Nothing can beat the feeling of accomplishment which you get when you scale your small or medium sized business. The feeling of excitement is natural as nothing could be more rewarding than transforming your small enterprise into something robust and profitable business.
There are two requirements for a business to be called a medium sized business:
- It should have a turnover of no more than £54 million (previously it was £36) million.
- It should not have more than 250 employees.
Well, if you have successfully reached this level, you need an expert accountant because this phase is referred to as ‘The Missing Middle.’ It is actually a critical stage because things star getting complex. At this point, you need plan strategically, and expert accountants like those we have at Synergy Tax, which is an ACCA regulated firm, can be the perfect option for you. There are 12 strategic pillars that are important for sustainable growth and profitability, and our experts ensure that the firms in the UK stand on these pillars
Outline
- Clear Vision and Strategy
- Building a Professional Structure
- Managing Risks and Following Rules
- Smart Cash Flow and Budget Planning
- Planning Capital Investments
- Improving Profits
- Hiring and Developing the Right People
- Growing a Strong Company Culture
- Using the Right Technology Systems
- Making Processes Efficient and Quality-Focused
- Customers Satisfaction Loyal
- Expanding into New Markets
1. Clear Vision and Strategy
With the passage of time as your business grows, it becomes exceedingly important to update the previously held idea pertaining to the business. You have to formulate a vision or strategy to grow more and state it clearly on a paper. Just as the North Star guides people, this written strategy guides your business into right direction. If you have hit upon the right idea but fee yourself unable to launch it, we, at Synergy Tax, help you launch it and bring life to your ideas. Our team of expert accountants help ypu meet your operational targets to keep you on track
2. Building a Professional Structure
When you try to be a jack of all trades, you master none. AND you shouldn’t be the javk of all trades because it is the very mistake that almost all small businesses make by handing over the responsibilities of multiple roles to a single person. You should have a clear structured hierarchy of your staff and each person should have a defined and designed role. The job descriptions or their responsibilities should be told to them before hand so that each individual can work to the best of their abilities. At Synergy Tax, we have been helping businesses professionalising their organisations by helping them set up a finance department. Resultantly, those organisations now have accurate and dynamic reports. Also, they now do not depend on a single individual; as a result, they are now a successful businesses.
3. Managing Risks and Following Rules
Growth never comes without risks. However, risk management is what makes the business bigger. Businesses these days are prune to financial, digital and legal risks and one should not ignore them. Since, Synergy Tax is an ACCA regulated firm, we help ypu identify, and solve the risks before hand. Also, we ensure that you remain fully compliant with HMRC and GDPR UK.
4. Smart Cash Flow and Budget Planning
You cannot rely on the previous financial reports as it will only make you painfully aware of the past. If you want to gain something and grow your business into a successful business, you have to plan for the future. It is the point where Synergy Tax Accountant helps you by moving you from basic annual budgets to managing the future cashflow, and other related investment plans.
5. Planning Capital Investments
Investment plays a crucial role in scaling your business. When you buy or expand your already running business, your aim should be to get the maximum value. Synergy Tax helps you extract maximum value out of your decisions as we make use of certain tools like NPV and IRR to analyse and read the situation. Ultimately, we help you understand whatever you are spending translates into value in the long-term.
6. Improving Profits
Earning more profit depends on your purchase cost, product performance and pricing. We help you identify the products that are actually performing well for you. When you successfully track what is driving you profit and what is holding back your profit, you improve the efficiency of your business.
7. Hiring and Developing the Right People
A man alone is nothing and all the results are actually driven by a team of dedicated members. This pillar directly correlates with the 2nd pillar. You have to move beyond ad-hoc hiring and create a team. When you make your hiring systematic, you eventually get successful in getting the desired goals.
8. Growing a Strong Company Culture
A toxic work culture irritates the employees and company starts struggling to grow. You have to update and regulate the work culture of your company, which potentially can boost the overall morale of the workers and make you reputed in the market.
9. Using the Right Technology Systems
The world has been changing and the role of technology is crucial these days. If your business has not integrated technology stack like CRM, ERP or other tools, your system mght remain confusing. At Synergy Tax, we help ypu integrate the suitable technology stack to increase efficiency of your business
10. Making Processes Efficient and Quality-Focused
Quality control always works the best. What worked in the past is not necessary to work in the present. At Synergy Tax, our team of experts ensure the smooth processing of the business by identifying slow points and identifying the best practices.
11. Customers Satisfaction Loyal
To make your customers happy and retaining them for future is way easier than finding new ones. All you have to do is to gather their feedback, provide services that are liked by them and ensure they get the best services. Customer satisfaction brings profits and profits bring growth.12. Expanding into New Markets
12. Expanding into New Markets
When you finally achieve stability in your business, you aim to grow exponentially. It depends on carefully planning and launching new services and products. The expert team of Synergy Tax Accountants use the data to analyse and forecast strategies to make sure you grow as per your goal.
Partnering for Sustainable Growth
If you don’t only want to survive but thrive, you have to put in something more than hard work. You have to establish a strategic financial leadership. The ACCA regulated firm Synergy Tax is here to help you establish fulcrum for your operations, ensure compliance and enhance the overall profitability. At Synergy Tax, we believe in moving beyond calculations and basic accounting and providing the suitable financial advice to make your business standout.
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