8 Steps To Help You Grow Your Business
Unsure how to grow your business?
Working with thousands of businesses over the past ten years has given us the experience to simplify and understand the key risks of growing a business quickly. Once you reach that initial goal of no longer being a lifestyle but becoming a fast-growing business, there are challenges to reaching maturity and stability.
Ultimately the most difficult phase for an entrepreneur is managing rapid growth through effective reinvestment and minimising risk.
We have tried to simplify this process to ensure you have the best chance of success:
Step 1: Have a plan
- It is essential to have a long-term plan, whether this is a one page business plan or a more complex Orbit or Strategic Vision.
- It should include financial information, strategy, people, markets, clients, products or services, retention, efficiency, marketing, operational details and targets.
Step 2: Check progress against your targets
- You need to measure every area of your business.
- For example, use your financial budget each month to compare actual to budget. Analyse it and determine why you are above or below budget.
- Another example is to compare your completed marketing tasks against your marketing calendar.
- After analysis, discuss and agree on actions to take.
Step 3: Manage cash effectively
- You need a cash flow forecast technique, both long term (monthly view) and short term (daily or weekly view).
- This will mean you can sleep at night knowing exactly what is coming in and out over the course of the next few days, weeks, months and years.
Step 4: Inward review
- Have coaching.
- Someone from outside the organisation needs to look at the above 1-3 and give you an honest critique of your strength and weaknesses.
Step 5: Partners
- You cannot be an expert in all aspects of business nor can you excel in all areas of your organisation.
- Bring in partners to help with the areas you are not strong in.
- If you are a creative person and hate numbers, bring in an accounting firm to help. If you love numbers but just don’t get sales, then bring in a sales consultant or agency to help. This is the quickest way to achieve efficiency in multiple functions simultaneously.
Step 6: Create strong relationships
- As you grow you will make mistakes with your clients.
- Put processes in place to ensure that human error cannot cause major issues within your organisation, such as late accounts filling or the wrong goods sent out.
- If you do happen to make a small mistake, then transparency is key – be open and honest with your client(s).
- If you have made the effort to build strong relationships with your clients, then you may have the chance to redeem yourself and set things right.
Step 7: Look at your routines, mental health, productivity and ensure that your routine fits the goal
- If your goal is to sell in 5 years you might want to work 18 hours a day.
- However, if you are in business for the long term (like us) then you will want to create a daily routine that means you will still love and care about your work and clients in 20 years!
- Tim Ferris’s blog is great for picking up ideas about daily routines, efficiency and happiness.
Step 8: Use technology
- The playing fields are now level between small business and FTSE100. Some software for small business is much better than big firms use.
- Utilise the free technology out on the market to make your life easier.
Without question the 3-key technologies we use daily are:
- Xero and QuickBooks Online for accounting. I personally cannot say enough great things about accounting software. It will revolutionise your business, enough said.
- Receipt Bank – This app will help you become paperless and manage your expenses.
By implementing each of the 8 steps outlined you will be on your way to an ever growing, prosperous business. If you’d like to enquire how GrowFactor could further help your business achieve success on your terms, then sign up for a free consultation.
We are Chartered Accountants and Business Advisors that love helping businesses grow and achieve success on their own terms. If you are looking for a Xero accountant in Birmingham or a QuickBooks accountant in London, then get in touch today.
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