Our CEO & Human Capital Principal Tam Nguyen kicked off the year with a presentation at the Women’s Business Center LAUNCH Workshop. The workshop was hosted by the Greater Houston Women’s Chamber of Commerce (GHWCC), which supports the advancement and empowerment of highly influential and diverse women business leaders.
Tam’s workshop presentation was titled: “You Have Established A Business. Now What?” The presentation focused on how to put growth strategies in motion for a new business.
Key Points in the Presentation on the Importance of Business Strategies
During the presentation, Tam stressed that strategies are critical, especially for a new business, because you need to start with the end in mind.
Many new business owners do not think about their exit strategy at the outset, but Tam highlighted the importance of knowing what you want to do at the end of the business. When you have a clear understanding of the destination, then this will help set a solid foundation f
or the new business, which is to establish the mission and vision.
Tam stressed the importance of following a sequential series of steps to establish the building blocks of a new business:
- Review and confirm the mission, vision, culture, and core values of the business.
- Identify 3-5 organizational objectives to establish a clear direction for the business.
- Support company initiatives through effective strategy and planning.
- Identify the objectives of each business unit (BU), team, or individual.
- Review whether you have the capabilities to support the objectives.
- Prepare for tactical planning and execution of business activities.
- Establish Key Performance Indicators (KPIs) to track progress and growth.
As you can see, the roadmap for success flows from your exit strategy to the vision and mission, business goals and strategies, tactics, and action plans.
Establishing a mission and vision will help you create a clear identity for the business as part of your roadmap. Putting in this effort will also position you to be able to answer some important questions:
- What do we do as a company, who do we serve, and who are our customers?
- What distinguishes our company from competitors in the market?
- What do we want our company to become in the next five years?
- What capabilities do we need to add to support our objectives?
- How will we distinguish our company in the market to attract talented employees?
- How will we get from here to there?
- What will it look like when we arrive?
During the workshop, Tam reviewed real-world case examples of how major organizations have created a roadmap for their business, established SMART goals, and answered key questions about the fundamental aspects of their business. The same strategic approach can be applied to a new business that is seeking sustainability and long-term success.
Final Takeaways from the LAUNCH Workshop
Tam concluded the workshop with final remarks about entrepreneurship and business ownership that are important for any business owner to keep in mind:
- Don’t fall into the trap of chasing “growth,” which can have many definitions.
- Don’t be afraid to take risks.
- Do be financially literate and know your numbers.
- Do know your limitations; hire trusted professionals such as a CPA and attorney.
- Do get to know your business banker on a personal level.
- ALWAYS strive to learn more, learn from others, and help others.
We appreciate the Greater Houston Women’s Chamber of Commerce for asking Tam to provide this important presentation on growth strategies for a new business.
“I loved the energy and questions that attendees had during and after the presentation. I can tell they were eager to take the tips and tools provided during the workshop and begin to put these strategies in place in their new business,” says Tam Nguyen.
“I am looking forward to participating in more workshops and presentations this year so that I can continue to give back to the business community through education and training, while also supporting women entrepreneurs.”
Keep the Conversation Going with Tam Nguyen
Tam Nguyen is an international business management & human resources leader possessing expertise and technical knowledge in the areas of strategic human capital management and execution, including business strategy, global compensation & benefits, human capital performance, and measurement, employment law, global mobility, and HR information systems integration and deployment to stabilization. Connect with Tam on LinkedIn.