Is your business on the right track?
Attributed to Sarah Case, Partner at Baldwins in Newport, who has more that 25 years of experience advising owner-managed businesses.
Whether your business is a start-up finding its feet or an established blue-chip company amid a calm or turbulent economic backdrop, the principles needed to run a successful company remain the same.
Here are my key tips to ensure business owners are on the right track:
- Planning – A business plan guides the overall direction of the company and keeps you focused on what drives profit. This should encompass actual vs budget forecasting, product releases and marketing campaigns
- Employee retention – A successful company goes the extra mile to retain its top talent, as departures can seriously hinger growth if you are always spending time on recruiting rather than growing your business. Regularly review staff salaries and benefits, and look at how you can help staff members to develop their skillsets – having the right management personnel who can motivate others is key to this.
- Financing – It’s important to have access to funds that meet a business’ daily running costs, but to also have capital available for investment to increase market share. If you’re a start-up, this could come from investors or lenders until there’s strong enough cash flow to self-finance.
- Pick a target market – It’s important to have a audience that is going to give your company long-term success. This market should be growing, and one that the chief executive is passionate about and has in-depth knowledge of, but most importantly, the service you’re providing is solving a problem – this will be your launchpad for growth.
- Gain market share – The most effective way of doing this is by building a product offering value for money, and developing improved versions frequently to ensure your product stays in the limelight.
- Embrace change – Firms need to be constantly monitoring what their customers are saying and what their competitors are doing to ensure they stay relevant, and at the front of their industry curve
Business seeking general business advice can contact Baldwins in Newport by calling 01633265828