One challenge our members are often faced with is how to grow. The Northern Virginia market is expensive and crowded. Standing out in that crowd seems to be impossible.
The "Valley of Death" is a real thing. It is that point after the excitement of owning your company wears off and the equilibrium of business management kicks in. It kills many, many companies. Mostly because the owners do not know how to plan and cannot see their way out.
I am often shocked by how many business owners do not know what they want to do with their companies or are afraid to admit that they dream big. There is nothing wrong with wanting to create an empire. Equally there is nothing wrong with striving for financial and physical freedom. Both are great dreams.
Once you admit your dreams, now you need to plan for them. Creating your vision is easy...when you close your eyes, what does the fantasy look like? Why do you want your company?
Strategizing how to get there can be hard. There are so many roads to take...and most of them end in a dead end. Figuring out those dead ends is the art of doing business. The best tool in your toolbox for figuring it out? Numbers.
Numbers--and knowing how to interpret them--are what make big companies big and why small businesses remain small. The vast majority of small business owners do not see the value of reports and analytics. But, if you look closely, your numbers are your magic ball. They can tell you how to be profitable, what you spend money on, how to maximize your profitability and how to change your company strategy to allow you to thrive.
As a small business owner, the best piece of advise any expert should give you; learn your numbers. How to look at them, how to calculate them and what they mean. Take a financial projections class. Take a pricing and costing course. Take an accounting course.
Frontier Kitchen has worked with over 150 companies in our 3 short years. If I had to boil down the difference between start ups that make it and those that go out of business, it would have to be numbers. Those owners that understand how to use their numbers to create the company of their dreams, do. Those owners that do not, close.