Strategic Planning Guide For Small Businesses

Portal CFO Strategic Plan

Every entrepreneur should find time to be thoughtful about the future of their company. That is where strategic planning comes into play. Strategic planning defines where a business wants to be and how it will get there. It can have a dramatic impact on the profitability and morale of the company because it provides a blueprint to help you stay on track in a changing marketplace. If you are ready to set in motion a strategic plan to help grow your small business, consider these five tips to make your planning more successful.

Know Who You Are

The first step in strategic planning is to know who you are. What is your company’s mission, vision, and values? When you clearly articulate why your business exists, what you want to be known for and your core beliefs, you set the direction for your plan to grow your business. Knowing who you are also helps you to avoid losing your way while in the process of growth.

Assess Where You Are

In order to go forward, you must assess where you are today. A great way to accomplish this is using the SWOT analysis. You and your team will address the Strengths, and Weaknesses that you observe in your business, as well as Opportunities and Threats that may emerge in the future.

Create A Future Forward Plan

You will need to create long and short term goals that include the strategies and tactics that you will implement in order to achieve those goals. You should identify the resources you will need such as staff, facilities, equipment, vendors and inventory and also include the cost involved and it’s impact on your revenue.

Execution

A strategic plan must include an action plan with specific tasks, timelines, and responsibilities. A strategic plan is useless without execution. Knowing where you want to go and knowing how your going to get there is of no use, unless you put your plan into action and stick with it.

Entrepreneurs are faced with market conditions changing at a rapid pace. Be flexible and learn how to adjust your strategies, and pursue new opportunities that will be a good fit for your long and short term goals.

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.

Business Advice: How to Dominate Your Competition

Business Owners - How you can dominate your competition

How to dominate your competition becomes more and more intense with each year that goes by, especially for small businesses. When you’re not a corporate giant with endless resources, it becomes incredibly important to be aware of what is happening in your industry. The business landscape is constantly changing and every change brings new scenarios to think about and problems to solve.

If you want to stay in the game, and even dominate your competition, here are a few tips on how to do just that.

Know What Trends Matter to your Business

Every market is different. When planning for the year, you should have done research on patterns that have affected your target market in the years prior.

You will have an advantage if you can predict the changes that occur in your market and when they are likely to occur. If you can predict those changes, then you can adapt and be prepared when they appear and be positioned to dominate your competition.

Know How You and Your Competition Are Different and Similar

As a small business owner, you need to know your competition better than anyone. It may even be valuable to you to buy or get service from your competitors as a form of research.

Doing that will give you key insight into how they do customer service, their sales process, their storefront (whether physical or digital), even their process of following up with a customer after they make a purchase.

You must know what attracts customers to your business and what might be driving them away from you and to your competitors.

Strive for “Good Enough”

While having a quality product and quality service is key to business, perfection is not. Perfection rarely occurs and many businesses take too much time trying to make something perfect.  Since change is constantly happening in the business world, it is important to be agile in decision-making.

Take stock of what your business does that is faster than your competition and take stock of where you can reduce the time taken. Are your meetings long and cumbersome? Do new projects go through multiple revisions before seeing the market?

Do you try to get market feedback on products before or after you launch them?  The quicker you can make decisions, introduce products, and get feedback, the sooner you will know whether there is a market for them.

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

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

 

Useful Advice for Starting A Business

Portal CFO Starting Your Own Business Photo

A lot goes into establishing a business and building it to the point of realizing profitability, and for that reason, the decisions you make at the initial stages are critical. You also need to give room for mistakes as a budding entrepreneur because they allow you to learn through experience! In this post, we have summarized three main pillars of getting a new business off the ground. Read on to learn some useful advice for starting a new business.

Start Today

Time waits for no one, which means that the perfect time to start a business will never come. The opportunity you are seeking to implement the business ideas you have on paper is here; it is today. Many startup ideas do not kick off for various reasons, which means that they will only remain a dream if you do not act. For instance, if funding is a challenge, you cannot wait to save enough as an aspiring entrepreneur. You only need to start with what you have right now, and soon your enterprise will be up and running.

Pursue Your Passion

If you are considering becoming independent and you do not have an idea of what kind of business you should begin, focusing on your passion can be a starting point. Venturing into any field in the marketplace is not advisable as well because it is one of the reasons why most startups fail. Pursuing what you genuinely love as you get into the business arena brings a sense of fulfillment in life, and over time you will join the league of those who own large enterprises.

Embrace Slow and Steady Growth

As you start your business do not bite more than you can handle. Trying to work your enterprise into a multinational as soon as you begin is not a wise idea either. Instead, set realistic goals that will help you build your firm over time. Small incremental goals encourage continuous business growth and adopting the latter strategy gives you a better sense of how to maneuver challenges and seize opportunities.

Remember, running a business 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.

Tasks To Outsource to Virtual Assistants

Portal CFO Virtual Assistant

If you are serious about your business and want it to grow, you are going to need to hire help. However, you may not have enough work to hire a full-time or even part-time employee. For this reason, many small business owners start by hiring virtual assistants.

A virtual assistant is someone who works from home, helping multiple clients run their business. They can do a variety of tasks, including:

  • Accounting and bookkeeping tasks. This can include almost anything that pertains to your bookkeeping, including entering numbers into your accounting software, payroll, and even doing your taxes. You may want them to take care of your invoices. They can create them, send them out, and make sure that you are paid on time.
  • Content Writing. Any piece of content that you send out can be written by someone else. This includes content on your website, your blog, your emails, social media posts, and much more.
  • Data entry.
  • General errands. Many virtual assistants shop online for their clients, answer phones and emails, and much more.
  • Marketing is very commonly done by virtual assistants. They can help with your email, social media, blogging, and even your traditional marketing. Many help by responding to comments and messages.
  • Many virtual assistants plan events and parties that you may be hosting. They can even book travel arrangements and other things when you have to travel to give talks.
  • Receptionist duties. You can hire a virtual assistant to answer your phones, schedule appointments, confirm them, and other duties that you may hire a receptionist for.
  • Research.
  • Website development. If you don’t have a website, they can design the perfect one for you. If you do, they can improve it, so you get more notice.
  • And so much more.

A virtual assistant can do almost anything that you don’t have the time or want to do. In fact, many say that you can’t grow your business until you hire help. There is only so much one person can do.

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.