Ten questions to ask yourself about your business network before adding it to your business strategy
Every business needs a business network in order to thrive, but how do you know if your network is strong enough, dynamic enough or cost effective? Award-winning business author Vivek Sood’s eagerly anticipated new book, The 5 Star Business Network, answers key questions to ensure that your company has a 5 star business network that creates a sustainable competitive advantage. The book answers 10 essential questions about 5 star business networks:
- Will it allow us to earn more cash and keep more of the earned cash for a longer period?
- Will it reduce our investment in infrastructure, inventory and interest?
- Will it allow us to invent better products, lower our product development time and costs and multiply future options for newer products, creating a flywheel effect?
- Will it enable us to cut wasteful activity and systematically optimize profitability on every transaction, while building a loyal and satisfied customer base?
- How will we enhance profits by moving beyond Activity Based Costing (ABC) or Cost-to-Serve modelling?
- Will it allow us to create a pipeline of multiple generations of products to be launched in succession and enhance our long-term sustainability by allowing us to build a perpetual engine of continual innovation?
- How will it impact the balance between maximized current profitability for the current generation of products and maximized future profitability from the next generation of products?
- Will matching the supply chain maturity to the innovation stage allow us to launch better products before our competitors can?
- Will it allow modularization before outsourcing in order to retain control and enable us to plan our outsourcing properly so that we do not waste a lot of time and money during execution?
- Can we win big with little risk by using the leverage inherent in insourced-outsourcing?
The 5 Star Business Network demonstrates how any business can reap the rewards of tapping in to the immense power of 5 star business networks, no matter how big or small. It is, quite simply, the business book that no company can afford to miss.