Nowadays, it is becoming increasingly important to know whom to take advice from. There are many lies out there from people who have not had real experience running a business. Only real business owners give authentic and first-hand information to help you grow your business. Kale Goodman and Trevor Cowley are in the business of bringing practical knowledge, tools, and resources to help other business owners succeed. Their focus is on business owners that are at any level of their growth process, whether it is in the very start-up phase or 5-10 years into the business. I got a chance to interview the two entrepreneurs on the topic; How to take your business to the next level, especially financially.
When the company Cowley was working for hit a hard time, it was on the verge of going under. The company had suffered a $200,000 the previous year. To save the business, Cowley decided to invest his savings with the agreement that he became in charge of the daily operations. He was able to help salvage the company and raise $700,000 the same year. Cowley believes his company will force other accounting firms to dramatically step up their game to keep up with the level of service Easier Accounting is providing.
Create a Growth Strategy
Cowley’s first tip on taking your business to the next level is creating a growth strategy.
First of all, you should know where you lie in terms of resources and finances. Organize yourself in such a way that once you start moving to the next level, nothing will hold you back or delay your progress. Once you have had finances and resources sufficiently organized, craft, and define a viable growth strategy. This step will entail identifying how you are going to grow and planning accordingly. Ask questions that will help you identify the specific goals of your strategy. Are you targeting new markets? Is your growth only focused on improving your product/service? Asking such questions will help you narrow down on the steps to follow through while creating a sound strategy. You will also be in a position to foresee risks and opportunities. In the process of creating the plan, consult the financial department to ensure that your strategy has the backing of all necessary resources.
Leverage the Power of Social Media
Secondly, all growing businesses need to leverage the power of social media. However, it is also essential for companies to understand how to use social media effectively instead of exploiting the opportunity therein. Now, more than ever, when people are using social media to make meaningful interactions, businesses need to stop the bad habit of continually selling on social media. A good business owner knows that although sales and marketing are often used together, they are two different terms that mean two different things. To successfully and effectively leverage the power of social media to take a business to the next level, one ought to curate content that adds value to the audience, builds or sustains a healthy relationship, and markets the company/product in a subtle manner. Your audience knows you are advertising to them, but you don’t have to make it obvious. Give them industry insights, tips, and tricks, or even entertaining behind-the-scenes videos alongside a well-crafted copy.
Goodman has many skillsets to help other business owners. These include entity structuring, tax planning, accounting systems, investing, credit and funding, and personal growth. He created the Real Business Owners brand with partner Trevor Cowley. Together, they are helping business owners by offering real content, advice, and systems in all areas of business. As experienced as he is in sales and accounting, Goodman understands what it takes to scale a business.
Invest in Growth
Stressing on Trevor’s point on creating a growth strategy, Goodman is of the idea that to take any business to the next level, you’ve got to invest in the growth process. Of course, it is expected that financial investment will always be made towards growth in business. However, Goodman’s view is a little different. He is referring to investment in terms of strategic learning and strategic thinking.
Through strategic learning, you learn more about all the functions of the business. Consider learning more about finance, sales, and marketing. Doing so will sharpen both your people and technical management skills. Additionally, it will give you the ability to understand your business on a more intricate level. Another way you could invest in growth for your business by strategic learning is through networking, paid training, mentorship, and reading. All these are personal development tips that, if done right, will help any business owner to take their business to the next level. In the end, such possibilities as international expansion will be in the vicinity.
Growth through strategic thinking may entail a wide range of mental based approaches, like taking time away from the business to think strategically. In the process, you can also learn new skills and let go of some of the day-to-day responsibilities.
Understand Your Numbers
In this age and time, any business that seeks to grow should be using accounting software. As the business owner, it might not be up to you to know the ins and outs of every accounting tool the business uses, but at least know and understand all the essential numbers. Once you know the basics, move to understand your inventory turns and dive into your cash flow. Any time you begin thinking about scaling your business is the best time to start taking specific metrics for your business. Since you will be expanding, after all, you might as well begin considering onboarding new systems and processes to keep your numbers improving and in check. Point of sale systems; inventory management; and bookkeeping practices, processes, and procedures will help ensure you can find out what’s wrong faster.
It’s often easy for business owners who have been in business for a while to rely on past growth strategies. However, it is not always a guarantee they will work. Small and medium-sized enterprises, on the other hand, might not have the expertise needed to scale up to the desired level. That is why real business owners Kale Goodman and Trevor Cowley are here to help.