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Secrets of successfully growing your business

on Tuesday, 25 February 2020. Posted in Finance

Small businesses have not had it easy. Brexit and the resulting uncertainty have made things difficult for many small business owners and leaders, who have not felt secure enough in the future trading environment to make effective decisions.

Secrets of successfully growing your business

Small businesses have not had it easy. Brexit and the resulting uncertainty have made things difficult for many small business owners and leaders, who have not felt secure enough in the future trading environment to make effective decisions.

With under a month to go until the new Johnson administration lays out its Budget plans, and the UK’s official exit date having now passed, change is on the horizon for small businesses. But it is vital that business owners now make the most of this relative stability and take steps to help their businesses flourish.

In February, Intuit QuickBooks hosted a roundtable event with ten business leaders, including Former Apprentice finalist Claire Young, founder of the School Speakers agency, and Pip Murray, Founder of nut butter brand Pip & Nut. They explored the barriers and opportunities that exist around starting and growing a successful business in today’s climate.

Here, we share the three most important pieces advice coming out of the roundtable. 

  1. Bite the bullet and hire employees

New research commissioned by QuickBooks Payroll suggests that 40% of businesses with no employees say they definitely won’t ever hire any employees. The research also found that 28% of senior decision makers say being able to afford to pay employees month in month out is a large barrier to hiring someone new, and 21% are worried about them being able to do the job.

But despite the fear - of failure, of responsibility, or of ceding control - to grow your business it is vital to make hires. To grow a successful business you need multiple hands on the wheel, to nurture exciting new ideas and dovetail your combined experience to get the best possible outcome.

  1. Consider your first employee carefully

The QuickBooks research found that one in ten people plan to make their first ever hire in 2020, making the important transition from one-man-band to boss for the first time.

When making the decision to make your first hire, you must remember that this is not just any employee – this is your second-in-command. You will need to hire someone who is prepared to do the work that needs to be done, not what they think someone in their role should be doing. This is going to be a flexible role that will likely include everything from sales to everyday admin. Pick someone who can complement your skills, but don’t pick someone who wants your job.

  1. Utilise software to simplify your administration

One of the first things small business owners should consider when making a hire is how they will manage resulting administration in areas such as payroll. For those just starting out, this can seem like a complicated process but fortunately, software solutions are available to help meet business’ payroll needs.

Digital transformation has brought about cloud-based payroll systems, which can be much cheaper than outsourcing, and save time and headaches compared with manual processes.

QuickBooks provides easy-to-use payroll software that fits every business, from those with simple payroll needs to those with more advanced requirements, such as access for employees via a dedicated portal and the ability to automatically account for benefits like pensions. Fully integrated with the full suite of QuickBooks software products, it is the perfect way of managing all of your business processes in one place. 

  1. Avoid burnout

Time off is of the utmost importance to new business owners and management, and it is easy to forget when you are caught up in the whirlwind of starting your business that you do need time away from the office.

Hire more employees, eliminate unnecessary work, delegate work, invest in software that can take on administration and finance tasks - in short, do everything you can to take the day to day pressure off you. Your job should be focused on looking after and growing your business, not the admin.

Holidays are vital. Take that long weekend away and ban yourself from compulsively checking your emails. The secret to success is keeping your brain in tip top condition, to allow you to work at your best whenever you are working.

  1. And finally: don’t overthink it

Starting a business is not so much about the final outcome as the journey; cultivating your idea and building it up into something worthwhile with the right people.

Make sure you enjoy the process, because really, running your own business should be excellent fun.

There are so many tools at your disposal these days to help make your business a success – make sure you utilise them as much as possible.

Whether it’s your first or fiftieth employee, QuickBooks Payroll is packed with features that take the hassle out of managing payroll. If you haven’t yet explored what QuickBooks can do for you, visit https://quickbooks.intuit.com/uk/payroll/ to find out more.

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