Taking your startup to the next level

by | Aug 6, 2021 | Blog, Running a business

If your startup has survived the pandemic, you might be thinking about taking it to the next level in the near future. 

The Bank of England tips the UK economy to bounce back to its pre-pandemic level by growing 7.25% by the end of 2021.

There’s no time like the present to piggyback on the economic recovery, especially at a time when it’s particularly cheap to borrow money.

With the base rate of interest rate currently held at a record low of 0.1%, lenders are offering some attractive products right now.

Raising finance to fund your business growth plans is essential, but you need to have hard data before you are able to borrow money.

Assess your performance

Cloud accounting offers us most of the metrics we need to assess your startup’s performance, especially after the most turbulent period we’ve ever experienced when market conditions are constantly changing.

Being able to see your balance sheet in real-time provides an overview of your performance, but we like to dig beneath the surface to gain a fuller picture of your startup.

Accounting ratios play a key role in assessing your performance. The gearing ratio, which measures your startup’s financial leverage, is particularly relevant when seeking to raise finance.

Potential for growth

Did the pandemic force your startup to pivot what it offers or how it delivers your products or services? If so, you might have spotted a gap in the market you want to explore.

We can help you shortlist your competitors by benchmarking your rivals. The more information you have on their sales by country or category, the clearer idea you will have on expanding into new markets.

Don’t put all your eggs in one basket in terms of chasing profit, however. You still need to efficiently manage and maintain your cashflow if you want to grow your startup.

Realising the potential of your startup

Speaking of cashflow, this is the life and blood of your startup. Understanding how much money you have flowing in and out of your business is a key component of taking your startup to the next level.

Think of it like this: lenders are more likely to look favourably upon a business with positive cashflow than one with negative cashflow, and this can open doors to realise your startup’s potential.

We use these projections to create or update your business plan, which can contain a growth strategy over the short to medium term. This enables you to check you are on track to achieve your goals.

Dunkley’s are the champion startup accountants. Our experts love to use their considerable experience and knowledge to grow and develop your business.

If you’re an entrepreneur who has ambitious ideas to take your startup to the next level, email advice@dunkleys.accountants or call us on 01454 619900 to find out what we can do for you.

What can we do for you?

If there’s anything you’d like to know about Dunkley’s, we’d love to hear from you.