Developing a Business
Once you've started your business you'll want to develop and grow so your company stays successful. We've outlined here a few of the key issues you might want to consider when developing your business:
1. Strategy and planning
If you were incredibly organised when you first started your company, you'll have written a business plan within which may be outlined a long term strategy. If however, you're like the majority of entrepreneurs who start in business, there might not be a business plan to refer to! If this is the case, think about where you want your business to be in a years time. Do you want to increase the amount of clients you have, increase your profit's or simply increase your business's reputation? Whatever your business objective, work out the best way to get there and stick to it. For instance, if you want to increase you client base, think about marketing and sales strategies you can use to do this - then make sure you follow these through. With a brilliant strategy it'll be much easier to achieve your business goals. One hot tip is simply to write all your ideas down, just the act of writing something down forces your brain to slow down and consider things far more carefully.
2. Employing staff
If you want to grow your business, it might be necessary to employ some staff. Think about the staff you actually need and how you'll utilise their time - will they be worth the investment? That is, will the increased staff cost yield the same business value. Don't rush into this kind of a decision as it can influence your tax payments as well as the structure of your company.
3. Tax planning
This is probably not something you were looking forward to thinking about....however, it's crucial that you plan for tax payments.If you don't, it will end up costing you far more. Speak to an accountant about tax planning for the next financial year so you can minimise the amount of tax you have to pay.
4. Managing business process
By now, you've probably got a network of suppliers and business processes set up, however, in order to develop your company, you'll need to think about streamlining your procedures in order to reduce your costs. If you order stock, could you buy a larger quantity and receive discounts? Are you turning over stock quick enough? If you're a service based firm, are you spending too much time on administration? You could make your life easier by setting up report templates and emails as well as hiring a financial advisor and accountant.
5. Financing growth
If you need investment in order to grow your business, there are a number of options to consider. You could look to an angel investor (dragons den style), get a business loan, re-mortgage some of your home etc - all of these should be carefully considered before a decision is made. Speak to an accountant and financial advisor in order to optimise on the options that are available to you.
We've put together some of our top tips in this section - have a look around for more advice. If you'd like to speak to Easy Accountancy about your business or the services that we offer, Ask us a question, call us 0500 234111 / 01442 275767.