The Business Exchange Swindon & Wiltshire Edition 32: Aug/Sept 2017 | Page 13

BUSINESS ADVICE SETTING YOUR BUSINESS ON THE PATH FOR GROWTH With the summer traditionally quieter – clients, suppliers and staff are on their holidays – it’s a good time to take a step back and look at your business. Regulatory Accounting - a subsidiary of the RFS Group, a leading FT100 regulatory and compliance consultancy – works with company owners and directors on business development and says the holiday period presents a golden opportunity to take a breather from working in the business to working on the business. Jon Lacey is Accounts Director at Regulatory Accounting, which works with SMEs across the Swindon and Wiltshire area supporting them with business development as well as offering accountancy services. “The summer months are usually quieter, so now is the time to dust off that business plan – or write a business plan if you don’t have one – and see where you are in terms of your goals,” he said. Regulatory Accounting’s tips for business growth: • Set short-, medium- and long-term goals in your business plan. Make them realistic but also challenge yourself. Often identifying the end goal(s) and working back through the steps to get there is a good start. • While doing that, look at internal systems and procedures. Can you be more efficient or effective?” • Your employees may cringe at the idea of upselling. Take time to listen to your customers and understand their needs. If you can genuinely identify ways to improve their business, their customer experience or give them more spare time, they will appreciate the approach, while enhancing your image as a trusted contact. • Consider value invoicing. If you are confident that your work has contributed significant value to your client, agree an appropriate fee that acknowledges that fact. • Reflect on what you’re doing well but don’t avoid looking at problem areas to see if you can address these. • Look at your overheads. Where can you make savings? We are all encouraged to switch utility and banking suppliers at home, so why not at your offices too? • Identify your niche early. What do you most enjoy or have a real passion for? This passion will come across to your clients and prospects, which can only benefit your business. • That said, don’t put off doing the dull, everyday stuff that needs doing – like invoicing … • Invoice regularly and chase debts. • Consider outsourcing or seeking expert advice. While you will have to pay for the services of, for example, a Jon Lacey, Regulatory Accounting • • • • bookkeeper or accountant you can spend the time saved more lucratively on winning business. Look at your team, their individual strengths, and put training and career plans in place. If you look after and develop your staff it will pay dividends for your business. Surround yourself with people with complementary skills who can step into your shoes, while you work on your business strategy. Consider apprenticeships. This does involve a time commitment, but there are some very able graduates and school leavers out there keen to learn and get valuable work experience. Finally, your business plan is a live document, not one to be hidden away. Take time to reflect on and update your plan when necessary. For more info: www.regaccounting.co.uk 01793 209160 THERMANCY INNOVATES 2 SUCCEED A Salisbury-based engineering company has secured a £98,000 grant from Innovate UK thanks to the innovate2succeed programme, an intensive coaching programme designed to help businesses enhance their innovation capacity and grow. Thermancy, which delivers energy saving solutions and products to the worldwide water industry, found the biggest barrier to growth was cash availability, bid writing and finding the correct funding. The company recently released the world’s first wireless remote Thermodynamic Pump Monitor which helps reduce energy costs, but needed to increase sales to maintain viability. Enterprise Europe Network SW met with Thermancy director, Andrew Moinzadeh after he enquired about available support. It identified that Thermancy would gain from the programme. The programme highlighted potential growth areas for the business and resulted in an action plan covering funding and grants, and innovation in selling and marketing. The programme outlined the potential for Thermancy to apply for funding, the best routes to market and guided them on initial conversations with major customers. Talking about the support received from innovate2succeed, Andrew said: “As a small company, finding and accessing specialist’s skills isn’t easy. “innovate2succeed took the time to understand our business, how we operate and the shortcomings of our business. We are now in the process of talking with sector professionals with the aim of improving our processes and growing the business.” Andrew has been working in this industry for 30 years and in 2013, his interest in pump monitoring and technology led him to launch his own company. The main vision for Thermancy’s future is to develop a strategy for international sales in different markets. It is currently working with UKTI to implement this into its business plan, and while the business is already supplying products to Korea and it’s in negotiations with companies from China and Iran. Innovation should be considered a key component of any business growth strategy, which is why the innovate2succeed progr amme has been designed to help embrace innovative business practices and increase chances of success. To find out more about the i2s programme, contact the innovate2succeed team on the details opposite. 0330 124 1243 [email protected] THE BUSINESS EXCHANGE 2017 13