Every business has potential for growth, it’s about finding the right way to do it that suits you and your objectives and your marketplace. It’s often not that easy, otherwise all your competitors would be doing it too.
If you want to grow but aren’t quite sure how to go about it here are some ideas below.
- Diversification: new products, new content, new services or new markets. We saw a lot of this during the pandemic where businesses were doing what they could to survive, but with the option to think more strategically about it where can you do something slightly different? What tools are available to you? Have you thought about, for example, a Research and Development tax credit?
- Expansion: opening a new location, or possibly growing overseas if your budget (and product or service) allows it. The growth chances are massive and there are many opportunities in developing countries which won’t require a fortune to expand your business.
- Tax planning: Are you being as efficient as you can? What savings could you be making? Make sure whoever you are taking advice from its good.
- Outsourcing: it is possible for SMEs to free up valuable resources to grow further by outsourcing important inner functions such as payroll, IT, marketing. Have you thought about this and how it could help?
- Merger and acquisition: If you have the funds to do so have you thought about buying one of your competitors? This could help your reach in the local area and beyond and help to maximise your brand. Make sure you have thought about your finance options and have taken some advice from a reputable broker (we have some suggestions if you need them…)
Would you like to know more about expansion and growth? Keep reading our weekly blog. Your local AIMS Accountant can also provide valuable advice on business projections for the long term.