Our 5 key tips for SMALL BUSINESS OWNERS
Running a business is a 24/7 365 event. We know this because we see our client’s total devotion to creating their future all the time!
We help you with your accounts, tax returns and advise you regularly and when doing these we see some businesses that struggle or just “tick over”, many that are reasonably profitable and a few that are truly amazing!
So, what have we learnt from the most successful owners we work with and what advice can we pass on?
1. Be specific with your goals for yourself, your employees and the business.
Quite simply, break big goals into smaller targets. If you have a ten year, plan break this down into a three and one-year plans and specifically quarterly targets. When it comes to turnover, smaller targets are easier to obtain. For example, if the target was x what does that mean in terms of sales units, covers, rooms rented, or hours charged (as applicable). If you know you need x units to reach your target you can be very specific in taking the steps you need.
2. Delegate whenever possible
Our most successful clients know they can’t do it all themselves. They understand the need to recruit employees to do certain tasks and leave the owners to do what they do best. Focus on what you do well and delegate the rest!
3. Keep your costs down
Take a long hard look at all the costs in your profit and loss account. Are they all necessary?
Look at technology — is there a better way of doing things e.g. move to the Cloud or internet phones?
We have several clients who have ditched their office and made their workforce virtual.
If your overheads are low you can make pricing decisions that you otherwise wouldn’t be able to make and if the economy turns, you don’t have to panic.
4. Find your business niche and stick with it
If you are successful in doing what you do stick with it! Sometimes owners try to do too much too soon and be all things to their customers. Diversifying isn’t always the best strategy.
5. Stay focussed
Focus on what you do best before you look around at other ventures. Our most successful business owners focus on growth, evolving their niche and preparing for the future.
There are a limited number of hours in a working day and you deserve work-life balance. After all, your business is there to meet your personal goals — not the other way around! Finding your niche and innovating that niche is a definite path to success!
Source:- https://makesworth.co.uk/our-5-key-tips-for-small-business-owners/
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