Business Advice: 4 Questions To Address Before Opening Your Business Venture

Many individuals in today’s society wake up and go to sleep with the same thoughts of thinking “I am going to own start a small business and I will be the boss of myself in due time.” Are you an ambitious individual with products and/or services that you believe can become successful to your target market? We currently live in an open business market where individuals are beginning to leave their 9-5 regular jobs to pursue their own dreams more frequently than ever.  Today we are going to share with you 4 questions that you should ask yourself before starting your small business venture.

  • What is the mission/vision of my business? Before anything begins with your business, you have to first know what you will provide to your clients. Will it be a product that you want to sell? Are they products that you can create on your own, or will you need a manufacturing company to build them for you? Do you believe that you have a service that consumers need that is not currently available on the market? No matter the route that you decide to take (even if it is both), make sure that you have a solid foundation of ideas that you can build upon before investing your time and money into the business.
  • How am I going to fund my business? Many new small business owners make the mistake of not having a solid plan in regards to how they are going to fund their business in the beginning. It is a great idea to start with your own funds, however, do not be afraid to seek investors and/or resources for start-up capital. It is okay to have confidence in your ideas, nonetheless, you do not want your business venture to fail before it gets off the ground because you did not plan the funding aspect of your business appropriately.
  • Are there similar businesses in the local area? While it is a fun and intriguing experience to start your own business, you have to realize that you have to stand out from similar businesses in the local area. The open market allows for small business owners to gain success with hard work and persistence. Nonetheless, it is important that you study your local area where you would like to open up your business in an appropriate manner. Business competition can make or break small businesses, which is why we recommend you conduct thorough research before deciding to open your doors.
  • How can I improve my business service(s)/product(s) in the future? The last piece of advice that we will share with you today is improving your small business. During the beginning planning phase of your small business, it is okay to strive for the best from yourself. On one hand, you should always want to grow and improve daily. However, you should not expect for everything to be perfect at the beginning phase of your business venture. Always seek feedback from individuals in order to improve your services/products. We recommend that you start with trusted individuals, prospective clients, and mentors.

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: Stick to the Basics

If you want to continue running a successful business, sometimes it is as easy as sticking to the basics. Keeping things simple and focusing on the basics will help you concentrate on the big picture. Here are a few tips to help you stick to the basics:

Take Care of Your Customers

Customers are the reason you are in business and that is why they are so important to you and your business. Take care of your customers by seeing if they are happy about the services or products they received from your company. After all, it is much easier to sell to a happy current customer than trying to find new customers.

Take Care of Your Employees

Create a positive atmosphere for your employees that gives them the opportunity to grow and advance while enjoying work. Keeping your employees happy is important for business. Happy employees are more likely to be motivated to take care of customers and treat them with respect.

Monitor Growth of Business

You don’t want to grow at a faster rate than your business can handle. Prepare and review financial statements in order to make any required adjustments to your business. Keeping up with accounts receivable, inventory, and financial documents will help your business avoid uncontrolled growth.

Review Your Business Plan

It is important for a business to create a business plan that describes the future goals and plans. The business plan is a strategy to help the business get from where they are now to a point in the future. A good business should operate closely to the business plan created, and create a new one when goals are reached. Proper planning will help a business avoid failure.

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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3 Key Factors of Small Business Growth Planning

Small business growth is never easy. Owners have to navigate a web of challenges which are sometimes unique to their specific niche and location. A great way to cope with these challenges is to focus on simpler plans to follow and develop your future business decisions based on them.

With that in mind, here are 3 key factors of small business growth planning that will help a small business point their ship in the right direction:

  1. Keep your business exactly as lean as it needs to be. Unless you have major investment dollars to play with — few businesses do — it’s a good idea to keep your business as lean as possible. This does not mean cutting corners. Focus your spending on areas that are most likely to gain new clients/customers. Only grow your business if there’s a good chance of new revenue to match. Creating the “best” business doesn’t mean spending as much as you possibly can on every new feature, department, or hire. Use meetings with employees and consultants to glean information to make your own decisions on targeting efficient ways to grow.
  2. Re-invest your earnings. After following the suggestion above, hopefully you aren’t spending every cent of your earnings. When possible, re-invest your earnings back into your business to help fuel your growth.  It eliminates the need to borrow money for growth capital.
  3. Always Pay Your Vendors On Time. Vendor relationships evolve over time. For new businesses, you’re seeing the prices that your vendors put forth for basically anybody off the street.  When your vendor relationships become closer and you prove your willingness to pay promptly, better pricing deals may emerge. If payment problems occur, your timely payment history and loyalty will be taken into account.

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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Three Compensation Strategy Tips To Help With Business Growth Planning

One of the biggest growth struggles for small businesses is recruiting and retaining top talent. An unpredictable workforce can make business growth planning particularly difficult. If you want to not only develop a growth plan but actually see your company through it, you should think about your compensation strategy. Whether you don’t really have one or yours is simplistic, redesigning it may bring new life to your staff recruitment and retention through your period of growth. Here are three tips to help you overhaul your compensation strategy today.

Build Performance-Based Bonuses

Designing a performance-based bonus structure that’s a part of your compensation strategy shows your employees that you’re willing and eager to reward hard work. It sets them up for success and encourages them to strive for better, which reflects well on your business as a whole.

Consider setting up quarterly reviews with goal-setting and target establishment for each employee. That way, they clearly understand the expectations and you have a better chance of seeing the success that you want. The more encouraged your staff is, the more likely they are to go the extra mile for your customers, which helps to foster business growth.

Prioritize Work-Life Balance

With so many incoming applicants looking to balance their business and family lives, putting a focus on this in your compensation strategy can help you to recruit the talent you need to grow your business. Offering things like flexible work schedules, home-office support, and paid family leave will help to show your support for family. Sometimes, benefits like these are the deciding factor when a candidate is choosing between multiple job offers.

Promote Continuing Education

Another benefit that can often draw top talent is company-paid continuing education. When you invest in your employees and help them to better their skills, you foster company loyalty and show them that they matter to you. Find an organization in your area that offers industry classes and negotiate a contract with them to help you save on the cost of the classes. As an upside, keeping your employees on the cutting edge of the industry will also help to improve your company operations, encouraging even more growth.

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