4 Reasons Why You Should Update Your Business Plan

Portal CFO Consulting Business Plan

If you started your business right, you should have a business plan. Too often, business owners write a plan, get busy with operation, and then forget all about it. Sound familiar?  Here are four good reasons why you should update your business plan:

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Three Hiring Strategies for Businesses that Want to Keep Growing

Starting a business requires a good idea, service, or a product. Growing your business, on the other hand, requires a great team of people.

Most small and medium-size businesses are incredibly selective with who they hire. After all, these businesses only have limited funds to use for payroll and their size doesn’t require an extensive staff. When you are looking to expand your elite team, here are three things to look for that will guarantee positive growth.

  1. Your applicant must be excited about the company. You can’t afford to pay people who will treat your company like just a source of money. Instead, the best new employees must be passionate about your mission, knowledgeable about your product, and on board with your future plans. Hiring these people will afford you much growth, because they will work diligently to make sure that your company reaches as many people as possible.
  2. Your applicant must be flexible. As your company is growing in size, parts of its focus may shift. Over time, you’ll find certain products, markets, and missions that are more worth your time than others. The ideal employee needs to be OK with these paradigm shifts. The last thing you want in your growing company is a dissenting voice that wants to shrink back to the “way things used to be.” Prevent this scenario entirely by hiring with foresight and choosing employees that will embrace change.
  3. Your applicant must be committed for the long run. Small businesses go through ups and downs all the time. When you hire a new employee, it’s important to choose someone who will stick with you for the long run and not run away at the first sign of trouble. If valuable parts of your team leave when the going gets tough, your company will only be left in a deeper hole. This inhibits growth and can lead to some disastrous effects.

Overall, your company’s growth strategy lies on the backs of your employees. If you choose the right people for your team, your company will grow as a result of their efforts. But if you don’t exercise caution in who you employ, your company might get left in a worse place than where it started. Always remember that your employees should be your secret of success; if they aren’t, you’ll never be able to grow.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your business profitably, please check out our website www.portalcfo.com.

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Business Advice: 3 Advantages of an Accounting System

Many small businesses look over accounting because they feel they can function without an accounting system in place. This is true to a certain degree; however, accounting serves as a measurable way to see business growth. Making accounting a priority poses various benefits that will increase the longevity of your business and put your business in a better financial position. For this reason, we’re going to give you 3 advantages of having an accounting system for your business:

1. Understand long-term business needs: Knowing where your company stands financially, specifically when it comes to income and expenses, will let you know what your business needs in the future. For instance, you may find that cutting expenses that are nonessential will help your business function more effectively.

2. Keeps you organized: Staying organized becomes harder as your business grows. Accounting is a great way to track who you owe and who owes you, as well as, manage payroll records, budget, and gather important financial information needed for taxes. Essentially, accounting keeps your business in line, ensuring that everything is accounted for.

3. Looking to Borrow: If you own a business, chances are you will want to borrow money at some point in time or another. You may need funding to open your location, expand your business or purchase necessary tools to ensure that your business runs efficiently. Either way, lenders want to see your financial statements to know that you are a good investment. A proper accounting system will increase your chances of borrowing money from a lender, making it easier for your business to grow.

Every business should have an accounting system in place. Proper accounting will save you a lot of time and stress by ensuring that you can meet long-term goals, stay organized, and be in a position to borrow funds when necessary.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your business profitably, please check out our website www.portalcfo.com.

Sign up for our weekly blog email update and follow us on Twitter @portalcfo

Business Advice: How to Make Employees Feel Involved with the Company Brand

Your employees will not feel involved or responsible for the company brand and image if you do not actually involve them in important company matters. Here are a few ways you can help make your employees feel more involved with the company brand:

Encourage Questions and New Ideas

Encourage your employees to ask questions and bring new ideas to the company meetings or even through email. By encouraging your employees to contribute, you help to instill a felling of “being desired by your employer.”

Set Goals as a Company and as Individuals

Bring your employees together and ask them what they think the company’s overall goals should be. Take those ideas into consideration and solidify a list of goals for the company. Allow each employee to set their own goals that align with the company goals.

Reward Goal Completion

According to paychex.com, “It’s critically important to recognize employees who set goals and then achieve (or exceed) them. Not only does such a reward (a bonus, a certificate, public acknowledgment at a staff meeting, etc.) honor that employee’s efforts, it demonstrates clearly to his or her co-workers that the company values this type of commitment and hard work…”

Create Open and Respectful Relationships

You should have a good relationship with all of your employees so they feel comfortable coming to you with ideas and concerns. According to smallbusiness.chron.com you should do things like,

  • Have an open door policy
  • Be present
  • Spend quality time
  • Be fair
  • Set reasonable goals
  • Include them in important decisions
  • Play by the same rules
  • Honesty is the best policy

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more valuable articles to help you successfully manage the challenges of growing your business profitably, please search our blog at our website www.portalcfo.com.