23 February 2024Read more
To successfully grow your business, you need to not only know your current business position but also where you want to be in three or five years’ time.
Short-term, medium-term, and long-term plans will help to achieve your goals.
How do I grow my SME?
There are lots of ways you can grow your business, but you likely need to put money into your business to get to your endpoint.
Although tricky to navigate, you need to figure out where your business stands and identify how you achieve your business’s ture goals.
To identify your business’s current position, you need to look at its performance in depth, which can be achieved by using analytical tools such as SWOT, PESTLE analysis, and NOISE analysis.
Some benefits of using these tools are:
Cash flow forecasting
Cash flow forecasting will give you a basis of your business’s expected cash flow over a specific time, helping you to plan and respond to changes.
If you choose a short-term cash flow forecast, it might cover the next thirty days and can be used to identify any funding needs or excess cash in the immediate term.
By planning your cash surpluses more effectively, you can also execute a growth strategy more predictably.
The main purpose of a cash flow forecast is to assist with liquidity; it is a challenging and complex system, but our guidance can simplify the process.
There are lots of benefits for using a cash flow forecast:
Investments can give your business more funds to grow and allow you to collaborate with partners and expand your network, resulting in an increased support system.
An injection of money can be the difference between long-term growth and short-term success.
Some advantages of investing as an SME include:
Access to funding and grants
You’ll need to prepare the relevant financial reports and business plans that will appeal to investors and lenders; this will give you the capital to grow.
If you can’t secure a grant or fund, you might need to move your company into debt.
This might seem high-risk, but it might be the way for your business to grow.
Here are some ways to organise your debts:
I still need advice, what do I do?
Whilst the process of growing your business can be problematic to manage, it is important you understand its principles, especially those centred around finance.
Having a solid knowledge of these principles will help you to make informed decisions for your SME.
We have curated tips to build a good foundation but the best way to grow your SME is to seek the help and guidance of a trusted professional.
If you are struggling to grow your business and want advice, contact us today.
23 February 2024Read more