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When you get to stage where you need to consider growth you may not feel that you know where to start (according to the British Business Bank, 33% of smaller UK business owners who want to grow feel unsure of how to do it) and barriers can present themselves that mean you prevent this growth.
Barriers for small businesses can include regulatory compliance, domestic market conditions, access to funding and the global trade environment.
Success as a result from business growth will look different for every business depending on it’s stage in the business lifecycle. Many smaller businesses measure growth by increases in both profit and customers but other factor may come into consideration such as internal expansion. When it comes to focusing on business growth there are various ways to achieve this, here we have listed the top five recommendations.
Define the purpose and vision of the companyYour business may have a strong vision and clear purpose from it’s conception but if you haven’t got this in place then here is the best place to start. Define values that will drive employees and adopt a company culture that will increase commitment and establish foundations that will remain during periods of growth.
Create a management team A strong management team has a mix of skills and experiences, a diverse team will be more equipped to deal with challenges a business will face within it’s lifecycle. Creating a strong management team can be a difficult thing for founders who want to keep control over all aspects of their business but having the right team in place is part of a winning formula for a growing business.
Integrate financeThe finance function should understand the organisation’s wider goals and find ways to add value across the business. Handing over administrative tasks like payroll, credit control and management reporting to a specialist accountant can be a cost-effective solution for small companies, which can also benefit from their strategic input and advice for a lower annual outlay.
Find external adviceCompanies trying to scale up can improve their resilience by obtaining professional advice from an expert business network.
Build a funding networkAlthough small businesses usually presume external funding is not for them, research shows that high-growth SMEs are more likely to have obtained advice on external funding.
As limited company contractor specialists, you can trust 2020 Accountancy toprovide leading services tailored to your exact requirements to help grow yourbusiness and maximise take-home pay in the most compliant manner.
Contact one of our specialist team today.