Checklist for Business Growth
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Very frequently the process of starting a business is time consuming. The entrepreneur is so busy with the day to day operations of running the business that they don’t really have the time to develop the skills needed to grow their business. The following list identifies some specific skills successful business owners have found useful in growing their businesses.
- Capacity to envision your corporate future: size and complexity, product lines, and financial position.
- Ability to determine the methods of growth that will lead to your vision of the firm.
- Ability to structure the firms record-keeping system so that growth can be built on the foundation of past performance.
- Understanding methods you can use to keep your knowledge of environmental, legal, and social changes that could affect business growth.
- Ability to interview and hire employees who are qualified to play a role in your vision of the firm.
- Ability to discern those tasks that can be delegated; willingness to allow others to take responsibility.
- Understanding of business and product life cycles and ability to manage or supervise the management of changing strategies for life stages.
- Knowledge of and participation in the industry you serve.
- Knowledge of management information sources and assistance.
- Knowledge of how to position your firm in a competitive market so that your customers view your company and products as unique.
- Ability to forecast changes in target markets.
- Understanding the ways in which the many elements of marketing are interrelated for impact on customer purchase.
- Ability to analyse advertising impact and perform both a quantitative and qualitative evaluation of media choices.
- Ability to budget marketing by comparing industry standards with your own firms competitive and financial situation.
- Capability of predicting customers response to advertising strategies and advertisement content.
- Knowledge of marketing information sources and assistance.
- Development of a strong banking relationship that allows personal attention and timely financing when it is needed.
- Ability to read and interpret financial statements.
- Understanding the causes of low profits such as inadequate expense control, high interest, and low sales volume; ability to analyse the outcomes of these problems.
- Establishing prices correctly for industry standards, customer acceptance, profitability.
- Capability of calculating key financial ratios and determining trends affecting business growth.
- Ability to accurately assess financial needs for growth.
- Understanding of the impact of fast growth on each area of corporate operation.
- Knowledge of debt structuring.
- Understanding of all the methods of cost containment.
- Knowledge of sources of information and assistance with financial management.