Right Sizing Your Business for the Future - Celia Powell

Celia Powell - "By the Numbers"

Introduction

Today’s conversation is all about looking at your business as you are deciding to scale, grow and prosper! It’s the Cinderella story of business, like Prince Charming looking for the right fit for that glass slipper, many of our entrepreneurs are seeking to scale to the most profitable size possible.

Many listening today may sound like Goldie Locks and the Three Bears, “this business is too small, or this business is too large, and asking how to get my business  scaled just right. Rightsizing is an approach that is taken in businesses to reduce costs to increase profitability but before we do that we must examine the facts.

Show Objectives - The Why
​To show the business owner how to approach rightsizing you business for growth and the key considerations for building a growth strategy.

How to stay in balance with being present and planning for the future? Today’s Episode Resizing Your Business for the Future, addresses this phenomenon.  One word that comes to mind is Balance and how do we institute habits that bring us into alignment with our purposes and goals? We have a lot of distractions these days and we are steadily moving through post covidism but we must employ balance.

The article link in today’s episode’s show notes, has the following recommendations:

• Be realistic.
• Learn to let go
• Begin by taking long weekends
• Plan ahead
• Establish rules of engagement.
• Take mental time off, too.
• https://www.forbes.com/sites/jeffcornwall/2016/03/12/6-lessons-for-creating-balance-as-an-entrepreneur/?sh=4c3772f13be3

 
Key Issues - ​Owner/Manager Perspective:

• How far in the distance is my planning horizon?
• How are your prospects' needs going to change?
• Who in your organization simply isn't contributing?
• Are you creating solutions to today's problems? 
• What about next week's, next year's, or the problems of several years from now?
• What do you believe about the business you are in?
• What are the obstacles to proceeding along your current path?
• What, if you only knew how, would you be doing?
• What are the most important issues, right now?
• What are you sacrificing to accomplish your current objectives?

What You Need to Know

Good Long-Term Strategy to Grow the Business - Azcentral
Business Growth Planning: 10 Questions to Ask to Grow Your Business (businessknowhow.com)

What You Need to Do​ - The How

Six key considerations when building a growth strategy for your business

1. Develop a vision for your business
2. Anticipate Client/Customer needs
3. Focus on Efficiency
4. Acquisition of smaller competitors
5. Broaden market share
6. Increase market segment

Shows
Previous: 

• EPISODE F3-4.010 How to Handle Growing Pains with Scenario Planning for Stage IV
• Next: Episode F3-4.012 The Wrap up of Season 3

Written by Celia Powell
Celiapowellcpa@mymoneyandmore.net
www.Celiapowellcpa.com
Facebook @mymoneyandmore
Instagram @mymoneyandmore

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