When you start a business, unless you are fortunate enough to have some serious financial backing, you’ll be working out your budgets and financial strategy based on spending where it is essential and saving money where you can. For this reason, and because it’s now reasonably straightforward to set up your own website and social media accounts, many new business owners choose to create an online business presence themselves, or at least in-house. Once your business has established itself, it might be worth reviewing this policy to see if you need to make changes to expedite future growth.
What is the next level?
As a fledgling business, your priorities are to bring in clients, sell products or services, and start to turn a profit. Everything you do is focused on these critical goals. As the pressure of being new is relieved by the achievement of your targets, you enter the second phase of your business journey, which is consolidation. This is a period in which you can take stock of how well you are doing and revisit your business plan to amend and update your forecasts. You will be strengthening relationships with existing customers, understanding what is working and what isn’t, and why, and your staff will be getting accustomed to their roles and increasing their effectiveness and productivity. Your next step is to plan for how you want the business to develop over the next financial period, and to what extent you would like to expand.
Steps you will need to take
- Planning is key and should never be compromised. Use your existing business plan, make sure you have up to date knowledge about your industry and sector, and include every facet of your business in your revised plan.
- Your marketing will need to be analyzed to see which promotional activities have performed the best and how much traffic your website is receiving. Website analytics are an essential tool in this process, and one which you should be using on a regular basis to stay cognizant of the effectiveness of every aspect of your online presence. If your website needs better quality content and your SEO strategy is not boosting your rankings, speak to a company like Your Content Shop that can offer specialist help with content creation and SEO.
- You will need to analyze your accounts to see what your figures are telling you about your pricing strategy, your revenue streams and where adjustments need to be made to maximize your profits. If you are doing your books yourself, now is the time to look at the advantages of employing a CPA, who can drill down through your figures to show you every statistic that impacts your bottom line, and who can advise on the best ways to manage your finances and make money going forward.
This is an exciting time for you and your business, and hopefully you are feeling flushed with success having made it out of the starting gates and over the first fence to profitability. Your race is far from over though, and you have many more hurdles ahead of you, so equip yourself with the best advice you can for the next stage of your journey.