Today is the answer to these questions. When you analyze your business you should be able to answer these or you have room for potential concern.
1. What is your business estimated annual revenue?
Obviously this will depend on growth rate, industry and profit margin as well as sales figures.
2. What Is your estimated annual profit?
This will be the gross profit you figure after doing the previous calculations.
3. What is your biggest business concern?
How could your competitors steal market share? Where is your business vulnerable? A swot analysis is nice but you need to go a step farther in knowing your contingency plan.
4. How do you plan to fix this?
Have a clear vision of multiple alternatives in case adjustments need to be made.
5. Do you have a Digital Marketing Strategy?
If you don't know what this is you are in serious trouble if you think that you just set up a Facebook and twitter and a basic website and just forget about them you are also leaving money on the table. Without a clear digital or online marketing strategy you are leaving money on the table and missing out on low cost high ROI revenue.
6. What Could Be Improved about the results?
These should always be reviewed and adjusted as needed.
7. Do you have a Information Security Strategy?
One lawsuit from stolen digital assets could cost you millions. What is your information security strategy? I have antivirus and a firewall and no one wants to hack me is not enough I promise.
8. Do you have a malicious incident response plan?
This is your contingency if someone breaks through your network how do you minimize the effects and protect your customers data?
9. If not are you aware of the risks?
10. How are you leaving money on the table or taking unneeded risks?
If you don't know the answer to most if not all of these question you are playing with fire.
In the end it's not about just answering questions but knowing clearly how your defined strategy fits and will be executed. At the end of the day you either know or you don't the rest isn't really that important.
What are you questions or concerns? Let me know in the comments below.
Do you have a moat? First off, no I do not mean the literal swamp area filled with alligators or crocodiles surrounding a medieval castle.
The business version does include any pets however it is just as important. As Warren Buffet famously said you can judge a businesses fundamentals on the strength of it's moat.
The moat or competitive advantage provides you with a crystal clear opportunity to see where you are positioned to seperate yourself from the competition.
Do you have a clear vision for what separates you? Why or why not?
Let me know in the comments.
Why Your Business Needs A Cash Flow Plan
Congratulations your business has gone cash flow positive but how will you manage this capital and do you have a plan where it is going?
Capital is used effectively can be a great business growth driver. Here are some of the most effective ways for measuring capital allocation as well as some ideas for capital application.
Return on equity: Acronym ROE this is best known as the return of shareholder equity as a positive form of asset acquisition.
Return On Investment: ROI is the positive return of investment capital put into asset acquisition
Free Cash Flow: FCF is cash flow from operations after taxes and expenses
How can free cash flow be used?
Marketing: This can be as simple as strategic growth or additional branding
Asset Acquisition: Distressed assets can be a great growth driver in the strategic acquisition of capital
How are you allocating your cash flow? Has your business gone free cash flow positive?
Let me know in the comments below.
The Importance Of A Business Coach
The point of business coaching is to make improvements and changes so that an organization can operate at an advanced stage. When the organization operates at a higher level the obvious occurs; a superior awareness of quality, legitimate customer service, enhanced revenue, and improved profits. In contrast, over the years we have learned the entrepreneur, although innately driven by passion and courage, and an off-the-charts mind for ideas, is a typically a lousy manager. Why? Because their business idea was born of their minds, and in every sense of the word they are the sole proprietor. They are the creator, they are the keeper. Sometimes, for these reasons, they need a business coach to keep them on track and moving forward.
When entrepreneurs realize that they possess a deficit in the area of routine management, they will typically seek a business coach professional who can methodically guide them. Their goal is having the business run on auto pilot, performing well as a highly functional business. But when there is no reference point any road will get you to the same place: lost. So, when the entrepreneur combs through his or her managerial book there’s not a lot there, only what they believe should work. Based on this they take on the project with the same great passion they started with. Unfortunately, what we think logically should work very often does not.
Business operations are a series of habits - good ones and bad ones alike. A diverse business coach can sort these out by implementing a series of fundamental goals. These are designed to introduce business habits that succeed, that eliminate the “work arounds”, and identify whether the daily goals were met. The positive result of this will not only win over an apprehensive entrepreneur, but a skeptical staff as well. The team wins when the team is on board, and they will be excited to be a part of the results.
Having the right kind of experienced business coach can truly make or break an organization. Although some entrepreneurs may also possess managerial skills, they often don't see the forest for the trees when it comes to their business. They are so focused on the next big idea that they forget to properly manage what they already have. A business coach, if properly trained to do so, can keep an entrepreneur on task and moving in a direction to keep their business growing.
Can we help with your business? Get in touch for a free no obligation consultation.