PROFETS - 7 Elements of Highly Effective New Businesses

If you are you a business owner, adviser, new product or innovation manager, or someone with an idea for a new business, then Day 2 of the GET the Edge program is for you. Learn about new opportunities emerging due to new technologies and market disruptions and what you need to do to maximise your chances of success with new products, services, or businesses.

The PROFETS framework is based on the latest research from Harvard Business School and the world’s leading innovation experts. You’ll learn about the following: the research, analysis, and processes required for starting a new business, offering new products, or entering new markets, and how to increase the probability of success.

Succeeding with new products and businesses – the PROFETS Framework

P: Defining the customer problem and product solution including;

How do you define the target customer, what do you need to know about them and their behaviour, and what are the key sources of value in winning product solutions.

R - Research tools and when to use them including;

Why most new products and new business research prove false, what methods are more accurate than others and what tools you can use to implement these methods.

O - Opportunity assessment

Market dynamics and customer buying processes including; approaches to quantifying the potential market, how to assess the competitive intensity and likely response, how to determine the relative value to the customer and uncovering the customer buying process and how it works.

F - Financial resourcing and forecasting

Cashflow and capital including; the key financial concepts that underpin effective plans, developing a model to determine funding needs and what the providers of the funding will want to know.

E - Identifying environmental influences

Government legislation, societal trends, political and macro-economic factors including; what influences to consider, differentiating facts from factoids, critical legal considerations, the correct entity type, IP, website address, and data ownership, privacy and protection.

T - Key tools and systems

For marketing/sales, IT, financial and customer management detailing; the 5 Processes that matter most, what to look for in, marketing and Sales tools and systems, whether you need to and IT partner and who this might be, how to select systems and providers for accounting and financial management and Customer Management Systems.

S - Practical steps and service providers to protect, build and launch covering;

The 3 phases of building and launching a new product including setting goals, the steps needed and utilising the service providers that may assist.

The PROFETS – 7 Elements of Highly Effective New Businesses program is an invaluable resource for business owners at any stage of their journey. By focusing on the critical areas of the Problem, learning how to undertake the right Research and Opportunity assessment, getting your Financial resourcing and forecasting settled, identifying the Environmental factors that could affect success, having all of the key Tools and systems in place and getting all of the key practical Steps and service providers settled heightens the chance of business success.

For those thinking of starting a new business, product, or service, this program provides a comprehensive roadmap to navigate the complexities of entrepreneurship. Join the Get The Edge program today and unlock the full potential of your business with PROFETS.

Get The Edge Program

$195 six months access

On-demand videos | Save over $5k on business expenses | Tools and resources
Held over two information-packed days, Small Business Australia released its Get The Edge Program at its inaugural conference.

Developed and delivered by industry leaders, this Program is a must for any business owner, coach, adviser, or professional serving small businesses who are looking to get the edge on their competitors.

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