Growing Your Business

Kurt Kofford

Kurt Kofford

Director

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Austin Buckett

Austin Buckett

Manager

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Every for-profit business has a growth plan.  However, most plans are not documented or defined.  Many businesses merely react to specific events, such as the growth of a particular customer or winning a large order.  While these events are certainly welcome, they can ultimately have a downside to the growth of the business if they are not in line with the strategic vision of the business.   It is critical to grow your business on your terms and ensure the process is well managed.  When deciding how to grow your business, you will likely want answers to many questions, including:

  • What is the profit potential of my business?
  • How do I step back from day-to-day operations?
  • How do I know if decisions we make today will create long-term value?
  • How do I get my employees to think and act like owners?
  • How do I understand the risk vs. reward of opportunities?

Our services, specific to the needs of a growing business, are detailed below.

Strategic Planning

In order to grow your business successfully, it is vital to have a plan with objective, measurable targets and steps to achieve them.  A good plan will include operational, financial, accounting, human resources and other elements.  We have facilitated many strategy sessions with our clients in order to guide them through this process, from half-day meetings to multi-day off site retreats.  Ultimately, you will come away from this exercise with an actionable plan to proactively grow your business.

Financial Modeling

Many businesses focus on top line growth, expecting that bottom line results will follow.  Unfortunately, this is not always the case.  Many times businesses grow revenues but fail to maximize gains when it comes to the bottom line.  Creating a financial model allows us to demonstrate the potential results on net income and cash flow by performing a “what-if” analysis on an array of variables.  These variables may include days sales outstanding, inventory turns, staffing levels, pricing changes, volume fluctuations, etc.

Developing Critical Success Factors (CSFs)

Critical Success Factors are the overriding metrics of your business.  They are designed to enable a business owner to step back from day-to-day operations and manage the business by looking at key data points.  We can help you identify the CSFs in your business that will enable you to focus on a more strategic level and produce the results you dreamed about when you originally started your business.

Business Scorecard

Overall business value, which includes exit price, is created by certain attributes of the business, including customers, market share, products, employees, systems, etc.  Understanding what these attributes, which we call value drivers, are for your business is vital to understanding its long-term value.  A Business Scorecard is a great way to monitor these value drivers over time to ensure you focus your efforts in the right area to build long-term value.

Employee Incentive Plans

Thinking and acting like a business owner requires a skill set that is not always found in employees.  As a result, it can be difficult for your employees to have the same passion, drive and focus as you.  How do you align employee goals with your own to drive the profitability of your business?  One way is to implement an incentive plan that rewards employees for building the business in the way you want it to grow.  These plans can come in many different forms, which can be tailored to your unique situation.

An employee incentive plan can also be a first step in positioning employees to buy your business in the future.

Outsourced CFO

As a business grows, it becomes more important to focus on future financial performance.  The role of a controller is to prepare historical financial reports.  However, a CFO’s role is to look into the future of the business and plan accordingly.  This includes setting budgets, managing cash flow, negotiating debt and putting strong financial controls around the business.  Our outsourced CFO services are designed to provide clients with the forward thinking attributes you would expect from a CFO, without the cost of hiring a full-time executive.

Please contact us to learn more about how these services can help your company.

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BiggsKofford
630 Southpointe Ct, #200
Colorado Springs, CO 80906

P: (719) 579-9090 | F: (719) 576-0126
info@biggskofford.com

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Testimonials

Testimonials

BiggsKofford is very good at understanding our business and the different personalities that make up our organization. We always feel that BiggsKofford is right there for us.
BiggsKofford provides personal and business advice. We are very comfortable including the BK Team in all major business decisions.
The advantage to us is that BiggsKofford knows the local business playing field and not just the tax code.
Your team understands what’s happening in our business. BiggsKofford takes everyday situations and utilizes accounting ideas that benefit our lives.
I am not a number. I am a person who matters. BiggsKofford is large enough to have the technical knowledge, expertise, and depth, but small enough to do it in a personalized manner.
We are proud to partner with BiggsKofford because of your high level of professionalism and outstanding integrity.
The direct consultation from BiggsKofford has allowed us to feel confident in the major decisions we had to make in order to achieve our growth.
Utilizing the personal CFO services of BiggsKofford has allowed me to maintain my most valuable commodity…my time.
BiggsKofford is forward thinking on behalf of its clients. They proactively recommend actions we should be taking now to minimize our future taxes.
The firm encompasses so much more than just tax and auditing. We’ve been with the firm a long time and always receive top-notch services.
--Cheri Bergst, RE Monks Construction

--George Hess, Vantage Homes

--PJ Anderson, Land Development

--Dr. Seth and Mrs. Stacy Kimmelman

--Steve Dawes

--Susan Boyd, Longmont Dairy

--Jeff Smith, CEO of Classic Homes

--Bill Miller, XAware, Chairman of the Board

--Anthony Fagnant, President of Qualtek Manufacturing

--George Hess, Vantage Homes

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