The end of the year is approaching, and this is a good time to do an in-depth analysis of your business and establish goals to grow your business. But how do you do that and how do you achieve those goals?
We are close to saying goodbye to 2022. How is your business going? Do you have advice for growth? There is no better time than the end of the year to analyze and grow your company.
The first thing you should do is write a plan or a roadmap, so that these ideas do not remain in the air, and you must analyze and answer the following points:
- Where is my business currently?
- What are my competitive advantages?
- What have my net profits been in the last 3 years to 5 years?
- What have been the areas of opportunity in my business?
- Is the price I am offering competitive?
- Have I gained clients or not? Have I increased my customer base?
- What are my direct responsibilities?
- What is my business budget?
- What are my growth projections for next year?
- Where do I want to be in my business in 3 to 5 years?
It is extremely important that you know your business in depth. There are many entrepreneurs who know about the industry, the product and the service they offer, but do not know the details of the financial and administrative part of their business. Knowledge of these factors impacts the result and success that your business may have and the continuity of that business.
If you do not have a good command of the administration of your business and its finances, we recommend that you have financial advice to keep track of this important part of your business. You must create the right team with people such as accountants, billing experts, financial planners, and a strong financial institution, among others. This composition of financial experts may vary according to the nature of your business. Having effective administration can be very useful to be able to request access to capital or a loan in the future to continue evolving your business. It is also important that you know the tools that your financial institution can offer you to manage your business. In the next edition, we will be explaining some of the tools available to you at our banking institution.
One last recommendation: when preparing that growth plan, always be realistic and quite conservative. You are not going to say that you are going to increase the sales you made this year by 200%, because it really is a very aggressive projection. For example, a more realistic projection is to say that you will be able to increase sales by 20% or 30%. You can work on these projections based on what you have achieved in previous years and external factors as well, as these greatly affect the stability of your business.
We hope these recommendations help you create your growth plan. Remember, if you need help or advice to develop your business, at Oriental, we are more than ready to serve you. Visit orientalbank.com for more information.
