ONSIDE / ADVICE
GROWTH TIPS
With three in five small firms expecting to grow their companies in 2015 - and business confidence
remaining robust according to research from the Federation of Small Business - it is vital that SMEs
think ahead and set in place the following steps and processes to stay on track.
Strategic planning
Know your market
Good businesses don’t thrive by chance - the key is effective
and thorough planning. Business leaders need to think
strategically and conduct research to identify the changes in
their own sector along with the wider economic, financial
and political landscape. As an example, anticipating changes
in interest rates or legislation ensures that companies can
plan ahead rather than having to deal reactively with them
when it happens.
Savvy bosses have identified where their business stands
in relation to the market and know the direction in which
they need to drive it forward. They research competitors
and determine what they are doing well - or better - as
well as areas in which they are innovating. Knowing what
customers want both now, and in the future, is pivotal and
dependent upon keeping abreast of trends and industry
developments.
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