Tips for better small business growth

Quick ideas to help you get a head start in growing your small business.

Believing in a win-win relationship, it’s in our interest to share business growth tips and see your business succeed. This is why at TaxAgility, our team of Accountants proactively assist our clients in identifying and achieving a leading advantage in the market.

Getting more business

You always need more business, given that business environments today can be full of ups and downs and clients come and go. Even if you’re bursting at the seams with orders and the temptation to stop innovating is real, continue to strategise, market wisely and gain more business, because no markets remain stable forever and no company can do the same thing for years on end without eventually being forced to change. Aim to improve the quality of your clients and see change as an opportunity to flourish, as the market evolves, new opportunities come into play, new niches to explore, and if you’re ahead of the game, you can jump on them before anyone else.

If you want to find out more about marketing, see our post on ‘How to grow your business: Simple marketing techniques you can start using immediately’.

Risk-taking and learning from your mistakes

Nobody likes to make mistakes but without them, we can’t progress. Mistakes allow us to examine how and why something goes wrong, giving us the chance to address them, adjust the strategy and avoid them in the future. Mistakes can also be an opportunity because they can reveal weak areas in the business which may not have been obvious before.

Many people also assume that risk-taking can result in costly mistakes but in reality, these two aren’t synonymous and many business risks aren’t disastrous. Like mistakes, some ‘calculated’ risk taking is essential, because you can be sure your competitors are doing this too. You may even be able to learn from them if you are watching closely enough. To understand more about business risks, see this post titled ‘How to grow your business: The benefits of risk’.

Series index

Understand your audience

As a small business owner, it’s easy to assume that you know your audience and your clients will always stay loyal, so much so that many businesses focus on acquiring new customers and have the tendency to take existing customers for granted, wrongly believing that they won’t leave. Don’t fall into this trap. Instead, invest a significant portion of your time to understand your audience and engage with them. The more you invest in a client, the higher the quality of the business from them will be. Two articles relating to this subject may be of interest to you:

Focus on the numbers, but don’t lose sight of the big picture

Starting a business comes takes a lot of time and effort, and it doesn’t get any easier as time goes on. Too often entrepreneurs get so tied up with the details and miss the bigger picture as to how the business is actually performing. The importance of management accounting reports in this regard and the vital insights they give into a business’s performance, is frequently overlooked. Spend some time to understand the benefits of management accounting reports or get your accountant to explain them to you.

Keep moving forward with a good plan

Having a robust long-term plan can certainly help to promote the fastest growth of your small business and is essential to maintaining the company’s focus. To find out how to go about developing one, what to aim for and characteristics of a good plan, see this post on ‘How to grow your business: Long-term planning’.

TaxAgility is an accounting firm based in Richmond, London, where we put the needs of local small businesses first. We want to see you succeed because then we can succeed.

We’re not shy about providing business growth suggestions and helping you figure out the best way to grow your business, so don’t be shy about calling and asking how. Why not give us a call to see how we can help your business and remove the burden of your everyday accounting demands.