With the conditions under which businesses are operating in a state of flux, a company that isn’t growing is in danger of failing. Creating something worthwhile requires hard work, but it’s also vital for any determined business owner to take the smart route to success. There are certain steps that will facilitate and stimulate progress.
Rather than reacting as market changes occur, you should prepare for each eventuality; the key to accurate prediction is expert analysis, which is where your accountant is invaluable. Through statistical monitoring, an accountant can provide you with financial forecasting, alerting you to long-, medium- and short-term trends in your turnover and profit, as well as in the market. Additionally, they are perfectly positioned to help you to select and maintain eligible financial vehicles that not only suit but also enhance your business model.
Opportunities arise frequently, but if you aren’t aware of them as they happen, you may not be able to take full advantage of them. There is a raft of initiatives, often directly aimed at SMEs, including the government’s ‘Growth Accelerator’ and the Bank of England’s ‘Fund for Lending’ scheme. Your accountant will advise you about existing and upcoming initiatives for which you would be eligible and can also provide you with the statutory accounts that are required to access such opportunities.
Whatever your field, whatever size your business, you must maintain a high level of self-awareness to enable you to pinpoint your aim. Maintaining a sharp image of how your product should appear to your customer base helps you to tailor any marketing to project that image and drive sales up. With responsibility falling on businesses to meet increasingly complex information-sharing requirements, it’s easy to become swamped by paperwork; it is, therefore, essential to access the expertise of an accountant. Knowing that your financial health is being monitored and the data expertly recorded allows you to concentrate on your core business activities.
Every successful business will have a record of excellent communication with its customers and potential customers as this allows you to adjust and improve products and practices. However, it’s just as important to understand your competition and your own position within the market, which is where your accountant’s benchmarking services come to the fore. This is a method of assessing how you compare to other companies in terms of sales, financial management, profit margins and many other aspects. With this information, as well as an expert assessment of your options, you can build on your strengths and correct your weaknesses.
‘Growth’ may refer to expanding your infrastructure to allow for innovative enterprises or diversifying your customer base to accommodate fluctuations in the market. Whatever aspect of your company you are hoping to improve, there is no surer way to do it than by having bespoke financial advice and no better place to get that advice than from a qualified accountant.
How we can help
Partner Martin Jones has been a qualified accountant for over 25 years, running his own businesses. Martin acts as a sounding board for his clients and specialises in helping businesses to resolve their growing pains. If you would like to speak to Martin about how he can assist with your business, you can call him on 0207 2928850 or email him at firstname.lastname@example.org.