Information is Key to Business Growth

In the first blog of this series, I discussed why creating a vision for your business will help you articulate where you want to go. To get there, you need a detailed map – a plan – and to create that, you need to know where you stand today. Information is key to business growth.

Here’s what you need to know:

  1. Which of your products and services are successful? How profitable are they? What is their market share?
  2. How efficiently are you operating? Are you making the best use of technology and automation to get the job done? Are there areas you can save time?
  3. Do your employees have the skills, resources and tools they need to excel?
  4. What is your current capacity in terms of staff time, facilities, equipment and information technology?
  5. Do you have an accurate picture of your financial performance? Consider cash flow, working capital and cost basis.
  6. Do you have the resources in place to maintain your current business AND grow?

I advise our clients to assess and regularly review this information on a more frequent basis than once a year. Having an accurate picture of the current operations and finances will help you determine the next steps to grow your business.

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