Small Business Owners Decide Where Change Is Most Needed
Since the marketing/sales is directly responsible for a businesss profitability, it is often the operation that is subject to the most change within a business.
For instance, the introduction of a new product as well as a new marketing strategy can positively impact sales for a business. Once sales increase, revenue will increase, and the modification to the business will have paid off.
Another common change endured by businesses is in regards to budgeting. In order to increase cash flow, it is crucial to create and enforce a plan for budgeting revenue specifically, how much money to save, how much to spend, and which aspect of the business to spend it on.
With an effective budget plan in place, a business may prosper more than ever when financial support it aligned with necessitates.
Change can be sudden, yet it is a common part of any businesss life cycle.
In order to grow a business and increase revenue, business owners must be prepared to modify different processes, reallocate resources and make decisions that support. A minor change to a business can create an immense impact.
Whether struggling to survive or hoping to grow in size and client base, businesses can always benefit from adjustments to their business plans.
Although many people and processes can help facilitate change in a business, it is ultimately up to the business owner to successfully bring about change.
Of course it is always important to continuously review the processes of change and make improvements as needed. No plan can ever be finalized; as business tactics are constantly changing, so are their methods of maximizing cash flow.
In summary, the five key points for change are requisite for businesses that are looking to improve or achieve the next plateau.
Business owners should enlist the help of professionals or receive training to make decisions regarding new obstacles. The more experience someone has, the more likely they are to come up with lucrative solutions to facilitate change.
A business can't thrive unless its owner is responsible and willing to lead. With the proper leadership and thought process, a business owner will most definitely guide his or her business through crucial changes for the betterment of the business.
Alex Hart co-wrote this article with Rachel Mack, a Sales and Marketing Assistant at his firm Hart Vida Raffo. Rachel has been studying Applied Economics and Management, Communications at Cornell University.
About the author
Alexander J. Hart of Cuban American decent is principal and founder of Hart Vida Raffo. With over 25 years of experience, Alex specializes in the areas of tax strategy and planning, business process improvement, and capital consulting. Whether advising on capital and financing strategy or consulting for privately-held professional services firms, Alex has the expertise and practical know-how to help any company optimize their business processes and make tactical financial decisions. He began his career at IBM in sales operations and accounting. He was a Controller for the N.Y. Post, has been a CFO for a medical device company, and has written a tax column called “Ask the Tax Guys” for Micro-Cap Review. Alex is a professional member of A.L.T.A. (Affiliated Lawyers of the Americas), a member of the National Association of Tax Preparers, and is a contributing author and mentor at Latin Business Today. Alex graduated from St. John’s University with a B.A. in Spanish and his M.B.A. in Finance. He obtained his accounting degree from Pace University.Website