26 October 2016

How to keep your business growing and thriving


Nobody starts up a business with the intention of seeing it fail, of course they don’t. And yet, sadly, far too many new businesses seem to fall by the wayside, often within the very first year of trading.

How to keep your business growing and thriving

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The figures make for sombre reading. According to a recent report in the Telegraph over half of all new business start-ups fail to keep afloat for more than five years.

Theo Paphites, the entrepreneur and one of the stars of TV’s popular Dragons’ Den programme believes that most failures occur within the first two years. In an interview for The Guardian he states his belief that the principal reason for so many businesses going under is lack of research.

Luckily for new businesses across the country, there are ways of avoiding going out of business. So whether you’re about to start up your own company, have recently begun trading, or even if you’ve been up and running for a while now, here are some suggestions to keep your future looking bright.

Know where you’re going

Having a carefully crafted and well thought out business plan isn’t optional. You need to have a plan for financing your business, including how to raise initial capital, forecasts for cash flow and balance sheets. Your business plan is the foundation of everything that comes after it, so spend time making sure you know what your goals are and how you plan to achieve them.

Take the right people with you

Capable and experienced managers are worth their weight in gold. Trying to muddle through with under-skilled people dooms your business to failure, so don’t skimp on integrating strategic thinkers into your company’s plans. They will help to guide you and your venture through the difficult stages of trading, whether they occur early on or further down the line.

Make sure you target the right audience

Every business needs an online presence, but if you’re not reaching the right audience you might as well tear up money and throw it out of the window on a windy day. Optimising your search terms, understanding Google Adwords and having a robust Pay per Click programme might be your best route. Social media is also becoming an important marketing tool which businesses can reap big rewards from if approached correctly.

Marketing and advertising are highly skilled areas requiring knowledge and expertise so it’s well worth investing in expert advice or training. Companies such as London SEO Agency elevateuk have years of experience in online marketing and can have a huge impact on sales figures. They can also find out how your competitors approach the markets, helping to give you the upper hand in your advertising strategy.

Keep within the law

There’s an awful lot of red tape when it comes to running a business, so don’t fall foul of the legal requirements. Make sure you employ an accountant who can help with VAT and tax legislation and always keep yourself and your managers up to speed with the latest employment and business regulations. Mistakes can be costly and can be avoided with appropriate advice and research.