Turning a small business into something bigger is never easy. Business growth will have a lot to do with budgeting and making sure you understand the cash that's flowing in and flowing out. It sets the path for where you want to go. I think between learning to work on the business to grow your business and working in the business is the differentiator between the business owners that own a job and the people that own an investment. How would you manage the cash flow of your business and what would help it? In this episode, Blair Ann Verrier, a Certified Practising Accountant with over 10 years of experience in the accounting industry, shares valuable tips on planning for growth and how to become a business warrior.
Business tips to keep you in front of your competitors
It’s important for a business owner to understand the ins and outs of operating a business. Read on for some tips and best practices that you can take advantage of.
Documenting and establishing a direction for your business is called strategic planning. This is a process of identifying where your business is going. Strategic planning will give you a place to record your mission, vision and long-term goals. The most important part of the process is when your action plans are beginning to be effective to reach your desired result, and this can play a vital role in your business' growth because it will tell you how to best respond to the opportunities and challenges that might come your way. Strategic planning can take some time, but it's definitely beneficial for everyone involved in the organisation. The process can foster an increase in efficiency and productivity, contributing to the success of your business. In this episode, Kathy Bowman Atkins shares her ideas about strategic planning.
“Employees are a company’s greatest asset. They’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel they are an integral part of the company’s mission.”
- Anne M. Mulcahy
Anne Mulcahy was onto something when she wrote this and we can't deny that employees are the backbone of every corporation. It doesn't matter how old the company is or how big its area of operation but what matters most is its exceptional employees who are tirelessly working and offering their service. As time passes employees can tend to become disengaged and careless and don't work at their full employee potential. This is because they don’t feel valued and motivated.
Statistics have shown that every resolution set this year will be about health or money. Deciding to have a fresh start with your money will bring excitement and optimism. If you are a business owner who is currently managing a business and considering to invest your money into something profitable, it's wise to take a good look at the days ahead and consider planning to achieve your goals. Working on your finances might be stressful, but technology will definitely help you with your financial management, so the best thing to do is to keep your system up to date and your finances in perspective. In this episode, Tracey Bissett shares her strategies to help you avoid financial blunders.
One of the advantages of buying an existing business is it's less risky. You will take over an operation that is already generating profits and that has an established customer base. You don't have to create new procedures, systems, and policies. All you have to do is to plan for its greater improvement. However, in most cases, buying a business is more costly than starting from scratch. But it's easier to get financing support to buy an existing business than to start a new one. The best way to find the business that's right for you is to look for an industry that's not only you're familiar with but also passionate about. In this episode, Carl Allen talks about buying a business, important things you should consider, and more.