At ResolveWorks, we value the growth and success of our clients, which is why we actively support their participation in industry events like the Emerging Brands Summit.
Recently, our Senior Accounting Manager and CFO, Brett Benson, attended the summit in Las Vegas to support one of our food-based CPG clients, T-Rex Cookies.
The conference provided valuable insights on scaling growth, financing, and finding the right partners to take businesses to the next level.
While the conference primarily catered to the manufacturing industry, its lessons were applicable to businesses across various sectors. Here are key takeaways that can benefit all our clients, irrespective of their size or industry:
1. Conduct Thorough Market Research: Before launching a new business, it’s crucial to understand the industry landscape, identify competitors, analyze pricing strategies, and quantify potential market share. Differentiating yourself by creating innovative products, packaging, or procedures can give you a competitive edge, setting you apart from the competition.
2. Efficiently Manage Customer Growth: Knowing when to expand your internal team is vital. Partnering with vendors or contractors who have the infrastructure to scale alongside your company can be a cost-effective alternative to hiring permanent employees. This strategic approach optimizes your fixed financial resources until the time is right for internal expansion.
3. Define Your Identity: Distinguish between being a brand-based company or a manufacturing-based company. Focusing on either path requires distinct expertise and strategies to excel. Assess your strengths, weaknesses, opportunities, and threats through a thorough SWOT analysis to gain clarity on your business’s identity and simplify decision-making.
4. Secure Financing Wisely: Early- to mid-stage companies often require external funding for scaling operations. Navigating the financing landscape can be intimidating, but it’s essential to seek guidance from experienced partners, such as your accounting team and independent consultants. They can help you explore financing options, ensuring you secure favorable terms and avoid unnecessary risks to your equity and personal assets.
At ResolveWorks, we understand the challenges faced by startups in systemizing financial operations, developing meaningful reporting, and communicating data to drive better decision-making. Our dedicated team is here to alleviate those pain points, providing expert guidance and support tailored to your specific needs. Partner with us to unlock the full potential of your business and confidently navigate the path to success.