WHAT’S INVOLVED IN A FINANCIAL GROWTH STRATEGY?

Do you have a sound financial growth strategy in place? If not, it’s never too soon to consider your next business move.

You likely understand the importance of having a financial growth strategy, but that doesn’t mean you’ll always know the best ways to implement one. 

As bookkeepers, accountants, and financial advisors, NOVAA understands that the numbers don’t lie. Accurate reporting and in-depth analysis of your revenue cycles will arm you with the intel to achieve your business goals. 

Adopting a financial growth strategy isn’t just about making detailed plans; it’s figuring out the smartest way to follow through on them.

SUPPORT YOUR DECISION-MAKING WITH THE RIGHT HELP

It takes a fresh pair of eyes to see your business in a new way!

NOVAA can help fill in the details to help you realize a financial growth strategy. A company without a growth strategy is simply treading water in a sea of opportunity.  

Your company has numerous moving parts that need to be integrated cohesively into any new plans. Every department, from your logistics staff to the marketing team, will need to channel their efforts accordingly. 

Bringing in an outside party is beneficial in providing an unbiased assessment of your operation and exploring the financial gains that await.

STAY ONE STEP AHEAD OF THE COMPETITION

Choosing the next direction for your business can be difficult without proper advice.

Goal setting is easier when you have a team that can read between the numbers and formulate a vision. 

The idea is to sustain sales growth on an ongoing basis. Having a good month here and there just isn’t sustainable. Strategizing means brainstorming ways to boost sales, provide better value for customers, and acquire the necessary assets today for a more secure future. 

SETTING UP A GROWTH STRATEGY

It’s time to develop a budget, a timeline, and a detailed list of the actions demanded to reach a new goal. 

Although every business is unique, certain conversations need to be had. 

The following list describes the areas of discussion where NOVAA’s experience can benefit your company. 

REVENUE REALIZATION

A sale made today may not bring in money until much later. Our team can monitor your transactions and make recommendations for wiser spending. 

TAX PLANNING

Behind every successful business is a good accountant. Year-end financial reporting isn’t just about getting things done on time; your return should provide you with a clearer picture of how your business is doing. With NOVAA, you get an entire team to manage your corporate taxes, remit your HST/GST and PST, and review your financial statements on a monthly basis. 

UNDERSTANDING YOUR INDUSTRY

How are you faring against your closest competitors? Knowing the key performance indicators to watch is helpful in channeling your team’s efforts. 

THE COST OF CUSTOMERS

We all know it takes money to make money, but how much are you paying to attract new customers? NOVAA will analyze your expenditures in terms of marketing and sales so you can re-focus on customer acquisition with greater profitability. 

MERGERS/ACQUISITIONS

If your company is financially positioned to make some big moves, you’ll want experienced financial advice to ensure the timing is right. 

ESTABLISHING NEW RELATIONSHIPS

Business mentors like NOVAA can help you generate ideas for working with other companies. There’s nothing wrong with gaining allies in business. Expanding your brand’s exposure and partnering with like-minded ventures can reduce your marketing costs and open up new opportunities.

IMPROVING THE CUSTOMER EXPERIENCE

Poor service can kill your business reputation and impact your sales. It doesn’t take long for bad news to spread online. Referral programs are a cost-effective way to reward customers and build credibility. 

Focusing on customer retention is another fantastic way to drive revenue. Acknowledging your past successes is an excellent way to stay on the right track. 

PROMOTING NEW OFFERS

Adding more products and add-on services can boost sales, but executing those ambitious plans can be a balancing act. Managing customer expectations is crucial. NOVAA will suggest ways to bulk up your offerings while minimizing costs. 

There’s strength in numbers! Hiring professionals outside your organization to monitor your revenue and expenditures can help keep you competitive, fiscally responsible, and ready to scale. 

If your business is ready to take the next step, NOVAA has the most experienced financial advisors in place; and we’re is prepared to listen. Let’s talk!