With all the uncertainties and possible recession in late 2023, early 2024 (Forbes*), many smart businesspeople across the world are starting to plan for what’s next. Now is the critical time to adjust and prepare our businesses with this foresight. There are practical items to review, regardless of the economic landscape, for a fit, secure, and healthy business. Addressing items as profit margins, securing financing (before you need it), improving your cash flow, reducing expenses, staffing, and searching for additional sales opportunities are top items to work on.
VITAL is a Custom Integration centric business coaching and software company that uses metrics to benchmark and analyze the performance and variables of its members against hundreds of other CI businesses. VITAL has decoded the business model and knows the 28 metrics of running a CI firm, and the benchmarks for each metric.
Decoding your own business metrics with VITAL’s online technology and coaching lets business owners see how trends and key performance indicators can work to your advantage – improving your operations, stress level and profits.
There are three beginning steps: 1) Establish your foundations: Compile and analyze all your financial data, organizational systems, and business plans. Use this information to form a baseline of where you are today. 2) Next, plan for profitable growth. What does your data tell you about your business today? What are your long- and short-term goals? Where is your company deficient, and what additional resources do you need? 3) Consistency: Continually review and refine the plan to achieve the ideal business outcomes. Use data-driven decisions to plan and drive meaningful and measurable growth successes in your business.
VITAL also offers a 12-Month CI Business Mastery Class via live webinars. Each month, a very important CI Business Mastery subject is addressed. The class is supported by an industry brand, who in turn will give away the class to their select dealers at no cost to them (the HTA is a sponsor). Register for the CI Business Mastery Class, and view previous recorded sessions:
https://growwithvital.com/mastery-recording-reg/
VITAL’s Matt Bernath hosts a monthly column in Residential Systems Magazine. The monthly business tips give readers insights to improving their operations and profits. Click to read each article below:
- Getting in the Right Headspace - How Mindset can play a large role in leading your company success.
- Keeping Score for Your Business - How to better analyze your successes through the necessary evil of accounting.
- Optimizing Tech Productivity - Why it is important to measure how your techs are performing, and how it can be improved.
- Customer Deposits and Inventory - Managed effectively, these two cash flow components can lead to a very lucrative CI business.
- The Big Two: Gross Profit and Payroll - These two levers ultimately determine the success and failure of a CI business.
- Pulling the Right Profit Levers - Managing mix and margin properly leads to greater success in revenue, profit, and cash.
- More Profit = More Solutions - How to figure out how much profit your company is really generating.
- Sales Comp Plans That Work – How to properly compensate and retain your sales talent.
* Reference Forbes Article: The Recession Will Begin Late 2023 or Early 2024
https://www.forbes.com/sites/billconerly/2022/11/01/the-recession-will-begin-late-2023-or-early-2024/?sh=684777ae1add
About VITAL / VITAL supports CI businesses who collaborate through business metrics, benchmarking, best practice sharing, and business coaching to grow profitably. We are part CFO, part mentor, part accountability coach, part process instructors and fully All-In on your business success. PROFIT. GROW. PROSPER.™ Standards. Metrics. Coaching. Collaboration. Performance. Value-Creation. There Is Nothing Like It. Our contact information is on the right-side margin of this page (or below if on a mobile device).
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