BUSINESS REPORT
By : Beatrice Louissaint
Beatrice Louissaint
Just like regular health exams and tests are cri�cal to good health , each business needs a regular Small Business Checkup to grow and build capacity to be more profitable and to scale up for more opportuni�es . Many entrepreneurs work so much in their business ; they forget to work on their business . Also , many fail to strategize on how to develop sustainable businesses that are built to last and that are profitable . When was the last �me that you had a professional assessment of the health of your company , its plans for growth and financial health ? How do you iden�fy problems before they start and fix them ? Do you have an exit strategy for your company ? All businesses must have short and long range plans for growth and the improvement of the company ’ s delivery of services to customers . Below are some ques�ons to gauge the health of your company :
Do you have a business plan ?
Every company needs a business plan . A well-developed plan is focused on growth opportuni�es , financing , marke�ng , human capital and the overall improvement of the company . The plan should be reviewed and updated regularly as factors change in the business . A plan does not have to a lengthy document , it can simply be one page that outlines key goals , strategies for growth and measurements for success .
What is your succession plan ? Business owners need to develop an exit strategy for their businesses – whether it is a decision to sell , pass it on to a family member or employee ( s ) or even wind down a company .
Who is the current customer base and what is the market ? A business owner must know who the company ’ s customers are , what those
FRIDAY , DECEMBER 16 , 2016 AN INDEPENDENT SUPPLEMENT BY MIA MEDIA & COMMUNICATIONS GROUP TO THE SUN SENTINEL BB5
Why Every Business Needs a Small Business Checkup
customers ’ needs are and have plans to fulfill those needs efficiently , cost-effec�vely , and in a �mely manner . Every business must also have a differen�ator – a reason why a customer should hire or contract with it . Also , every company must iden�fy poten�al new clients . To con�nue to grow an enterprise , a business owner should know where the growth opportuni�es are and if they are with exis�ng customers or new ones , as well as whether they are regional , na�onal , interna�onal or online .
I encourage all business owners to get a Small Business Checkup and to engage a CPA , a�orney , banker or other key advisor ( s ) in the process of evalua�ng the health of their businesses . These professionals are important consultants when developing a plan for the growth of a company . The goal of a business is to make money . Focusing on the health of your company will allow you to more quickly achieve the goals you have set for the business and build a fast-growing company that creates jobs , is innova�ve and helps build our economy .
Are you a minority business owner that is in need of a Small Business Checkup ? Make an appointment with the Miami MBDA Center to get a free 30-minute assessment of your company ’ s health and needs . Whether you need access to capital , technical exper�se , advanced business consul�ng resources or innova�ve management services , the Miami MBDA Center can meet your needs . To schedule an appointment with a business consultant , visit www . mbdamiamicenter . com or call ( 305 ) 751-2907 .
Beatrice Louissaint is president and CEO of the Florida State Minority Supplier Development Council ( FSMSDC ). The organization is the operator of the U . S . Department of Commerce Miami Minority Business Development Agency ( MBDA ) Business Center , which serves southern Florida . FSMSDC ’ s goal is to increase purchasing from minority businesses by government entities and corporations , while increasing minority business ’ s operating capacity through hands-on business assistance , training and access to technology and capital resources . Founded in 1975 in southern Florida ( formerly named the Southern Florida Minority Supplier Development Council – SFMSDC ) and expanded to cover all of Florida in January 2016 , FSMSDC is one of 23 regional councils affiliated with the National Minority Supplier Development Council . The FSMSDC acts as a liaison between corporate America and Minority Business Enterprises in the state of Florida . To learn more about the FSMSDC , visit fsmsdc . org or call ( 305 ) 762-6151 .
“... two so very important words ... thank you .”
Celebrate 25 years of community achievements by nominating an inspiring individual for the 2017 African-American Achiever Awards . An independent panel of judges from Miami-Dade , Broward and Palm Beach counties selects honorees in the following categories :
Arts & Culture � Business & Entrepreneurism Community Service � Education
Thank someone today and nominate a future achiever . AfricanAmericanAchievers . com
Deadline is December 2 , 2016
Sponsored by
Save the Date African-American Achievers Awards April 26 , 2017 Broward County Convention Center
For more information , visit AfricanAmericanAchievers . com , call 866-516-2497 or join us on Facebook . com / AfricanAmericanAchievers .