Business Growth Strategies for Herbal Products Entrepreneurs
David Chersonsky is advising business owners in the herbal health products sector on business planning, growth strategies and the importance of accounting procedures. Business planning is critical for developing a competitive advantage and winning in this industry.
David Chersonsky underscores the importance of developing a clear mission and vision statement. The herbal health products sector is competitive, and brands must differentiate themselves to gain market share. Having a clear direction complete with strategic objectives raises the chances for growth, higher profitability and widespread product distribution. Business plans need to include marketing plans, operating plans and clear, realistic pro forma financial statements.
Having a plan for operations that outlines quality, compliance and human resources policies is vital. David Chersonsky helps clients review their layouts and operational procedures, so that owners can meet their objectives as efficiently as possible. This includes accounting policies and procedures, to help ownership track business performance and financial condition. Whether its inventory tracking, cost of goods sold tracking or internal control over assets, having the right accounting processes in place is key in herbal health products businesses.
Setting multi-year sales and financial metrics is ideal during business planning. Breakeven analysis, along with other cost-volume-profit considerations, are important to evaluate. Often-times businesses fail to identify the most profitable products and services to offer during the planning stages. David Chersonsky notes that developing best practices for management accounting should be a priority for ownership and senior leaders. Having a realistic plan for sales and production can set businesses apart from the competition, before large capital outlays are made and material errors are realized.
Given the capital investment, time and energy needed to build a successful business, it’s important to consult with a trusted business advisor. David Chersonsky has the insight and experience to save entrepreneurs money and time, while helping them realize their full potential. Learning from a small business advisor can save years in business development and mitigate the risk of financial pitfalls.
David Chersonsky is a small business advisor focusing on the development of proprietary formulas in the herbal health products sector. He consults with business owners on protecting trade secrets and developing winning growth strategies. His interests also include investment strategies, day trading and behavioral finance with emphasis on the abnormal psychology of financial markets.