It is essential for small businesses and startups to develop with a sustainable business model in mind. Long-term success depends on a plan that assesses risk and allows for the capitalisation of the opportunities that arise. This takes into account everything from cash flow to the sales and delivery process.
Business coaching and leadership development can be used in many cases to perfect the specific strategies for growth envisioned by the business owner and management group.
Small business owners often have their own vision for the future of their business. Expert advisors can analyse that vision and determine the steps necessary to implement a specific course of action that accomplishes the goals.
Many small business owners have great ideas but not necessarily the experience to achieve their maximum potential. Businesses with great visions use such consultants to provide solutions and add structure to enable the business to become more diverse and sustainable.
Some of the typical challenges that advisors and business coaches help with are:
Revitalising the business for growth – The recession has unnerved many small business owners and employees. Job security, tight credit and cost-conscious consumers have pressured small businesses.
At the same time, some businesses have seized the moment. Many business owners have recognised new opportunities, sometimes afforded by the closing of a competitor, and have implemented business strategies to gain from these opportunities.
Converting the start-up to a small business – One of the biggest challenges for the entrepreneur with a start-up business is transforming that enterprise into a small business. The challenges are numerous.
Often, the first step is to develop a realistic business plan. In cases where the business model is established, each component must be refined, structured and implemented. This can be a big task for an entrepreneur dealing with the basic functions of operating a business.
Standardising new products – One of the biggest challenges for new businesses is how to bring new products to market in an organised manner. The introduction of a new product can greatly impact the small business.
Not every small business owner has experience bringing new products to market. Consultants can offer solutions from many fronts, including pricing, marketing, advertising, packaging and distribution.
Building sustainable morale – Building a consistently positive morale is essential to maintaining productivity amongst the team.
The small business only performs as well as the team’s morale. Customers sense high morale, co-workers cooperate and work better when morale is high and the business runs more efficiently when morale is up.
There are many benefits to developing a business plan together with the assistance an independent advisor. Ultimately, the vision for success must first come from the owner of the business, but given the right assistance, a startup can develop sustainably over time into something much greater.
There are many issues to consider for the business owner, including tax, HR, contract law, place of work, and much more. Gaining clarity on these topics can help a business grow.
Staying tax-compliant is a major challenge in the UK. Even with the best of intentions, it can be difficult to ensure that all taxes are paid correctly and on time. Seeking a third party’s advice on this matter can allow the business owner to focus on the job at hand and not worry about ensuring tax compliance.
This is an article by Clark Howes Group, an established firm of business accountants with offices across the UK. Their clients include both early-stage and mature businesses, ranging from start-ups, sole traders and partnerships, through to limited companies and international groups.