Even the best value proposition doesn’t make your business recession-proof. So how can a business double-down in times of economic uncertainty? Begin with your data and then focus on growth. Here are six ways to grow your business in an unpredictable economy.
CLOUD CFO BLOG
Accounting advice, made awesome.
Congratulations, you have managed to persuade a customer to purchase your product or service. In fact, you have managed to repeat this action over and over again. But, do you know the true cost to acquiring those customers and have you figured out how to improve that cost?
Truthfully, the finance department is not always the first thing business owners think to scale as their company grows. More often than not, business owners come to this realization once they have seen a big jump in revenue and suddenly realize that some more strategic financial planning is in order. So which one should you hire first? A CFO or a Controller?
Your value proposition is more than simply defining your price structure. It is your brand’s narrative. To define your value proposition, begin with the obvious and work your way through to the nuanced.
It’s budget-planning time. After a year that may very well have derailed your budget, and despite how begrudgingly you might enter this process, now is the time to plan next year’s budget. Digging deeper into the essential questions from budgeting and forecasting for high growth companies is a great place to start.
When you’re strategic planning, do you map back metrics to your mission? If you’ve read any of our budgeting articles you’re familiar with my recommendation to set targets or benchmarks for your team. Creating this culture of growth sets your business up to scale.
Now is a better time than ever to get your business spending under control. Unlike most accountants, we like to focus on growing your business but certain times call for cost-cutting measures. Better yet, if you can cut your monthly business expenses as you’re growing then you’re creating a great capacity to scale.
Given the turbulent financial climate, it’s not surprising to see more owners consider selling their business. Whether it’s to look after employees, cut losses, or for personal reasons there’s always a combination of pros and cons to consider- and I’m speaking from experience having sold my company to ORBA 5 years ago.