planning

If you’re trying to expand your business, missing critical elements can derail your efforts to grow. Entrepreneurs need to consider several important things before deciding to grow their small business. Listen to find out if your company is ready and fit to grow.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or hit Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

In this episode we look at important things entrepreneurs need to consider as they decide to grow their small business to make sure that their company is ready and fit to grow.  Lisa uses her concepts of the 5 P’s, Planning, Practices, Process, People and Profit to explain how missing some of these pieces can derail a company during its growth phase.

Key Points

*Many companies find that what worked when they were smaller are no longer as effective in a larger growing company.

*Many of the growing pains companies face can often derail growth for a business that is not ready and fit to grow.

*Entrepreneurs often underestimate the impact growth can have on their people, operations and even their bank account.

*Having an overly optimistic mindset while valuable in start-up, often mask or downplay problems associated with the growth phase.

*One of the growing pains companies can face is allowing sales growth to destroy their brand and Lisa explains that in the episode.

*No one can be certain that they are ready to grow however entrepreneurs need to recognize that growth will change how they do business in many ways.

*Many entrepreneurs notice a change when their company reaches over 50 employees. These changes are especially noticeable in their operations, communication and need for specialization.

*Lisa uses an example of her experience in a technology company to explain the idea of specialization and more focused roles during growth periods.

*A way business owners can determine areas that need to be in place or improved in their business is to examine their company with a critical eye. This enable them to see the growing pains and work to correct problems as they arise.

*Lisa explains what she looks for in her work with clients to determine where they are falling short and the things that are holding them back from being ready and fit to grow.

Resources and Links

Sign up to take the Healthy Biz Quiz – Take the Healthy Biz Quiz and automatically receive your score along with tips and information that can help you create a business that is healthy and fit to grow. Follow this link to sign up.

You may also want to check out these helpful episodes:

Do You Have A Healthy Business?

How to Scale Your Business-Part 1

How to Scale Your Business – Part 2

 

 

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

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Prescription for Success Newsletter

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

I just finished and mailed my holiday greeting cards to family and friends. This time of year everyone wishes people well and offers hopes for a healthy and prosperous New Year.

It’s also the time when we begin to really think about what we want in the new year. Those New Year’s resolutions or goals for the future. We think about trying to lose weight, eat healthier, or to accomplish that thing that has escaped us until now.

Running a business means a large part of your life is wrapped up in it.   We hope that our business stays healthy and prospers in the New Year with great results and few problems.

How are we going to make it happen?

I’m a big believer in knowing where you are at so that you can figure out where you want to go.

What can we do to set our business up to be healthy and make sure that we are on the right path to succeed next year?

Resolve to Take a Step Back Once in Awhile

If you make a resolution to lose weight without setting a target, you’ll never reach your goal.

Think about it.

If all you do is say I’m going to lose weight, are you done after you’ve lost one pound? You did lose weight, after all.

But does it matter?

Instead it’s more meaningful to know where you’re at first. Let’s say you’re 20 pounds overweight. Your doctor tells you that you’ll be healthier, your knees won’t ache and you won’t be winded when you walk up steps.

Now you have a real goal and you know how to measure it.

The same goes for resolutions in your business. A resolution is really a goal. Setting any goal won’t mean much if you don’t know where you are starting from.

Want to set a goal to increase the speed of your deliveries. Find out what your time to deliver is now.

If you want to set a goal say for profit make sure you know what your profit is now.

Resolve to take time to step back and really review and understand how your business is doing.

Resolve to Make Business Improvements for the Long Haul

In the first episode I did for the Healthy Business Healthy Profits podcast I talked about what makes a healthy business.

A healthy business isn’t really about one thing.

You can have great sales and still be unprofitable. You can be growing like gangbusters but still have miserable employees who are overworked and want to leave. Your business could be adding new customers left and right but have so many problems that you’re constantly late on shipments and making customers think twice before ordering again.

A healthy business to me is one that values employees, customers and the community, not just sales and profits. It’s one that consistently tries to be better at what it does. A healthy business is run by someone that sees value in being good but strives to be even better. It’s one that recognizes that when things aren’t going well and there is a problem, it wants to improve and fix it.

Resolve to Be a Better Business

Take the opportunity at year end to step back and look closely at your business and look for ways to make it even better. Think about all the things that may be holding you back from becoming even more successful.

When you figure out what’s holding you back, understand why it’s holding you back?

Some of the problems you have may go back to bad planning. If cash flow crunches rear their ugly head could it be that you are not managing your cash flow? Getting beat by the competition? As part of your marketing strategy how are you gauging the competition to get ahead of them and set yourself apart?

Some businesses are faced with employee problems. Is yours one of them? People problems can be some of the toughest to solve if you look at people as just bodies to get work done. Finding and hiring good people takes work and nowadays a lot more of it! Keeping them motivated and productive takes even more work. Make sure that your business has the right policies, procedures and processes to hire, develop and retain your employees to improve your business and therefore your results.

Processes might be holding your business back. This is a common problem many businesses face especially if you’ve grown. You find that things that worked when you were smaller don’t work as well when you become a larger business. Inefficiencies will surface as you handle more volume. Your old process relies on those few key people who now hold things up because they’ve got too much on their plate. Manual tasks just won’t work now that you’ve doubled your sales.

Other problems that hold your business back might be due to bad business practices. Business practices drive how things operate in your business especially what is accepted and unacceptable. Often these surround how work gets done, how people are treated and how your business gets results. Recently, some companies are certainly finding out the hard way that not dealing with sexual harassment is a bad business practice!

One area that you may want to improve is your profits or on the financial side of your business. If you’re looking at improving profits it’s more than just selling more products. Look at your costs, margins and pricing too. Make it easier to review your results going forward by establishing benchmarks to measure your performance and create a dashboard to quickly review them each month.

Resolve to Make Reviewing Your Business a Standard Operating Procedure

You can only know where you’re going if you know where you’ve been” – James Burke

It’s a lot easier to lose 20 pounds when you know what you weigh now. It’s also easier to stick to a resolution to improve the health of your business when you know where you’re at and then set goals for what a healthier business looks like a month, quarter or year from now.

When I was in my corporate career, we looked at certain things on a weekly basis, some on a monthly basis and others on a quarterly basis. It was standard operating procedure for us.

It took a little work until it became easy to do- a habit – just like many standard operating procedures. It also gave us great insight into where our business stood against our revenue and profit targets as well as the operational goals that we set.

Reviewing our business regularly helped us take steps to make major improvements to increase sales, lower costs and design more efficiency in our business.

If we wanted to improve gross margins, we had to know what margins were now. To increase our response rates to customer calls, we had to know what our average response time already was. We developed software, so to lower the amount of bugs we had to know what they were and where in the process they occurred. Then we took steps to make improvements.

Our first hard look at our business was a like a SWOT analysis. What are we doing right, where were we stumbling and what opportunities did we have to improve. We dove deep into things like planning, practices, people, process and profit to look for those opportunities. We performed a check-up on our company – a business physical if you will.

Start a new habit in your business next year. Give your business a physical. Review your results and your goals for the upcoming year. Set a plan to measure them throughout the year. Take a look at it each month or quarter to make sure you’re staying on track and take action if things go wrong.

Resolve to build a better healthier business in the New Year!

Listen to learn how our guest overcame several challenges to turn her product idea into reality ultimately debuting it on TV.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

In this episode, we’ll hear how our guest’s career ending injury along with her passion for design helped this entrepreneur develop a new product idea for the fitness market.  She tells how her product idea came about, how she developed her concept and how she was able to debut the product on QVC. Our guest, Bernadette Giorgi, is very candid about her struggles and challenges.  She’ll also reveal what she would do differently and what she learned that can help other entrepreneurs who embark on developing a new product and bringing it into the marketplace.

Key Points

*Our guest, Bernadette Giorgi, is the owner of Just b Moved Studio and the inventor of the b bOUNDER(R), a trampoline rebounder with a balance barre.

*She’ll tell the story of how a serious knee injury and her daughter’s back injury led to working with her Dad to design a new rebounder that could incorporate her love for dance with exercise.

*Bernadette tells us how the design came about and how her Dad played a big role in fueling her inspiration and success.

*She explains the process of protecting and perfecting her concept as she developed the early prototypes for the b bOUNDER.

*Find out how she overcame the death of her Dad, financial setbacks and several learning curves to get the product idea into the final stage.

*Learn how she tested the product idea in her studio to get feedback and market information and how that helped perfect the final product.

*Bernadette gives us some of the inside scoop about getting on QVC and the process that led up to her on-air debut on the network.

*Hear why a friend, experienced in design and retail, recommended that she sell her b bOUNDER idea rather than pursue manufacturing it and why she ended up taking the path she did.

*Listen to hear the story about her initial debut on QVC and how her positive attitude, experience, passion and memories of her father’s last words to her played a big role in sticking with it when things didn’t go as planned.

*Find out her new goal for the b bOUNDER and how she plans on generating additional sales through a new market and business model.

*Throughout the episode Bernadette Giorgi gives us advice on setting goals, seeing them through, seeking advice as well as sometimes getting out of your own way.

Resources and Links

Here’s a link to Bernadette Giorgi’s website where you can learn about Bernadette, her Just b Moved Studio and her product, the b bOUNDER.

Here is a link to her page about the b bOUNDER

Here is a link to purchase a b bOUNDER on QVC

Bernadette Giorgi’s special offer to listeners of the show:

Forward your purchase confirmation from QVC (F11730) to Bernadette and she will send you 3 Just b Method Pilates Fusion DVDs that can be performed on the b bOUNDER or exercise mat for a variety of exercise options! (a $45 value!)  For a limited time while supplies last!

Please be sure to include your mailing address and that you heard her on the Healthy Business Heathy Profits Podcast!
Send your confirmation to:   bg@bernadettegiorgi.com

About Bernadette Giorgi

A leader in fitness, entrepreneur, inventor and trusted voice in women’s health, beauty and wellness for over 25 years, Bernadette Giorgi (aka “b”) is on a mission to redefine what it means to “b” fit, healthy, and beautiful. The core message of her Just b Method is “Just b bound to the True You.” The mantra empowers women to make healthier choices for a balanced and fulfilled living by tapping into the wisdom of their bodies. b’s fusion workouts offer a contemporary alternative to classical Pilates by reviving its spiritual aspect of mindfully moving the body in combination with latest fitness techniques while connecting the body, mind and soul.

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Prescription for Success

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks.  Sign up

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Healthy Business Healthy Profits podcast is on a break for the summer.

In the meantime, Lisa is lining up a lot of new guests and information to help you lead, run and grow a healthy business.

Stay tuned for the next episode in September!

To be sure you don’t miss an episode, sign up for Prescription for Success, my monthly newsletter, in the sign up box.

New to the podcast?

Check out some of our most popular episodes below.

Prescription for Success!

Sign up to get Lisa’s newsletter Prescription for Success to stay in touch with her and to be sure to get word when the next episode is released. Lisa also shares other great information and practical tips to help you run a healthy business.

Follow her on Twitter @BizRx.

Top 10 Most Popular Epsiodes

Running any business involves risk.  Entrepreneurs need to be able to assess the risk in their company and make sure they’re protecting themselves with insurance.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

Running any business involves risk.  Entrepreneurs need to be able to assess the risk in their company and make sure they’re protecting themselves with insurance.  On today’s episode we talk to insurance expert Michael McMahon about how entrepreneurs can assess risk and work with their insurance provider to reduce risk in their business.  We cover several tips and topics in business insurance so that you can manage risk effectively.

Key Points

*Our guest, Michael McMahon, is a Certified Insurance Representative (CISR) and a Certified Insurance Counselor (CIC) for the McMahon Insurance Agency headquartered in Ocean City, New Jersey.

*The McMahon agency has grown from a small 2-person agency in the early 1980’s to one that currently employs nearly 40 employees and has 3 locations.

*Michael’s experience spans several roles in the insurance field and he advises clients on several aspects of insurance and risk management.

*Based on a survey of corporate counsels, we discuss the top 3 types of disputes they’re facing and the types of insurance policies that help cover companies in those types of disputes.

*Our guest highlights General Liability, Employment Practices and Cyber Liability and Data Breach as types of policies that help in those types of disputes, noting that Cyber Liability is often overlooked by businesses and poses increasing risk.

*Find out the difference between general liability and professional liability insurance and what each covers.

*Hear why it’s important to consider using an Umbrella Policy to cover actions brought against companies in litigation especially in light of settlement amounts in today’s current society.

*Michael explains why having employees means that you need an Employment Practices policy and what is covered.

*Find out the types of things that are covered for D&O Liability and why if you serve on the board of any entity this policy is important to have to protect you personally.

*Find out what most businesses need and the most common types of policies entrepreneurs should consider for their business.

*Michael shares the types of things you can do in your business to manage both risk and costs.

*Find out what our guest thinks is one of the biggest exposure and risk areas in running a business.

*Our guest provides us with several tips on policy reviews with your agent and the importance of understanding the risk in your specific industry.

*Get tips on what to look for in an insurance agent and the caution Michael notes about cost savings versus adequate coverages.

*Michael gives us two great pieces of information on The Risk of BYOD and shares a cool tool that is located on his website called Clickable Coverage.  (See below for direct links)

About Michael McMahon

Michael McMahon is an Account Executive & Claims Manager for McMahon Insurance Agency. He works with clients to design insurance programs for both business and personal exposures, as well as working closely with our carriers and adjusters to ensure claims are handled quickly and fairly. He maintains the Certified Insurance Service Representative (CISR), and Certified Insurance Counselor (CIC) designations, and is currently pursuing the Associate in Flood Insurance (ANFI) designation. In addition, Michael is member of the Board of Trustees at the Ocean City Historical Museum as well as a member of the Ocean City Citizen’s Emergency Response Team. He lives with his wife and daughter in Upper Twp., NJ.

Resources and Links

Get the information in the blog post mentioned in this episode – The Risks of BYOD and complimentary whitepaper here 

Not sure what policies are right for your business? Find out using Clickable Coverage at McMahon Insurance Agency’s website using this link

Learn more about the McMahon Insurance Agency on their website here

Follow McMahon Insurance Agency on Facebook

You can also follow them on Twitter here

Like to learn more about business risk?  Check out this episode on the types of risk and tips on how to identify risk in your own business here

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

In this episode, we offer tips about how to make strategic planning work in your growing business.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

Once a company grows to a size where management teams run the various departments, the planning process can get more difficult due to the complexity of the business. It’s not just the entrepreneur making decisions, now there are department heads – with various ideas and opinions – making decisions.

Now, it’s more important than ever to march to the beat of the same drummer in your growing business.

Today, Lisa Roberts offers tips about how to make strategic planning work for your growing business. We’ll answer questions about the strategy development process and talk about tools that you can use to put this business practice in place in your business.

Key Points

*Entrepreneurs can struggle with strategic planning since there is sometimes confusion about what a strategy really is.

*Strategic planning is more about the “how” of things, not the “what” like the mission or the “why” like the vision.

*Companies have stakeholders that have varied interests and aims that can complicate a company’s intended strategy.

*A business needs to be clear about its’ mission, the what, before they can think about the “how”.

*While the mission is the same year in and year out, the strategy changes from time to time as you accomplish your mission.

*Goals are specific things the company wants to achieve; strategies are set to determine how the company can achieve them.

*Strategic planning helps entrepreneurs get everyone the same page, sets priorities and helps staff focus on what’s most important

*The first step is to determine where your business is at, is to use a SWOT analysis. This provides a basis to start developing long term goals and objectives.

*Strategies can then be developed for those goals as well as actions plans or tactics that will help execute the strategy.

*Once the strategic plan is set, an important step is the management of you plan including communication and monitoring the plan.

*It’s important for a company flow the strategy and goals down to the staff to create line of sight, focus and employee engagement.

*Culture, communication and management are an important part of the strategic planning and goal setting processes.

Resources and Links

Book mentioned in the episode: Hard Goals by Mark Murphy  http://amzn.to/2p5bXKf

 

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Running a business involves some level of risk no matter what type of business you’re in.  Entrepreneurs need to identify risk, assess it and then manage it.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

You can make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want.

And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

Running a business involves some level of risk no matter what type of business you’re in.  In order to successfully manage risk, it’s important that you identify the potential threats you face and take steps to management and mitigate the risk.  In this episode, we’ll identify the main risk categories and explain the types of things you need to look for in your business. We’ll also discuss how you can start to assess risks and address it your own business.

Key Points

*Common categories include Operational, Business, Legal, Strategic and Compliance

*Operational involves the risk that something about your processes, policies or systems have failed or are inadequate in some way. It can include things like system breakdowns, errors and problems with your business practices.

*Business risk surrounds running your operations profitably.  Financial risk falls under this category as well and that has to do with the ability to meet your debt obligations. Examples include not generating enough revenue or cash to operate your business, not having enough demand for your products or the risk that you default on your obligations.

*Legal involves your contracts, legal entity, disputes and lawsuits.  It typically involves your company agreements and includes things like shareholder lawsuits, vendor disputes, contract violations, product lawsuits etc.

*Compliance relates to laws and regulation that are required by some government entity.  Examples include employment laws, tax and financial reporting requirements, industry specific related regulations etc.

*Strategic is the risk that come about based on your strategy or plans.  The risk that your strategy failed in some way, you are unable to compete effectively or that something in your business plan put your business at risk.

*Two other categories have gotten attention in recent years and they are Emerging Risk and Reputation Risk.  Emerging relates to changes that may be emerging like new disruptive technologies, new regulations etc.  Reputation refers to situations that have put your company’s brand and reputation in danger due to things like bad press, product recalls, cyber security issues etc.

*A business can never fully eliminate it, but they can take concrete steps to mitigate it in their business.

*An assessment can be done with your management team and business advisers to help you identify and address the risk in your business.

*The steps to perform an assessment include identifying, assessing, prioritizing and addressing the risk factors in your business.

*Assessing each risk involves determining the impact by estimating the likelihood that it happens and the potential cost to your business.

*Addressing it can be done through business policies and procedures as well as creating checks and balances to help mitigate that particular risk.

*It’s important to get assistance from professionals such as your insurance, legal or risk management professional so that you are able to clearly define and address your company’s particular profile.

Resources and Links

Lisa mentioned a survey at the end of the show that looked at the types of litigation that are trending in 2016.  Here is a link to the press release about that survey with links to access the survey report itself.

 

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here by following the link.

In this episode Lisa’s tells us a story about a company that in one phone call found that it was going to lose half its sales.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

In this episode Lisa Roberts uses a real life experience to illustrate the problem that some companies can face.  She refers to it as “sales risk” and that is when a company hasn’t taken the steps to develop their market or a plan to avoid becoming too dependent on a few customers or too narrow of a market segment.

Lisa explains what happened when her company suddenly lost half of its revenue and why it found itself in that predicament. She explain the types of things that you should watch out for in your own business to identify looming problems and risk factors as well as explain ways you can avoid this in your own business.

Key Points

*A big disruption in your business, like losing a big portion of your sales all at once, will likely change the trajectory of your company.

*Having too much concentration or dependence on a few customers are risks not only your sales but in some cases a risk to your core operations.

*Entrepreneurs need to make sure they have strategies to develop their market and a plan to market their products consistently to add to prospects to the mix.

*Businesses need to take steps recognize customer and market dependencies by having a clear understanding of their sales mix.

*Other risk factors to your sales are things like industry changes, disruptive products and services, competition and also your own company’s ability to address and change with your market.

*Lisa explains in simple terms and examples ways industry changes occur due to changing industry landscape and disruptive products.

*She talks about ways entrepreneurs can take steps to guard against your sales being at risk through monitoring, marketing, innovation, packaging and delivery methods.

*Winnie and Lisa share examples of how not listening to your customer and market and where things are going can hurt your sales and put additional risk on your company’s sales.

Resources and Links

For further reading check out some of Lisa’s posts on the Business Rx Blog:

Are Your Business Sales at Risk?

How Secure is Your Customer Base?

 

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Creating a plan and budget involves being ready for good times and bad. When growth you planned stalls it can force tough decisions that impact people.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

In this episode Lisa tells of an experience from her past work life.  It’s about a very difficult situation that her company faced after years of rapid growth.  We’ll talk about what happened, how sometimes in running a business you need to make really tough, life-changing decisions.  She’ll explain how the 5 P’s of a healthy business can help you hopefully avoid or at least be ready when those tough decisions need to be made.  Lisa also shares how this experience helped shape her consulting and coaching business and inspired this podcast.

Key Points

* The company had been growing very quickly and having much success.

* The growth enabled the company to provide employees with a lot of opportunities to enhance their careers and employees were upbeat and optimistic about the future.

* The company had a plan for further sales increases and budgeted for additional hiring and other expenses, but things began to change.

* Over time the sales forecasts started to slip and sales targets were being missed.

*In her role, she monitored the sales results and forecasts and worried whether the sales forecast misses where temporary or a longer term problem.

*Once the problem persisted, she alerted the CEO to potential problems ahead.  After a few more forecast misses, the alarm was sounded and steps taken to analyze the situation the company now faced.

* We determined that this was a longer term problem we made the decision that costs needed to be realigned with our new sales reality.

* Unfortunately, eventually a tough decision had to be made and a large employee layoff needed to be done as well as plans and efforts to bring costs down.

*Lisa talks about the emotional aspects as well as the business aspects of having to make such a decision and carry it out.

*Hear how Lisa and her team developed a plan in order to both execute the task but to do it in a way that focused on the employees affected.

*Listen to what she took away from this experience and how it helped shaped her philosophy about running a healthy business and her passion for working with business owners and entrepreneurs.

*Lisa explains what she learned and how the 5 P’s – Planning, People, Practices, Process and Profit all played a role in this story.

Resources and Links

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

*Free Mini-Ebook – 5 Business Growing Pains and How to Overcome Them

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Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Creating a good plan and budget for your company starts with knowing – or at least forecasting – the amount of sales you expect for the upcoming year.

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Show Notes

Entrepreneurs need to do a healthy dose of planning in order to anticipate their resource needs during the year.

Creating a good plan and budget for your company starts with knowing – or at least estimating – the amount of business you expect for the upcoming year.

The best place to begin to gain that knowledge is to create a sales forecast.  In today’s episode, we are covering the Planning part of Lisa’s 5 P’s.  Lisa is going to help us understand sales forecasts and some forecasting methods. She’ll also discuss how to begin planning and putting together a sales forecast. She also talks about some factors you need to consider as you estimate your sales for the upcoming period.

Key Points

*The level of sales drives the other areas of your business such as staffing, manufacturing, inventory and facility needs. The ability to develop budgets for those needs relies on estimating the amount of sales you will bring into your business.

*While it’s difficult to be 100% accurate in a sales forecast, the more you learn about your business, market and customers the better you will be able to forecast over time.

*Methods of forecasting can vary from industry to industry and business to business.

*Newer businesses with less history need to rely on other factors to develop a forecast including things like the market, competition, industry and economic trends as well as their own efforts for marketing and promotion.

*Sales forecasts can be affected by a number of factors including human factors. Personalities can play a role especially if your forecasts rely more on your sales people than on trends and other market information.

*Entrepreneurs need to be aware of how the sales forecasts and human factors relate to quota establishment and performance.

*The key people involved in developing your forecast are sales, marketing, your customers as well as someone who can review and analyze the information and provide some independent analysis based on all the inputs.

*Your business model and your sales process or funnel plays a big role in developing your sales forecast.

*Building a sales forecast requires you to define what the steps in your sales process means in terms of sales success probability.

*Entrepreneurs need to be wary of other factors affecting the forecast including things like the economy, industry predictions, regulatory factors, customers and repeat sales as well as prospects and sales person past forecast performance.

*Lisa also talks about tools that can aid in forecast preparations but cautions on how the tools are only as effective as the commitment of the sales team to the sales process and the related information as well as to the flexibility of the tool itself.

Resources and Links

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

Sales Forecast Template Explainer Video to get a link to the video, follow this link to sign up to our newsletter, Prescription For Success!

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

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