Three Strategies That Can Bring Your Business Growth Plan to Life

Portal CFO Growth Planning Tips

A business growth plan is only as good as its implementation. If you have an idea for growing your small firm in writing, but have it gathering dust on your shelves, it’s not going to be of much use. A plan that includes ideas on how you can grow your operations will inspire you to act, so you can turn what is in writing into a reality. Here are three strategies that you can adopt as part of your business growth plan to bring your ideas to life.

1. Venturing into New Markets

There are many reasons why small business operators choose to extend their operations beyond the local market, including the pursuit of growth. Breaking into new markets can imply a lot of things such as opening a subsidiary in a different location, introducing a new product line after identifying a niche opportunity, offering services or products that complement what you are already selling, among other things.

Accessing new markets as a small business operator will expand your client base, and as a result, your enterprise will grow.

2. Growing Your Sales Through Existing Customers

The saying that “A bird in the hand is worth two in the bush,” applies to small business owners as well. Loyal and existing clients can play an essential role in expanding your operations if you focus on them. Engaging your customers to discover the solutions you can offer for current problems, encouraging loyal clients to become your brand ambassadors, among other approaches can help you grow your sales, which in turn, will result in the growth of your establishment.

3. Pursuing Potential Customers

The fact that there may be many individuals out there who have no idea about your existence implies that the opportunity for growing your small enterprise still exists. Conducting a market analysis will help you identify target clients, and you can follow that with an appropriate marketing campaign to capture the attention of such individuals.

Expanding your customer pool by targeting potential clients will ultimately promote the growth of your business.

Coming up with a plan for growing your enterprise is one thing, and making it a reality is another thing altogether. Implementing the right business growth strategies brings your action plan into life.

Contact us today to find out how we can help you grow your business.

Tips for Making Your Business Profitable

Portal CFO Make Your Business More Profitable

Building a successful business is more of a marathon rather than a sprint. Succeeding in business today requires planning and organizational skills. Adapting to changes arising in the target market also plays a significant role in business success. Generating profits, as many entrepreneurs find out, requires investing more time and money in your business. Here are four tips on how you can make your business more profitable.

Organize Your Business

Completing various tasks and achieving your business goals requires good organization. Creating a to-do list daily for your business helps in completing pending tasks before assigning your staff new duties. Proper organization can also enhance the hiring process for employers seeking the right job applicants. Hiring the right candidates saves on resources, which increases profits.

Keep Detailed Records

Detailed records are necessary for every successful business. Keeping accurate recordsHow to Manage Small Business Finances will give you insight into the financial position of your enterprise and the challenges it is facing. Finding a solution to problems facing your business is easier when you keep correct records.

Be Creative

Improving your business policies makes you stand out from the competition. Your business should adapt to changes in tastes and preferences of target customers. Implementing strategies that set your business apart from competitors will be profitable in the long run.

Prepare to Make Sacrifices

Hard work helps a business to scale. Putting more resources such as time and money in your business expands your operations, which in turn, will increase your profits.

Provide Exceptional Services

Offering excellent customer service plays a significant role in business success. You will enjoy repeat business from customers who feel satisfied with your services, and as an entrepreneur, you should have an understanding of your target customers to make money. When you meet or exceed the expectations of your clients, you will win their loyalty, which will improve the profitability of your business operations.

We want to put our 20-plus years of experience to work for you. Contact us today to learn how we can help you grow your business.

How to Position Your Business for Growth

Portal CFO Growth Strategy Photo

When the dream of owning an enterprise becomes a reality, it brings a lot of joy, but it also poses a new challenge to the business owner — growing their operations going forward. In that case, an understanding of how you can expand your enterprise will prepare you for what the future holds. Here are some tips on how you can position your firm for growth.

Evaluate Your Company’s Current Position

As you analyze your company’s current operations, you will learn a lot of things regarding its future, and that is important if you are focusing on expansion. Some of the things you can consider to help you understand the position of your enterprise at present include the perception of customers towards your products or services, your cash flow, number of conversions within a specific duration, the number of one-time and repeat clients, among other things.

Accountability is critical as you verify the current positioning of your entity whether you have a board of directors to assess such a report or not. The reason is that accountability will help you establish whether you are on the path of growth or not.

Define Your Company’s Future

Once you establish the current position of your enterprise, it’s time to define where you want it to be in the future. Feedback from clients and your employees is instrumental in shaping your organization into what you want it to become. As you engage your employees, you will discover what they appreciate most about working with you and the changes you can consider making.

On the other hand, customers will share details on what they value most about your products or services and the improvements you should make. The information you gather from those who interact with your business will help you develop the right strategies that will spur the expansion of your operations.

Adopt The Right Strategies

Growing your business requires a plan of action. Compiling the details you gather about the current position of your firm, and the feedback from your employees and customers will provide the necessary insight for developing the ideal business growth strategy for your enterprise. Adopting the right business growth approach using the information at your disposal after assessing your operations will promote expansion.

For more information on how to adopt the right strategy for business growth, contact us today!

4 Ways to Grow Your Business from Small to Prime

Grow Your Business with Portal CFO

Many established businesses don’t become corporate overnight — it takes time and loads of resources to grow your business. It also takes capital, skill and the ability to weather the storms of hard economic times that might threaten to draw you back.  The magic wand for success is in figuring out how to bring in the profits and ensure the capacity needed to sustain that growth for posterity.

What are the steps a small or mid-sized business owner should take to set their enterprise on a consistent upward trajectory? Below are areas you may need to look at to grow your business from small to prime:

Accounting and financial reporting overhaul

Accounting is in simple terms a summary of your income and expenditure. If the items in your records are too generalized, it might be very difficult to pinpoint conclusions from your financial transactions. This is important so that you are able to tell which areas of your bookkeeping need adjustments. For instance, you will be able to keep accurate and precise track of purchasing costs, wages for staff, taxation, owner drawings and other vital accounting and financial information.

Leverage on partnerships

Another great way to grow your business is to establish a connection with your suppliers and the competition.  Not only will you enhance your access to helpful industry information, stats and trends, but you will get to know where your competition is excelling at that you could replicate in your business. You may also get into franchising as a form of partnership.

Get the bank loan

Your enterprise might be doing so well in terms of improved profit margins that all you need to do is find ways to increase your sales and expand on your way to becoming a prime brand. Consider seeking the services of an expert to help you draft a compelling pitch to your preferred lender. They will give you valuable insights on how to fine-tune business components like the business plan, cash flow analysis, budget, financial projections and any other aspect of your business the lender may ask for.

Perform an appraisal

If you truly want to come out of unchanging reported profits, similar costs, same number of employees and breaking out into more outlets or a bigger space is a real struggle, then re-looking at your management team is not a bad idea. It is may be a time to consider a change in personnel with fresh ideas and energy for emerging challenges. Based on the size of your business, restructuring may be something you are not leaving out of your growth and sustainability plans. This is only a single method on cost management and operational planning.

Contact us today to learn more about growing your business from small to prime. With more than 25 years experience working with small businesses, we have the experience and skills needed to help you grow your business!

Business Advice: Keeping Your Eyes on the Competition

keeping an eye on your competition for business service owners

Keeping your eyes on the competition and what they can offer can help improve your own products and services. There are a few main types of competition to keep in mind.

Direct Competitors:

These businesses mimic your business model and target the same market. Convincing a customer to always choose your business can be tricky if the prices are similar. Thinking out of the box can help ensure you have recurring customers.

Online Competition:

Peruse the internet to see what your online competition offers. It can be helpful to take note of website design/layout, prices, and customer service. Making a call or sending an email as an inquiry from a potential customer can give you useful information, such as what they charge or names of suppliers/distributors.

Big Business Competitors:

One way to compete with massive marketing budgets and international resources is through a customer’s loyalty. It can be difficult to undercut Big Business pricing, so tune into your clients and ask them how you can improve. Building relationships with your customers can serve as an advantage over bigger companies that exchange a personal touch for profit.

Inertia Factors:

Keep in mind the volatility of the economy. Is your product or service niche something that people need during strict budget times? Is there another product that the customer would purchase instead of yours? It is also important to keep an open mind about future competition. The industry can turn at any moment, and competition can come up from the unlikeliest places.

A couple more tips:

In the end, even if your business strives to be the most innovative in the industry, it can help to keep an eye out for the other guys. Getting to know your major competition can help plan for your business’s success.

Finding networking events for your local industry chapter can be beneficial in finding referrals or general tips.

Taking a course through the Small Business Administration is another way to brush up your skills.

Contact us today to learn more about how we can help you growth your business.

 

Two Strategies to get you out of Survival Mode and Grow

Sometime,  a lot of businesses go into survival mode.  They get away from the types of strategies that lead to growth and opportunities. Instead, they get stuck in a mode of maintenance. It’s time to get out of maintenance mode and create new opportunities for your business. With that in mind, here are two strategies for you to consider for growth.

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How to Grow Your Business with Some Help from Social Media

In today’s economic environment, growing a business requires business owners to create a presence beyond bricks and mortar. Today’s consumer spends a good portion of their time on social networks. With consumer habits trending towards internet based social interaction, it is essential that as a small or medium-sized business owner you throw your hat in the social media ring and learn how to grow your business through these powerfully popular platforms.

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Grow your Business by Knowing your Customer

Whether you’re producing or selling goods, or offering services, you don’t want to make every possible consumer your target customer. Otherwise, you’ll be competing with every other business in the world. In addition, by appealing to everybody, you appeal to nobody and buyers won’t know what your business is about.

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Grow your Business: 3 Unique Challenges

The list of challenges faced when trying to grow your business is certainly a long one.  Some of them occur later on in the process than a lot of people realize. Even after brainstorming growth ideas, monitoring the marketplace for opportunities and putting together a plan, a lot lies ahead. There are unique challenges that arise during the process of implementing change, such as the likelihood of being overwhelmed or the difficulty in giving up responsibility and trusting your employees.

Even once you feel like you’re well into the growth process and more or less settled into the changes that you are making, there are a number of challenges to keep in mind in order to continue growing your business.  Let’s review what I consider to be three of the top challenges for you to keep in mind.

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Save Time: Budgeting Tips for Small Business Owners

As a business owner who wears many hats, you are faced with the difficult task of how to best allocate your time.

There are a few budgeting tips for businesses that could help save your most valuable asset – your time. The last thing you need is to spend hours and hours in boring financial budgeting meetings.  Instead, you should be spending your time growing your Company’s sales.

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