K
  • Shape Business

    By Dr. Tanae Wolo Acolatse, Full-Time Faculty, Kaplan University 
    Published May 2015

    Wealth management is often associated with helping individuals develop long-term strategies to enhance their financial situation. However, when it comes to wealth management in the business world, many companies are not prepared for managing risks and planning for the future. Are companies taking note of the changing conditions? For example, funding methods have transitioned from traditional sources (e.g., bank loans) to crowdfunding sources (e.g., Kickstarter). So how should businesses shape themselves for wealth management success? Here are three steps that they can follow to meet this objective.

    • Plan for success. Planning for success involves having a business plan-at least a 3-5 year plan. A business plan describes with words why the company will be a success and includes financials to show exactly how profits will be achieved. It should describe what the business will do, how it will do it, what the market is, and why it will be a success. It is never too late to have a business plan! Also, select three to five goals per year, prioritize the list, and create a checklist to ensure accountability. Businesses must be ready to face potential threats and have a plan to handle the challenge.
    • Take advantage of networking opportunities. The networking processes of old are less relevant in today's business world. Networking involves various types of events including conferences, meetups, co-working spaces, and online communities, just to name a few. A perfect example of an effective networking online community is LinkedIn. Corey "NetworKing," a networking guru said this: "… if you are not networking, then you are not getting any business. 99% of your clients will be made up of people you don't know already. For those of you without a storefront, you turn on your light (the open sign) when you are networking. Networking events are the only type of platform that exists on earth that people care about what you do." Businesses must make time to network or they will be at risk of losing potential clients.
    • Track finances. The only way a company can change its financial position is to know and understand its costs. Does a company know what its costs are? Has it priced products and services properly to earn a profit and to cover bills? Is it pacing growth? Does it know what its competitors are doing? Is it trimming costs? With this information, a company can produce meaningful reports that may inspire potential investors to consider requests for funding. Perception is reality: great financials = great company.

    According to Barbour (2014), wealth management is a continuous process that will shift based on circumstances. Businesses must take note of changing conditions, assess their current position, and see where they stand. If they are lacking in any of these areas, there is no need to wait. Businesses should develop a plan to use the three steps to get on track for wealth management success!


    References

    Barbour, T. (2014).Wealth management strategies for individuals, businesses, and nonprofits. Alaska Business Monthly30(9), 20-22. 

    Moore, C. (2015). Netweaving. Presentation presented at the 3rd Annual Riotstarter Symposium, Atlanta, GA.



    Dr. Tanae Wolo Acolatse is a full-time faculty member at Kaplan University. The views expressed in this article are solely those of the author and do not represent the view of Kaplan University.

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