Business Growth

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Amanda Hoffmann - Certified Bookkeeper, BAS Agent added an answer to this question
Amanda Hoffmann - Certified Bookkeeper, BAS Agent

Amanda Hoffmann - Certified Bookkeeper, BAS Agent, Owner / Manager ★ Certified Bookkeeper ★ BAS Agent at My Office Books - Virtual Bookkeeper & BAS Agent

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In extension to the statements above, it is very important that the business owner/strategist has a process to measure the success or failure that is accomplished. 

A gut feeling is simply not good enough. 

Most accounting software has basic methods to assist. 
Quickbooks ...  Continue Reading
Hatty Bell

, Community Manager at

Interesting insight @Amanda Hoffmann - Certified Bookkeeper, BAS Agent . Most companies rely on marketing for this kind of insight so it's interesting to hear that Quickbooks can also offer this too. Knowledge is definitely power!

What do you think of this approach @Jef Lippiatt @Phil Sealy ?

Jef Lippiatt

, Owner at Startup Chucktown

I definitely think working from real data is helpful. That can definitely give you insight into locations that are over or under performing. It may even give you insight into products or services that are selling well.
However, this approach does have limitations when used as the only factor. Because it won’t be able to tell you what products or services the customers in that area do want. If you just close the location, you may irritate other customers that really did like that location. Perhaps that location didn’t look to serve the customers specific to that region.
This is why it is important to stay close to the customers and their wants and needs. If you don’t understand your customer it is hard to properly serve them. 
Consider using polls and surveys to send to existing customer to ask them what they feel is missing or would like improved. Consider reaching out to the customers that spend the most money their to understand what drives them to that specific location. There are always many factors to consider when thinking about diversifying your products and services, or even your entire business.

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Steve Gray added an answer to this question
Steve Gray

Steve Gray, Director at Gray Capital Investments

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To me it all starts with an effective strategic plan. Then you have a guideline to follow, if it's in place and working well, you know the things you expect from yourself and others will be in alignment with that. By the time you aim to go away... you know that the strategic plan has proven itself ...  Continue Reading
Tim Stokes added an answer to this question
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Tim Stokes

Tim Stokes, Managing Director at Profit Transformations

First, clarify your vision of what you're aiming to achieve. Is it 50% growth per year or 500%? Does your business need higher profit margins to solve cash flow challenges or higher revenue?

With a clear vision I then recommend engaging the employees to form a team with weekly meetings to ...  Continue Reading