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Working On Your Business

John T. Lally

March 12, 2019

Working On Your Business

Our firm belongs to an industry group called Mentor Plus. Since 1996 Mentor Plus has coached, mentored, and trained hundreds of business owners, managers, and accounting firms on how to maximize their potential. They provide tools and training to help CPA’s help small businesses become more successful. In a rapidly changing world, small businesses need to plan ahead now more than ever.

One of our favorite tools is their Business Stages of Development/SCOPE Matrix. This allows a small business owner(s) to assess performance in 4 critical areas of their business – Finance, Customers/sales, Operations and People/management as well as their “End in Mind”/Exit strategy.

Based upon where your business is in its life cycle, (Infancy, Adolescence or Maturity) you can determine your company’s strengths and weaknesses. For example, the Financial foundation for your business is to have accurate and timely financial statements, (balance sheet and profit & loss) bank reconciliations and accounts receivable and payable. Many businesses struggle with their Financial foundation so they cannot get to the next stage of their business development, where they use their financial information to profitably plan and manage their business.

Give these business stages of development some thought to see where your business stands and what you could improve.

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