There comes a time in every business’s life span when things reach a bottleneck. It could be down to one of any number of reasons, but at those times it’s often difficult to figure out how to extricate yourself from it and keep the business marching on. It is at times such as those that it helps to get an independent perspective from someone who knows you and your business but who is not invested in it in the same way you are – in other words, someone who can see the wood for the trees. It may surprise you to hear that your accountant could be just the right person for the job. Why? Let’s explore how and why they can help and then you can decide for yourself.
Profit and loss are going in the wrong direction
Your business won’t be the first to experience this nor the last, but it is something that most will encounter at one time or another: your profits are decreasing and your losses are mounting up. Your accountant will know your business by now and be able to navigate those accounts with a clear head and without prejudice. They will be able to find where things went wrong and why and suggest ways to turn things around. The sooner you engage them where this is the issue the quicker they can help put things right to avoid the problems becoming insurmountable.
You are looking to grow
If you are in this position, then things are going really well! If you have done everything you know how to do and done it well, then your business is going in the right direction. A fresh pair of eyes and some new ideas can help you jump over the hurdle of taking the next leap to growth. It is often not something that you can do yourself as you are too immersed in the day-to-day running of the business and lack the time to analyse and research other avenues to branch off to.
You want more or different kinds of customers
Looking to grow your market share but not quite sure how to do it? With knowledge of similar businesses and your specific sector, as well as of the particular unique selling points of your business, your accountant can come up with some fresh ideas of how to target and win a larger share of that market segment you are working in.
You need to streamline your processes
You may have reached that tipping point where things are going well but your administrative tasks and processes are beginning to take up too much time. This could be taking you away from managing the business and focusing on business development. Your accountant can assess where your processes can be restructured and streamlined to cut down the time they take and get you back on to the things that bring in the money.
Your team could do with a morale boost
Sometimes you could be doing everything right and going well, but it could mean your staff are overworked. Alternatively, if your business is suffering your staff could be too. Don’t risk giving them the opportunity to move elsewhere. With some advice from your accountant who will have seen similar situations before, you can work together to come up with solutions to raise morale again and keep your hard-working team on your side, ready to take the next steps for the business.
For advice and assistance with managing, growing, and troubleshooting your business talk to us at Cain and Co. We have a team of specialists on hand to help, all you need to do is get in touch by phone 020 8087 1341 or email at takecontrol@cainandco.co.uk for a chat or to book an appointment.
