How To Achieve Business Growth On YOUR Terms
When we ask our clients what their biggest goals are, their answer is usually business growth.
After all, who starts a venture just to go backwards?
You love what you do (and you are damn good at it).
So, why wouldn’t you want to grow your business to a level that allows you to build a strong financial future?
The trouble is, business growth takes a lot of work.
It isn’t something that just magically happens. And it can easily consume all your waking hours, plus some of the ones where you are meant to be sleeping!
So, what can you do? Are you doomed to have no sleep for the rest of your life?
Luckily, no! It is possible to grow a business on YOUR terms. Here’s how you can do it...
Set Realistic Goals (That Are A Little Bit Scary)
Achieving the goals you set for your business is a powerful feeling. It recognises the progress you are making and that you really can kick those goals you are aiming for.
To give yourself the best chance of nailing those goals, you have to make sure they are realistic to begin with. For example, even with the best accounting services, it’s unlikely that you would be able to increase your annual revenue from $100k to $1million in a year! But, you could conceivably double that $100k to $200k.
Your goals should be realistic to achieve, but just that tiny bit scary. To push yourself outside your comfort zone and keep you driving for success!
Have A Strategic Plan
Setting financial goals is great. But, you also need to have a plan in place for how you are going to achieve those goals. Look at the gap between what you are earning now and what you want to get to. Then, measure how many extra jobs you would have to take on a week or month to reach that level.
Break things down into smaller tasks so that you can keep making progress towards that end goal. It sounds imposing to say, I need to bring an extra $50k into my business. But, booking 3 extra jobs a week seems much more manageable.
Accounting and auditing are also important. Keep track of your numbers and don’t forget to audit how things are going to find out what’s working and what isn’t.
Ditch The Hustle
It is great to work hard. In fact, it’s a really admirable trait. But, if all you do is work hard day after day, it starts to wear a bit thin. Somehow it has become the norm to be constantly hustling for more. More clients, more work, more money…
In your quest for more, remember that it is OK to take a break. It’s actually encouraged.
Taking regular breaks - whether they be a morning tea and lunch break each day, or a week-long holiday - is essential for maintaining your productivity, efficiency and sanity.
What will help you to take those regular breaks is having someone to take on the financial responsibilities in your business. Engaging in small business bookkeeping and accounting services will allow you to focus on what you do best.
Strike A Balance
Along with taking those regular breaks, also factor in a balance between your work and home life. We know, we know, everyone is always talking about striking the work/life balance. And it seems a bit cliche to mention it here. But, we are going to anyway!
What your work/life balance looks like might be completely different to others in your industry. And that’s fine. Create the balance that works for you.
It helps to have set hours that you will work on the tools and time set aside to complete your admin. But, those hours don’t have to be set in stone or even the same week to week. As long as you are comfortable with the amount of time you are working and the amount of time you are spending at home with the family or friends, then you have it nailed.
Again, it can help to engage accounting and bookkeeping services to keep on top of your invoicing, GST and tax obligations.
Get The Right Advice
You wouldn’t expect your accountant to wire their own house, or your bookkeeper to crane in some roof trusses. Why? Because that is not their area of expertise.
Quite frankly, the results could be quite catastrophic if they tried!
So, why do we expect ourselves to know everything about how to run a successful business? Your small business accountant probably couldn’t do what you do every day, but luckily they don’t need to. They have their own area of expertise.
And, you don’t need to try and work out the best way to be profitable, protect your assets, or how to complete tax preparation and bookkeeping. That’s what accounting services are for!
Instead of taking years trying to work your finances out via trial and error, gain access to expert advisory knowledge and make those tweaks to be more profitable this month.
Build Your Team
Even if it is just you, yourself and you in your business, you don’t have to do it alone. AND, you don’t even have to employ someone to surround yourself with a team.
If you partner with the right small business accounting firm, you can build your team and grow your business all at once.
Your team can be anyone that helps you achieve your business goals. And that is exactly what we aim to do for each of our clients. Help you to grow your business on YOUR terms.
By partnering with our accounting services, you get to borrow our brains whenever you need. That means, you get expert financial advice, as well as solid strategic advice to build the kind of business you will love to run.
Hint: that means a business that does not consume your every waking hour!
So, why not sit down with us and discuss how we can help you improve your financial results, strategically plan your future direction, and map out how to achieve those burning business goals?