Are you Financially Fit for Business Success?
Being financially fit for success when it comes to business is not just about having some money in the bank. It goes way beyond that.
There are actually 5 core areas in our opinion that, with commitment, give you everything you need to become financially fit:
Mindset and Team
Positivity is key to growing a business; and so is ensuring that you have the right team around you. If you are constantly thinking negatively, and feeling out of control, this can have a detrimental impact on your ability to take the business forward.
So get the right people on your side, and ensure that you always look forward, learn from mistakes and plan for the future.
Vision and Goals
If you do not know where you are heading, how could you possibly arrive in your desired location?
Planning is vital to your success; from your overall vision, to your 5 year, 2 year, 1 year and 90 day plan.
On top of this, knowing your numbers is crucial. You need to have reliable financial information that allows you to make decisions, and give you the tools you need to make the right change within your business.
Ability to Create Growth
Do you know where your growth is going to come from? Is it about increasing profit, customer numbers, reducing your costs, cross selling to existing customers?
When you know exactly how you plan to scale, you can put everything in place that you need – whether that is financial reporting, marketing, sales, team members. But you cannot make any of these decisions, until you have a strong handle on how you will fund this; and that’s why knowing how to grow and what levers you will pull is critical.
What you Sell, How and To Who
Is what you sell, and your route to market clearly defined?
It’s really important that you are completely clear on the value that you offer to your market, and what the benefits are to your customers.
You also need to have laser focus on who your customers are, and how you will engage with them in your Marketing and Sales.
Importantly, always measure this activity, so you know whether or not you are having the right impact,
From your profit and loss, to your cash flow forecast and your balance sheet to your debtor list… you must be on top of all of these. They are critical to your financial decision making and your business growth.
You should be looking at these numbers at least weekly to make sure you have the most up to date view of your business growth.
Work with your financial advisors, including your accountant, as they will be able to give you the right guidance and support.
SO ARE YOU FINANCIALLY FIT FOR SUCCESS?
To find out, why not complete our Financial Success Questionnaire, which will give you some great guidance on what you need to do, where your weak points are, and how to make sure you have the very best chances of scaling your business.