According to the UK Government’s ‘Understanding Growth in Small Businesses’ report, 75% of business leaders today are focusing on and prioritizing growth goals.
The foundation of growth is, of course, a growth mindset. Unlike a fixed mindset which states ‘this is how we do things’, a growth mindset asks ‘how can we do better?’. It’s a mindset that empowers entrepreneurs to adapt and embrace new ideas to facilitate change, and it’s key to taking your organization to the next level.
Below, we take a look at some of the techniques that growth mindset entrepreneurs and small businesses can adopt to help edge them closer to their growth goals…
- Develop a plan
Whether or not a plan is necessary for growth is the subject of great debate. As many experts have noted, not every successful business comes from a business plan. However, there is plenty of research out there which suggests that having a plan can increase the likelihood of success. When it comes to growth, a business plan can keep you on track, reminding you of who you are, and where you’re headed.
- Work *on* your business, not *for* your business
Growth doesn’t come from undertaking the day to day tasks needed to keep a business running. It comes from a desire to learn, from the identification of new opportunities, from embracing challenges, and from the inspiration of others… not from selling products or keeping the books up to date! Outsourcing bookkeeping and other operational processes can help free you up for dedicated growth tasks.
- Scale, then grow
Growing to a 7-figure business… the equation is simple, isn’t it? More revenue = more growth. But that’s only the case if that revenue isn’t being counteracted by the addition of extra resources at the same time. Businesses need to be able to scale first, doing more with less by optimising the resources they already have. Ensure you’re getting the absolute most value from suppliers and partners you work with.
- Pace yourself
Growth is not linear. Every business will go through periods of rapid growth, and slower, more steady changes. Maybe even periods of being stagnant, or jumping back a little. It’s fine. If things aren’t moving as quickly as you’d like, don’t force it. In fact, a ‘slow and steady’ approach to growth can help to build more stable, more solid foundations, reducing the risk of setbacks and growth challenges in the future.
Are You Ready to Leave Your Comfort Zone?
To grow means to change. You can’t keep doing the same things over and over and expect to grow to a 7-figure business naturally. It takes time. It takes effort. And it takes an ability to step out of your comfort zone and try new things. It may sound nerve wracking, but we’re here to help. Contact us today to learn more about how we’re helping businesses thrive or keep an eye on our blog for the latest insights.
An Accountant Can Help With Business Finances
When you set up your own business the most common thing people worry about is the business finances. They will often set up a business as they have worked for a company and feel they can do something better, or because they want to sell or produce something they love and are passionate about. Some people set up their own business because they want to make lots of money, sell the business and set up a new business.
Whatever your reason for setting up your own business, it is usually unlikely that you have done it because you love finances and accounting, (unless you are like us and love numbers).
Small business accounting can so quickly become messy, time consuming and unmanageable if you do it on your own because you’re trying to run a successful business and focus on that at the same time. As business picks up you quickly feel like you are losing control and you don’t know who owes you money and who you owe money too, let alone how much is in the bank and how much should be in the bank.
An accountant can help you with your finances and get you back on track. They can help you keep your key business metrics in check such as salaries and other employee payments to create your total revenue. An accountant can also help manage your payroll and produce graphs to show you what your business is achieving.
If you opt for a Xero accountant you’ll be able to share your business accounts with them quickly and effectively. You will also be able to view tables and charts immediately which will show you which clients haven’t yet paid and which suppliers you need to pay. You’ll be able to see expected outgoings and the current status of your account too.
A Xero accountant allows you to monitor the finances of your business and your cash flow at a glance. They will make the ‘financial stuff’ much easier so you can focus on what you do best; selling great quality services and products.
If you are looking for a professional and approachable Xero accountant in Peterborough then please feel free to contact us. We would be happy to meet up and talk about how cloud based accounting in Peterborough can help your business achieve more.
Looking for business accountancy services
Direct Peak provides a dedicated business tax accountant, who will prepare your annual accounts and tax returns. They will be on hand to answer any tax queries you have.
Your business tax accountant will ensure that the company is set up in the most tax-efficient way and that you are claiming for all the correct expenses to maximise your earnings.