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The Survival and Growth of a New Business

Starting a new business is quite a remarkable thing, it takes courage and determination, and we should applaud those who take these brave steps. The Government is keen to support entrepreneurs but this on its own is not enough, it is the on-going support that is necessary for the survival and growth of a new business.

There is a clear link between the companies which have plans for growth and business survival, but growing a business is not easy. One of the big problems is that often the business owner will continue trying to run things in the same way that they did as a sole trader not realising that they now have a new role in the business; they are now the ‘business manager’ and in need of a whole new set of skills.

Developing a management style is important, many people worry about what their staff think of them – are they too controlling, too easy going, are they respected, do their employees consider them to be a good boss? Getting the best from your staff by effectively managing them should not be left entirely to instinct, there will always be better tried and tested ways of doing things.

Many small business owners rely on an accountant to guide them on financial matters. However, this is usually about paying less tax and has little to do with business growth. All too often Accountants tell me that all their clients’ are interested in is compliance - keeping things legal and not interested in the details. Sets of annual accounts are handed over for approval; they invite questions and queries but what are the questions they should ask? What do the numbers tell them about the health of their business and the potential for growth? Can they afford to buy new equipment, take on a new member of staff? What are the financial indicators to tell them when the time is right?

All of this is on top of the day to day running of a business, keeping customers happy, organising staff, continuously generating new business and so much more. With all this to think about is it any wonder that time is not set aside for planning for growth? But without a plan how will the business grow? A business that does not grow remains vulnerable and the chances of survival become significantly reduced.

What is the answer?

Accept the need for professional help. Working with a business coach who understands you, your business and what you want to achieve is an investment you should be prepared to make. Develop new skills by attending workshops and enjoy the benefit of working with other business owners facing similar challenges to you.

If you are not sure where to start but are looking for answers on how to build your personal management skills and style contact us for a free no obligation conversation. If we cannot provide the answer, we are sure to know of someone that can.

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