When you begin a new business venture, there is no talk of failure. Even though more than half of new firms go out of business within the first year, the mood is positive. However, after the honeymoon period ends, realisation begins to set in and you come around to the fact that your company might not be a market leader. Usually, the reason for this is due to the fact that the firm isn’t hitting the right targets at the right time. If your company falls into this category, these are the signs that you won’t be able to ignore.
No Dedicated Accountant
As a new company, there needs to be an emphasis on saving money. Only when you cut costs can you save enough to keep the liquidity flowing. Now, lots of bosses think they can do it alone because it is general maintenance work. The truth is that a dedicated service such as Qdos accounting is essential due to their expertise. For example, professionals know which accounts to put the firm’s money in to build up reserves. They also know when to pay arrears and when to hold back to ensure the business is not vulnerable. More than that, they understand how to legally cut your tax bill, which accounts for a big chunk of your budget.
Marketing Isn’t A Priority
It is hard to talk about modern marketing without listing techniques such as SEO. But, the reason they are part of the conversation is their effectiveness. Quite simply, using search engine optimisation is the only way for an SME to compete with the big boys. Thanks to backlinks, tags and strategic keywords, a company’s traffic can skyrocket. Plus, with the help of social media, there is the opportunity to create shareable content which can go viral. These features raise brand awareness and increase revenue streams without breaking the bank.
You Don’t Have Alternate Money Streams
Most businesses don’t make money for a while. And by a while, it means at least six months to a year. Unless you have a huge budget, your company won’t be able to survive by cutting costs alone. To keep your head above water, you need various cash flow options. The main one is a bank or credit card loan which most lenders are happy to provide. With a few extra grand in the account, the business might be able to last until the money begins to roll through the door. Without it, the debts and expenses will kill off the company.
Little To No Growth
Any enterprise which plans on lasting the test of time needs the resources to grow. Without them, the Grim Reaper won’t be too far behind ready to pounce. An essential resource is foot traffic. Boots on the ground mean that the company has people to market to who are interested in the products/services. If your analytic software says the traffic is minimal, this is one sign you can’t ignore.
After all, no business can prosper without the help of its clients and customers.