You’ve been running your business for a while. You’ve gone from strength to strength. You feel happy, content, the situation is good. How do you start to implement your vision of growth? How do you take your business to the next level? It can be a scary prospect, stepping out of that comfort zone you’re in but it can be so rewarding in the long run.
The Cliché
Let’s first say that the cliché of ‘failing to plan is planning to fail’ is actually spot on. There is so much truth here. If you don’t plan, your company is likely to fall short of where it could be. Not quite get to the heights that it could reach. If you put a plan into place, if you look at your accounts, understand every aspect of what has happened over the last year, you can use that knowledge to help the future of the business. Knowledge is power and you can never have too much knowledge about your own company. What worked, what failed, where can you develop and add even more success?
Your Financial Forecast
When you consider growing your business, you need to make sure you have enough money to pay for it, whilst also maintaining the level you’re at. There is no point in stretching your finances to try and grow a business if, within two months, you’re going to be struggling to pay the bills. A financial forecast is what you need to work on. Your bookkeeper will be able to look at your previous years and see the journey your finances have been on. Forecasting your position for twelve months time will help you to figure out how you can growth the business. People often talk about taking business risks but they are only risks if they aren’t thought out. By having your eyes on your figures you’ll know whether you can take a leap, stepping out to grow your business, or if it’s better to stay as you are for the meantime.
A Reputable Bookkeeper
It’s true that bookkeeping isn’t particularly sexy. You didn’t start your business in order to maintain accounts and create cash flow projections. A reputable bookkeeper is worth their weight in gold. Not only will they keep your accounts in check, they can also offer advice to your as a business owner. They’ve likely seen many businesses thrive and fail and can step in, if you let them, when they see something not quite right. By working with a bookkeeper you get professional eyes on your accounts, freeing you up to focus on the parts of the business that actually interest and excite you.
Plan, Plan, Plan
In order to grow, you must plan. Not only do you need to plan for the growth of the business you desire, you must also have a plan just in case things don’t work out. What will you do if it all goes wrong? The more you plan the more you will be prepared for different situations. Contact Clare at Bruton Young Bookkeeping and we can plan together, based on facts and figures, not just aspirations and pipe dreams.
