Business Banya: Key Mistakes Made by Businessmen in Small and Medium Companies in Expanding Their Businesses
The starting day of the St. Petersburg International Economic Forum hosted the Russian Small and Medium-sized Enterprises Forum (the SME Forum).
Part of the SME Forum was a strategic session called Business Banya: Key Mistakes Made by Businessmen in Small and Medium Companies in Expanding Their Business. This was a business event of a totally new interactive format that reviewed real cases proven by business. Participants of the session took 90 minutes to split into smaller groups, create a number of business contacts, learn more about the tools of the future, get motivated for scaling their businesses and share their experience and mistakes.
The SME strategic session became a real “applicable tool for small business.” Experts believe that businesses develop in similar patterns and share similar problems. It takes a strong team to take a company to a new level. Sometimes what one needs is the right strategy with a profound facelift, a new skillset and a new level of knowledge to improve mobility of the business, new technology and partners, as well adaptability to changing market conditions.
Mikhail Bazhenov, Vice President of Adamant Holding, gave a speech before experts started their work with the teams. He shared his 25 years of experience and pointed out mistakes typical both for regular operations and for business expansion. According to Mr. Bazhenov, it is vital to have a realistic appetite for one’s business expansion potential and to do a detailed assessment of investment, credit, trading capital, earnings and their distribution, as well as resources to cover for deficit. Mikhail Bazhenov emphasized it’s crucial to select the right partners and staff, thus creating a strong and motivated team.
Participants of Business of Banya reckon this new format of a business event helped them find a few answers, meet potential partners and customers and learn new trends in promoting their products and services.
