The following tips below are key areas of strength exhibited by the most successful business owners and are good ideas for SMEs like you or any business start-ups.
Any business, whether just starting up or established, must always continue to have that understanding of why it exists, to whom it serves and where it wants to go. It helps a start-up looking to attract funding to get the business off the ground, or a developed business with a strong credit history.
Time Management and Staff
Lead by example and demonstrate great leadership in your business through conduct, communication, and setting the example. Hire also the right team and create a pro-active environment. Keep them involved, motivated, and reward them properly. Organization and self-management skills are both necessities for running a business and managing others.
Give your customers what they want. Continue to assess your customers’ requirements, and ensure that you continue to meet their needs, whether it is the product or service, but also how that is being delivered. Nurturing relationships with your customers is an important aspect of growing a successful business. Caring for your customers has never been more valuable.
Growth and Expansion
Initiate and encourage growth for your business, as well as controlling it. It is good to take into consideration how you will grow and expand as long as you can control it. Make sure that you can meet big demands with the company’s resources.
Cash Flow Management
Know that “cash is king”. Cash for any business is vital, but more so for SMEs and start-ups. Do not focus on driving revenue and looking only at the profit figures, while completely ignoring insufficient cash resources. Update regularly your cash flow forecast, will aid the recognition of potential problems, and help businesses make the necessary decisions to resolve funding issues.
Hire a good accountant, someone who not only prepares the numbers but will actively seek to take an interest in your business, to listen, understand and provide an objective view and opinion. They will seek to help you achieve your goals by assisting to remove barriers to performance, and releasing the potential in your ideas and concept.
This provides a basic outline of the essential tips for any SME or start-up, and concluding on the role of a good accountant as a professional advisor would play, and that of the key business areas on which they can advise, support and address.