By Nick Bairstow
Managing Partner and Owner Managed Business Specialist
Moore Stephens
RUNNING a small business in today’s uncertain climate can be tough. To give you a helping hand, here are our accountants’ top tips for small business success in 2019:
1. Build on the core strengths of your business and if you can see a niche opportunity to develop and dominate, so much the better.
2. Prioritise investment in areas that will boost productivity, whether that means investing in people (through training) or new technology, systems and processes.
3. Keep focusing on ways to improve profitability as opposed to revenue growth – including assessing what you are selling and at what price.
4. Do your analysis: if you have an advertising budget, assess past return on investment and spend your money in ways proven to attract profitable business.
5. Try to build and maintain a balanced set of skills and viewpoints in your management team, as well as using your accountant as a sounding board – someone to bounce ideas off.
6. Trust your gut reaction: don’t be afraid to take a calculated risk, as long as it is based on sound management information.
7. Embrace the challenge of Making Tax Digital: if compliance means you will be enhancing your management and accounting systems, you should reap the benefits from reduced time spent on back office admin and more time freed up for performance analysis and business planning.
8. If you’re gearing up for Making Tax Digital, look for an accounting solution that’s MTD-ready, gets you on the cloud and has additional functionality in the form of low-cost apps.
9. Technological change is happening fast – understand how new technology and innovation is affecting your sector and consider how you can embrace its opportunities in your business.
10. Interact regularly with people at all levels of your business – they may give you valuable feedback on what you could improve, as well as what’s working well.
For more information or to discuss the future of your business, call Nick Bairstow at Moore Stephens on 01536 461900.