Grow Your Business
There are different ways as a business owner you can choose to grow your business. The choice you make will very much depend on your industry, the products and services that you sell, where you are in your business life cycle, as well as the current financial health of your business. The financial goals that you set for future growth will play a significant role in your growth strategy. Whether you choose to grow your business by adding a product, developing a new sales channel, purchasing a new facility, increasing your marketing efforts, or even acquiring another business, RK Fischer and Associates can help you and your business reach your personal and business growth goals.
Before you can grow, you need to make sure that your current business strategy can support your growth, otherwise you need to modify your business strategy. The foundations within the business strategy and your new financial goals for the growth must be aligned.
Before you invest the time and expense in growing your business, a growth plan is required so that you can gauge what your business is able to implement and sustain. Often growth means investment and increased spending. Many businesses find themselves in financial distress from growing their business too quickly versus deciding on slow, steady growth. If every area of your business is not prepared for the growth, the financial health of your business could suffer. Instead of increased profitability, the business could themselves in a cash flow crunch.
Those businesses that plan for growth have the highest chance of success. For this reason, we have built several packages to help you plan for the growth of your business. The consulting and coaching in the packages will help you understand what is required to grow in order to meet your goals. They will also help you set up and track the proper measurements in order to ensure that you maintain profitability while engaging in a growth strategy for your business. Each solution builds upon each other and have been priced accordingly.
Grow Your Business Solution Packages
Grow Your Business packages are focused on businesses that have been in business a minimum of 3 years. You must have at least 2 full years of compiled statements from an accountant, plus current year reporting from your financial system.
Remember financing is available for our solutions through Meridian Credit Union, Pickering Branch. If you would like invest in ensuring your business has the best chance of success whether you are looking to start, grow, or tune your business, extended payment terms are available to you. We can offer payment terms up to 6 months depending on the amount, but you are able to apply for aloan through Meridian Credit Union for up to 3-5 years if required.
All financing through any of our financing partners is based "ON APPROVED CREDIT".
Price assumes Growth Foundations and has been performed prior.
Price assumes Growth Foundations and has been performed prior
Price assumes Growth Foundations and has been performed prior and that client is using QuickBooks® or Sage 50®. If using another accounting package that is industry specific there, might be an additional charge depending on complexity.
There is a 6 month commitment on this package.
A financial review will help determine how your business is currently performing and how growth will affect your business going forward. A review will help you understand what level of working capital will be required once we complete the growth strategy.
For the financial review, we will need to look at 2-3 years of compiled financial statements from your accountant. If you are not an incorporated business, we will need statements from your accounting system, as well as your tax returns.
This is an all-day growth strategy session with the owner and any key stakeholder to help define and build their growth strategy. A growth strategy will take into account your current business strategy along with your goals for growth over the next 3-5 years. Your growth strategy will be a refined business strategy that s focused on growing your business.
There is the possibility to break the session into two half-day sessions as well.
The business owner will be sent a questionnaire along with an agenda for the day in advance. The business owner and stakeholders will need to review and come to the meeting prepared. During the session, they will build their growth strategy with help and facilitation from our consultants.
Go Forward Growth Strategy Model
There will be a model that outlines all of the following for your growth plan.
- New Growth Business and Revenue Goals
- Growth Options Defined and Recommendations
- Financing Required
- Target Market and Size Changes
- Product and Service Offering Changes
- Any Additional Resources Needed
- Any Changes To How You Plan to Sell
- Additional Expenses Associated With Growth
- Revenue Projections
A balanced scorecard will be developed from your growth strategy into an action plan that will guide you in what is required to move the business forward. The balanced scorecard will help you identify what needs to happen in order to meet your revenue targets, profitability targets, customer acquisition/ retention targets, along with the metrics you will use to measure your growth. A balanced scorecard looks at the following aspects of the business:
- Financial expectations
- Customer and Market requirements and expectations
- Internal Processes and Projects required
- Key tracking indicators to deliver the projects, customers and financial expectations
As you grow your business, it is important that you develop a financial budget to keep yourself on track, as growing too quickly can hurt the profitability of your business. Many business owners believe that a budget is constraining but are no more than the expected expenses and revenue based on your plan. Budgets can help identify where a plan is deviating from expectations. Being able to identify and react to deviations is important to grow your business profitably. Some deviations may be good, and others may be detrimental to your growth and profitability if not dealt with when they are found.
A financial model provides you with "what if" scenarios related to your business growth for variables such as your market size, pricing model, expenses, sales forecasts, seasonality, financial requirements, along with any other variables related to growth for your business. Once the model is created, the information will then be used to calculate 5 years of forward-looking financial statements (proforma statements). This includes a balance sheet, income statement, and cash flow statement.
Financing Your Growth
The goal of this feasibility study is to help you determine if the way that you plan to grow your business makes sense from an economic perspective. This feasibility study will look at the growth opportunity that was selected the during Growth Foundations module. In many cases, this study will be enough to obtain any funding that you require from a lender or investor for growth if your current business is profitable. A feasibility study includes break-even analysis which tells you how much revenue you will require to meet your operating expenses. A feasibility study will look at the following areas of a business or project.
- Market Analysis
- Marketing & Sales
- Organizational and Operational Requirements
- Financial Overview
Your financial model developed in Growth Foundations will be updated with the latest information.
This assumes that you have already done research on your market and can provide the necessary data on markets and competition as market research is not included in this engagement. If you require specific market research this can be done as a separate engagement at our normally hourly rate.
Financing Your Business
Within our Growth Foundations consulting module, the overall growth strategy has been defined, a financial review was performed, and five years of proforma financial statements have been developed. For that reason, the majority of the focus in this module is adding the detail to your plan for each of the five business areas: Marketing, Sales, Finance, Operations and Human Resources.
A questionnaire will be provided to you in advance with the additional information we will require to develop a full business plan. A "one on one" session will then be set up with the business owner and key stakeholders.
Whether you need a full business plan will depend on the amount of financing required, your relationship with the lender or investor, and your credit rating.
We have worked with several traditional lenders to help secure financing for our clients and we also have partners who provide third partner lending as well as have access to investors.
As part of this engagement, we will be more than happy to talk with your lender or investor and answer any questions or provide them with any additional information they require related to the business plan.
You financial model developed with Growth Foundations will be updated to reflect the latest information.
This assumes that you have already done research on your market and can provide the necessary data on markets and competition as market research is not included in this engagement. If you require specific market research, this can be done as a separate engagement at our normally hourly rate.
Managing Your Growth
Monthly Reporting Development / Financial Coaching Session
There will be a session with the owner and key stakeholders to define the monthly financial reporting requirements for the business relating to tracking your growth. This engagement will include not only developing the reports that will need to be run on a monthly basis but will provide the metrics and ratios needed to determine how the business is performing.
The reports that will need to be run monthly will very much depend on your specific industry and business. An example of reports that will be required for every business will include:
- Monthly and YTD Income Statement
- Monthly Balance Sheet
- Cash Flow Statements
- Budget Variance
- Sales Forecast and Funnel / Pipeline
- Accounts Payable and Accounts Receivable Aging Reports
Monthly Reviews and Coaching
One on one sessions will occur each month for a half a day with the owner and any key stakeholders which will include:
- Review of the Monthly Reports (run prior by business owner)
- Identify concerns, issues, and variances
- Problem definition and the development of options for resolution
- Define accountability for resolution
- Update Balanced Scorecard
Our offices are located just outside Toronto within the GTA. We are able to provide many services to businesses across Canada remotely.
Our local service area includes: Toronto, Peterborough, Bowmanville, Lindsay, Kawartha Lakes, Orillia, Clarington, Oshawa, Whitby, Ajax, Pickering, Port Perry, Uxbridge, Scarborough, Markham, Aurora, Newmarket, Bradford, Richmond Hill, Vaughan, Brampton, Mississauga, Burlington, Oakville and surrounding areas.
Contact us if you are outside our local service area and require service in person.
The Bottom line solution experts
© Copyright 2015, RK Fischer & Associates. All Rights Reserved. Read Our Privacy Statement .