business stuff, growth

What would it take to double your revenue?

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Many entrepreneurs and business owners dream of growing their business and generating massive amounts of profit but few actually achieve this. There are probably thousands of content pieces available to inspire, educate and provide instruction on how to successfully grow your business and yet many businesses fail, hit a peak or never really get traction. The few that do are success cases that prove it can be done but somehow seem to be just out of reach for the every day entrepreneur working away at their dream. Why is this? I believe its because what seems to be a simple question can’t be answered and isn’t even contemplated by many individuals running a business.

What would it take to double your revenue?

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growth

Where can you find money to grow your business?

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Growing a business means different things to different people. Some businesses grow unintentionally due to demand for their product or service while others grow intentionally a result of executing on a plan. In either case a business needs money to grow and its not always obvious where the money can be found. There is money available from numerous sources to help you grow your business but you have to understand where to find it and what the trade offs are.

Where can your business find money to grow?

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business stuff, finance, growth

Is your business grabbing #EasyMoney?

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There is no such thing as easy money right? Are you sure? There are really only two ways to grow your revenue: cut costs or sell more. There is a limit to how much more revenue your business can earn by cutting costs whereas selling more is limitless. If you only had time to do one thing in your business it should be focusing on how to sell more. There is no easy way to do that then by figuring out how to sell more to existing clients either directly or indirectly. The more systematic you can make this the more profitable your business will be and ultimately your business will be worth more.

So how do you sell more to existing clients or customers?

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business stuff, growth

What does your business #OwnOweMakeSpend?

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Do you know what your business owns and owes? Do you know what your business makes and spends? More importantly – do you know what the equity is in your business or what it might be worth? It’s typical for an entrepreneur or for someone running a business to say “yes I know what we make and spend” but unlikely that they know what they own/owe and what the equity in their business is or what the value might be. Small and medium sized businesses can be so focused on surviving that they often don’t take time to see if the needle is moving in the right direction with respect to the equity or value of their business. This is unfortunate because one of the very reason businesses are started is to build value and one day be able to cash in or have that value recognized.

So where is the best place to start if you can relate to this?

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business stuff, finance, growth, podcasts

What is opportunity cost?

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“…the loss of potential gain from other alternatives when one alternative is chosen.”

Running a business comes with an never ending series of trade offs and there are times when critical decisions need to be made that seem to have greater trade offs than what you may be accustom to. This can be particularly agonizing when a decision involves needing expertise that you may not have access to – like financing. When given an opportunity to profit from a decision that involves needing to find capital, often times entrepreneurs and business owners will either lean in and commit or miss the opportunity as a result of their lack of knowledge. Opportunity cost is a real concept that impacts many businesses but here are some things that might help you if you find yourself in a position where a gain to your business will involve being creative with how you find the capital to take advantage of it.
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growth, Startup

Execution is everything and here’s proof

What if your business never existed – would anyone care? What if you never took that idea you had and pursued it relentlessly to form a business that is now delivering value to the market? In listening to the first ever TWIST episode I was reminded that execution is arguably the only thing that matters if you are trying to start a new business or grow your existing business. As an entrepreneur or business owner if you are having trouble executing then it’s probably fair to say that you are either having trouble with your finances, managing your time or maybe both. Need some motivation to get focused again? Read on. Continue reading

growth, Startup

Can your company pull off a HoloLens?

Tough times call for tough measures. Even if your company is the size of Microsoft the market can force your business to change overnight and the only option you have as a business owner is to decide: will our company acknowledge the changes and adjust or will our company ignore what is happening and stay the course. These are not easy decisions to make but the reward for choosing one or the other can lead to new opportunities.

Last week Microsoft announce a new holographic/virtual reality product called HoloLens (video here). If you follow the technology wearables market at all you are probably familiar with Google Glass or Oculus but you probably didn’t know that Microsoft was about to become a contender for eyeballs. In fact you may have not thought much about Microsoft who really hasn’t delivered many new ideas to the market in recent years. The HoloLens is a product that doesn’t utilize the same technology as its competitors but does cater to the same customer who will be seeking a virtual experience. It would seem that Microsoft may have found a new way to bring revenue in their front door and will be trying to get your attention. So what does this have to do with your business? Continue reading