You need to have a clear vision for your business from day one in order to grow your company effectively.
Your vision may be to grow your profits and create an income to support your lifestyle, you may want to build market share and aim for hypergrowth, you could want to eventually sell your company and walk away with the most value you can.
What goals are going to be the right goals for you?
Driving your performance over time
The financial model of your business will drive the way value is generated, so it’s imperative that your business strategy fits the goals and type of growth you want your business to attain.
To optimize how your finances are set up, you should:
- Know exactly what you want your business to achieve – decide if you’re aiming for lifestyle, hypergrowth or return on investment and make this your key business goal.
- Align your personal goals with the business – so your finances can be set-up to deliver the cash you need, with the best return and the most effective tax liability.
- Track and measure your performance – allowing you to see how you’re progressing against your goal, and provide a scorecard to drive your ongoing business strategy.