I completely get it, running a small business can be really hard, there are some days you feel like you are smashing it and other days when you struggle.
Many business owners can get stuck in a rut and don’t know what’s next. Maybe you’re not sure what direction you want to take the business or you’ve had a difficult few months making you feel uncertain about the future but wherever your business is right now is important to figure out what’s next.
At Spring Accountancy, we have got your back. Here are some fantastic tips to help you take your business from good to great or even great to amazing!
Tip 1 - Get super clear on your numbers
First things first, let’s talk money!
I know it might not be the most exciting part of your business but understanding your financials is the foundation of growth. Start by checking the basics of where your money is coming from and where it’s going to. Breakdown your services and clients and analyse the profitability this will clearly show you where you should focus your efforts.
Tip 2 - Improve your customer experience
First impressions are everything especially when it comes to customer experience. It is a lot more cost effective to sell to existing customers so once you’ve identified your most profitable services then you can focus on delivering excellence and retaining customers. Happy, loyal customers lead to referrals and recommendations and organic growth.
Tip 3 – Hire for potential
One of the best ways to take your business from good to great is by hiring for potential. Instead of seeking candidates who are already experts in their field keep an eye out for individuals with incredible potential. Hiring for potential means investing in the growth and development of your employees and matching them will lead to long term value for your business. Employing individuals who are a great fit for your business and culture and providing them with the opportunity to grow into their role can really pay dividends in the future.
Tip 4 – Don’t try to DIY everything
Many business owners have tried (and often failed) to do everything themselves. Although it might be more affordable initially or when you are starting out to do it all yourself this approach is not sustainable for very long and can end up costing your company a significant amount of money instead.
It doesn’t matter what industry you’re in, if there’s somebody more suited, more experienced, more knowledgeable, let them do their job.
Don’t forget as a business owner your time and expertise are extremely valuable resources to your business so don’t squander them on low value tasks that can be delegated to a team member or easily outsourced, leaving you to focus on high value tasks.
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Implementing these 4 tips in your business can allow you to take control and take your business to the next level.
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These strategies will help any entrepreneur grow their profits and stay ahead.
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The key is to identify and invest resources into what is working and cut back or cut out what isn’t.
You’ve got this but if you need support just get in touch.
Get ahead, get it done.
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