Clarke Nicklin’s Managing Partner Andrew Baggott’s latest contribution to their blog features some top tips for business growth, to help companies plan the right direction for their business.
Assess Your Business
As a starting point for business growth, you need to understand your own business. What are you about? What are your core values? What are you good at and not so good at? What markets are you in and what are the prospects in the market? Who are your competitors?, etc, etc.
This would help produce a SWOT analysis for the business, and help with the considerations as to the best routes and opportunities for expansion.
Set Out A Strategic Plan
After assessing your business, you would need to form a Strategic Plan. The Strategic Plan should set out your businesses objectives and goals. In each of the core business areas, the Strategic Plan should set out the Strategic Objectives and Strategic Initiatives for each. This then enables specific actions to be identified and followed through to give the right focus and direction.
Make a Marketing Plan
A marketing plan is usually a key part of business growth. A marketing plan should be drawn up setting out where new business will be generated from. Is it existing customers? New customers in the same market? New market sectors? New geographical markets? What will the marketing strategy and marketing mix be across these areas? Again, specific actions need identifying to give direction.
Consider Acquisitions, Etc
Could you project your business to another level through acquisition, strategic merger, joint venture, or strategic alliances? Such deals can cut out the cost and time in trying to grow organically, and can provide synergies with your existing business.
Paying the right price or striking the right deal will be a key factor to success. Due diligence becomes extremely important. A strong cultural fit should also be high on the factors to consider.
Assess Cashflow Requirements
As the saying goes, “cash is king”. Overtrading or a business too highly geared are common causes of business failure despite potentially trading profitably.
The cash-flow requirements must be diligently assessed, and must incorporate funding requirements brought about by the growth of the business.
Secure Required Funding
Sources of funding, once the requirements are understood, need to be followed through in good time to ensure funds will be available when needed. The funding needs to be the right type of funding and the right structure to fit the businesses requirements, and ensure serviceability requirements can be met. Covenant terms need to be understood and achievable.
Get The Right Advice
Good advice isn’t necessarily cheap, but no advice or bad advice can be very expensive if it means the wrong decisions might be made. The success of your business and your future is not something to leave to chance.
These business growth tips were put together by our Managing Partner Andrew Baggott. We hope you found them useful! Click here to find out more about Andrew.
Telephone: 0161 495 4700
Email: enquiries@clarkenicklin.co.uk
Read our Blog:
Azets welcomes debt advisory specialist to North West 
HMRC warns of Self Assessment scams 
Inflation rose to 3.8% in July