|So you’ve survived your first year in business. What now?
If your sights are now firmly fixed on growth, these are some areas that our accountants would recommend that you focus on to grow turnover. So much depends on your business and we’d love to help you grow. Here are five strategies to help you grow your business:
Listen to your customers. In those early days, when you’re so busy just keeping the show on the road, it’s hard to find the head space and the time to go back to your customers for feedback or to check that you are meeting their expectations. One option might be to build an automated feedback survey which is sent with your invoice, or a few days after their order has been received. While many people ignore surveys, you will still gather valuable information from those that complete it.
Efficiencies Now is the time to look closely at your operations to streamline or automate as much as you can. This will reduce costs, improve your efficiency and allow you to sell more. Embrace technology and automation to reduce errors and save time, as this will give you opportunites to scale up without increasing your overheads.
Pricing Strategy Review your pricing strategy. Is now the time to put your prices up? If you’re selling well at your current price point, the market may well tolerate a price rise, especially if you have social proof of client satisfaction levels.
Partnerships Strategic partnerships or collaborations could help you grow without you having to increase distribution costs. Choosing other businesses to promote or sell your products and services will give you access to new client bases.
Financial Planning Talk to your accountant and financial advisor to make a financial plan and cash flow forecast to avoid growing too rapidly without the funding to support growth. If you need additional funding or investment, now is the time to talk to your trusted advisors about the best approach to take and to gather the financial data.
Nothing beats having one of our AIMS acccountants by your side as you review your business performance or make plans for the future. We have a team of accountants around the UK. Take a look here.