As owner-manager of your business or as a member of its management team, you should stand back once in a while and review your business’ performance.
The areas you need to look at are:
- Your market performance and direction – how well you are performing through your sales results, which markets to aim for next and how to improve your performance.
- Your products and services – how long your existing products will meet your customers’ needs and any plans for renewal.
- Operational matters – your premises, your methods, technologies used, your processes, IT and quality. Are there any internal issues that are holding your business back?
- Financial matters – how your business is financed, levels of retained profit, the sales income generated and your cash flow.
- Your organisation and your people – your structures, people planning issues, training and development.
The five steps above will give you a clear indication of any issues that you need to address quickly in order to maintain your business in its early stages.
If you feel all of the areas above are strong, you can start to plan for the next phase and build a cohesive strategy to develop your business. However, if there are areas that need attention, deal with them now so that you can move forward. There are a variety of growth options for every business – it’s important that you settle on the right one for you.
Also, once you’ve isolated your best route for developing your business, you can boost your chances of success by planning it carefully and monitoring your progress against an updated business plan.
- Legal framework of operation
- Legal services
- Tax planning
- Company formation
- Nominee officers
- Registered office facilities
- Tax return