Grow your business and make more money in 2021

Posted 11 Feb '21

Let’s talk about business growth.

Not only is it natural to focus on sales and marketing strategies to grow your business, it’s necessary.

Why? Because more sales equals more growth, right?

Well, sure. However, if the only thing you measure is your sales increase on your P&L, it won’t give you a holistic understanding of your business, making it possible for you to miss opportunities to improve your business performance, without even making a sale.

In short, we know sales growth is good, but sustainable growth… is better.

While working on bringing it in, you need to know that your business is equipped for growth, and that your hard work will continue to make a positive impact on your bottom line.

For example, do you know:

• What your sales target must be before hiring, so you still make profit?
• How many clients you need before opening a shop front?
• The dollar figure to charge out your subbies, so you can get off the tools?
• How many e-books you need to sell, before your side hustle becomes your full-time gig?

These drivers, numbers, the reasons why you’re in business, don’t have to be future desires that may never come to fruition.

Sure, these things might happen after years of trial and error, or by fluke. However, in our experience it is the intention and energy you give your goals to make them happen.

How can you give intention to your business growth?

To build a sustainable growth strategy, it all starts with knowing the numbers you need and setting goals around them.

How do you set goals around your numbers?

Through creating and USING (key point) a business budget.

It does not matter if you have 10-100 employees or it’s just you. If you have a business budget, you will be clear on where you’re making money, where you’re spending, what you need to implement and where to focus your energy.

How can you get started with a budget?

With Xero it is so simple to follow a business budget, allowing you to easily track your performance against your goals. It will identify if you’re hitting targets, and most importantly prepare you for that bigger space, next hire or equipment purchase.

How can Empire make this as easy as possible for you?

Here’s our process, that makes implementing a budget so exciting and accessible for you:

1. You sit down with your accountant and discuss your business goals. We then put numbers around the targets you want to make, to live the life you want.
2. We then assess your current position to get clear on what you need to do, improve, change, focus your energy on to follow this path.
3. We create a budget for you based on your goals, upload it to your Xero file and show you how to track it against your performance.
4. We set you on your way to measure your results yourself each month, or;
5. We can create a monthly or quarterly plan with you, where we will generate your reports, provide guidance and advice based on the numbers and your goals

We want to see your business work for you, the way you intend it to. Using a budget is the foundation you need, to measure your results and promote sustainable growth.

How do we know it’s so effective?  Because, we do it too!

2021 is the year to take control of your business. If you would benefit from some guidance and support for your goals, please send us a request below.