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.
1. Invest in a Good Growth Accountant
Start-up accountants are the unsung heroes of the small business world. It can be tempting to skimp on accountancy fees and attempt to manage your finances. However, to ensure your business can grow, we recommend investing in a skilled growth accountant.
2. Budget and Forecast
With a growth accountant on board, you’ll be assisted in setting 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 that you can implement informed growth solutions.
3. Benchmark
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.
4. 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.
5. 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.
6. 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.
7. 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 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.
8. 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.
9. Network
A key bit of advice many accountants for start-ups give is to invest time in 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.
10. 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 who could be brought in as cost-effective advisors to help grow your business.
