Tips for growing a business: BusinessWise column

Crystal Faulkner

Questions: Do you have advice for business owners looking to make investments and grow their businesses?

A: As CPAs and business owners, we understand the risks involved in operating an organization. However, success-oriented business leaders are always looking for opportunities in both prosperous and rocky times.

In our experience as business advocates and advisers to many successful entrepreneurs, one common attribute they share is their “can-do” attitude. These leaders have the passion and persistence to make their dreams a reality even when things seem bad. They are optimistic about life, both in business and personally, and when they are faced with challenges, they develop plans to overcome the obstacles that may be standing in their way.

The most successful business leaders surround themselves with like-minded people. They do not operate in a vacuum. Instead, they look for best practices and engage others in the conversation. They collaborate with key employees and advisers to develop strategies (short and long term) that will lead the business to the success that they want to achieve. Then they create an action plan to achieve these goals, which should include metrics to measure progress and to hold people accountable.

It is critical that you, the business owner, believe in yourself and in your company. Others in your organization will follow your lead. Your enthusiasm and confidence will become contagious with everyone who encounters your company, whether it is your employees, customers or vendors.

There are several other factors that will help you grow your business:

Tom Cooney with Wealth Dimensions
  • Knowledge matters. Having the financial knowledge to understand and use your financial statements as a tool to manage your business is key. The old saying rings true, “cash is king,” especially when it comes to the fiscal management of a growing company. While many people focus on the profit and loss statement in determining the health of a business, it is equally important to understand the balance sheet that represents the assets, liabilities and net worth or your organization. You do not need an MBA to analyze your data, but it is important to have a CPA, mentor, business partner or good financial adviser who can assist you in analyzing your organization’s financial health and develop strategies to make your company more profitable and stronger.