Top Ten Tips for Business Growth

Top Ten Tips for Business Growth

This is your year to thrive. Here are our tops tips to achieve business growth and success this year:

  1. Write a business plan

Create or update your business plan. Business plans help provide clarity, define your goals and guide you in the right direction. Business plans will instil consistency within your business and help you manage your time effectively. Without a plan you will have no clear goals or targets, which are essential to drive your business forward.

  1. Make the most of your time

There is never enough time in the day. Therefore, to achieve your goals it is essential you have good time management skills and know when things need to be done – missing deadlines not only hold you back, but in the financial world, late submissions can result in fines and penalties. Ensure you are delegating your work and are on top of deadlines – using the latest apps can really help with this. Cloud accounting software, such as Xero can help you run your business on the go and add-ons, such as AutoEntry remove data entry of receipts and invoices. Investing time now in technology, really pays dividends in the long run and gives you back time to spend on doing what you love.

  1. Get your marketing right

Getting your marketing right can save you both time and money. If something is not working, stop doing it and invest your time in something that is. If you have limited budget, concentrating your efforts on the most essential, least expensive and least time consuming marketing activities will maximise your investment. Experiment and measure everything you do to ensure you are not wasting your efforts and are investing in the right type of marketing for your business.

  1. Look after your customers

Do not lose sight of your existing customer base. You can be sure that your competitors will be targeting them so there is no room for complacency. Regularly communicate with your existing and potential customers and think of ways to impress them. Why not send them a birthday present for a key birthday or a link to an article on a topic you know they are interested in? Letting your customers know they are valued will not only help you retain them, but can also lead to some great reviews and referrals.

  1. Get publicity

Getting publicity and putting yourself out there really helps with business growth. If you are not already, get your business on social media and start to build your brand and followers. Also, why not start writing a blog using your knowledge of the space you are in? This can then be posted on social media, your LinkedIn and shared with local newspapers or online sites. Building your web presence will really help to cement you in the market. It also means that if any clients or potential clients look for you online they will see that you are an expert in your field.

  1. Recruit Right

Ensure that the people working for your business are as passionate about it as you are. You want to hire people that will have a positive impact on your business. Therefore, do not rush the interview process; ask the right type of questions, ensure the personality fits with your brand and spend more time focussing on soft skills. Employing a candidate with the right attitude is paramount. Also, do not forget to check the candidate’s social media platform, which should not influence your hiring decision, but can give you a better picture of the person you are hiring.

  1. Hold effective meetings

You probably spend most of your days in meetings, but are these a valuable use of your time? Holding regular meetings really helps to improve communication and ensure everyone in your business is on the same page and working towards a common goal. However, if they are not organised effectively, often they can lose their value and be a real waste of time. Ensure that at every meeting you attend there is a clear goal for that meeting, it starts and finishes on time, interruptions are managed and you get closure on the discussion.

  1. Make time for training

You team is your most important asset, yet when everyone is busy, training often gets put on the back burner. It is important to help train and develop your team as not only will it make your team more satisfied and reduce your employee turnover, but the company benefits from a team that makes fewer mistakes, produces better quality work and is more productive. All of which will improve your company image and contribute towards your business growth.

  1. Streamline Your Processes

As businesses grow they often become overburdened and inefficient processes begin to creep in. To ensure you are running the most efficient business possible it is recommended that you review your processes, checking that they are not long winded and over complicated. Write out your processes and question every step: does it need to take two hours to respond to an enquiry? Do all of your team know their exact role in a process? With new technology, can anything now be done to reduce the steps taken to reach the end goal?

  1. Go digital

Last, but not least. The best way to ensure you are going to be successful in 2017 is to embrace technology. This is even more essential with the announcement that HMRC’s Making Tax Digital will be going ahead. From April 2018 sole traders and landlords will need to keep digital accounts and report to HMRC quarterly. This will be extended to all businesses by 2020. If you are not already, you should be looking to migrate to a cloud solution for your accounting needs. Not only is this essential to comply with regulations, but it will really help you to streamline your accounting process, saving you time and giving you better insights to your business at the click of a button.

We hope these tips for business growth will help you have a successful 2017. For help with your business growth strategies in 2017, contact lee@raffingers.co.uk.