvin Nash

When starting a new venture, business idea or side project, there are many challenges an entrepreneur must overcome. From your go to market strategy to cost benefit analysis and competitive landscapes, there is literally thousands of moving pieces to be considered when establishing your business idea. Barbados based Elvin Nash has a lot of experience in business expansion, which has given him firsthand experience with these types of hardships. However, he has found that implementing simple processes such as creating a defined business plan, setting up a great customer experience model and holding off on an official office are immediate wins all entrepreneurs can reap in the early phases of their business idea.

As a Regional Business Development Manager and currently General Manager at Productive Business Solutions in Barbados, Elvin Nash has had thorough experience in building teams, organizations and driving revenue. When first expanding the PBS business, he found that having a concise business plan which outlines all requirements and expectations was incredibly valuable in the startup phases. Having this detailed plan enabled him to have direction in his own day to day doings, a feat that was difficult during such dynamic times.

In addition, to a great business plan, setting up an outstanding customer service model is also vital to the success of your business. By defining a clear cut customer experience, you're able to reap many benefits apart from just the customer facing work. From a planning perspective, having this customer experience outlined gives inspiration as to how the back end will function, this unifies teams in the implementation of their solutions to business issues.

Finally, simple budget choices such as foregoing your office in the early stages can save your organization an incredible amount of money. Evaluate the actual budget on facilities and general administrative costs in your current business model. If there is excess in operations, trim it and reallocate the funds to more deserving options such as additional sales team members and the like. As a General Manager, Elvin Nash Barbados has had the opportunity to implement these practices and has seen great success in his own expansion efforts.