Growing Your Business
Posted On: 21/04/25 - 0

Growing your business always begins with having good and reliable information to make really great decisons moving forward. It all starts with knowing and understanding your numbers.

Do You Keep Your Books Up To Date?

It is imperative to keep your bookkeeping up to date in the business. You do not need an accounting or beekkeeping designation, however, it is important to track all revenue and expenses. Not only do you need to know your historic numbers, but the ones that will create your future also.

Do You Know What A Break Even Point Is?

A break even point is being able to cover all of the costs of running the business with your revenue generated. In other words, do you know what it costs each month to run your business? You need to include, utilities, wages, marketing expenses, etc. If you are making enough money to cover all costs then you have found your break even point. Another way to think of it is your profits match your expenses.

How To Set Profit Goals To Grow Your Business

I do not no anybody who gets into business to lose money. It happens though, without knowing how to generate a profit. There are many different areas to consider when creating your profit goals. Some ideas to consider is creating another income stream in your business. Perhaps a price analysis is in order, how competitive is your pricing? Is there an opportunity to increase your customer base? Are you overpaying on office supplies?

Do You Conduct A Monthly Review?

Equally important to the numbers, is to track results. Go back in and do an assessment. Are the changes working, and if so, what works, what doesn’t? Based on those facts you can make adjustments to increase your profitability. I think a monthly review is good. It keeps you on track, current and relevant. This way you can make immediate changes if something isn’t performing the way you had forecasted.

Align Yourself With The Right Monthly Advisor

Many entrepreneurs find they become disillusioned with being a business owner without the right understanding of their numbers. Many are overwhewlmed and stressed and think they just don’t have the time to learn all of this. But without this knowledge, it is impossible to grow your business and become profitable. Many go back to being an employee because they think it is easier.

If you are wanting to take your established business to the next level and not sure how, give us a call. We will show you how to grow your business based on your numbers. Our team has extensive experience in assisting business owners just like you. In fact, they are business owners themselves. Call Paul and Cheryl for a free consultation on how to grow your business today.

12203-107 Avenue.
Edmonton, Alberta.
T5M 1Y9

Call us:
780.482.7297