It can be tempting for a business owner to ease up once a business has stabilised and the revenues are steadily coming in. After all the hard work poured into starting a new business venture, why shouldn’t you relax for a change? However, that mindset can be rather risky.
It is crucial to strike while the iron is hot and build on your business’ success. Having the foresight to see the big picture and plan for your company’s future is key to its longevity. Let’s explore five ways you can build on the current foundation and take your business to the next level.
1. Plan your growth strategy
As the saying goes, “if you fail to plan, you plan to fail.” Having a clear strategy in play can help you focus on what you need to accomplish your goal. Here are a few considerations to keep in mind when planning your growth strategy:
- Observe the prevailing market conditions, so you know if it is an opportune time to increase your business’ growth or if you should wait.
- Conducting market research can help you better understand your target audience’s needs, identify growth opportunities, and mitigate your risk.
- Think about your long-term goals for the company and set small milestones you hope to achieve along the way.
- Identify the areas of your business that need improvement and strive to work on them.
- Time is limited, so you have to prioritise the projects that are essential to your company’s long-term success.
2. Focus on the main priorities
As a business owner, there are times where you may feel overwhelmed. Examine your routine tasks and decide if you can assign a portion of them to your employees. Learning how to delegate effectively reduces the risk of you burning out. Entrepreneurs with tight budgets are more likely to take these tasks on themselves to save on cost. However, going at things alone can have a negative impact in the long run.
Consider outsourcing non-essential services such as accounting to specialised firms so you can focus on your business’ core services. We at Ackenting Group pride ourselves as one of the best audit firms in Singapore, and you can entrust us with your company’s finances. Allow us to offer our accounting and bookkeeping services so you can prioritise your time and energy on your business. Our experienced accountants can provide you with sound advice and ensure you stay on top of your finances.
3. Stay up to date with the current technology trends
Technology is ever-present in our daily life. As a business owner, you are likely to own several devices that play vital roles in your business operation. However, technology is not static, and it advances at a rapid pace. The tech you are familiar with now will be obsolete in a few years. You should consider attending new courses to pick up on recent technology trends that can impact your business.
4. Look for collaboration opportunities
To grow your business, sometimes you have to think outside the box. Collaborating with a competitor may be unthinkable, but it can bring new growth opportunities that may not be possible when working alone. Rather than seeing them as your “enemies”, they can be potential business partners. Your competitors may have access to new markets that you have yet to tap into, and this collaboration can also bring about innovations that benefit all parties.
5. Streamline your business model
Take a look at your business model and examine if you can simplify your processes. Your long-serving employees are the best resources to turn to when streamlining your business model. They are entrenched in the company’s day-to-day operation. As such, they will be familiar with the inner workings of your business. They are likely to know what works and which areas your business can improve on.
It will also help if you are constantly looking out for the best practices and tools to be incorporated into your business. Having a complex business model is counter-intuitive, and can increase the cost and risk of your business.
Conclusion
The mark of a successful company is in seizing the opportunities when they arrive. However, ambition also has to be tempered with pragmatism – ultimately, you will know if they are feasible ideas for your business. Change is inevitable, so start with a strategy or two to maintain your business’ momentum and integrate the rest gradually over time.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
