Coachfirm May June 2019

Coachfirm May June 2019

You see problems. We see possibilities.

Toll Free: 888-777-0303 • [email protected]

May/June 2019

SCALING DONE RIGHT

Stepping Back and Looking Forward

Shortly after starting your business and getting comfortable, there’s normally a flash of motivation to grow it — either out of an entrepreneurial desire or out of necessity. Either way, these are good problems to have. As business owners, we should always be striving to take that next step and expand our scope to broader, more profitable horizons. But as soon as that motivation settles down, many entrepreneurs are left wondering just how they’re supposed to scale their company. Luckily, Coachfirm has been right where you are and helped countless companies scale their businesses to fit the most profitable mold possible, without going crazy with frustrations.

We should always be striving as business owners to take that next step and expand our scope to broader, more profitable horizons.

You need to consider two important things while thinking about your business scaling: capacity and capability. Should you even consider growing your company right now, or are your motivations coming from a place of egotistical pride? These questions will help put into perspective how feasible scaling for growth actually is. It is imperative to take a look at the factors like physical space, business systems, number of employees, and marketing plans to see what steps you need to take to make this project a success. After all, you don’t want to jump the gun and ruin a good thing. Asking the important questions can ensure your new venture doesn’t fail before it even begins. It’s too easy to stumble with a project of any size, leading to issues like being understaffed, lack of delivery infrastructure, and widespread miscommunication. These problems can lead to a decrease in patronage from customers and a lack of trust from colleagues and business associates. Depending on what industry you’re in, you’ll need to start researching factors that can help you keep up with an increased number of orders. By taking a look at these problems before you make the jump, you can determine your success in both the short and long run. Ultimately, the process of pulling off a successful expansion comes from looking at how you evaluate your plan beforehand, how you handle your scaling capital, how much you invest in technological innovations for your company, and finding the perfect staff to fit your new size. You need to understand where your business stands today,

not tomorrow, not next year. With this preplanning process, we are able to determine and more accurately predict where we want to be and where we likely will be. From these evaluations and plans, we will be able to pitch this idea to benefactors who will help you raise the capital necessary to pull off the expansion. It is a simple cause-and-effect analysis.

Once you have the capital, that’s when you consider things like investing in new technology and bringing on the right employees to see the scaling of your business through to fruition. By taking all these factors in, alongside consulting a dedicated group of specialized professionals like Coachfirm, you’ll be well on your way to planning another expansion in the near future. By understanding how to shape up, market, and scale your business, Coachfirm will be able to advise you on the best routes for your company to take in these delicate times. If you think you’re ready to take the leap today, feel free to give us a call anytime at (888) 777-0303 or visit our website at Coachfirm.com .

-Bob Scott

www.coachfirm.com

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You see problems. We see possibilities.

HOW CRITICAL ARE CRITICAL NUMBERS?

Finding the Root of Your Issues Could Be Your Saving Grace

Success may look a little different for every business. Depending on your industry

end up losing yourself in your business reports and leaving the situation confused as to where your money is going. It is the idea of having a performance indicator on your balance sheets where you can gauge where your expenses, profits, or other various statistics are going to, and how they size up to previous time frames. Being able to find your critical number — and find out what that means for your particular business or industry — can be the most important choice in your whole business planning process. In order to make it easier, you should be looking at the categories that most relate to factors surrounding your company, such as weaknesses in operations or business model, customer loss, and issues with your cost structure and how that relates to competitors in your field. For most people, this could simply be revenue, but that’s not always the case. Many times, the only way you will find your perfect critical number is by identifying the root cause of your issues and using that to determine what your most important indicator is.

and the scale of your company, you may be

more concerned with one set of >Page 1 Page 2 Page 3 Page 4

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