What does it take to build a thriving business?
It’s all about strategy.
Financial strategy is the backbone of any successful business, along with dedication, consistency and a crystal-clear view of your goals and targets.
Here’s our three-pronged approach for building a thriving business.
Using metrics to achieve your goals
Sure, it’s important to have a great product or service underpinning your business, but the secret to reaching the next level of growth, and sustaining it, is hidden in the metrics. More specifically, digging into the key metrics that sit behind your goals is vital for reaching that next level of growth.
If your goal is to scale your business, look at where you are generating the most revenue and which of your product/services are most profitable. When you start to drill down into these key areas, you’ll be able to develop a strategy for growing your business.
At Complete HQ, our services are rooted in three core principles– to monitor, measure, and improve your business. Our approach is rooted in using a deep understanding of the metrics that sit behind your business to help you get to where you want to be.
Whether you’re looking to grow your business, expand into a new market or hire a new employee, this three-step framework is designed to help you gain clarity around the data that sits behind your goals, and how you can use it to leverage your business to its next level of success.
This first step is focused on monitoring your business performance.
Monitoring your business can help you:
- Achieve goals
- Identify areas for opportunity and growth
- Spot any problem areas and take action
- Save time and money
- Make better decisions about the future of your business.
Monitoring business performance relative to your goals helps you determine how effective the current elements of your business are, like systems and processes, and whether or not they are helping you achieve your goals.
Performance monitoring is centred around identifying your business goals, monitoring the processes you use to reach those goals, and creating better ways of achieving them.
This approach is forward-looking and focused on helping you implement the best systems and processes to transform what you do and how you do it.
This next step is focused on establishing business performance by measuring key business metrics (or KPIs) that help you track the progress of your goals.
When it comes to tracking your progress against your financial goals, it’s crucial to identify relevant and meaningful KPIs to help you effectively measure the actual performance of your business against these goals.
KPIs vary from business to business depending on what you are hoping to achieve, but key financial metrics like cash flow and working capital are a great place to start.
The final step in our process is using the insights gained to improve your business, whether that’s to grow, to develop or to achieve your goals more effectively.
This is all made possible by identifying your goals, carefully monitoring and measuring your success relative to these goals, and then refining the tools and methods you use to achieve them.
Whether you’re looking to raise finance, improve your cash flow, or grow three-fold, all of these things are made possible by effectively monitoring and measuring your business.
The 3 step process to get where you want to be
So that’s it, our three-step process to helping you build a thriving business.
At Complete, we use this tried and tested method to help great businesses do amazing things. Whether it's growing threefold, implementing more technology, or redesigning the business to spend more time with family, we can help you monitor, measure, and improve your business so you can get there.