Strategy for Growth
Allsquare Accountants Edinburgh are here to help you plan your business future with a clear strategy for growth
You wouldn’t set out on a long car journey to some place you’ve never been without planning your route. Similarly, many small businesses should plot their course into the economic unknown on a visible roadmap. I say should as we all know, as business owners, we don’t always get round to doing it with all the demands on our time.
Critically, spending time on the strategy can be seen as a distraction from the real business of creating business and profit, here and now, but it’s important to remember that the longer term view will lead to a more profitable and sustainable business, so defining that strategy, even in its simplest form, will generate more growth and profit in the medium and long term.
It can also be left languishing in the “to do pile” as it can seem a bit of a vague or difficult task but it’s quite straightforward to put a simple strategy together. Many companies fail to achieve their revenue or profit targets and a lack of a coherent strategy can be a major factor. Many companies may know where they want to get to, but they simply haven’t worked out an effective way to get there and their targets could be unrealistic. Another problem can be that the organisation or infrastructure of the company might need some adjustment to facilitate progress but that change has never been quantified and acted on.
Struggling or failing to reach targets can cause disappointment but reviewing realistic targets regularly can keep a business on its toes, causing it to analyse its progress, finances and working practices to assess how and when growth can be achieved.
Every business has the ability to grow and increase its profits, and a clear strategy for growth is the first and most vital building block to achieve that. At the very basic level every company needs to give some time to the following areas;
Mission Statement – often seen as a bit woolly but it actually articulates what make your company different and why people will want to engage with you. If you don’t have a Mission Statement then you are missing a vital component of any strategy. The Allsquare’s Mission Statement provides us the basis for how we want to grow the company and the core values we need to focus on;
“To change the way companies view their accountant, offering Allsquare clients a creative partnership with financial services and business advice delivered in a way that Allsquare is viewed not just as an extension but an active member of the client’s management team.”
Vision Statement – again can seem a bit woolly but if you are asked if you should know where you are going you would not hesitate to say yes so as a business you must know where you are going to allow you to define the strategy to get there.
Operating Cost & Profit – takes us into the less exciting aspects of planning but again ensures you really do understand what it costs you to run the business and deliver your product/service to your clients and what profit your business is making (or not!)
SWOT Analysis – identifying your Strengths, Weaknesses, Opportunities and Threats is a really worthwhile exercise that allow actions and targets to be set based on what is happening in the business and helping you achieve the vision, address the weaknesses and threats, take advantage of your strengths and opportunities and allow you to measure how you are doing.
Remember that all the above can be added to and change daily or weekly and should not be seen as some restrictive plan that becomes outdated if it is not evolved. Give some elements of you strategy 5 minutes thought each day whether on the bus or having a coffee.
You can do it yourself but Allsquare can also help set you on the right path and provide help along the way. We can do that since we have years of experience in helping companies maximize their potential. Combined with our understanding of accounts, we will help you to plot a steady and sure route to growth.
Bringing Allsquare in to help with business development and profitability will help you to identify where new sales can be made or where there is potential to sell new services or products to your existing clients. A thorough rethink of your company could be just what you need to take you into a whole new phase of development with a clear and considered strategy guiding you towards the success and profit you deserve.
Call Allsquare today on 0131 343 1510.