It's been said 'to grow a company, you must plant seeds.'
But how do we know which seeds to select? Of the billions of seeds to choose from, how do we know which seeds will prove to be most profitable?
At Scopo, we utilized sophisticated data analysis tools that help us choose the right seeds. It's like a doctor looking under a microscope. Because only on the micro level, can we truly see which seeds are the healthiest.
Don't waste time and money planting the wrong seeds. If you're looking to grow your company with the least amount of investment and the least amount of risk, contact Scopo today. Our trusted strategic advisors have the expertise and capabilities to help small business owners select the right seeds.
Your small business has more potential then you realize, and we'll prove it through Innovative Alignment.
At Scopo, we work closely with Mercer County small business owners to identify their most valuable resources and capabilities - and look for NEW ways to utilize them to meet the needs and wants of customers. We call it Innovative Alignment - and you'll only find it at Scopo.
Breathe new air into your small business. Achieve your mission faster than you thought. Reach your maximum potential. Contact Scopo today. It will be the best investment you've ever made.
How well do you know your customers?
To attract potential target customer and maintain your current customer base, it's essential for small business owners to know their customers - better than they know themselves. Large companies spend enormous amounts of capital and resources to gather data on their customers including names, gender, age, income, jobs, education, family status, hobbies, likes, dislikes, and more. If there is one thing small companies can, and should, do like the big guys, it’s getting to know their customers – inside and out.
But understanding our customers is only half the battle. The second part is to deliver what the customers want. This is a key driver in the success of any business, and once successful it will be mutually beneficial for both parties – the customer and the company. Here are a few tips for getting to know your customers that go beyond standard demographics.
Do not assume that what has worked in the past will work in the future, taking the approach of “if it’s not broke, don’t try to fix it.” To be creative and innovative, it requires small business owners to step away from their comfort zone and explore new and exciting approaches to customer relationships. So get to know your customers well and they’ll come back again and again.
You say you want a revolution....
The world is becoming more and more connected and the Internet of Things (IoT) is the driving force behind this new revolution. It is estimated that IoT will add over $10 trillion to the global economy by 2025, and will change the way we do business forever.
Small business owners must begin to plan and invest today in new innovative business models to better compete and ensure the long-term success of their firms. Regardless of the industry, those who begin to plan and invest in new IoT initiatives today will be better positioned in the future to capitalize on the revolution that is transforming our current economic landscape.
It doesn't need to be huge. In fact, Scopo advises small business owners to start small and simply "get their feet wet." But the key is to start planning now.
Contact Scopo today to speak with a trusted strategic advisor who has the expertise and capabilities to help your small business accomplish its goals and ensure long-term success, and you'll quickly learn why we say "Your Scopo is Our Scopo!"
Are you looking to start a new business, or grow your existing company? If so, are you considering to open up one or more new storefront or office locations? Are you having difficulty trying to decide which location is best for you?
A "Regression Analysis" is the tool you'll need to help solve your problem and make the right decision. At Scopo, we utilize regression analysis models to help small business owners understand the relationships between variables as well as to predict the value of one variable based on another.
Regression analysis models help us solve many common business problems such as selecting the best location for a new storefront or office, or other variable relationships such as sales volume relative to advertising dollars spent, or estimating the costs of a new product or service relative to consumer demand or other market factors.
Utilizing regression analysis tools to make better business decisions has virtually limitless application uses. Contact Scopo today to speak with a trusted strategic advisor who has the expertise and capabilities to help your small business accomplish its goals successfully, and you'll quickly learn why we say "Your Scopo is Our Scopo!"
How do you build value for a small business? Two key fundamental factors are:
1) Having an excellent understanding where the company stands at all times, and
2) Knowing how to plan for future growth – at all times.
Many small business owners are constantly bombarded with day-to-day operating hassles that detract them from focusing on building a valuable firm. In addition, rising costs such as health care expenses and wages have the potential to hamper their growth potential. But it doesn’t have to be this way.
Here are five steps every small business owner can take to build value for their company:
1) Set time aside every month to review your balance sheet and look for inconsistencies in your expenses. If they are not where they should be, take immediate action to get them back to where you want them to be.
2) Conduct a basic industry analysis and look for how much others are charging for similar products or services, both locally and nationally. Compare these prices with your own and determine whether or not your company should increase its prices. But remember to consider the price sensitivity of your customers.
3) Review your operating practices such as peak and off-peak times and compare them to staffing levels; inventory volumes and compare them to peak and off-peak time periods; and review your accounts receivable to accounts payable ratio to ensure your firm collection’s policy is on par.
4) Conduct an operations analysis and look for bottlenecks that slow your operations down and prevent or delay your company from making money. Look for way information technology can help remove these bottlenecks and make your firm more efficient.
5) Once you have your expenses, income and operations in check, look for opportunities that will ensure the long term success of your company. Be creative, and remember to open up your mind and look outside the box!
If you are a small business owner and you find that you do not have the time to work on building value for your company, Scopo can help you accomplish any or all of these five steps – and more! Contact Scopo today to speak with a trusted strategic advisor who has the expertise and capabilities to help your small business succeed, and you’ll quickly learn why we say “Your Scopo is Our Scopo!”k here to edit.
The world is moving at hyper-fast speed. Ever wonder why some small businesses succeed in such conditions, while others seem to barely get by or eventually shut its doors for good? Chances are it's a direct result of the owners ability to understand the economic environment in which he/she operates and effectively analyzing market demand and supply as it relates to his/her industry.
In order to do so, small business owners must have strong business and financial skill sets that enable them to perform and analyze many sets of detailed reports which include but are not limited to financial statements, competitive analyses, and assessments of opportunities and threats.
And in order to do this, small business owners must spend an enormous amount of time and money to go to business school and obtain advanced degrees in business administration, finance, accounting and/or economics. Or, they could hire staff who hold these advanced degrees and skill sets but pay them the high salaries in which they demand, and deserve. Or, they can simply contract an advisor who too has strong business and financial skills with advanced degrees, but require only a fraction of the costs and can be obtained on an at-need basis.
For many small business owners, the latter is the most logical choice of action. And that's where Scopo comes into play.
Scopo Company helps small business owners successfully achieve their goals and objectives in this rapidly changing world that has the potential to make-or-break them in a moments notice. Scopo Company has what it takes to accurately assess the forces that impact small business owners and then help them to plan and act accordingly.
It's been told that "money does not make us happy." Well at Scopo, we believe nothing could be further from the truth and money does matter. But there's a catch, there's always a catch. It's not about how much you spend, but how you decide to spend it that matters. In fact, there are three scientifically proven ways you could spend your hard earned money that will significantly increase your levels of happiness:
1) Paying for experiences
2) Purchasing time for yourself, and...
3) Giving money to others
So the solution is simple. The more money you have, the more ways you'll be able to invest in these three happiness influencers.
How does this relate to business strategy? Again, the answer is simple. Although strategic planning can be a lengthy process, the end result is focus and simplicity. And when small business owners are focused and their business models are simplified, the stage is set for reduced costs and increased revenues. And we all know that revenues minus costs equals profits. So the more revenues one has with the least amount of costs, they're on their way to higher profits. And profit is money.
Because you have more money, you can pay for more experiences.
Because your business model is simplified, you have more time for yourself.
And because you're more grateful for all that you have in life, you're more inclined to give to others.
So yes, money does matter. And having a winning strategy can make a huge difference in your life because strategy creates focus and simplicity. Once you have it..."you can move mountains."
k here to edit.
Imagine walking into your local pub knowing you are guaranteed to get the perfect cocktail. The bartender's eyeballing of ingredients, stirring techniques, muddling, and proper use of garnishes are like a priceless masterpiece. Now imagine this bartender is a robot!
The robotic bartender is programmed to always deliver the perfect cocktail, each and every time. It never loses focus of its core purpose.
Many small businesses find a source of competitive advantage in its early stages through this deep level of focus, but over time small incremental changes in the marketplace begin to threaten their business models and owners shift their focus from their core purpose to defensive tactics designed to preserve profits.
Small businesses should never lose focus of their core purpose. Disruptive innovation will always threaten even the best in class companies, but losing focus on what really matters will always weaken the original sources of a small business's competitive advantage that grew the company in its earlier stages.
A robot never loses focus, and neither should a small business owner. A purpose-driven strategy is the best offensive resource a small business can implement in its arsenal of competitive tactics to preserve what really matters. No one can predict the future, but you can guarantee that your small business's core purpose will never be compromised.
Watching a school of beautiful fish act in unison is a mesmerizing experience. Scientist theorize the reason fish are able to perform such a task without missing a beat is because the group believes in a higher purpose that is bigger and more powerful than any single fish agenda.
Small businesses can harness this research and implement these findings into their scope of operations. In fact, the #1 driver to employee engagement and commitment is an unconditional belief in the values of an organization's strategy. When employees truly believe in the company's mission, they perform better and find a sense of meaning in their work. Once this occurs, small businesses can experience higher returns and sustainable growth.
To accomplish this level of commitment from employees, there must be a well-defined set of core principles that are shared throughout the entire organization's structure - from top management to frontline staff. In addition, there must be a well-defined set of trade-offs that are ingrained in each and every member's brain.
A small business's strategy stems from the company's mission statement, and describes what is the overall purpose of the organization. The strategy explains what the firm will do to accomplish its mission, but it also explains what the firm will not do. It makes trade-offs. And once everyone in the organization is on the same page, they begin to act in unison and work together to accomplish a goal that is more important than any one persons agenda.
Take note: If you experience a lack of commitment from your employees that result in frequent call-outs, employee thefts, customer complaints, over utilization of personal devices during work hours, reduced productivity, or other acts of non-commitment ...the problem is not the employee, it's your strategy.
At Scopo, we want all small businesses to succeed and deliver on its mission. Contact Scopo today to speak with a trusted strategic advisor who has the expertise and capabilities to help your small business accomplish its goals...and you'll learn quickly why we say "Your Scopo is Our Scopo!"
Joe Immordino, MBA