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Every business owner dreams of growth, but growing pains are a very real thing in business. In fact, rapid growth is often unsustainable and does more harm than good. Business growth must be sustainable, otherwise your systems and structures may begin to break and your finances will suffer. Business growth is a bit like driving a car. You need some speed but faster isn’t always better. Hurtling towards your destination too fast puts pressure on your engine and may require you to slam on the brakes very suddenly. The best way to get where you need to be is to drive at a steady pace that you can maintain without causing smoke to billow from your vehicle. Let’s take a look at five tell-tale symptoms that your business is growing too fast. #1 - Business Overwhelm Running a business is no easy task and with each new challenge you run the risk of becoming more overwhelmed. You need an effective and efficient way to manage the situation. As the business owner, you are often too involved to see the bigger picture and it takes an expert, outside of the business to really give you that much needed perspective on how to solve the problem. By bringing in an expert, you will be able to take a more strategic view of the business. You’ll see where the business is currently heading and then be able to set some personal and business goals and map out how you will achieve them. #2 – Not enough time Ask yourself what’s your biggest struggle in finding more time to build your business? You first need to make the time to stop and step back from your business and look forward to the future. Where would you want to be 5 years from now? What would you like your life to look like? Whether this is the dream forever home, the car you’ve always wanted to buy or being able to work a four day week. By taking the time to structure your business will give you not only the time to take off to do the things you love, it will give you time to become more strategic and plan what you want the business to achieve both in the short term and also your longer term goals, such as exit planning, via a sale or retirement. #3 - Cash Flow Problems Business growth can put a serious strain on your cash flow. As you gain more customers and/or clients it’s easy to lose track of your invoices meaning that you get paid late, and sometimes not at all. In turn, this can often lead you to miss supplier, vendor or staff payments. If you need to wait for your customers to pay you before you can pay the people you owe, it’s a sign that something is wrong with your cash management. Simple financial systems may suffice during the early stages of your business, but as your company grows bigger and more complex, you require more advanced accounting systems to stay on top of your finances. Losing track of your sales, payroll and invoicing will land you in a huge financial mess, so it’s important to enlist an accountant or financial consultant to help you manage your money. #4 - Bad Hires If you haven’t adequately prepared for growth then a sudden spurt means that you will need to hire someone new ASAP. However, hiring mistakes can be costly. If you’re growing rapidly and hastily hiring new employees every other week, then it stands to reason that many of them will be a poor fit for your company culture. This is a sure sign that you’re growing at an unsustainable rate and need to change your approach. If this is the case for your business, stop hiring new in-house employees and try outsourcing certain tasks. You may find that you don’t actually need a full-time hire for every role and you won’t waste as much money if a freelancer doesn’t turn out to be a good fit. If you do still need to hire a full-time employee, you will at least have less urgency and be able to take your time to find the perfect match. #5 - Your Customer Service is Suffering If you are struggling to keep up with demand then the likelihood is that your customer service is suffering. Rapid growth often forces employees to multitask, dividing their attention and reducing their ability to deliver a great customer experience. However, if your customer service falls through the cracks and your business is likely to suffer for it. Using automated customer service chatbots for your website is one way to reduce the strain on your staff. The bots can take care of FAQs for you, leaving your human representatives to focus on more complex issues that require real brainpower. Conclusion Rapid business growth often leads to a host of problems, including overwhelm, time, cash flow issues and staff shortages. These are all signs that you need to change your approach or risk going under. If you’re experiencing any of these symptoms, take some time to reassess your strategy. Remember that steady and sustainable growth beats speed any day.

Setting goals for your business is an important step in making sure it thrives. While some people might think this is a simple task, it can be more complicated than you may think. This guide will walk you through the process of setting goals and provide tips on how to make them actionable, achievable and measurable. Why Are Business Goals So Important? Business goals and objectives are important and should be established for a number of reasons. If you don't define what success looks like, the chances are that your business will never achieve it. You need goals to measure growth by comparing them from year to year or month to month. If you're not seeing the results that coincide with your expectations, then it's either time to adjust your goals or get to the bottom of why you cannot meet them. Goals are also important because it shows that you're organized and have a plan in place, which is especially helpful when raising capital for growth. It lets potential investors know what milestones to expect throughout the process of investing into your business. Goals keep you and your team focused, and provide a clear benchmark against which to measure your success. Clear goals enable you to prioritise the most important tasks and focus on the things that matter most. Step 1: Identify Key Areas Of Focus First things first. What are the top areas you want to focus on in your business? Of course, this depends on your unique business and industry, but some examples to consider include: ● Improve customer service ● Reduce costs by 10% ● Grow sales volume by 20% ● Be the first mover in your industry with a new product or service offering ● Increase employee satisfaction to 75% ● Improve customer retention rate by 5% ● Reduce company debt and interest expense below a certain threshold, e.g. $40,000 ● Increase profit margin by 10% ● Reduce time required for product or service production by 12% Step 2: Set SMART Goals In order for your goals to be effective, you need them to meet a specific criteria. They must be SMART. This means: ● Specific - very clear and easy-to-understand. ● Measurable - determined by the numbers or data. ● Achievable - your goals must be realistic, or else you are simply setting yourself up for failure. ● Relevant - each goal should be pertinent and directly beneficial to your business. ● Time-bound - the deadlines must be clear and reasonable. "Increasing profit margins" is not a good goal because it's far too vague. However, "increasing our profits by 10% in the next 12 months by reducing costs and increasing efficiency" is an example of a SMART goal. Step 3: Set a Timeline Your goals need to have a timeframe. This is important because it helps you think about which resources are required, how much time your goals will take and what milestones must be reached along the way. For example, you won't increase your profits by 10% overnight - it will happen in much smaller increments. Therefore, you should set milestones that will be reached along the way. For example, you might aim to increase profits by 4% by the end of Q1. Then, you can adjust your goals against real-time progress. Step 4: Review Your Goals Regularly It is crucial that you regularly review your goals to ensure they are still relevant and helpful. You may find that the market has changed, or that new opportunities have emerged based on customer feedback which would alter some of your original plans - this means it's time for an update. Maintaining four or five year goals is a good idea, but you should also create one-year and quarterly plans to ensure your business stays on track. Step 5: Accurately Track Your Goals You cannot measure progress unless you are measuring against something specific - that's where SMART goals come in. You need to establish metrics and benchmarks against which you can measure your progress. This way, it's easier for everyone to see whether they're on track towards achieving the goal and when adjustments need to be made. Final Thoughts Clear goals provide a clear direction for your business and keep everyone on the same page, working towards achieving something that is meaningful and beneficial to all. They can be used as an effective tool when pitching to investors or potential partners to give an idea of how the business will progress over time. No matter how well your business is doing, there are always areas for improvement and new heights to reach. Setting goals is the first step on the journey to success..

A competitive edge is what will set your business apart from the rest and skyrocket you to success. But how do you create that edge? It all comes down to developing the right marketing strategy. Let's take a look at the seven most powerful options for small businesses to consider. 1. Prestige Pricing Pricing is a vital element of an effective marketing strategy. By using prestige pricing, you're playing into the old adage of “you get what you pay for” and communicating to customers that your products and services are superior in quality or they deliver greater value than competitors' offerings. Of course, you will need to articulate this value clearly so that your customers understand exactly why your prices are higher. When executed properly, prestige pricing has a very positive effect on both your sales and your profit margins. 2. Speak at Industry Events Speaking at industry events - or even organising events of your own - is a huge opportunity for your business to gain visibility and establish credibility. It’s an excellent way of putting yourself out there and establishing authority in your field. Industry conferences are also ideal places to network with other professionals that could help you expand your customer base even further down the road. 3. Work with Influencers Influencer marketing is one of the most powerful ways for businesses, both big and small, to promote their products or services. Creating long-term partnerships with influencers within your niche is a great way to not only increase your visibility but also build trust and authority. There are many ways to work with influencers, including sponsored posts, creating video series, delivering webinars or conducting interviews. Don’t necessarily limit your focus to influencers with huge follower counts, either. The best influencers to work with are those with an engaged and loyal audience; even micro-influencers with under 10,000 followers could help you to make an impact. 4. Become an Influencer Yourself This doesn't mean transforming yourself into a Kardashian - it's about becoming an industry influencer. This means delivering valuable content and becoming an authority within your niche so that you are seen, heard and respected by a large audience. This will help you stand head and shoulders above the rest, and build trust among potential customers who are looking for guidance. 5. Narrow Your Niche You can't be all things to all people. In order to stand out, you need to narrow your focus and clearly define who you are serving. This means being hyper-targeted in the market and addressing a very specific need. This is one of the most effective marketing strategies to help your business gain a competitive edge because once you know exactly who your ideal customer is and what they need, your message, offer and tactics will fall right into place. This is an especially powerful strategy if you’re targeting an under-served niche who doesn’t feel seen and heard by other businesses. If you can identify such a niche, you will be able to secure a large market share and cultivate a very loyal customer base. 6. Invest in Customer Relationships Customers are the lifeblood of any business, so nurturing them in the long-term is one of the smartest moves you can make. You should always be working to build stronger relationships with those who have already invested in your product or service because when you become known as a business that puts its customers first, you won't struggle to sell. 7. Engage Online Communities One of the most effective ways to build a positive online presence is by engaging in relevant communities, whether that's on social media or other platforms where your target customers are spending their time. This will drive traffic back to your website and create opportunities for people to get to know you and your business. Facebook groups, Slack channels and forums work especially well for this. Conclusion The marketing strategies discussed in this post can help you gain a competitive edge and attract more customers. Every business is unique so not all of the above strategies will apply, but by honing in on one or two that are suitable for you, you can make your business stand out and enjoy greater success. Ready to take your business to the next level? Book in a call...

Whilst there is, unfortunately, no single “secret sauce” for a successful business, great companies are seldom built without a solid strategy in place. A strong business strategy is a key ingredient for success, and it’s often what differentiates the winners and losers in any given industry. A strategy is a long-term business plan that encompasses your goals, values, objectives and visions in order to take you to where you want to be. It includes your products and services, your target market and the way you market to that demographic. The right business strategy serves as a strong foundation upon which to build your business. It will enable you to make the right decisions with regards to areas of investment, the allocation of resources and the prioritisation of projects. Of course, if developing a great business strategy were easy then everyone would do it. A great strategy doesn’t come about overnight, but here are the most important factors to consider when developing a successful business strategy. 1) Long-Term Objectives Your business strategy should be centred around your long-term objectives. Who do you want to serve, and why? Which need are you going to fulfil? Which activities do you want to prioritise, and how would you like to expand your offerings in the future? 2) Innovation In order to stand out, you need to provide a unique product or service offering. This doesn’t mean you have to come up with something that is entirely new and has never been seen before, but your version has to be different and better in some way. Apple, for example, certainly wasn’t the first company to sell a smartphone. However, the iPhone quickly became known for its distinctive appearance, user-friendly interface and innovative features. Many copycats have emerged over the years, often with much cheaper price tags, but consumers continue to pay premium prices for iPhones because they believe them to be a cut above anything else on the market. 3) Opportunity It’s important to analyse which opportunities are available to your business now, and how this may change in the future. The more data you can gather surrounding these opportunities, the better. No-one can predict the future but it is important to make an informed decision and carefully assess and prepare for risks as you develop your business strategy. 4) Competition Remaining competitive should be a priority when developing your business strategy. Identifying an underserved market will allow you to capture the market share and protect yourself against competition going forward. 5) Regular Reviews Don’t allow your strategy to go stale. The covid-19 pandemic has left the world in a very uncertain state and markets are frequently shifting, which makes it more important than ever to regularly review your business strategy. As the world continues to feel the ripple effects of the pandemic, the businesses who fare the best will be the ones who remain agile and are able to quickly pivot when necessary. Therefore, it’s important to continually review and update your strategy, and make sure that it is still relevant. Summary A strong business strategy is vital in order to set your company up for success. Your business strategy provides vision and direction for your entire organisation. This helps all members of your company remain focused on the right goals, and motivated to reach them. Your strategy also informs important decisions and helps individuals to understand how seemingly small decisions factor into the business’ long-term objectives. In short, your business strategy is the foundation upon which you can build something great. Got questions about investing in your business? Get in touch we are always happy to help. 

We often hear about technology stealing jobs and making certain industries redundant. However, technology can also greatly enhance and improve your business and drive your profits through the roof. By digitising your business and using automation to streamline processes, you could see a huge increase in profitability. Here’s how to harness the power of technology and boost those margins. 1) Improve Efficiency As your business grows, it is necessary to streamline processes in order to increase efficiency and save time. Today's technology, such as business process management software and customer relations management solutions, allow companies to optimize their business procedures. This makes it easier to restructure and automate repetitive processes, cutting down on both man-hours and mistakes. 2) Better Customer Service Technology allows you to provide excellent, round-the-clock customer service without breaking the bank. You can use chatbots to answer customer queries or outsource chat support, so that you can be there for your customers 24/7. 3) Remote Working Technology not only allows you to improve your business, but to save money whilst doing so. One significant way to do this is by offering remote working. Furthermore a study found that remote employees are 13% more productive, take fewer sick days and report higher job satisfaction. Therefore, employing technology to encourage remote working can help you get more out of your staff whilst saving significant money. 4) Reduce Costs Technology also offers businesses many money-saving benefits beyond remote working. For example, switching your landline to Voice over Internet Protocol (VoIP), which works via your internet connection, can save you significant money over time, as well as encouraging more efficient communication. You can also use automation to fulfil menial tasks to save man hours and free up staff time to focus on high priority, profit-generating duties. You can automate many different office tasks, including: ● Social media posts ● Computer backups ● Proofreading ● Paying bills ● Email responses ● Filtering applicants when hiring 5) Improve Productivity Productivity is directly related to profitability. As discussed, technology can make employees more productive by facilitating remote working. However, there are many other ways you can harness the power of technology to increase productivity. For example, technology can allow you to ‘gamify’ your office, which helps to motivate employees. You can also use gamification to increase participation and engagement rates in online training and courses. You can also use collaborative software and tools to encourage organisation and consistency amongst your workforce. This is particularly valuable when employees are working remotely, as it ensures that everyone is on the same page and feels valued and involved. 6) Smarter Marketing Technology can really enhance your marketing and help you to get more out of your budget. It can help to create personalised marketing campaigns and allow you to split-test your marketing materials to fine-tune your strategy and find out what works best for your business. It’s also possible to use artificial intelligence to gather data on your target audience and thus create more accurate marketing campaigns that speak directly to them. Summary Technology can enable you to build a faster, better and more profitable business, driving your costs down whilst increasing output. On top of this, technology can help you increase sales by helping you create more targeted and impactful marketing campaigns. If you’re serious about driving up your profits, it’s time to take advantage of all that modern technology has to offer. Got questions about investing in your business? Get in touch we are always happy to help. 

Interested in bringing someone else on board in your business? Finding the right funding source differs based on where you are with your business. Seeking an investor isn’t as easy as asking for money to fund your highly promising business idea. It takes serious work, preparation and patience. Chances are you won’t even find the right fit in your first meeting. But before you get to that meeting, here are some things you should know beforehand. 1. How Much Are You Willing to Give Up? Some investors only do equity deals. If that’s the case, you have to do two things: ● Get your company valued ● Decide how much you’re willing to give up for the money needed This may not always be the case with small businesses, but it’s worth preparing for. 2. The Three Types of Investors So you’ve decided that the banks aren’t an option. There are three types of investors you can turn to. Angel Investors These are often wealthy individuals most interested in early-stage businesses. Angel investors almost always seek to invest in exchange for a portion of the business. In addition, some may also be willing to contribute their expertise. Venture Capital Venture capital is an enterprise endeavour, so you’re going to need a VC firm if you want to raise more than one million. While it’s a popular fundraising method for high-growth businesses, it’s not ideal for small companies that don’t hold potential for outsized returns. Crowdfunding Crowdfunding is an interesting alternative that’s relatively fresh on the scene (at least compared to the first two). Although it heavily favours the B2C space, certain B2B niches are not completely out of the question. A crowdfunded venture usually doesn’t come with too many strings attached, such as a share of the company. It is, however, harder to get a service delivery industry crowdfunded. 3. Investor Expectations You must have a killer business plan before you even think of approaching an investor. People need assurances before they part with their money. So your comprehensive business plan must outline everything that you do. Include realistic projections and use numbers to back up your claims. For any investor, one of the most important concerns is how and when they’re going to get their money back, including the potential returns. Some investors only put their money in niches they’re familiar with. All of this only means that you have to do your research before going into a meeting. 4. Audit Your Finances Are you sure that you need external funding? Some business owners jump the gun when they don’t have to. To begin with, you can work on improving your profitability and cash flow. Audit your finances to see where you’re bleeding too much money and what you can do to fix it. Investor funding comes with strings attached, so any business owners or entrepreneurs should only go down this route when absolutely necessary. Seeking Investments Is About More Than Cost and Convenience Requesting investor funding is one of the biggest decisions you can make. It can be great for your growth and turnaround, but it can also result in the loss of control and even the business. Make sure that you have all your facts before making a move and that you’re seeking investment for a very valid reason. That’s how you can increase the chance of bringing the right investor on board. Got questions about funding or investing in your business? Contact us now we’re here to help .

There are very few people who would consider an economic downturn to be good news, but tough economic times are particularly difficult for startup business owners. Unlike well-established businesses, startups lack coping mechanisms and support systems; the safety net is much thinner. However, hard times don’t have to prove fatal to your startup business. If you’re able to be agile and adapt to market changes, your startup will emerge victorious on the other side. Get Clear on Your Current Financial Situation Burying your head in the sand will only make matters worse. When times get tough, the first thing you need to do is perform a detailed analysis of your finances. You should create a realistic estimate of how long your cash reserve will sustain your business in a worst-case scenario. Then, create a sales forecast and cash flow projection to map out what the coming months are likely to look like. Use this information to create a careful and conservative business budget. During an economic downturn, it’s more important than ever to stay on top of your finances. You must continually review your budget and monitor your income. It also pays to analyse which practices generate the largest ROI and which you may be able to eliminate in order to streamline your organisation. Finally, keep a close eye on your expenses and consider where you may be able to cut costs. Focus on Marketing Many startups cut down on marketing during tough times but this is a huge mistake. It’s crucial to ensure that your organisation remains front of mind and let your customers know that you’re still operating. When times are tough, customer generation becomes more important than ever. Set a budget for marketing and analyse your previous campaigns to see which actions generate the largest return on investment. Additionally, social media marketing is a cost-effective way of generating interest in your business. Pay-per-click ad campaigns are an affordable way of appealing to a local audience, and creating valuable and entertaining content encourages potential customers to know, like and trust your company. Keep an Eye on the Competition It always pays to watch what your competitors are doing. If you’re operating in a competitive market (and who isn’t these days?) then be sure to understand how your competitors are marketing their products and services. Consider: - What are they doing differently? - Which strategies are they using? - What works well for them? - What doesn’t work for them? Once you understand this, you’ll be able to use your competitors as inspiration and adapt their strategies to work for your business. Of course, plagiarism is both morally wrong and terrible for business but spotting trends and putting your own spin on them will help your startup to stay afloat during tough times. Communicate with Customers Research by Invesp found that customer acquisition is five times more expensive than customer retention. Not only that, but existing customers are more likely to spend more than new ones. Providing excellent customer service is key to survival during an economic downturn and communicating with your customer base will help you to improve your services. When times are tough, be sure to maintain contact with your customers and keep them informed about any changes to your business. Make sure that your website is up-to-date and contains clear and helpful information. Discounts and exclusive offers will make your existing customers feel valued and encourage them to spend more. Go the extra mile and add a personal touch to let them know just how much you appreciate their business. Talk to Your Team A decline in staff morale directly impacts productivity so during tough times it’s more important than ever to let your team know just how much you value them. Be honest with your employees about the challenges that your startup is facing and ask for their contributions and ideas on how to proceed. Creative discussions with your team will generate new perspectives, ideas and solutions about how to handle the situation. Network Never underestimate the power of networking. During difficult times it’s more important than ever to seek out new opportunities for your business and ensure that you remain front of mind. Starting conversations with industry influencers and experts can also give you valuable insight into how to adapt your business to cope with market changes and even drive growth. Networking generates opportunities for your business so make an extra effort to connect with others in your niche during tough economic times. Summary: Stay Focused Unfortunately, all businesses experience periods of difficulty at one point or another. The ones who survive are the ones who adapt and soldier on, rather than giving up at the first sign of trouble. By using the above strategies, you can sustain your startup through difficult times so that you’re still around to grow and flourish when the economy improves. Got questions about protecting your business? Contact us now we’re here to help .

If your company carries out research and development, you may be surprised to learn you can qualify for R&D tax relief.