October 2023 Newsletter
Planning for Success in 2024
After several years of uncertainty and the need to gauge the upcoming year, November and December should be your planning months to prepare for 2024 and maximize your opportunity for success. Planning, strategy, forecasting and goal setting are critical to any company, large or small.
CEO Advisor, Inc. works with CEOs, presidents and business owners of small and mid-size companies on growth, strategy, funding, mergers and acquisitions, and the key to a successful year is up-front planning and goal setting.
Conversely, if you are not committing the needed time and focus on planning, forecasting and goal setting for the upcoming year, you are leaving a lot of money on the table and risk your business and your livelihood near and long-term. A seasoned, experienced business advisor can ensure your success in this process.
When I meet with CEOs of small and mid-size businesses throughout the year, they typically cannot answer the simple question, "What are your goals for this year?" They throw out short answers such as, "Grow the business", or "Sales", but cannot go beyond this. They fail to answer the question distinctly with their four to eight primary goals to drive their businesses forward in order to build profits and substantial value toward an optimal exit in the future.
This is due to a lack of planning, forecasting and goal setting and is a major deterrent to success and profits. CEO Advisor, Inc. provides expertise and experience to quickly and effectively assist you in planning, forecasting and goal setting to achieve your growth and goals. We address your specific needs with hands-on action, expertise and seasoned advice.
Planning for Growth
Planning for growth doesn't mean having a meeting with your staff or updating a brief business plan presentation and going back to your daily routine. Business planning is a critical aspect of your business that enables you to rethink, adjust, plan, research, strategize, prioritize, focus and allocate resources to your largest opportunities, while minimizing wasted time and resources. Hire a business advisor to nail this planning process and to assist you with this planning.
Planning for organic growth, growth by acquisition, growth through funding, or planning an exit strategy and sale of your business takes discipline, expertise, the ability to strategize and mobilize around a focused effort. Execution is the follow-on implementation of your 2024 Plan in a well thought out, concentrated effort. If you are not executing on your Plan, you are wasting time and money, missing opportunities, burning valuable resources and causing irreparable harm to your company, often times on a permanent basis.
Goal Setting
Goal setting should entail all aspects of your business, including:
a) Company goals
b) Management team goals
c) Growth goals
d) Financial goals
e) Sales goals
f) Sales per Employee goals
g) Gross Profit and Gross Profit Margin goals
h) Net Profit and Net Profit Margin goals
i) Optimizing Financial Ratios
j) Customer and Revenue Churn goals
k) Other measurable goals to grow your business to the next level.
Without planning, forecasting and setting measurable goals, you and your employees may spend the majority of 2024 going day to day in a constant cycle of reactive tasks instead of proactively focusing on and accomplishing your goals, executing on your Plan, and maximizing Sales and Profits and the value of your business.
Forecasting
Creating a monthly Financial Forecast of Sales, Cost of Goods Sold (COGS or costs directly related to providing your products and services), Gross Profit (Sales minus COGS), Gross Profit Margin (Gross Profit divided by Sales), Expenses (Overhead), Net Profit and Net Profit Margin (Net Profit divided by Sales) is paramount to effectively running your business.
Additionally, a monthly Financial Forecast enables you to compare your actual results to your Forecast, proactively make needed adjustments to your business, eliminate wasted time and resources, increase Gross Margins and maximize your Profits.
Without a monthly Forecast, you are flying blind throughout the year with no metrics or financial goals. This, again, will have you leaving a lot of money on the table that will never be recovered. Forecasting is a straightforward process and a key part of planning for the new year that can be one of the biggest drivers of success and profits. Seek help from a seasoned business advisor to ensure success with your 2024 monthly Forecast.
Management Reporting Dashboard
There is nothing more important than fast, easy access to critical business information. A business advisor can assist you in creating a Management Reporting Dashboard to bring the most important and needed information to your fingertips in order to make critical and timely decisions to increase Sales and Profits. Without access to this information, your business is at serious risk. CEO Advisor, Inc. works with CEOs and their management teams to create extremely valuable Management Dashboards of internal reporting information.
Contact Mark Hartsell, MBA, President, today for a no cost consultation by calling (949) 629-2520, by mobile phone at (714) 697-3370, by emailing MHartsell@CEOAdvisor.com or visit www.CEOAdvisor.com for more information.
CEO Advisor, Inc. works with CEOs, presidents and business owners of small and mid-size companies on growth, strategy, funding, mergers and acquisitions, and the key to a successful year is up-front planning and goal setting.
Conversely, if you are not committing the needed time and focus on planning, forecasting and goal setting for the upcoming year, you are leaving a lot of money on the table and risk your business and your livelihood near and long-term. A seasoned, experienced business advisor can ensure your success in this process.
When I meet with CEOs of small and mid-size businesses throughout the year, they typically cannot answer the simple question, "What are your goals for this year?" They throw out short answers such as, "Grow the business", or "Sales", but cannot go beyond this. They fail to answer the question distinctly with their four to eight primary goals to drive their businesses forward in order to build profits and substantial value toward an optimal exit in the future.
This is due to a lack of planning, forecasting and goal setting and is a major deterrent to success and profits. CEO Advisor, Inc. provides expertise and experience to quickly and effectively assist you in planning, forecasting and goal setting to achieve your growth and goals. We address your specific needs with hands-on action, expertise and seasoned advice.
Planning for Growth
Planning for growth doesn't mean having a meeting with your staff or updating a brief business plan presentation and going back to your daily routine. Business planning is a critical aspect of your business that enables you to rethink, adjust, plan, research, strategize, prioritize, focus and allocate resources to your largest opportunities, while minimizing wasted time and resources. Hire a business advisor to nail this planning process and to assist you with this planning.
Planning for organic growth, growth by acquisition, growth through funding, or planning an exit strategy and sale of your business takes discipline, expertise, the ability to strategize and mobilize around a focused effort. Execution is the follow-on implementation of your 2024 Plan in a well thought out, concentrated effort. If you are not executing on your Plan, you are wasting time and money, missing opportunities, burning valuable resources and causing irreparable harm to your company, often times on a permanent basis.
Goal Setting
Goal setting should entail all aspects of your business, including:
a) Company goals
b) Management team goals
c) Growth goals
d) Financial goals
e) Sales goals
f) Sales per Employee goals
g) Gross Profit and Gross Profit Margin goals
h) Net Profit and Net Profit Margin goals
i) Optimizing Financial Ratios
j) Customer and Revenue Churn goals
k) Other measurable goals to grow your business to the next level.
Without planning, forecasting and setting measurable goals, you and your employees may spend the majority of 2024 going day to day in a constant cycle of reactive tasks instead of proactively focusing on and accomplishing your goals, executing on your Plan, and maximizing Sales and Profits and the value of your business.
Forecasting
Creating a monthly Financial Forecast of Sales, Cost of Goods Sold (COGS or costs directly related to providing your products and services), Gross Profit (Sales minus COGS), Gross Profit Margin (Gross Profit divided by Sales), Expenses (Overhead), Net Profit and Net Profit Margin (Net Profit divided by Sales) is paramount to effectively running your business.
Additionally, a monthly Financial Forecast enables you to compare your actual results to your Forecast, proactively make needed adjustments to your business, eliminate wasted time and resources, increase Gross Margins and maximize your Profits.
Without a monthly Forecast, you are flying blind throughout the year with no metrics or financial goals. This, again, will have you leaving a lot of money on the table that will never be recovered. Forecasting is a straightforward process and a key part of planning for the new year that can be one of the biggest drivers of success and profits. Seek help from a seasoned business advisor to ensure success with your 2024 monthly Forecast.
Management Reporting Dashboard
There is nothing more important than fast, easy access to critical business information. A business advisor can assist you in creating a Management Reporting Dashboard to bring the most important and needed information to your fingertips in order to make critical and timely decisions to increase Sales and Profits. Without access to this information, your business is at serious risk. CEO Advisor, Inc. works with CEOs and their management teams to create extremely valuable Management Dashboards of internal reporting information.
Contact Mark Hartsell, MBA, President, today for a no cost consultation by calling (949) 629-2520, by mobile phone at (714) 697-3370, by emailing MHartsell@CEOAdvisor.com or visit www.CEOAdvisor.com for more information.
Misconceptions of a Business Advisor -and the Real Facts
- Since 2004, CEO Advisor, Inc. has provided hands-on business advisory, growth capital and mergers and acquisitions advisory services to CEOs and business owners of small and mid-size businesses. Over the past 20 years, I have spoken to over a thousand CEOs and listened intently to their aspirations and challenges, and personal and professional goals.
- During this journey, I have heard many misconceptions and apprehensions that CEOs and business owners have about working with and gaining the experience, expertise and hands-on work and commitment of a business advisor.
- Since 2004, CEO Advisor, Inc. has provided hands-on business advisory, growth capital and mergers and acquisitions advisory services to CEOs and business owners of small and mid-size businesses. Over the past 20 years, I have spoken to over a thousand CEOs and listened intently to their aspirations and challenges, and personal and professional goals.
- During this journey, I have heard many misconceptions and apprehensions that CEOs and business owners have about working with and gaining the experience, expertise and hands-on work and commitment of a business advisor.
- Here are a six misconceptions about hiring a strong, professional, experienced and hands-on business advisor:
- Misconception 1 - I will lose control of my company. Actually, you will not lose control of your company or anything for that matter. In fact, you will set goals with your business advisor and execute on your goals far better than you ever have resulting in far greater results and satisfaction in running your business, while maintaining complete control and decision-making.
- Misconception 2 - A business advisor creates undue influence or pressure on me as the CEO / business owner to make decisions or changes to the business that I will not be comfortable with. In contrast, a strong, loyal business advisor will work with you on a weekly basis to help you with your decisions and support you in working on, implementing and achieving your goals at your pace and timeline.
- Misconception 3 - A business advisor will provide a lot of advice and then leave it to me to figure out how to do the work, allocate the time to get it done, and implement it on my own. CEO Advisor, Inc. prides itself with 20 years of hands-on work performed and advice by rolling up our sleeves, performing hands-on work on your goals, and collaborating with you on these key issues every step of the way to precisely meet your needs.
- Misconception 4 – It is hard to understand or gauge the results of a business advisor because I used an advisor years ago and I didn’t see much results for the investment of time and money. CEO Advisor, Inc. takes a methodical and disciplined approach to growing, funding and buying/selling companies. We start the engagement by working with you to discuss and document your 5 to 10 or more highest priorities and goals, prioritizing these goals and assigning a target completion date for each goal. Our mode of operation is progress every week. We achieve this by hands-on work on your goals, collaborating with you to finalize and implement each goal and ensuring the success and completion of these goals. Many clients state that they have had several high priorities in the works for years and could never get them done and CEO Advisor, Inc. achieved them all in less than six months.
- Misconception 5 – I don’t believe I need help because I have run this business from day 1. If you are honest with yourself, everyone needs help to accelerate their growth, overcome business challenges, increase their profits and maximize the value of their business, and CEOs and business owners are no exception. After 15 years in corporate America, I was the CEO/founder of a software company from 1996 to 2003, which was successfully sold to a Nasdaq company. Sitting in that CEO seat of my technology company with the many, many tasks, challenges and goals that I had to handle for too many hours a day was the impetus for me starting CEO Advisor, Inc. and it has proven to be extremely helpful to many CEOs, young and not so young, for two decades.
- Misconception 6 - Business advisors are not affordable for a company of our size. CEO Advisor, Inc. provides 3 levels of pricing as a set monthly retainer so there is absolutely no surprise billing each month - just a retainer for an agreed upon number of hours of hands-on advisory services each month that you decide best suits your needs. Our pricing and retainer of hours per month includes advisory services for A) start-ups/small companies, B) later stage small companies and c) mid-size companies.
- For transaction related engagements (funding for growth capital or acquisitions for growth, or the sale of your company) there is an additional one-time fee only upon successfully completing a transaction as stated in our engagement agreement, but the monthly retainer never increases no matter how many hours per month CEO Advisor, Inc. invests in completing your transaction.
- As you can see, just like every CEO / business owner is different, just like every company is different, I can assure you that every business advisor is different and CEO Advisor, Inc.'s reputation is top notch with proven capabilities, experience and expertise to maximize your results and the return on your investment. I, personally, work with every client the majority of the time or exclusively to best serve your needs.
- Contact Mark Hartsell, MBA, President of CEO Advisor, Inc. at (949) 629-2520, by mobile phone at (714) 697-3370, by email at MHartsell@CEOAdvisor.com or visit us at www.CEOAdvisor.com for more information.
- Misconception 1 - I will lose control of my company. Actually, you will not lose control of your company or anything for that matter. In fact, you will set goals with your business advisor and execute on your goals far better than you ever have resulting in far greater results and satisfaction in running your business, while maintaining complete control and decision-making.
- Misconception 2 - A business advisor creates undue influence or pressure on me as the CEO / business owner to make decisions or changes to the business that I will not be comfortable with. In contrast, a strong, loyal business advisor will work with you on a weekly basis to help you with your decisions and support you in working on, implementing and achieving your goals at your pace and timeline.
- Misconception 3 - A business advisor will provide a lot of advice and then leave it to me to figure out how to do the work, allocate the time to get it done, and implement it on my own. CEO Advisor, Inc. prides itself with 20 years of hands-on work performed and advice by rolling up our sleeves, performing hands-on work on your goals, and collaborating with you on these key issues every step of the way to precisely meet your needs.
- Misconception 4 – It is hard to understand or gauge the results of a business advisor because I used an advisor years ago and I didn’t see much results for the investment of time and money. CEO Advisor, Inc. takes a methodical and disciplined approach to growing, funding and buying/selling companies. We start the engagement by working with you to discuss and document your 5 to 10 or more highest priorities and goals, prioritizing these goals and assigning a target completion date for each goal. Our mode of operation is progress every week. We achieve this by hands-on work on your goals, collaborating with you to finalize and implement each goal and ensuring the success and completion of these goals. Many clients state that they have had several high priorities in the works for years and could never get them done and CEO Advisor, Inc. achieved them all in less than six months.
- Misconception 5 – I don’t believe I need help because I have run this business from day 1. If you are honest with yourself, everyone needs help to accelerate their growth, overcome business challenges, increase their profits and maximize the value of their business, and CEOs and business owners are no exception. After 15 years in corporate America, I was the CEO/founder of a software company from 1996 to 2003, which was successfully sold to a Nasdaq company. Sitting in that CEO seat of my technology company with the many, many tasks, challenges and goals that I had to handle for too many hours a day was the impetus for me starting CEO Advisor, Inc. and it has proven to be extremely helpful to many CEOs, young and not so young, for two decades.
- Misconception 6 - Business advisors are not affordable for a company of our size. CEO Advisor, Inc. provides 3 levels of pricing as a set monthly retainer so there is absolutely no surprise billing each month - just a retainer for an agreed upon number of hours of hands-on advisory services each month that you decide best suits your needs. Our pricing and retainer of hours per month includes advisory services for A) start-ups/small companies, B) later stage small companies and c) mid-size companies.
- For transaction related engagements (funding for growth capital or acquisitions for growth, or the sale of your company) there is an additional one-time fee only upon successfully completing a transaction as stated in our engagement agreement, but the monthly retainer never increases no matter how many hours per month CEO Advisor, Inc. invests in completing your transaction.
- As you can see, just like every CEO / business owner is different, just like every company is different, I can assure you that every business advisor is different and CEO Advisor, Inc.'s reputation is top notch with proven capabilities, experience and expertise to maximize your results and the return on your investment. I, personally, work with every client the majority of the time or exclusively to best serve your needs.
- Contact Mark Hartsell, MBA, President of CEO Advisor, Inc. at (949) 629-2520, by mobile phone at (714) 697-3370, by email at MHartsell@CEOAdvisor.com or visit us at www.CEOAdvisor.com for more information.
Copyright © 2023 CEO Advisor, Inc. All rights reserved.