When it comes to finding a successful path in business, there are an excess of trends, lists, and elaborate tactics on how to find the ultimate success.
By searching Google with ‘How to be successful in business,’ you will be see everything from tips of “business experts” to the habits of the world’s most successful entrepreneurs. With that, the question shouldn’t be ‘how’ but rather, ‘where’ to start.
As a strategic business advisor, I always begin with something called the Discovery Analysis. My process is a simple, yet an effective one, first and foremost, I spend some time asking questions and listening to the owner of the business and their key people.
By taking the time to do this, this enables me to really focus on what’s important to them, and to gage precisely what is at the forefront of their goals. I also put a great deal of importance on noting what is standing in their way and acting as a roadblock preventing them from attaining their set goals.
What Is the Discovery Analysis?
Put simply, the Discovery Analysis gives business owners an in-depth and educational resource that will benchmark their status against the competition, and it will also aid in the development and preparation of a strategic attack plan to ensure they get ahead.
In essence, a Discovery Analysis will:
- help attain focus on business goals,
- include the supplement of a key findings report, and
- benchmark the financial performance of the company against other companies within your industry.
How I Work
As part of my process, I try to concentrate a fair amount of time with the financial statements of the company, as well as monitoring companies that would be considered industry peers. I will then make financial comparisons with companies of a similar size and growth rate that are also in the same industry.
Armed with this information and the previously gathered details from the owners and other sources then I start placing together a game plan. Essentially what we are working with is a strategy document, and at this point, I will sit down with the business owner and review the game plan and industry report with them. The idea of this review is to present the owner with the benefits they will witness should we execute the game plan.
A recommended client came to me as they were suffering issues when it came to profitability. The client’s issue was simple; he thought his business should be more profitable than it was. When we finally sat down, and I performed the Discovery Analysis, the problem appeared rather quickly. The issue was that the company had no clue when they would be spending or receiving money. The company was suffering as they had never produced a financial plan before, and they had not set out a cash forecast. By not doing this, they had no grasp of when they would spend or receive money, so they had no awareness of how much they needed to put aside during peak months to cover shortfalls during the quieter months.
If you’d like to learn more about how my services can help your company, please reach out via email email@example.com or visit my website at www.johnamancfo.com.