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5 TOP TIPS FOR GROWING YOUR BUSINESS IN TURBULENT TIMES
Debbie Boulton is passionate about working with aspirational business owners and entrepreneurs . Here are her tips for businesses facing up to the challenges of the current economic environment .
Be on top of your numbers
It ’ s important a business knows where it is financially on a day to day basis to enable business decisions to be made based on real time information . Although businesses focus on turnover , watching your margin is key to achieving profitability ! We see lots of businesses where the owners have focused on the top line and then have been confused as to why they haven ’ t made enough profit – it is usually down to pricing and margin . Monitoring overhead cost is also important particular with current inflationary pressures .
“ It ' s important a business knows where it is financially on a day to day basis ”
Have the right funding in place
We see businesses where they are growing in terms of turnover and profit , but cashflow is a big concern . There can be worry over taking on debt , but sometimes this is needed to achieve growth . If you have to pay staff every month but your customers pay you in 60 days , there will be a cashflow impact . Choosing the right debt to suit the business need is important , whether it ’ s an overdraft , a loan or invoice financing .
Be adaptable and reactive
Covid showed how adaptable businesses can be and being flexible with your plans is important . If you ’ ve launched a new product but it ’ s not achieving the results you need it to , don ’ t be too slow in reacting and taking the business in a new direction . Be mindful of changes in your industry and the external market and adapt as needed .
Think ahead
It ’ s easier said than done , but it is important to take time out of the business to plan and consider the strategy for the business . By looking at where the business is now , where you ’ d like it to be in 3-5 years time and then working out how to get there , you can come up with an action plan to achieve your future goals . Without planning , very often one year can look very much like another and nothing changes .
Take advice
Being a business owner does not make you a business expert ! Owning a business can be a lonely place , particularly if you don ’ t have a business partner , so having the right advisers around you to help you navigate the business minefield is key . We work closely with our clients to give them the support they need and also introduce in other professional advisers as needed , giving the client access to a whole suite of experts .
Debbie Boulton is the managing director of Richardson Swift , a firm of Bath-based chartered accountants and tax advisors that work across the south west .
“ There can be worry over taking on debt , but sometimes this is needed to achieve growth ”
Debbie Boulton Managing Director
WE TALK YOUR LANGUAGE :
We ’ ll always guide you through financial issues in an easy to understand way .
WE GO THE EXTRA MILE :
We value the privilege of the most private and important information you share with us .
WE CARE ABOUT YOUR BUSINESS :
We understand the challenges you face and will help guide you through difficult and opportune times .
WE WON ’ T LET YOU DOWN :
We ’ re not afraid to try something new to solve a complex problem , working smartly within the rules .
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