Accounting for startups - A roadmap to scalability

Accounting for startups - A roadmap to scalability

For SMEs, scaling a business can be a tricky field to navigate.

To correctly scale a business, you must be able to meet demand and grow as a company whilst keeping your structure clear and steady.

This is why it is important to understand scalability and what you need to do to get there.

As SMEs, there is a lot of groundwork that goes into growing your business.

So, where should you start?

Pick your USP and develop a roadmap

The simplest way to scale your small business is to know your USP and build a business map from that singular idea.

You must know why you are creating your business initially to be able to scale it further and grow your audience as well as your company.

If your values align with your company ethos, then your employees will carry them as they work leading to an increase in revenue and support for your company.

Once you have decided on your purpose, you then need to develop a business roadmap rather than a plan.

A plan sets your goals, but a roadmap shows you how to achieve them, and when you need to achieve them to see maximum scalability.

Solidify your product and establish a framework

As an SME, you will have already created a product and will have started to advertise it to your audience and competitors.

However, to reach correct scalability and stability, you need to iron out any flaws that have arisen because of your product or service.

Establishing a framework is key to the scaling of any business, which is where getting advice from an expert comes in.

With the support of a business advisor, you can get an external perspective of your business, to help identify the weaknesses in your business.

With the use of analytic tools, such as SWOT analysis, we can help you identify any flaws to not only create a stronger product but develop your product to meet your customers’ needs.

Not only does scaling a business mean to be able to sustainably grow under demand, but it also means to be able to track the inflows/outflows of cash and summarising the date into statements which, at a later stage, can be used to analyse how a business is performing.

By seeking our expert knowledge and advice, we can provide you with key information regarding financial decisions to ensure you successfully scale your business to where you want to be.

Prioritise your networking skills and continue to build and innovate your brand

For any SMEs, you must remember that businesses will not grow and scale up in singular hands; you need to develop and nurture a network of advisors, colleagues, resources and many more to ensure sustainable growth.

SMEs who require assistance only need to contact us, and in turn we can help grow your company in a continued and prosperous way.

We can advise and point you in the right direction so that you understand where your business needs to go and how you can get there.

Whilst we can counsel you, it is your decision as a business owner to adapt your business to how you want it to be.

It might seem difficult at first, especially if you feel you have reached a point where your business surely cannot grow anymore, but we assure you; it can.

Start by aligning your corporate choices with what you want your business to provide rather than changing it to suit other successful scaled up companies.

It is important to grow, but it is more important to sustain a successful growth strategy to keep your business running smoothly for years to come.

So…is our advice worth it?

In conclusion, every roadmap is different for every SME aiming to scale up their business.

The steps are fundamental, yet each SME may have a different approach to each step.

Our expert advice has drawn up a clear roadmap to ensuring you reach the level of scalability you desire.

For tailored business advice regarding a roadmap to scalability for your small business, please contact a member of our team.