Need a growth strategy for your business? – Birds on the Blog

Need a growth strategy for your business?

Have you got a growth strategy for your business?

Other than setting your goals once a year?

Don’t worry if not! I won’t tell Download the Internet Explorer file. Plus I think this is natural…

I don’t know about you but at the start my business was pretty much about surviving not thriving. Sometime it still is if I’m being honest Download the new subtitles of Thor Thunder.

There are times that my cash flow goes to deep that I wonder if it will ever come up again!

Since my expertise is finances I know very well that most businesses go bust not because they are not viable or profitable but because their cash flow dries out…

Yes, we’ve all been there macos 시에라 다운로드!

All growing business suffer from cash flow issues

When you are in this situation of not having enough to pay for your bills the tendency is to blame yourself 카카오톡 쿠폰.

However, it is not your fault.

The fact that you are having a shortage of cash flow just means that your business is growing!

When your business was smaller and required less money to run you could borrow some money from your savings and pay it back later small 다운로드.

However, as your business grows the money required is significantly higher so you then need to start planning…

Most people plan their sales goals and that is great Autocad 2018 for free.

However a spending plan is also necessary, as well as comparing the planning spending with the sales and see if there will be anything left for you at the end 나침반 어플 다운로드.

A spending plan is not about restricting yourself.

It is about prioritising what is important as opposed to making moment to moment spending decisions without having a overview of how that will impact your business and it’s profitability Windows 10 sleep mode.

Healthy growth requires planning

Business finances has two sides:

1. Record what has happened in the past

2. Use these figures for looking forward and making decisions

Most people do the first, mainly because they need it for their tax returns 효도라디오.

However, rare are the small business owners that do the second: checking your figures, understand what they mean, analyse what worked and what didn’t and use that information for making decisions and planning for the future macrium reflect.

…and guess where the magic happens…?

Give it a try!

Start planning (revenue AND costs) three months ahead, create a rolling forecast.

Each month compare the actual figures with the planned ones and plan for the next three months.

Decide what is important is your business to measure, create the space to really understand what your business metrics are telling you and see yourself coming up with these amazing, insightful ideas…

Don’t forget your buffer

Calculate how much you need to cover two months of your operating expenses and start saving up for that amount.

Once you get there, consider it your ground zero, so every time you are getting to that level you know you need to do something. ie. sell stuff, get new clients, all the things that brings money in.

The caveat is that at that point, instead of being almost cash flow dry you still have two months to execute whichever idea you came up with.

That means:

– no disruption in your business operations,

– no stress of wondering whether you will have enough to pay for all your bills,

– no taking any client that comes up because you desperately need the money…

Want more support with planning your business finances?

Join my Facebook group Women Who Master Their Money

About the Author Morena Russell

Morena Russell is a Profit Strategist and she helps mums entrepreneurs to create the structures and systems in their business so they can hit their financial goals month in and month out. Get my free report: "5 Mistakes Eating Your Profits Now & How to avoid them"!

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