Are you at a point with your business where you just don't
know what to do next?
Do you have a business plan?
How about a growth business plan?
Have you looked at a lot of different ways to grow your
business and nothing seems to work?
Socrates Vasiliades tax says the right growth business plan
could be your answer. If a growth business plan is done the right way it may
open up some opportunities you have never thought about before. A growth
business plan can be developed many different ways but I would like to discuss
a growth business plan that you may have never thought about.
Here is the way I would encourage you to set up a growth
business plan:
• Do some dreaming about what you would like your lifestyle
to be
• By dreaming decide on an average income you would like to
have over the next few years
• Decide how many years out you would like your plan to cover
• Decide how much profit you would like for your business to
generate above the income you want for yourself.
• Set up a profit and loss statement of your existing
business or your proposed business
• With the right business knowledge and a profit and loss
statement you can actually use that data to see what your business would need
to do for you to give you that income and profit
• Even better you can determine what size market you would
need and even determine whether your market would support your business
presently and in the future.
To me a small business is one of the best things you can have
if you enjoy operating a business; however, it does require a lot more than
just enjoying ownership and running a business.
Socrates Vasiliades tax says Especially if you are starting a small
business and even if you have had a business for many years, you should know
what you want for your future. Never guess about your business. You see,
without a plan, you are just guessing. We business people work hard and we
always continue to hope for the best but when we guess, we're taking a lot of
risks. You've probably heard the old saying from an unknown author that says,
"If you fail to plan, then plan to fail."
Now as I said, there are many other reasons too.
After graduating from college, I started out in manufacturing
as an engineer in a pretty large company and now, 45 years later, retiring as a
of Director of Manufacturing, I have discovered an awful lot about business.
Not only did I learn and teach a lot about business, I worked with small
business owners as well. I've learned that it comes down to this. Too many
owners work hard in their business but less on their business.
Do you work on your business as much as you work in your
business? Do you ever dream about having a good lifestyle but just haven't
quite figured out what to do about it. Have you ever thought about seeing what
your business would need to do to give you those dreams? Developing a growth
business plan could be the answer.
If you develop a good Profit & Loss Statement for your
existing business for the current year or for the first year of your proposed
business, you can use this data to actually project how much sales you would
need to yield the income you want and the profit margin you want. You can plan
ahead as far as you want. Sound impossible? It's actually pretty simple and can
be pretty accurate plan.
A plan like this would show you how much sales your business
would need to do, what your fixed and variable expenses would be, what your
material cost, labor cost and profit would need to be to provide the income and
profit margin you want. You can see pretty quickly if it's possible for you to
get your business to that level. I don't know of any better way than to have
your business give you the income and profit you want. What's neat is you can
determine what you want your income to be and your profit to be over the next
few years and develop a plan that can show you exactly what your business would
need to do to give you that income and profit.
And with just a little more data you can actually determine
how many customers you would need for each year you plan for and how many leads
you would need. From that you can actually determine what size market you would
need and whether your market is big enough to supply those leads that could be
converted into customers.
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