Ways to facilitate business growth

Britain remains a nation of startups – the fourth most entrepreneurial nation in the world, and the second  in Europe. 

That’s not us saying that, or Brexit propaganda. It comes from the Global Entrepreneurial Index, which profiles and benchmarks entrepreneurship in more than 130 countries. 

In recent times, tech startups have led the way in the UK – but starting a business is one thing, growing it is another. 

Just what methods are these successful entrepreneurs adopting to take their businesses to the next level?

Running a tight ship

A constant focus on cashflow management is one of the core principles of growing a successful business. 

Assess your business’s financial position by creating cashflow forecasts to help you plan for the future, and identify areas for improvement along the way. 

Are you invoicing your customers promptly and accurately to give you the best chance of being paid on time, every time?

Can you spot areas within your business where you could potentially reduce spending in one area to facilitate growth in another?

Embrace technology

Monitoring cashflow and submitting invoices are made so much easier by adopting software such as Xero or QuickBooks. 

Not only can these platforms enable you to have everything you need at your fingertips, they link seamlessly with us to keep you compliant with HMRC.

Video conferencing software can also improve working practices, freeing up time to spend elsewhere in your business.

Then there’s your business’s presence on the internet. Does it have a website with clear information on the services you provide and the areas you operate in? That helps.

Recruiting talent

In 2018, there were 4.3 million non-employing businesses in the UK. That meant 75% of all businesses did not employ anyone aside from the owner last year. 

What those figures fail to tell us is how many business owners were working most of the hours under the sun to make it successful.

If you were one of those hard-pushed business owners, the chances are your business is growing and is probably understaffed.  

It can be tough to spot the right time to take on a new employee, but it becomes a lot easier when you know you have work booked in for the next two months. 

Taking on new members of staff can help spread the load, increase capacity for your business to take on more work, and boost its bottom line. 

You could take on an apprentice if you are willing to train them up, or explore zero-hour contracts if demand is short-lived or seasonal. 

Need a helping hand?

This blog touches on just a few of the ways an ambitious entrepreneur or startup owner can facilitate growth. 

For more information on how Dunkley’s can help your business realise its potential for growth, call 01454 619900 or emails us at advice@dunkleys.accountants

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