During Bad Economic Times Business Can Grow

Many times business people sit on their hands or as one business owner recently told me, "I am scared to expand!" During bad economic times is actually when businesses can began that journey to greatness by starting the growth process. I believe the early starters are the ones who will succeed.

Les Brown says,"The only limits to the possibilities in your life are the buts you use today." Nothing can be closer to the truth than this. You must get rid of the buts and excuses and began now to see that dream come true.



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Successful Companies Review Their Business Plan Every Six Months!

A business set-up for effective long term growth will always have a written plan for reaching the goals or vision for the company.

A business plan can be basic or extensive. The best plan is very extensive, however, starting with a basic plan is better than nothing. Any company not planning to succeed is actually planning to fail.

The elements of a basic plan is:

1. Cover Sheet - Which would include a LOGO, Business Name-Address-Name of Principals, be very professional and emulate your business
2. Mission Statement - A one paragraph statement of what your business is and what you want to accomplish (view this from the clients prospective)
3. Description of the Business - What is your product or service? What market will you be going after? Location of the business and why was that location chosen? Who is your competition? What will attract clients to your company verses going to your competition? Name management and the duties of each.
4. Marketing - Again, Who is your market? How will you get their attention? If you have a particular niche, speciality or attraction, what is it? What will you use to advertise or promote your product?
5. Competition - Who is your competition and what edge do you have over them?
6. Financial - A. List all financial needs.Include equipment and costs, how much money you plan to invest to get things going. B. Project cash flow and go out for three years.
7. Summary

This is the simplest of plans and I recommend that much thought be put into this plan, it be put in writing and shared with all employees. We (Financial Control) can coach you step by step through the process. We can be contacted by any of our links: Email  Linkedin

Speed Up Slow Paying Clients

A major concern in business today is the Slow Paying Client. Late payments create a problem that is sever in nature and can be catastrophic in nature to credit giving supplier.

To speed up slow pays:

1. Offer discounts for early payment.
2. Have a get tough policy and corporate image by pushing for full payment as soon as the invoice becomes late.
3. Be prepared to not accept denials, delays, denials and disputes by making sure invoices/statements are correct when presented to the client
4. If absolutely necessary, accept partial payment and/or installment plans.
5. Add late charges, follow strict credit limits and COD policies. Habitual late payers need to be put on COD immediately.
6. Include a copy of the credit policy on statements and invoices.
7. Use a collection agency when necessary, remembering that the agency or attorney will keep a portion of the monies collected.

Jerry W. Williams is a business consultant and coach in the area of Growth Ventures and would like to help you take your company to the next level of Success Through Excellence. Linkedin,www.jerrwwilliams.com or email him

Despite Economy Kauffman FastTrac Entrepreneurs Started and Grew New Businesses in 2011, According to Survery

KANSAS CITY, Mo.), June 4, 2012 – Kauffman FastTrac entrepreneur courses have been helping business owners launch and grow companies since 1993. After surveying recent FastTrac graduates via email, data indicate that, despite the current economic environment, the programs remain applicable and are integral in helping entrepreneurs achieve success with their businesses.

More than 41 percent of the nearly 600 FastTrac graduates who responded reported they had either launched or continued their business after taking the course in 2011. The majority of respondents took the FastTrac ^® NewVenture ^™ program for aspiring entrepreneurs, but some participated in more than one course during 2011. Further, most reported revenue growth after taking a FastTrac course. In fact, 25 percent saw their business revenue grow by more than 21 percent. ...read more....Kauffman 

I was honored to be selected to attend the Fast Track Growth Venture in 2012. Please contact me to help you have the growth venture  and life you dream of. email: jerry@jerrywwilliams.com of follow me in linkedin:
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Copy Right!

As  a business coach/consultant, one of the greatest pieces of advise I ever give to start-ups and even seasoned businesses is to find the best, most polished business in the country, or world. Study that business and copy every element you can., because this can save time and energy in the growth (or even survival) process.

Look at how they structure the businesses sales force, marketing, operations and do things the way they do things. The old saying of if you do what  you always do you will always get the same results cuts both ways ... if you do what others are doing ...you should get similar results. Now that is not only worth thinking about , that is worth the effort.



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