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Guest Article: Stepping up your small business to another level

Thu, 25 April 2013

There’s a secret to stepping up your business to another level, but it’s not an obvious one.
There’s a secret to stepping up your business to another level, but it’s not an obvious one. Most entrepreneurs know exactly why they’re starting their business and, generally, it boils down to a passion and a belief in the service or product they have to offer. However, few tend to think of where their business will end up, or what the final result will be. In order to take your business to the next level, you need to know where it’s going to finish. Unpleasant and as counterintuitive as it might sound, you have to view the business you care so passionately about as a commodity.
Keeping the end in sight
It’s vital that you have belief in what you do; it’s that confidence that will lead you to make the right decisions and keep getting up, even when the odds are apparently stacked against you. However, in order to progress, you have to know where you ultimately want to end up. Is this a business you intend to pass on to your family? Is it something that you hope to sell at some point? Is it a commodity that you’d ultimately like to sell shares in?

While it might take the fun out of launching a business into the stratosphere, it’s important that you have an endgame in sight. Once you do, the decisions as to how to step things up a bit will become easier to see and easier to make.
Money talks
When it comes to deciding to take things to the next level, the first thing you’ll need to conduct is a review. No matter how enthusiastic you’ve been and how many extra miles you’ve gone, the proof will translate as your bottom line figures. If you’re starting out, then be sure to invest in some good, small business accounting software. Intuit Pay supplies QuickBooks, an adaptable and widely-acclaimed package, as both software and as an app. Choosing the right software from the start will let you know when the time is right to crank things up a notch. Using efficient accounting software, the figures will tell you what you need to know – and also where the best route to take will potentially lead you.
Branching out
Before you even think about expanding, you ought to consider if there’s any way you can improve upon your existing services. There’s no point in getting bigger if there’s room for improvement with what you’re doing already. A sleek, well-tuned business will out perform a lumbering juggernaut that has engine issues. Once you’re convinced that your company is performing at its optimum capacity, then you might want to consider branching out.

However, it’s a poor decision to suddenly introduce a new product or service into the mix – it’s a far better idea to try and expand in correlation with your original business idea. Look for products that will somehow complement what you already have to offer; your existing business is the trunk of your company’s tree and anything else is a branch that should somehow be linked to it.

Upping your business to the next level requires foresight and prediction. While you may have ideas about where you want it to go, combine them with a probable conclusion and take a look at the figures your accounting software provides; when the time is right, you’ll know what to do.

Intuit UK a leading innovation provider of accounting software & business tools in support of entrepreneurialism & supporter & contributor to ‘Start-Up Britain’. Visit Intuit blog for more info on business tips.

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