Category Archives: Business Advisory

Why You Need Standard Operating Procedures (SOPs) In Your Company?

why you need sop in your company kudos

Why You Need Standard Operating Procedures (SOPs) In Your Company?

  • A structure for growth of a company
  • Based on set of policies, standards, and procedures the organization needs in the management and operations of the entire organization.
  • Work flow in compliance with regulatory needs.
  • Explains the practices of each and every department in the organization.
  • Ensuring you produce products and services that meet the quality requirements of your business
  • Employees work towards achieving objective of business
  • Achieving customers’ satisfaction .
  • Achieve consistency in carrying out a particular task or activity in order to reduce chance of error or mistakes.
  • Train new new employees based on their roles by providing standardized training for employees there by saving training cost for company.
  • Provide clear information about how to execute jobs of employees
  • Provides critical information to people in company a complete visibility of their responsibilities and accountabilities.
  • A guide to tackle operational difficulties caused due to impact of unprecedent events like virus outbreaks or accidents etc..

Feasibility Vs. Business Plan

feasibility vs business plan

Feasibility Vs. Business Plan

The difference between feasibility study and business plan are a thin line. Though there are many similarities, the differences are as detailed below:

    FEASIBILITY

  • First step before anything is invested. Research oriented analysis of business opportunity prior to business plan.
  • Talks all about initial business idea and its viability.
  • Look objectively at the strengths, weaknesses, opportunities and threats of your proposed business venture.
  • Answering the question if the business venture is worth the time, effort and resources.


                                              
       

  • Feasibility focuses more on a business venture’s objective,opportunity analysis, workability, financial aspects, expected revenues, profitability and returns.
  • Study of the idea with potential market, calculations, analysis and estimated projections.                              
             
  • Helps to reveal the profit potential of a business idea or opportunity to the entrepreneur.                            
  • Studies determine the risks associated with the idea.                         
  • May have to hire outside professionals with relevant proposed business skills and expertise who will conduct thorough studies.

    BUSINESS PLAN

  • Prepared after business opportunity is created by conducting feasibility study.
                                             
  • Talks about business growth plan and sustainability.
  • Provides detailed financial forecasts, marketing strategies and information on how you will start and grow your business.
  • Answering the question how the venture is going to commence after business opportunity is established by feasibility study.

        
     

  • Business plan is about describing steps, methods, strategies, proposed organizational structure and other related activities  involved in setting up the business.
  • Study of tactics and strategies to be implemented in order to grow the business.

           

  • Helps the entrepreneur to raise the needed startup capital from investors or finance from banks/financial institutions.  
  • Explain how management will deal with the risks so that it will make a profit.
  • May be written by employees or experts who has management experience of such business.                                        


Feasibility / Business Plan Gives a Road Map To Drive Your Business.

Reasons To Value Your Business

business advisory and accounting service in UAE
    • For Knowing the worthiness of your business professionally instead of Ballpark Guess.

    • For Mergers and Acquisitions

    • For joint venture arrangements (JV)

    • For Exit Strategy Planning.

    • For tax planning purposes- Gift and Estate tax.

    • For Bank financing or alternative investment or attracting investors

    • For ascertaining True Value of Company either to known own net worth or for resale.

    • For Litigation or disputes by shareholders or partners to determine economic damages, lost profits or/and uncovered fraud

    • For Family succession planning and/or inheritance or personal events such as marriage/divorce.

    • For valuing the business for a restructure or bankruptcy.

    • For identifying weaknesses of business to refocus the operational efforts to improve profitability and the bottom line.

    • For determining Intrinsic Value vs. Fair Market Value of the business.

    • For ascertaining the purchase price after an acquisition of a business.

    • For knowing the value of business with patents, trademarks, copyrights, proprietary processes, Goodwill etc

    • For knowing the value of business to decide the coverage needed while buying Key Man Policy for Partners/Directors if something happens to them.