Identifying Business Risks: Know What Problems to Look for and How to Deal with Them

Identifying business risks as an entrepreneur is one of the most important things that you can do when running a business.

Because risk takes many forms and can r range from a minor issue to something that can threaten the life of the business itself, it pays to know how to point out risks of all flavors and address them accordingly.

But what can you, someone who doesn’t have the benefit of years of experience in running a business, do in order to find that risk and make sure that it doesn’t threaten your company?

This post will explore your options in identifying business risks and show you just how to be prepared for action when you do expose risk.

So let’s get started.

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Staying in the Black: What You Can Do to Make Sure Your Business Stays Profitable

As a business owner, you have a lot of responsibilities to a lot of different people, but all of that responsibility ultimately ties into staying in the black.

The term “in the black”, of course, means that a business is profitable and it’s where every business wants to be, regardless of its size or industry.

But just what are some of the things that a company needs to do in order to reach that highly sought after status, especially in the economic environment that we’ve been in for the past few years?

Obviously, there’s no straightforward answer to that problem. However, that doesn’t mean that you’re out of luck when it comes to ensuring that your company stays ahead of the curve by continuing to turn a profit regardless of the economic conditions.

In this post I’ll be offering some advice on staying in the black, so keep reading! You may be surprised at some of the different practices that you can put into place to ensure longevity for your small business.

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How to Find Angel Investors: What You Can do to Secure Funding For Your Business

you may be thinking about how to find angel investors who can provide you with the kind of capital that will allow you to secure funding and build your company

Funding your business so that it can become more than just a dream is no easy task. With that in mind, you may be thinking about how to find angel investors who can provide you with the kind of capital that will allow you to secure funding and grow your company.

There are a number of methods by which you can find an angel investor; a person who provides you with capital in exchange for partial ownership of the company.

Because funding your business is such an involved and important process, you want to make sure you do it right and find an investor who will be a perfect fit for your business.

So let’s take a look at some of the things that you should consider when trying to answer the question of to how find angel investors. You will be able to use the information to guide you in your own search for that perfect financial backer.

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How to Finance a Small Business: What You Can Do to Get Off the Ground

The question of how to finance a small business is one that every entrepreneur asks when starting out, and with that question comes a wider variety of methods and practices that you can use in order to get your business off the ground.

But will those methods work for you?

One thing I have learned over the years is that what works for one type of business may not necessarily work for others. While you may think that this primarily applies to your business practices and how you deliver your products and services, I would argue that this is a saying that resonates with every aspect of your business.

From the way you manage your employees to the way you market your services to, yes, how you finance your company at the start, the way you get things done will depend on a number of factors and there is no “one size fits all” formula

So let’s take a look at the question of how to finance a small business and we’ll examine various answers that can apply to your business.

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Business Financial Metrics Every Entrepreneur Should Know

business financial metrics that every entrepreneur should know

Business financial metrics are essential to learning how your company truly operates, so it makes sense that you would want to know absolutely everything that there is about them.

As an entrepreneur, you have to wear many hats and be knowledgeable in many different disciplines.

From knowing your product or service inside out, to being able to talk to your customers and clients, to showing the leadership skill that your employees need in order to bring out the best that they have, your role as the owner of the company is one that will demand everything you’ve got.

But it can all be for nothing if you don’t know about the different aspects of finance that serve to keep you in business.

This post will look at some of those areas, provide explanations about what each one is, and show you what you can do in order to make sure that your business thrives in these areas so that it’s able to thrive as a company.

So, if you’re ready to learn more about business financial metrics and what they mean for you, then keep reading this page.

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Considerations for Starting a Business: Things That You Should Keep In Mind

If you’re entertaining the idea of owning your own company, then it’s important to know about the different considerations for starting a business.

Because getting a company off of the ground requires time, dedication, and resources, you don’t want to overlook anything on your path to becoming a successful entrepreneur.

Starting a business involves much more than knowing what you want to sell and finding people who are willing to buy it. When you visit any business that you regularly patronize, whether it’s a small stand on the street corner or a large, big box chain, there are a lot of unseen parts working together to make sure that business is able to effectively serve its customers.

As an aspiring business owner, those are the things that you need to worry about in your own house.

So what are some of the considerations for starting a business? Keep reading this post to find out just what you need to keep in mind as you set out to run your own company.

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Business Brand Management: Finding the Right Medium to Promote Your Company

Business brand management is all about getting your message out there to the right people, through the right means of communication and building a reputation to back it all up.

But, as a small business entrepreneur, you’re probably asking yourself just what is the right way of communicating with people so that your company’s name gets out there.

That’s a question that weighs on the minds of many small business owners.

And with good reason!

Without the right message, your company will fail to get people to come through your doors and, without people coming through your doors, you won’t be seeing the kind of revenue you need to see in order to turn your business into the company that you envisioned when you first drafted up your business plan.

But how do you go about working on business brand management so that your name gets into the right ears?

This post will discuss some of the different ways that you can approach the practice for the best possible results and give you some idea of what you can do, depending on your company.

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The Importance of Small Business Goals: What You Can Do To Improve Your Bottom Line

As a consultant to entrepreneurs like you, one thing I like to do is repeatedly stress the importance of establishing small business goals and then doing everything within your power to achieve them.

But just how can you ensure your goals translate into real-world success?

Unfortunately, there isn’t a catch-all answer to that question, if only because no two industries are exactly alike. At the same time, no two businesses within a given industry are exactly alike either.

Even so, the fact is that goals are what drive business owners to make the decisions they do.

So let’s take a look at some small business goals that you should consider and I’ll show you how they’re important to taking your business to the places you want it to go.

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Financial Statement Analysis: Learn About What Shape Your Business Is In

When it comes to running your business, one of the best ways to learn about what kind of shape it’s in than conducting a financial statement analysis.

Not only will analyzing a financial statement show you where your company has stood financially but it will also show you where it is standing now. Analyzing your company’s financial statements can also help you make plans for the future that will allow you reach the goals you’ve set up for your company.

That’s why you don’t want to make the same mistake that I often see with many other entrepreneurs.

Too many times I’ve seen business owners take a look at their financial situations and, if they were satisfied with that they saw, that was the end of it.

That’s a mindset that I believe every business owner needs to get away from if they want to thrive.

Complacency will only hurt your business in the long run. No matter what stage your company is in, you should always be in the same frame of mind you were in when you started. Always look for the next big thing, always look for ways to improve what you do and continuously try to make your situation better.

This post will show you just how you can do that by starting with your financial statement analysis.

So let’s get started.

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Stages of the Business Cycle: How Your Business Will Develop Over Time

As an entrepreneur, it helps to know what the different stages of the business cycle are so that you can better prepare yourself for what’s to come.

While no two companies are exactly alike, I can guarantee you that your firm will experience a life-cycle that is fairly similar to what many other companies have seen in the past.

This is especially useful information to have because knowing the various phases of the cycle before they actually arrive will allow you to pre-emptively allocate the use of the resources at your disposal.

Let’s take a look at the different stages that your business will generally experience, and you will see how the universal business cycle applies to your company, no matter what the product and/or services you offer.

 

The Stages of the Cycle: The Seed Stage

If you haven’t actually begun building your business, this is where it all begins.

During the seed stage, your business is just a thought that you have in your head. However, that’s exactly where all ideas start.

Since you haven’t actually committed to anything yet, the main challenge you’ll face during this stage of your company’s development is dedication to your idea.

We’ve all had ideas in our heads at some point in our lives that, for whatever reason, fizzled out and faded away. You don’t want that to happen with your own company.

During this conceptual stage, you want to pour as much energy as possible into researching your idea and making sure that it’s not only feasible for current market conditions, but that your idea for a business is a sustainable one.

Even at this early stage, you want to think in the long term. Ask yourself the infamous interview question.

“Where do you see yourself in one/five/ten years?”

Work from there when developing your company, but remember to be realistic. It’s absolutely fine to dream big, but don’t dream so big that you take on more than your can actually handle.

During this stage of development, you will also want to look at establishing sources for seed money to get your feet off the ground. Look for bank loans, investors, grants, and anything else that can help you get started and you’ll be well on your way.

 

The Start-Up Phase

Congratulations! You now have a living, breathing company from which customers can purchase goods and services.

Your focus now is to manage your money carefully during this phase of the business cycle, as it’s likely that you don’t have a substantial cushion upon which you can rely to run your company. You want to keep an especially close eye on the way your business develops because of that.

During this phase, keep a very close eye on the business plan that you established during the seed phase. As things happen and new developments arise, don’t be afraid to scale back on certain areas of that plan and expand on others.

It’s important to remember that, above all else, you want to be flexible. While this is true for all stages of the business cycle, I would argue that it’s more important here than anywhere else, as the formative years of a business are often the most crucial.

While establishing your customer base and hiring talent that will help you move closer to your business goals, you want keep a very close eye on your expenses and keep them low in whatever ways you can without hurting your sources of revenue which will, by extension affect your reputation.

 

The Established Stage

Your company went from being an idea, to becoming a reality, to growing into a respectful company, and now you have a name.

At this point in the game, you want to always look for ways to bring in new customers, more revenue, and different ways to increase the hold you have on the marketplace.

While you should always strive to improve the processes that you’ve set up over the past few years, it’s especially important during this phase of the business cycle. This is because, as your company grows and becomes well known, more people will be looking at you.

And I don’t necessarily mean customers.

When you gain some recognition, fledgling companies that are in the same position you were in previously may see your firm as something to gun for in order to establish themselves.

Do everything you can to show customers and investors what you plan to do to expand on your successes and continue evolving as a company.

This means you constantly have to be planning your next move, looking at new markets to tackle and trying to figure out how you’re going to branch out. Look at introducing new services, partnering with other firms, and, most importantly, keeping focused on emphasizing what you do best.

 

The Maturity Stage

This stage of the business cycle is the one that you’re likely aiming for.

At this point, people know who you are, the money is coming in steadily, and your groundwork has been well laid so that you can enjoy much-deserved success.

The keyword during this phase of your business’s life is stability. However, with stability often comes increased competition with it, so you want to keep an eye on the way that things develop in order to maintain your market share and defend the position you’ve worked so hard to obtain.

While innovation is something that you want to practice at all times, it can often be what separates you from other companies of similar notoriety at this point in the business cycle.

Take what you’ve done to reach this point, improve on it, always keep your customers and their desires in mind, and you’ll enjoy success for years to come.

 

What It All Means

Running a business is hard work, but with the right idea and the right level of determination, it’s possible to create an opportunity that will allow you to create the kind of business that you want to create.

Since your company is different from every other, even those within your own sector, your experiences within each stage of the business cycle may be slightly different. I can tell you, however, that with the right determination and business coaching, you will be well on your way to success before you know it.

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 small business profitably, please check out our website www.portalcfo.com.  Follow us on Twitter @portalcfo

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