Business success is often measured by size attributes: revenue, number of employees, geographic coverage, growth rates etc. But these measures don’t reflect the functional development of the business – in other words, just how strong is the business, really? Is it able to grow sustainably? Are there opportunities to execute more profitably? Are there critical dependencies that are risks or limitations for the business? Answering these questions requires a framework for thinking about how a business is actually doing, such as this 6-level model.
Business folks who get too wrapped up in the busy-ness of December are in danger of stumbling out of the gate in January. Businesses that miss their revenue goals in January often spend the rest of the year digging themselves out of a hole. Strong January sales, the results that create year-long momentum, depend on the marketing plans created today. Businesses that put off planning until after the holidays often find they’ve lost half of January before they get rolling.
Creating profit in business is linked not only with our economy, or with the owners’ decisions, or with the success of the salespeople, or with the skill of the marketing reps—it’s really tied most closely with the way that owners think about business, money and profitability. From an insiders’ viewpoint, I’d like to share with you several key steps to energize your business, find new ideas and insights and connections, and become more profitable than ever.
The New Year arrives in a few days, so for 2017, resolve to create business and marketing plans, find new revenue sources, control your expenses, develop financial reports, spend time networking, and make effective use of Social Media, mentors and a Board of Advisors.
If your strategic plan for growth is up and to the right, you must navigate this trajectory as you market your products/services, hire more staff, and scale your business. These factors along with others will help create the value you want now to achieve the long-term vision for growth. Here are a few tips to consider as you and your team develop and implement your company’s strategic plan.
The New Year will arrive in a few days, so consider these resolutions for 2016. For starters, a Business Plan. This is the most fundamental item needed by any business. You wouldn’t drive across country without a map, and you shouldn’t try to start or run a business without a business plan. General Eisenhower said, “Plans are nothing, planning is everything;” and most of a business plan’s value comes from the thought process you go through while writing it.