26 October 2017
To achieve business success, you need to be ambitious: that’s a given. But once you’ve created an established company, how do you move forward? How do you move from the foot of the business mountain to reaching the very pinnacle of the summit?
We believe the key lies in making bold business decisions, backed up with the absolute best support, advice and strategic thinking.
At FD Works, we love working with ambitious businesses who share our entrepreneurial outlook on business advice. That desire to look for new opportunities, new solutions and new ideas is what gets your business primed and ready for the next stage in the climb.
So, if you’re already at ‘basecamp’ and readying your team to reach the top of your own particular Everest, what are the key steps you’ll need to take?
And how does working with a trusted business advisor give you the skills, knowledge and stamina required to get you over the obstacles and standing atop the peak?
When you started out, you needed big ideas, a healthy work ethic and a drive to build a stable business model. And you no doubt defined some key goals that acted as the drivers in your early-stage business model over the first year or so of trading.
Those key goals got you to ‘basecamp’, where there’s a healthy customer base, regular sales and enough money in the kitty to consider scaling up the business further. But will these goals still be fit for purpose at the next stage of the climb to the top?
Start by reviewing your business goals:
As the company grows, the complexity of your finances, invoicing, operations and administration will expand at a similar rate. To ensure you remain efficient there’s a need to stay in control of these business areas – and that means having the right tools for the job.
The emergence of cloud technology and online business apps mean there’s a wide market to choose your tools and systems from. But you also need to get your fundamental underlying business processes and team resourcing right if you’re to get the most from these systems.
So do you have the right tools in your business backpack?
Begin by reviewing your existing financial systems and processes:
‘Fail to plan, plan to fail’ is a well-worn adage in business circles, but it’s a phrase that every basecamp-ready business leader should heed. Never underestimate the importance of planning and forecasting in defining your route to the heights of business success.
Without doing the preparation, thinking through your route and looking at the potential challenges, your business is setting off into a blizzard full of unknown pitfalls.
So before you take even the smallest step in the next stage of the climb, it’s crucial to sit down and start looking through your key numbers and metrics.
Let’s look at some of the key considerations to include:
Once you’ve set out to conquer your own particular business Everest, it’s important to have access to the right key performance indicators (KPIs). Tracking performance throughout the journey provides constant analysis of your route and allows for corrections along the way.
A good business plan isn’t a static document, so the more granular your reporting is, the better you can judge the quality of your current direction, and where there may be a need to pivot.
Experience is a hugely valuable commodity to have in your kitbag. Whether you’re a first-time business owner or a serial entrepreneur, there’s a real benefit to having a financial and strategic expert on your team – this is where your finance ‘sherpa’ will help you scale new heights.
With a virtual FD on your board, you get the quality financial advice needed to drive the business to the next stage of development, with the additional benefits of:
It’s this combination of accounting knowledge, commercial experience and financial resources that helps you scale your business mountain with minimal risk. With a sure-footed sherpa guiding you at every stage, you know you’re in safe hands.
At FD Works, we see ourselves as a combination of basecamp trainer and experienced sherpa, with the resources of a highly enthusiastic mountaineering support crew.
We’ll help your established company to review its current business model, refine its strategy and define the key goals, targets and challenges that will form your strategic plan for the short, mid and long-term futures of the company.
When there are bold decisions to make, we’ll give you the facts, the insight and the unswerving support you need to push forward – we’ll get to the top of your business Everest together, and with oxygen to spare: that’s our promise to you.
If you’re basecamp-ready and looking to climb your own business Everest, let’s talkLet’s get training