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Know Where To Focus

Posted on: May 25th, 2021

Growing a business is hard work.  You don’t need to make it harder through unnecessary mistakes.  If you know where to focus, it can make all the difference.

MLA is experienced in helping business owners use their financial system to give focus to their leadership.  We can help you pay attention to the key questions that will guide your growth.

We’ve identified 7 Pitfalls that can trap your growing business and the questions you need to ask to avoid them.  Read about the first 4 here.  Below are numbers 5 and 6.

Pitfall #5: Not planning for the future.

While defining your vision of success can be energizing, dreams are not enough to sustain a business.  As your organization matures, strategic planning takes on new meaning, becoming more about applying what you have learned to anticipate future turns in the road.

“What will it take to get there?” 

Your strategy, team, and systems must all support your goals.  Having delegated short-term decisions, you can focus on refining your long-term goals, measuring progress, and adjusting your strategy.

Strategic mapping must become a way of life.  It’s how growing, responsive companies stay ahead of the curve—and the competition.  This is where the investment in a relationship with a trusted business advisor begins to pay dividends.

Pitfall #6: Giving up too soon.

Having a map doesn’t guarantee you’ll arrive at your destination on a set schedule.  While the objective is clear, the timing is not.  From the smallest startup to the largest conglomerate, every business has difficult choices and uncertainty ahead.  The decisions may not get easier, but at least the process of making them can be simplified.

“How far must I go for my dream to become reality?” 

Asking this question increases accountability by reinforcing the alignment between your current trajectory and ultimate goals and guarding against scope creep.

Achieving this level of discipline brings new opportunities that you previously thought were out of reach.  Now you are applying your experience and expertise in ways that are exciting, but often unfamiliar.

At this point, the broader experience of a trusted business advisor becomes invaluable.  Their network gives you access to expertise in due diligence, mergers and acquisitions, and non-traditional financing options.

Know Where To Focus

An MLA fractional CFO or Strategic Advisor can help you see these pitfalls before they trap your business.  And we have the experience and expertise to help you focus on the right information and objectives.  Contact us to learn more.

Wondering what else you need to consider?  Download our “7 Pitfalls That Trap a Growing Business” whitepaper.