Why You Need to Strategize Business Growth Planning

why you need to strategize business growth planning

When it comes to business growth planning strategy, it’s easy to get ahead of yourself. You want all the customers right now to maximize your profits and decimate the competition. However, that is simply a strategy for burnout by you and your team. Companies that have grown too big too fast have always had problems along the way. It is important to strategize business growth planning and plan your growth so it can be done efficiently; without hiccups.

Where to Start Your Business Growth Planning Strategy:

Who is your ideal customer?

Believe it or not, not everyone is your ideal customer. If you try to take that approach, you may end up alienating your client base. So, think about who your ideal customer is. Who would be the most profitable and loyal to your company? Who would provide the best referrals to earn you more great customers? Those are the customers that you want. How can you make your company appealing to them?

Who is your competition and what are they doing?

Knowing what your competition is doing can tell you a couple things. First, what are they doing right? Figure that out, and try to emulate that. What are they doing wrong? This is a great opportunity to learn from their mistakes which will save you time and money.

Find out what customers want!

Learn their pain points. Ask what they are not receiving from the competition and do your best to provide that for them. Come up with a strategy that is very difficult for your competition to duplicate, so you keep your loyal patrons.

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, contact us today for a free consultation.

Business Advice: Tips to Be a Good Employer

Your employees are essential for the growth of your business. No matter what is in their job description, a good employee is worth every penny. In order to keep your employees around, you have to be a good employer. Here are some tips to do so.

Treat them well. Little extras can make a big difference in office morale. Buy lunches for your employees when you have a really good (or hard) day. Have a good coffee machine if your employees love their hot drinks. If you have the space, give your employees a nice break room to relax during lunch.

Be positive. Just like pessimism, positivity can be contagious. If you are completely happy at work, it will rub off on your employees. Greet people by name. Thank them for a job well done. You should do anything that you can to keep the morale up at the office.

Offer feedback. Everyone loves to hear when they do things well. However, it is just as important to talk about any problems that may arise. If your employee does something wrong, work through the problem and find a way to solve it. Constructive criticism may be hard to hear, but it is necessary to have good employees.

Constantly work on training. Though everyone knows that employee training is important in the beginning, it is also important every day. Make sure that all of your employees are well-trained. If you do something new, train them correctly. If advances are made in your field, make sure that everyone is on the same page.

Your employees can make or break your business. They can increase the happiness of your customers; which may spur repeat business. They can also turn people away; which will hurt business. Therefore, it is important that you do everything that you can to be a good employer and ensure that your employees are happy at work!

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.

Business Advice: Tips to Provide the Best Customer Service

In order to grow your business, it is important to remember who got you there – your customers. They are essential to have a successful business, so it is important that customer service is a big part of your business.

Here are some tips to provide the very best customer service.

A smile goes a long way. Greeting your customers with a smile can make a big difference. Even if they can’t see you in person, a smile will warm your tone on the phone, so you should practice smiling when you answer the phone.

Know as much you can about your products and services. It is important that when your customers have questions and concerns, you are able to help them. This happens by knowing the benefits of your products and services inside and out. It also helps to know how to troubleshoot if things go wrong.

Listen well (even if it is hard). The most important part of customer service is listening to your customers. Though this can be difficult at times, if you don’t listen, you won’t be able to improve your products and services.

Train your staff to be great at customer service. Though you may be great at customer service, if your staff is unable to help customers, it will reflect poorly on your business. Make sure that you stress good customer service at all times, as well as give your staff the tools to handle customers well.

Good customer service could be the difference between repeat customers and customers who don’t stick around. By learning about your products and services and listening to your customers, you are on your way to offering great customer service!

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: Four Reasons Businesses Fail

Anyone who starts a business does so with good intentions. They want to grow a successful business. However, the truth is that many businesses do fail. Most don’t make it past five years for several reasons.  Here are some reasons why even good businesses fail:

  • Not doing your research. It is important to make sure that there is a market for the product or the services that you offer. If not, no matter how good it seems, you are not going to be successful. The same goes for markets that are too saturated. If everyone is doing the same thing, you are going to have to market hard to reach people who don’t already use a business like yours.
  • Not doing enough marketing. Marketing is one of the most important parts of running a business. Even as your client base grows, you need to continue to market yourself in order to keep new business coming in your doors. As soon as you stop marketing yourself, your business is going to slow down.
  • Not welcoming change. Successful businesses change with the market. They are constantly improving their products and services to ensure that they are giving their customers what they want and need. If your business remains the same, you are not going to be able to compete with companies who are constantly improving with the times.
  • Not enough money. Even though most small business owners don’t start with much money, it can be hard to get a loan when times get tough. Instead, make sure that you have enough savings to help you through the rough patch or ask for a bigger loan in the beginning to get you through the beginning when you won’t have much money coming in.

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: Tips to Be Successful

Starting and growing a business can be quite scary. Not only are you putting yourself out there, you may not have any income to fall back on. You need your business to be successful, not only for yourself, but for your family.

Here are some tips to make a successful business.

  • Be serious. One of the best ways to have a successful business is to take it seriously. Work on your business every day.
  • Be organized. Even the best idea won’t be successful if you are not organized. Not only does your office or shop need to be organized, you do too. Have a working list of things that need to be done. Know where everything is so that you can accomplish what you need to.
  • Be willing to make sacrifices. Running a business takes a lot of time, especially if you want it to be great! You have to be prepared to spend plenty of time working on your business, even when you want to be doing something else – like spending time with your friends and family.
  • Give your customers more than they thought that they wanted. There are so many businesses these days, that you need more than a great product or service in order to survive. You need to give your customers more. Have great customer service and go above and beyond when talking to customers. Show them that you appreciate them and they will return!

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 Tips to Maximize Productivity in your Business

There are many factors that go into the day-to-day functions of business. For this reason, it’s easy for productivity to lack in the workplace. This makes it difficult to reach important milestones, resulting in a business that appears stagnant. With that said, we’re going to give you 3 tips to maximize productivity in your business:

1. Set attainable goals: Sometimes, businesses underestimate the effectiveness of setting goals. Without goals, you have no real way of tracking progress in your business. If you want to maximize productivity, set attainable goals for your business that you can work towards in a timely manner. This ensures that your efforts are going in the right areas and that your business is progressive.

2. Hire individuals fit for the job: Your business can only be as productive as the employees you have. This means that you need to ensure you hire individuals who are fit for the job and that you understand their strengths and weaknesses. For instance, an employee who is easy to get along with may be best suited for your customer service department. On the other hand, an employee who is very organized may be best suited for project management.

3. Mobile Applications: Businesses are leaning towards mobile technology to maximize their productivity. Mobile applications are an inexpensive and convenient way to be more productive. Mobile apps that focus on time management, organization, and planning are excellent for keeping businesses productive.

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: Reasons to Hire a Virtual Assistant

Becoming a Virtual Assistant is a great new way to work at home. It allows parents to make money while taking care of their children the way that they want to. It also allows people to travel the world and work while doing so.

Not only is it a great career, it is also perfect for busy small business owners. If you are struggling in your business and need either some help or more time in your day, you may want to think about hiring a Virtual Assistant. Here are some reasons why.

  • Get the help that you need without needing more office space. When you decide that you need help, the first thing most small business owners worry about is their office space. It can be hard to find room for another office (or even just a desk). If you hire a Virtual Assistant who works at home, you don’t have to even worry about needing any extra space.
  • You only have to pay them when there is work to be done. When a small business owner needs help, they first think about hiring an employee. However, you need to be able to give them a certain amount of hours every week (depending on whether you hire a part or full-time worker). By hiring a virtual assistant, you only have to use them when you need them. You don’t have to worry about keeping them busy for a certain amount of hours every week. This can be really helpful, especially if you only need a few hours a month.
  • More time to focus on your business. One of the biggest problems that business owners face is the lack of time. Could you imagine if you got help for even a few hours a month? How much more work could you do in that time? Even by getting help with just one or two tasks, you might really be able to get some more other essential tasks completed.

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: 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.

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

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.

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

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