Take time to grow your business
Listed Under: Blog
Your accountant delivers your accounts on time and with accuracy – but how can they help develop your business?
HERE ARE OUR FIVE TOP TIPS:
1. Look forward as well as back
Once you have a set of historical accounts, you feel on track, right? Wrong! Yes, the historical data is essential to pay your taxes and to understand how the business has performed, but the best way to develop your business is to take trends from its history, to enable a realistic strategy for the future through a concrete forecast. Ensure that you are also aware of the costs involved in achieving this strategy and the return on investment.
2. Set goals and measure your business against them
Set goals for continuous improvement towards your strategy that are both realistic and have the highest impact. These goals should be set annually and monitored monthly for maximum effect.
Historical data is essential to understand how the business has performed, but the best way to develop your business is to take trends from its history, to enable a realistic strategy.
Part of the goal-setting process is establishing Key Performance Indicators (KPIs) to measure your business against (eg time taken to resolve customer support issues, employee turnover rates, outputs produced per hour). This will enable your business profits to be maximised using management information, rather than purely focusing on tax compliance.
3. Be dynamic
You can’t change past performance, but you can certainly manage future business opportunities by building enough flexibility into your goals to respond to changes in the external environment. Resolve to do one thing related to new business every single day, to create a steady pipeline of development opportunities.
4. Get expert advice where necessary
This doesn’t just have to be financial, tax or planning advice from an accountant. By planning appropriately, it will be possible to set aside budget for other experts that you will need to help you reach your goals. This could be enlisting the help of a sales and marketing expert, or someone who can speed through the admin at low cost to free up your time to focus on other areas.
5. Have the right contracts in place
Your accountant should be able to review your contracts and provide tips on how to benefit most from a cashflow and control perspective. This will help provide more certainty with customers and suppliers that you already have in place, allowing you to take risks in other areas of development.
Please get in touch if you need help getting started on your own business development strategies.