Business owners around the world have at least one thing in common – the desire to have a successful business. Success might look different depending on the location, industry, and age of the business. But when it comes right down to it, how you define success for your business will determine how you measure success. So what are your goals and what progress are you making towards reaching those goals?
A Business Growth Plan
If you are like the vast majority of business owners, you might not have a formal, written plan in place for growing and sustaining your business. In fact, statistics report that only 2% of business owners have a written plan, and even fewer stick with it. This lack of a plan can stagnate business development and become an insurmountable hurdle to future growth and success if left unchecked.
Structuring your business for growth takes time, commitment, and accountability. It is a great idea to enlist the help of a business coach, like ActionCOACH Louisville, to sit down with you and really plan out what your business and team will look like 2 years, 5 years, and even 10 years down the road. Then your coach can assist with developing a viable plan to take your business from where it is now, to where you want to it to go.
The Fundamentals of Business Growth
Planning and follow-through are crucial for business owners looking to grow their business. And three of the key areas to check to see if you are on point with your plan and follow-through methods are profit, retention, sales. These are the fundamental areas that will propel your business toward reaching your goals.
Without the advantage and expertise of a business coach, many businesses only track revenue to measure success. However, revenue is only a small piece of the overall picture of the strength of the business. Profit is a much better predictor of success. Profit is what you have left of your revenue after expenses. It’s all about cash flow. If cash is flowing out due to expenses as quickly, or even quicker, than it is flowing in through revenue, then your business is not set up for growth and success.
Once you establish a steady cash flow with enough profit to invest in your business, then it’s time to focus on retention. Keep the momentum you have built up and leverage your profits to improve the work environment, upgrade tools and services, offer training to employees, and attract top talent to join your workforce. These improvements to your business increase the equity of your business, meaning the actual dollar value of your business. This is will be especially important to you when you begin thinking of retirement, maybe getting that dream home on the beach.
Maintaining the growth of your business through sustainable profit will depend on increasing sales volume to continue to provide the revenue needed to stay ahead in the cash flow of the business. Implementing proven sales strategies and techniques can be a game-changer when attempting to grow your business. ActionCOACH Louisville has extensive experience in helping business owners develop their sales staff into a winning team of sales professionals who are fueling the engine that drives the business toward ever-growing success.
We’ve all heard this quaint Chinese proverb, “The best time to plant a tree was 20 years ago. The second best time is now.” Now is the time. So take advantage of this opportunity to do something monumental for the growth of your business – get your ticket and attend the June 23rd GrowthCLUB Business Planning Workshop. Tickets are still available through June 5th at the special early-bird price of $75/person, and then after June 5th, right up until the day of the workshop, tickets will be sold for $100/person. Click here to get your ticket and learn more about taking the next step in growing your business and reaching your goals with ActionCOACH Louisville.