Growth in business is an exciting time. Once you have made the decision to scale up you can start planning on how to go about it. While it’s important that you can embrace the natural stresses that go with change, the overall process should be fun and exciting. Remain flexible when you face challenges. Adaptability remains the best survival strategy when issues arise, along with a strong emotional constitution. Put in place these five essentials to ensure your business growth is successful.
1. A marketing strategy that manifests growth
Have you considered how you will go about creating the growth you wish to see? The first step in creating a strategy like this lies in meeting with your accountant to set your financial goals. Follow this up with a meeting with your marketing team to find ways to build campaigns that will attract the new business leads you’re seeking. Remember to include a thorough A/B testing protocol in your strategy. This means measuring the effects of your marketing by evaluating your website traffic and your social media engagement alongside your lead generation efficacy and your conversion rates, to ensure your efforts are yielding the results you have projected with your accountant.
2. A business strategy that facilitates growth
This is a common pitfall for many businesses. They plan how they will pursue growth and when they achieve it, they find themselves ill-prepared for handling it. A sudden increase in your business’s workload will reveal the weaknesses in your processes, your structures, and your company’s level of organisation. There needs to be a system that each and every member of the team follows with great precision, from quoting, to onboarding a client, commencing with the work and how the work process unfolds, and where the work is saved as well as how communications work and at what point the client is invoiced.
3. A team of skilled professionals
Growth requires an increase in your workload, naturally. If your staff are already working consistently at a full-time level, expecting more can lead to high-stress levels and tension in the workplace. Plan how you will distribute additional work before you can bring on new staff. You might outsource to independent contractors, as one idea. Along with your internal team, rally your team of external skilled professionals: your accountant, a strategist, an HR whizz and a marketing team.
4. A cashflow system to maximise accountability
One of the important points your accountant will cover with you that warrants a mention in this list (because it’s really that important) is setting up a cashflow system. A good cashflow system will work for your business regardless of its size which means it’s scalable. Generally, it is recommended to have 5 separate accounts including your cash-receiving account to allow you to separate your profits, taxes, essential running expenses (like staff), and non-essential expenses. This gives you greater control over your cash flow but fine-tuning it to your business set-up requires a helping hand from your accountant.
5. A rest-and-relaxation policy to keep you strong and focused
We all know the story: you can’t pour from an empty cup. If you want business growth, you can’t afford to wait until your cup is empty before you recharge. Make a policy that enables you to switch off from your work weekly. You will find yourself back at your desk with fresher eyes and a clearer mind for decisive and wise leadership for your team. In order to achieve business growth, productivity is essential. Productivity only occurs when you are well-rested. Rest and relaxation need to be part of your strategy.
Sonia Gibson is director at Accounting Heart Chartered Accountants.