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.
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!"
What does it mean to "think outside the box"?
When it comes to small businesses, many owners and managers tend to have an "internal focus" with their operations. A few examples are:
• Product development
These areas of business are very important, but small business owners and managers must also have an "external focus" to be successful. A few examples are:
• Social trends
Historically, these are the areas that have destroyed small businesses. Small business owners and managers have been so focused on the day-to-day internal affairs of their business operations, that they've overlooked and missed key drivers that have major impacts on their long-term success rates.
A current example are the new FDA regulations for smoke and vape shops across the country. Businesses can no longer explain to customers how to use vape devices, and it could cost these small businesses up to $1 million dollars to sell juices that are made in their stores. This is an example of how political processes can seriously hurt many small businesses and put them out of commission.
Successful CEOs focus their attention on "external" factors and act strategically. They constantly "think outside the box" and stay two steps ahead of anything coming their way. But they don't do it alone!
Big businesses have the financial resources to hire strategic advisors from major firms such as Bain or McKinsey. And small businesses eventually fail to keep up because they can't afford to do so.
This is where Scopo comes in, for a very small fraction of the cost that is guaranteed not to break the bank!
Scopo works closely with small business owners and managers to strategically plan for the long-term success of their businesses, and a major part of this includes analyzing the external environment that impacts their operations. In addition to the political, economical, social and technological factors that impact businesses, Scopo also looks at the following external factors:
• Customer segmentation
• Demographic landscape
• Competitor operations
• Industry trends
• Substitutes and compliments
• Unmet consumer needs
• And much more!
In the end, our small business clients are in a "position" for long-term growth and success. And when our small businesses succeed, our communities succeed!
The 2016 Olympic Games are in full force. The athletes have spent a lifetime preparing for this very moment in time. And when they compete, the winners are not just the ones who are in the best shape but are the ones who have the best competitive strategy!
Your small business might be in great shape too, but do you have a competitive strategy to really win among your rivals?
Earlier in the year, we stated that large retailers are rethinking their inventory strategies to profitably serve the growing needs of online shoppers. We are now beginning to see their strategies impact other parts of New Jersey and in time this will have an effect on our small businesses here in Mercer County.
At Scopo, we continuously research and analyze the global, national, state and local economic and political conditions that affect our small businesses in Mercer County, NJ. We have the expertise and capabilities to create winning strategies that are focused, structured, and innovative.
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