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.

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!

How Business Analysis Can Help You Grow Your Business

A lot of business owners hesitate about using the services of a business analyst because they do not see the value of this service. The right business analyst can help you organize your business more efficiently, generate more sales, boost your profit margins and avoid issues. If you are still unsure about whether or not you need help from a business analyst, keep reading to find out how you can benefit from this service.

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Innovation and Business Analysis

Business analysis uncovers small details for development through innovation to make substantial operational improvements. Improvements made in finances, marketing, research, relationship building, and resource management happen by adapting common strategies to unique situations. These strategies provide a blueprint which businesses use to construct a long-term solution. Innovation is a key factor in constructing a working, long-term solution, and business analysis collects all the information usable to the process.

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3 Strategies for Business Growth

To build a business strategy for a company’s intensive growth, you need to attain maximum results with minimal risk. This means that, if you want your company to grow at a fast pace, you will want to start small. Taking one step at a time can help you make more calculated decisions for your business.

Now, let’s talk about three strategies that can help you achieve business growth.

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How Acquisition Can Grow Your Business

Acquisition is one way many companies have been able to grow their business. Yahoo! is a perfect example of a company that constantly reaches out to new markets with this method. They’ve acquired blogging platform Tumblr, photo storage website Flickr, and video ad company Brightroll.

It is important to keep in mind though that the success of an acquisition depends on its terms, whether or not it is a good culture fit, and the scope of the acquired company’s audience. No matter what strategies you decide to implement for your own acquisitions, make sure they’re right for your company.

Now, let’s talk about some acquisition-based growth strategies you can get started with. They are called horizontal, backward, and forward strategies.

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Diversifying your Market for Business Growth

Diversifying your market can broaden your target audience and give you greater presence in your industry.  When a business comes to a certain point in its growth, diversifying its products and services as well as forging new alliances can go a long way. To help you get started with planning your own business growth, here are three ways to go about it.

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3 Paths to Business Growth

Starting a business involves time, money, sweat, and tears – and once it takes off, you should expect more of the same.  As you continue your business growth planning, there are many different growth paths to choose from. Depending on the type of business you own, there are several paths for you to analyze to determine if they can be effective for your business.  Here are three paths for you to consider:

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6 Tips for Business Growth Planning

You already know a plan is necessary for any successful business to grow and succeed. You may have shelved your business plan after the first year or two of operations. Now it’s time to shake the dust off of the original plan and think about business growth planning for the future of your business.

Where do you want to go and how do you want to get there?

Planning for your business’s growth is strategic in nature. You must consider your short term and long term goals while considering current trends, possible future trends, and the current state of your business. Keep these ideas in mind while planning your business’s growth:

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What is Business Growth Planning?

What is business growth planning? 

Business growth planning is the smart way to approach managing your business. Every aspect of running your business is looked at closely; considering every detail. Using simulated models, you are able to look at a virtual version of your business growing into the future. What are the challenges and pitfalls that you will face? How can your business be prepared to face the challenges of the future while maintaining positive growth?

Why does every business need business growth planning?

The real question is not if, but when challenges will arise. Every business – just like every teenager – faces growing pains. If you are the CEO, who will be your metaphorical “parents” holding your hand, guiding you into the next stage of your evolution? Business growth planning is just the guiding voice that you will need. A sound and responsible plan will keep your business on the right track and it will help you avoid the pitfalls that so many businesses fall into during critical transitions.

The other reasons it is so important to have a business growth plan are time and money. Backtracking over a mistake is costly in more ways than direct revenue – there is lost market confidence, lost customers, and lost time. No matter how big your business gets, you can’t afford to lose those precious assets for which you have worked so hard.

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.

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