How to grow your small business
Ok, so you’re past the first hurdle. You’ve launched your small business, and you’re starting to grow. What you may know is that it’s even more critical for a small business to have the right professional support at the growth stage than it is at the start-up stage.
As a growing business, the stakes have increased. Yes, the rewards are bigger but so can be the losses. Transitioning from where you are today to where you want to be, requires a plan, and a template you find online isn’t going to cut it.
Ripples in a pond
From this point on, every decision you make will have broader consequences, like ripples in a pond. You may be ready to employ staff, relocate to larger premises, take on additional product lines, begin to manufacture your own products or possibly acquire another business. Each of these scenarios can have significant cash flow, compliance, legal and tax implications. Whatever your growth plans include, we can collaborate with you to help develop a detailed business plan and then assist with implementation.
An accountant who is also a trusted advisor
As a business owner, you need an accountant who does more than just ‘keep the score’. For this reason we don’t just look at what happened in the past, we look at what could happen in the future and aim to help you build a more robust and profitable business. We focus on the four ways to grow your business including:
Increasing your small business customer base
One of the biggest challenges to any new small business is accessing enough customers. More often than not, small business think that customers will simply find them. Whether you have a shop front or operate your entire business from a smartphone, you must always be attracting new customers. We can help you understand what options are available to you and what works best for your business type.
Increase the number of times customers come back
There is a concept called ‘The Pareto principle’, which states that roughly 80% of effects come from 20% of the causes. This principle is as true for small business as it is any other application. Chances are 20% of your customers will generate 80% of your revenue. Your goal is to identify who those customers are and implement strategies to make sure they keep using your products and service. We can help you understand this principle better and show you how it can help generate repeat business.
Increase the average value of each sale
Supermarkets use the term ‘basket size’ to explain their focus on increasing sales from each customer. We can discuss with you strategies to increase the ‘basket size’ of your customers spend. For a store or cafe, it may be a merchandising or point of sales process. For trade or other services, it may be a case of using techniques to identify other sales opportunities or up selling. We work with our clients to identify and implement strategies that are right for them.
Understanding the levers that drive business success
One of the most important aspects of managing a growing business is setting realistic revenue targets and financial goals. These are usually based on a sound understanding of current, historical and projected financials. We will work with you to set key financial milestones and performance indicators that measure the progress of your growth plan.
Access a network of small business specialists
The smartest business people know their limitations and access specialist advice when needed. Bizally is no different. We understand our own limitations, which is why we have developed a network of specialists to provide our customers with the right advice from the right people. Part of our service is identifying our clients specialised needs and connecting them with those who specialise in those needs. You may need marketing advice, advice on IT or even legal advice. As a Bizally client, you have access to all of these resources when you need them.
Knowledge is power for growing small businesses
You may be entering new territory, but we’ve been here before. We understand your ‘growing pains’ and we have guided countless small businesses similar to yours through this growth stage…and beyond. We’re here to assist clients in the growth phase of their business life cycle by providing innovative, practical solutions tailored to their specific needs.
Contact us today to discuss how we can grow your revenue, profits and business value.