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.
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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.