Financial resources are available and easy to implement. The competition is paralyzed by indecision. The worst thing you could do right now is play it safe and retrench. While retrenchment is an understandable reaction to negative economic, political or security issues, many businesses are accepting it as a management attitude and habit. One of the important secrets for making it through the tough times is to downsize your cost base, increase liquidity, without downsizing your future growth potential. Retrenchment can buy you time but it cannot provide a future with growth possibilities.
Many transportation businesses are experiencing very tough times with increased competition, rising costs, and eroding cash flow. How long can a business have deteriorating growth in sales, profitability and cash flow? The good news is that this trend can, and will be reversed with a business growth plan—one step at a time.
1. Does your business need to retrench or grow?
2. How can you increase revenue with a minimum of capital outlay?
3. Do you need to improve your management performance and satisfaction?
4. Is there a way to decrease expenses while improving cash flow?
5. When do I start my financial growth plan?
All you have to do is establish a financial growth strategy for properly focusing, organizing and directing your business, your employees, and suppliers.
Remember that financial planning for business growth is a process, not an event.
Let’s get growing!
David Eller is the President of Finance Guy, a company specializing in helping businesses to implement the best strategies for achieving new opportunities and growth. David is a national writer for the Association for Corporate Growth, Orlando Business Journal and others. You can reach him at firstname.lastname@example.org.
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