10 Strategies to Grow Your Business
Starting out in business is never easy and we’re sure you have heard of the statistic that 30% of businesses fail in their first year. An effective way of making sure this isn’t you is through enlisting the help of growth accountants who can help you put growth solutions in place. Here we outline 10 strategies to grow your business.
- Invest in a Good Growth Accountant
Start-ups Accountants are the unsung heroes of the small business world. It can be tempting to skimp on accountancy fees and attempt to manage your own finances. However, to ensure your business is able to grow we recommend investing in a skilled growth accountant.
- Budget and Forecast
With a growth accountant on board, you’ll be assisted to set up budget and forecast reporting. With this in place, you can see how the seasons, market conditions and other factors are affecting your growth, so you can implement informed growth solutions.
Accountants for start-ups can help with financial benchmarking, helping you to compare how your business is doing in comparison to business competitors. This will help you to identify growth solutions.
- Improve your Market Position
Good growth accountants can identify potential new markets for your business and help you gain a greater share of the market you’re in. With their expertise, they can offer growth solutions, such as price adjustments or marketing options.
- Managing your Cash Flow
Whether taking care of your tax, helping with expenses, or offering advice on funding options accountants for growth and start-up accountants can really help with managing cash flow. By making sure your cash flow is in a good position your business will have the funds to grow.
You can also consider investing in accounting apps or software programs. These tools are powered by automation and analytics to obtain real-time data. Many accounting software programs allow integrations with legacy business systems, such as point-of-sale (POS) systems, to seamlessly track cash flow.
- Franchise your business
This is one of the most effective growth solutions and one that good growth accountants can help you with. For rapid growth of your business, consider a franchise model.
Franchising your business would be a significant move in growing your business. It will allow you to grow and expand your business without the cost of equity and the cost of investing in new premises or employees. This is because the franchisee will have to provide the capital needed to open and operate a franchise.
- Set up a Partnership
Growth accountants can help you to identify and set up potential strategic partnerships that will help your business to grow. This could be through setting up an agreement to refer clients to each other with a business that compliments yours.
You can also consider investing in an electronic fax banking solution to make the process seamless. An electronic fax banking solution or fax bank is an excellent tool for establishing a good business partnership. Electronic faxing enables stakeholders to sign bank forms, company contracts, and vendor agreements quickly. With eFax, secure document transfer and remote faxing are possible using a convenient mobile app to reach partners and other stakeholders.
In addition, co-marketing can be an excellent start and a practical solution to set up a partnership. This marketing strategy involves working with other companies to market each other’s products and services. Many companies are adopting this tactic to grow their businesses.
- Identify new ideas
Accountants for start-ups are likely to have a breadth of experience in helping small businesses prosper, so make sure you take advantage of your accountant’s experience and get some new ideas for improving your business.
A key bit of advice many accountants for start-ups give is to invest time building your networks. One of the cheapest and effective marketing strategies is word of mouth, by making connections with the right people you can grow your business fast.
- Create an Advisory Board
Business advisory boards can be critical to business success. Good growth accountants are likely well connected with top professionals with diverse expertise that could be brought in as cost-effective advisors to help grow your business.
Jibran Qureshi FCCA is the Managing Director of Clear House Accountants, and has over 10 years of experience in practice and across multiple industries. Jibran’s educational background includes a Master’s in Financial Strategy from Oxford University and an Executive MBA from Hult International Business School. His experience in Financial Strategy, Tax Planning, Operational Consultancy and Performance Reporting guide his cognizant approach to leading Clear House and its clients to the future. It was this dexterity that led him to be Enterprise Nation’s Top 50 Advisors.
Jibran is fueled by his passion for helping businesses. He unequivocally believes that as business advisors and accountants for our clients, it is our responsibility to work with them as business partners. As specialists, it is our duty to help our clients navigate through the complexities of constant change and the implications that come with it.
Over the past decade, innovative disruptions have changed the way businesses work, everything from cloud software, innovative business models, to AI and machine learning, have impacted how businesses operate, grow, and expand.
Jibran recognized the need to manage these disruptions sustainably, early on and shaped Clear House Accountants to not just be compliance specialists, but advisors who help build complex ecosystems around cloud accounting software, provide advice on funding support, help manage innovative tax schemes, set up and implement complex strategic plans, and much more. So, his clients can thrive, not just survive.
Jibran developed his prime role as the Managing Director to build Clear House’s capabilities so it can add value for their clients. He is of firm belief that this can be done through consistent high-level training, building the right tools, and creating roadmaps to help businesses cope with prospective disruptions. He envisages that every client that comes on board, is provided maximum value through onboarding, ongoing services and the right mix of tools to help them become the best in the world.