Tips on Managing Business Growth
Whatever your sector, and whatever the size of your company, nothing in business stays the same for long. Whether you’re in the first stages of founding a new business, or further along the line with an ever-expanding client list, you need a flexible approach to accommodate your changing needs. Follow these tips on managing business growth effectively.
Review your goals
When your business started out, you probably had some clear goals in mind. Perhaps you wanted to conquer a particular share of the market in your chosen field, or beat the competition in your town. As businesses grow, however, they tend to take on a life of their own. When this happens, managing business growth can only happen if you take regular audits of what’s happening in your business, and what your competitors are up to, adapting your plans accordingly.
Your goals should always be SMART – Specific, Measurable, Attainable, Realistic and Time-framed. Don’t be afraid to move the goalposts if you realise they don’t measure up to any of these criteria.
Accounting software that adapts to your needs
If your business was founded a few years ago, the chances are it’s grown from its first incarnation, dealing with more clients and processing ever more complex transactions, potentially in multiple currencies. Perhaps you have even gained new subsidiaries.
With AccountsIQ, your software can adapt and grow at the same pace that you do. Scalable and flexible, AccountsIQ can also be tailored to the needs of any business in any sector, whatever your size or stage of growth. Call us on 0203 598 7350 to discuss your accounting software requirements, or read more about why you should choose AccountsIQ.
If you find that your business has grown quicker than expected and you are spending a significant amount of time consolidating your accounts, why not benefit from our FREE time saver review? Our accounting experts will provide you with a detailed report, identifying how you can speed up your reporting at month end, saving yourself a week a month!
Understand your successes
“If it ain’t broke, don’t fix it”, right? But without fully understanding what’s made your business succeed, you may not be able to recover if things suddenly change. You may also be able to capitalise on your successes if you can find out what’s behind them. To stay successful, build in regular reviews of your performance and allocate time and resources for data analysis to uncover the factors behind your successes – and failures. By drilling down to the finer detail you’ll get greater insight into what’s working for you, allowing for better strategic planning to inform your future direction.
Take a step back
As your business grows, you’re likely to delegate more and more duties to trusted individuals within your company. That means your choice of staff is vital to the success of your venture; be prepared to invest in the right people, treating them well and encouraging them to make informed decisions that will benefit your company. It can be hard to give up control of every aspect of your business, but managing growth effectively requires a more strategic form of input at the very top.
Moving to Cloud Accounting
If you are looking to introduce cloud accounting software into your organisation, find out why AccountsIQ could be the best choice for you.