Start-ups are start-ups as the name suggests, they cannot carry on being start-ups forever. For those that have survived the start-up period and built successful businesses, often wonder how to take the next step and grow the business beyond its current status. Here are seven ideas that may just come in handy:
1 – Bill faster. Your receivables can count for 40 – 50% of actual assets in the company. Don’t batch invoice: bill as soon as you can. No matter what you sell, once an order has been received it is in your interest to be paid as soon as possible. By using an online integrated platform such as Sage One invoices can be issued and payments can be easily tracked.
2 – Learn to delegate. No matter how involved you are in the business, learning to delegate is a natural part of the growing process of a company. Learning to delegate will not only free up your time but also avoid the temptation to micro manage everything part of your business. So, focus on what you do best and delegate the rest.
3 – Cut overheads. You can reduce your oveheads significantly by automating most of the non-producing items like accounting, customer care, voice mail, sales reporting, ordering and record keeping. If you don’t believe it, check our testimonials. See how entrepreneurs tackle issues and use Sage One creatively.
4 – Register for VAT. Yes, once the company’s turnover reaches more than £83,000 you have to register for VAT. Many entrepreneurs are so focused on growing and establishing the business that forget to deal with legal requirements. At some point this will have an impact which usually translates as fines not to mention the time and expense of getting things right. One of the advantages of an integrated system such as Sage One is that it gives alerts and information that will save time and streamline the process. Sage One’s blog is also a great resource to find tips and advice.
5 – Look around you. Entrepreneurs cannot ignore the world outside their office. After all, what happens around the world will, no doubt, influence the company in some way or other. Sometimes, particularly for digital start-ups, growing can be a matter of combining different elements. This means that merging with or acquiring another start-up can result in a win-win situation.
6 – Use social media. Websites such as Facebook, Twitter and LinkedIn can provide valuable information about your audience or target market. Create a social media plan and implement it. You will certainly benefit from the insights it will provide.
7 – Reward your team. Sometimes the key to growth might be staring you in the face. A motivated team is a winning team. Reward your team for meeting budgets and time lines. After all, a 5% bonus is cheaper than a 20% increase in costs.