Sage Advice UK

Nine ways to grow your business

Is your business always first out of the blocks? It’s easy to run with a successful new product or service, but in order to stay the distance companies need to ensure their entire operation is on track. Here are our top tips to ensure you stay in shape as you grow your business:

Monitor cash flow

Safeguarding the supply of sufficient funds to cover your outgoings sounds easy, but a failure to secure regular payments can stymie companies both big and small.

Have the right business software in place

If you haven’t done so already, it’s high time you looked at what tools are available to help your company realise its full potential. Think outside the separate Business Management and CRM software and look at an integrated solution. Could you also benefit from additional marketing, HR or payroll services?

Upgrade existing software

You’re expanding, but have you updated your existing software as you grow your business? If your IT infrastructure is no longer fit for purpose or flexible enough to accommodate changing practices, it could easily constrict growth.

Find your voice

Chances are you’re one of the 93% of businesses using social media to communicate with their customers, but are you simply paying them lip service? Experts suggest that cultivating this audience is one thing, but learning how to talk their language is quite another.

Move from micro-management to macro-management

When you’ve nurtured a company since inception it can be hard to take a step back and allow others more responsibility. But giving others ownership not only frees you up to work on future plans, it also empowers employees to step up and do a better job.

Keep a healthy physique

Are you running an ultra-slick operation that really couldn’t be bettered? Look again. It’s easy for minor hold-ups to add up to a lot, so make it your practice to improve as and where you can.

Engage employees

Recruitment costs both time and money, so it makes sense to nurture talent in-house wherever possible. Salaries are an important factor for many, but in reality, job satisfaction is what keeps good people with you.

Identify challenges

It’s good practice to review where your business is going and to assess what might throw you off track. Having a thorough knowledge of the market and your place within it will help instil confidence in both customers and employees alike.

Safeguard intellectual property

It is the linchpin of your business, so protecting your idea is critical to your future plans. But do you understand all you need to know about intellectual property rights? Legal costs in cases tend to be high, so jump on any incursions as soon as you notice them.