After overcoming the risks and challenges of starting a new business, the business owner’s attention turns inevitably towards growth, winning new businesses, exploring new markets and expanding customer base. With this next phase comes a fresh set of challenges and risks.
In striving to achieve sustainable profitable growth, it is quite easy for business owners to take their eye off business’ fundamental ideals which can leave them undermining and eventually killing their hard-earned growth. In the words of a Stanford University online course, they need to learn the art of “scaling up without screwing up”. Hence, it is imperative to adopt pragmatic business approaches to enable them grow more. Below outline some tips that would help your business to grow:
- INFORMATION TECHNOLOGY IS KEY
The success of a business is essentially dependent on Information Technology (IT). The transformation of the world into a global village by an electronic nervous system of communication has greatly improved all aspects of doing business and as such, businesses that take advantage of this tend to grow. In today’s world, several IT driven tools abound even for machines and its peripherals that make work convenient and faster as most businesses are time bound to the delivery of goods and services. Social media platforms like Instagram, Pinterest, WhatsApp, LinkedIn, Facebook, Twitter et al can be used by business owners and promoters to grow their businesses as platforms for sales, purchases, advertising, marketing etc. Understand that your platform is your shop window; it is a representation of your business. Information Technology cannot be left out when talking about growth attainment in doing business.
- BUSINESS SHOULD BE SEEN AS A SEPARATE ENTITY
A business should be seen as a separate entity from its owners. This has always been a hard nut to crack for many growing businesses. Thus, personal transactions are often conflicted with that of the business resulting in the misuse of business funds for personal interests. Always keeping your personal and business finances separate will make a clear distinction between business and personal activities which in turn helps the business to grow in the long run.
- HUMAN CAPITAL OR NETWORK
The people you meet today will be the same people you will need someday to grow your business. Businesses should ensure to maintain relationships built on integrity (keep your word) and professionalism (competence and upgrade of skills). Oftentimes, a lot of people tend to forget the long-term importance of those they meet and decide not to keep in touch for one reason or the other. Networking helps in diverse ways which creates a business path to growth in terms of opportunities, connections, clients, advice, financial help etc. Maintaining relationships with like-minded businesses can help one benefit from advice which will be much needed to sustain the business.
- BE COMPLIANT TO LEGAL & GOVERNMENT REGULATIONS
Failing to meet timelines for filing tax returns and other payments can attract fines and penalties. Not complying with legal and statutory regulations can leave the business endangered with pecuniary penalties and may affect its reputation in the long run. Hence, the perception of being compliant to tax and other regulations goes a long way to create a friendly environment for business growth. Don’t forget to give to Caesar what is Caesar’s and to God what is God’s.
- KEEP AND MAINTAIN RECORDS
Proper record keeping is quintessential to business growth. It is a key issue that growth-oriented businesses are fraught with but have to be dedicated to in order to maintain a sound balance of performance. Proper record keeping could relate to accounting, operational and customer records. Business owners should ensure that income and expenses are well tracked as businesses ought to periodically assess its performance and position. Having both a financial account and budget is the best way to keeping the finances of a business in proper check. For most small businesses, having a small and manageable income and expenditure account helps track the amount expended and received in a period of time. By keeping detailed records, you will know where the business stands financially, what potential challenges you could be facing and time to create strategies to overcome those challenges.
CONCLUSION
Operating a business in the face of economic crinkum-crankum is one that leaves a lot to be done by businesses to stay afloat and keep surging to higher heights. Keep the above tips in mind and give your business venture a bright future and on a high pedestal.
Written by:
Henry Quartey
Baker Tilly Andah +Andah
Source: Glitz Africa Magazine Issue 19
