One way a small business can earn higher profits is to create pro forma financial budgets that are aligned with the company's mission, aka its "purpose" - its SCOPO!
It all stars by strategically "planning" ahead to determine which actions should be taken to accomplish its Scopo, followed with "controlling" the plan by reviewing over time what actually took place.
With proper "feedback" we complete the cycle over again and the budgets accordingly. This system helps small businesses earn higher profits as well as:
1) Make informed decisions,
2) Achieve higher standards of excellence, and
3) Improves communication and coordination of the plans with all employees.
Employees want to feel their jobs serve a higher "purpose" and that their actions contribute to something meaningful. This reduces turn-over, reduces costs, improves efficiencies, and improves productivity.
And it all starts with a Strategic Plan! Starting at just $125/week, Scopo's Virtual CFO services will work with you to earn higher profits and accomplish your Scopo - because that's our Scopo! Our whole "purpose" is to make our local small businesses become more successful.
Go ahead and call or email us. Together, we can accomplish great things!
As President Trump takes office and continues to meet with business leaders and policy advisors, local small business owners should start planning now if their goals are to grow and prosper in the future. Two key components should emerge from the Trump Administration to help small businesses:
1) Deregulation, and
2) Tax reductions
However, due to the fact that New Jersey is an unfavorable environment for small businesses and entrepreneurs, most of our local small businesses will not fully benefit from any key policy changes implemented by the Trump Administration. The few small businesses that do will have a firm grasp on:
1) Finances, and
2) Strategic planning for the future
Scopo helps our local small businesses do just that. We advise our clients to start planning now and work closely with them to help achieve their goals.
Due to expected deregulation, small businesses will find access to capital easier but they must have strong financial records and a detailed strategic plan on how these funds will be utilized to promote growth in their companies. And this is exactly where and how Scopo comes in to help.
Scopo helps Mercer County small businesses by getting their finances in order and strategically plan for the future. And with the new policies expected to be implemented by the Trump Administration, now is the time to take the offensive and act. Don't wait!
Contact Scopo today to speak with a trusted advisor who has the expertise to help your small business grow and achieve its goals. And always remember "Your Scopo is Our Scopo!"
2017 could be a "make-or-break" year for small businesses. If owners and managers do not start designing a new business model that best utilizes their key resources and capabilities to embrace the "Internet of Things", they could be left in the dust by those that do.
We are currently in the "design phase" of IoT and are creating new innovative platforms that connect "things" with "data collecting" systems - aka the "internet". Starting in 2018-2019, we will begin to ente...r the "service phase". This will be the time we take our new business models to the next level, and if businesses do not start designing now they could become obsolete within the next four years.
How can Scopo help your small business? We provide an innovative and simple road map with fresh strategic perspectives and advanced business insights that will drive your small business's design phase over the next 12-24 months, aligning your key resources and capabilities with the right IoT opportunities that will enable you to take that next step.
The "key" is to start planning now before it's too late. It's not a scare tactic, it's reality - and it doesn't matter which industry you're in. Contact Scopo today and let us help you start planning for tomorrow to stay ahead of the competition and ensure long-term success.
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.
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!"
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.
As the U.S. presidential elections are ramping up and the Fed continues to contemplate an interest rate hike, many small business owners are left wondering which political candidate will address and fix the issues that matter to them the most and will the economy support their efforts to sustain profitability. If one thing is clear, it’s that uncertain economic times are coming for our nation as a whole and our local small business owners are nervous about how it will affect their operations.
Although we can not predict the future, we can certainly plan for it. The fact is that times of economic uncertainty can present opportunities for small businesses, if they’re prepared. At Scopo, our strategic advisors work closely with Mercer County, NJ small business owners to achieve their goals by planning ahead. We create focused, structured, and innovative strategies that compliment any business model and deliver real results.
Most small business owners are very skilled multi-taskers. They take extreme pride in doing everything themselves and don’t consider bringing in an “outsider” to help them solve their problems. However in doing so, they are missing out on some very important benefits for their small business. Here are just a few ways of how a trusted small business strategic advisor can be of value:
• Save Time and Money: Many small businesses struggle with controlling costs and improving efficiency. Strategic advisors are experts in developing strategies for reducing bottlenecks that slow down operations and eat up valuable resources such as time and money. They can also give you back the time you need to do what you do best: being an expert at whatever it is that led you to launch your own business in the first place.
• A Clear and Un-biased Perspective: Many small business owners typically reach out to the people they know best such as family and friends to help them solve their problems. In doing so, they find people who just nod their heads and give them the “yes” support they so eagerly want. A strategic advisor avoids these pitfalls and provides a clear and un-biased point of view that is “outside the box” and finds new ways to address the issues that are often over looked.
• Introduce New Life to the Business: Over time, small business owners find some level of success in which they are comfortable with and tend to stick with their formula out of fear of disrupting their operations and losing money – they consider this their bread and butter, or their core. But a strategic advisor can bring in new life for the business without affecting the heart of the company. In fact, a strategic advisor is trained to not only strengthen a company’s core but introduce it to new un-tapped markets that will increase returns and add real value to consumers and the company at the same time.
Again, these are just a few examples of how a trusted strategic advisor can help a small business owner.
Joe Immordino, MBA