As an accountancy practice we are constantly being asked by our customers for advice on how to improve business practice and for ideas that will make a business more successful.
Creating and running a successful small business is about setting your business apart from that of your competitors. Collectively small differences can be enough to increase your market share, attract new customers and ultimately increase the money that comes into your business.
So how can you give you and your business this winning edge?
- Money, money, money. There is no getting away from it – money is an essential ingredient in creating a successful business. First and foremost you will need to know where your money is going, which products are your best sellers and how much your ongoing costs are. øøThe long and short of it is – you cannot run a successful business without having accounts. Many business owners find great revelations or insights into their business by getting an in depth analysis of their books.
- Plan well before you take action. How many times have you heard people say ‘it seemed like a good idea at the time’? It is often tempting to take action without thinking things through and looking at the bigger picture.øøPlanning will give direction to your efforts in reaching your objectives. It will also help you to know when you are going off track and what the next steps you need to take are. Planning is an invaluable tool to help you succeed in business.