7 Ways To Dramatically Grow Your Business
1. Increasing Profitability
Some business people don’t like building profits as this increases tax liability … however a concern toward the payment of tax normally stems from a concern for cash flow e.g. ability to pay the tax debts. Working together, we create sustainable profits, improved cash flow and strategic growth.
Together, there may be a need for us to consult with your accountant to ensure full collaboration is achieved and ultimate tax planning by your accountant.
The outcome of ‘Increasing Profitability’ is to (a) create increased income for shareholders and owners, (b) increase the equity value of the business, (c) take greater control of your business’s ongoing viability.
2. Growing Your Cash FlowWith the improvement of profitability comes an improvement in cash flow. However, you can have a profitable business with a negative cash flow. Working together we improve profitability and cash flow to support a strengthening business.
There are 6 key areas to improving cash flow. Together we assess these 6 key areas, create a plan to improve each area, make the necessary changes to build cash flow and then work as a team to monitor your ongoing KPI’s and success factors.
Long term profitability with positive cash flow supports the business to pay its shareholders and business owners, take market place opportunities and create something of high value.
3. Strategic Growth And ProsperitySetting your strategic growth is a collaborative process of working together to define where you want to take the business (expansion, profits, cash flow, equity value / wealth improvement etc.).
Once a strategic direction is defined and agreed to, we then work together to build the business toward that direction, monitor critical success factors, and gain your outcomes for the business and for owners / shareholders.
Growth leading to prosperity for both the business and prosperity for the owners and shareholders is the ultimate aim of working together.
4. Funding Shortfalls And GrowthCreation of live business plans for use in defining the right business model (profits, cash flow, equity growth, product / service mix, right people and right systems) is the core of how we work together.
By defining the right business model and associated financial health leads to a greater ability for funders (banks, lenders, investors, angel investors) to see the value of lending or investing in the business.
A plan linked to a robust business model makes it easier to find funders / investors. It also makes it more viable to pay these people back when the time comes.
The ultimate aim is the improved viability of the business, greater understanding of what make the business financially capable, robust business plan for review by funders, and ability to pay back.
5. Maintain Financial RecordsWorking together to ensure your Bookkeeping is up to date. This includes the creation and / or maintenance of your financial records via Xero, or QuickBooks online. We enter your transaction, maintain a correct set of electronic books and report back to you on key financial areas.
You still use your accountant to lodge your tax reporting BUT we make sure the information in your online books are correct. As well, we work with you to pinpoint areas which can be improved e.g. profits drivers, cash flow drivers, equity growth, collection of debts owed to your business and overdue creditors.
We use our bookkeepers to maintain your books.
6. Diagnosing ImprovementsSometimes people think an area of their business needs to be improved e.g. “get more clients and all will be good” as an example. But when we investigate we find that this potential solution would have created a more negative cash flow situation for the business … firstly we needed to change how the business charged, how they collected money and what their pricing structure was. An incorrect diagnostic buy the business owner can lead to catastrophic failure of the business.
Working together ensures the right diagnosis is achieved, the right processes for improvement set up and ongoing improvement achieved.
A solid diagnostic can be a true catalyst toward an improvement in all areas of your business e.g. lead flow, conversion, average value of spend bus customers, profit, cash flow, direction, increased customer interaction and much more.
7. Strategic WorkshopsAttendance at one of our strategic workshop has you defining the direction for your business over the next 12 months, 3 years and 5 years. Building a business model which delivers profits, cash flow and business equity growth is a key outcome of attendance at one of our workshops.
You develop strategies for improvement from over 1,000 samples, create a live business plan which can be adjusted and printed at any time, financial modeling to develop the best results for your business, what if processes and a greater understanding of what drives your business.
Attend yourself, bring a key team member or book the workshop for all key team members so they have buy-in to your values, direction and outcomes.