If you’re a serial entrepreneur, then you’ve been here before. In fact, you likely spend the majority of your business life here. Welcome to the Start Up Phase.
The Start Up Phase is where businesses are born. Concepts become prototypes. Critical decisions are made. Direction is determined. Traction is achieved. Plans are solidified.
In this stage of your business: You’ve decided to pursue a business idea Your product and/or services are determined You need to learn & adjust a business model to ensure profitability
This phase’s challenges include: Obtaining initial funding Managing cash reserves Managing sales expectations Accounting management Establishing customer base Establishing market presence
Here’s what you need to do / how to navigate through these challenges: 42% of startups fail due to a lack of demand for their products or services; don’t be a statistic! Ensure your business model provides some level of sustainable cash flow; your survival is riding on it. Establish your business entity structure, otherwise you just have a hobby.
Listen to “TurboCharge Your Business” on the International Business Growth Network or wherever you get podcasts and gain access to even more great resources at https://turboexecs.com/turbocharge.
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TurboCharge Your Business
TurboCharge Your Business is a show for business owners who are tired of just working IN the nuts and bolts of their businesses and ready to work ON the business itself from a big-picture, growth-oriented, strategic perspective.
This season is called 13 Weeks to Financial Literacy and over the course of the season, your host Patty Lawrence is teaching you everything you need to know to take your business from confused and chaotic to strategically growing with you in the driver’s seat. From people planning to cash flow planning to performance measures and more, it all starts with understanding the story behind your numbers.
Meet Your Host
Patty works with $2M+ professional services and non-profit organizations that struggle to get the timely financial reports they need to function, often because one person holds this information hostage or lacks the skills required to do the work.
Through outsourced accounting and CFO services, Patty and the TurboExecs team reveal the story behind the numbers so leaders confidently can make data-driven decisions that allow them to leap forward, trusting they have the team and finances in place for manageable, profitable growth. As a result, their clients typically increase the bottom line by at least 15% and feel in control of their finances and results.
Patty got her first taste of entrepreneurial life in the office of her father’s well drilling business in her teens. With her first accounting class in high school, she’d found the professional outlet for her problem-solving skills.