Three Strategies That Can Bring Your Business Growth Plan to Life

Business Growth Planning Tips

A business growth plan is only as good as its implementation. If you have an idea for growing your small business 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 customers 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 and encouraging loyal customers to become your brand ambassadors are among the approaches that can help you grow your sales.  These approaches should be the cornerstone of your business growth plan.

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.

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.

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 five 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 records 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, should 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.

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.

How to Position Your Business for Growth

rapid revenue growth

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

A plan of action is necessary when you consider how to position your business for growth.  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.

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.

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 from small to prime.  It also takes capital, skill, and the ability to weather the storms of hard economic times that might threaten to set 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 into the future.

What are the steps a small or mid-sized business owner should take to set their business on a consistent upward trajectory? Below are areas you might want 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 difficult to pinpoint conclusions from your financial transactions. The reason that it is important is so  you are able to tell which areas of your bookkeeping may need adjustments.  With improved accounting, you will be able to keep accurate and precise track of purchasing costs, wages for staff, taxes, owner draws, 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 learn the areas where your competition is doing a great job.  Perhaps you will find out things that you could replicate in your business.

Get the bank loan

Your business might be doing so well in terms of improved profit margins, that all you might 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 about.

Perform an evaluation

If you truly want to come out of flat growth revenues, unchanging reported profits, and increasing costs, then reviewing your management team is not a bad idea. It may be time to consider a change in personnel with fresh ideas and energy for emerging challenges. Based on the size of your business, a restructuring initiative may be something you should consider in your growth and sustainability plans.

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.

Two Strategies to get you out of Survival Mode and Grow

survival mode

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 to get out of survival mode and grow.

Read more

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.

Read more

Grow your Business by Knowing your Customer

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. These reasons are why knowing your customer can help you grow your business.

Read more

3 Unique Challenges to Keep in Mind as You Grow Your Business

unique challenges

The list of unique 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 unique 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.

Get Used to Constant Change and Upgrading

Once you start implementing new plans to grow your company, you have to realize that it’s going to be a never-ending process in which change is the new constant. Each time you expand your company, you’re likely going to need to add new employees, processes and infrastructure to keep your business going strong. The offices, technology, supplies, employees, marketing and services that support a $2,000,000 a year company will not support a $5,000,000 a year company.

Try not to be overwhelmed by the constant adjustments and expansions, as they will keep coming. Instead, view them as new challenges for you to tackle head on and apply your experiences in prior growth cycles to the new situations that you face.

Maintaining Cash Flow

With all of those new employees and technologies and infrastructure items can come a great deal of expense. Cash flow is one of the most important things to manage as you keep expanding.  You don’t want to “all of a sudden” end up strapped for cash and unable to fund your normal operating expenses. Don’t let your ambition get too far out in front of your cash flow or you could be running your business into the ground rather than creating exciting new opportunities.

Each time that you grow your business, you will likely be investing in a lot of expansions well before the receipt of cash from your new customers. That means that you have to be able to float that cash for a while, so you need to be cautious while you grow. Keep a close eye on your cash on hand, and know what assets you have that are liquid in the event of an emergency. Manage your business checkbook carefully.

If you have delegated some of the responsibility to others, make sure that they are keeping in close contact with the accounting department and operating within a set budget for growth. If they go over their budget, they could very well be putting your entire company in a poor position.  Therefore, it is critical that you trust them with that level of responsibility.

Don’t Get Involved in Every “Crisis”

When you are expanding your business, it is easy to view a lot of events as mini-crises that require your immediate attention. You will see very quickly that crisis management, much like change, can be a never-ending cycle. If you’re constantly running around putting out fires, you can’t be focusing as much of your attention on the big picture issues that really require your expertise.

Keep in mind that a lot of so-called “emergencies” will actually take care of themselves. In addition, when they don’t, you need to be able to trust the employees that you’ve hired to make decisions that fall under their responsibility. Try to train your team to keep as much off your desk as possible, unless it’s absolutely critical or they are really confused about how to proceed.

While it’s all well and good to get involved on the critical issues, you also can’t get too caught up in the day-to-day emergencies. If you’re not shaping the future plans and direction of the company, who is?

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.

4 Easy Ways to Cut Business Costs

cut business costs

As a business owner, you’re probably wondering about ways to cut business costs. It takes time to build profitable revenue streams and carve your niche in your industry. Therefore, you’ll need to be as profitable as possible in order to help your business grow.

Let’s take a look at four easy ways to cut business costs. These methods will give you some ideas on how you can help your business move forward through smart financial planning.

Read more

What is a Cash Flow Forecast and how can it help my business?

cash flow forecast

The key to avoiding a cash crisis in your business is to have as much visibility as possible into your Company’s future cash flow.  A cash flow forecast can help your small business plan more effectively.  If you can look into your Company’s operating results in a quicker fashion, you can make changes to your business quickly if you need to.  Before you make a cash flow forecast, make sure that you track your financial results in real-time (as in right now).   Most companies receive their financial statement two-to-three weeks after the end of the month or in some cases, much longer.  That is a problem because you are now reviewing history and therefore reacting late.

Read more