It’s time to finalize your numbers.
Numbers are not only about financial statements; they also include very essential factors to ensure business success. Examples include:
- Assessing the team’s productivity
- Evaluating the quality of relationships and communication between the management and the staff, the clients and the suppliers
- Reviewing the strengths of the business model and structure
- Validating results compared to the initial budget and the owners’ vision
- Analysis on different strategic factors such as:
- Customer feedback and complaints
- SWOT; strengths, weaknesses, opportunities and threats\
- PESTEL; political, economic, social, technological, environmental and legal factors affecting the business positively or negatively
- Market trends and how you can adapt your business and stay on top of your industry
- Direct and indirect competition and how to differentiate your business accordingly
- Financial analysis beyond how much profit you made:
- Gross profit per product/service
- Identify top sales people
- Identify top clients
- Identify bad customers and start eliminating them
- Financial ratios that could spot your liquidity, profitability and return on investment
- Check if you need additional funding to protect your cash flow against bad times
- Review your pricing model
The biggest question remains the following: would a business strategist be helpful in guiding the above steps and support you bring more desired results at all corporate levels?
Planning is not a luxury; you must write a healthy business plan and structure easy to measure key performance indicators to keep tracking performance and improvements on a regular basis.
It's time to expand!
Jade W. Dagher
Business & Wealth Strategist
Certified Management Consultant ©