Business Growth
As a leading Chartered Accountancy practice in Nottingham, we specialise in helping business owners make better decisions.
As an owner-managed business (OMB) ourselves, we understand the challenges you face. Our business consultancy service can help you navigate these problems so that you can steer your operations in the right direction.
According to NatWest and Beauhurst’s New Startup Index report, 9,000 new companies started in 2023, despite challenging economic conditions. This marks a 12% rise in new business and reflects our strong entrepreneurial spirit.
Why we love to work with Owner Managed Businesses
Each Owner Managed Business is unique and requires individually tailored financial management. We enjoy the challenge of problem-solving with you. Your passion and enthusiasm are contagious, and we get a big kick out of being part of your entrepreneurial journey.
We also champion and support our clients, using their services where possible, from our marketing to our team photographs.
You really care - From your dedication to your clients to your passion for your work and your wish to make a difference. You’re highly motivated and work hard. Like us, you will prioritise client relationships and offer a flexible, adaptable approach. People value the quality of your service, and you develop strong customer relationships.
You have more control – As an owner-managed business, you have more control, allowing you to make decisions quickly. Operational complexity from larger teams results in slower responses to changes. With a smaller company, you can quickly adapt to market conditions and strategically change direction.
You get it - As an owner-managed business, you understand the different parts of your business (you might even be doing many of the jobs yourself) from strategic planning to marketing to daily operations. This allows a strong sense of integrity and cohesiveness within your business.
Potential for growth - There is huge potential for growth, and we love feeling involved. Knowing that we were a small part of a business success story gives us a huge sense of pride.
However, every business owner faces significant challenges, from limited financial resources to significant pressures on their time and mental health.
Finances and accounting are among the hardest things to manage for a small company, but they are also among the most important areas to set up accurately. You don’t have to shoulder this alone, our management accounts service, we can support you every step of the way
“ Deep down, my clients know the decisions they need to make. Often, they just need to talk it through with someone they trust who can confirm that they’re doing the right thing. We love celebrating successes, clients turn up with all manner of gifts to thank us, but we’re also there when things get tough. “
We also offer business consultancy for medium-sized companies
Amongst the vast amount of research into how Brinckmann, Grichnik & Kapsa, who examined over 11,000 companies in 2010, found that planning benefitted existing companies even more than startups.
Growing a medium-sized business requires a very different type of aptitude and approach than the initial phase of business growth. Strategic mistakes can be made along the way, such as incorrect pricing structures, missed opportunities or a lack of awareness of market trends. These can cause established businesses to lose market share to their competitors.
“ Deep down, my clients know the decisions they need to make. Often, they just need to talk it through with someone they trust who can confirm that they’re doing the right thing. We love celebrating successes, clients turn up with all manner of gifts to thank us, but we’re also there when things get tough. “
Diversification can be an essential part of growth. It can help protect your business against economic downturns and industry shifts. It also prepares you for the unexpected. If the business landscape suddenly shifts, it means that you’re prepared and allows you a safety net. As we help hundreds of businesses, we know which areas have growth potential and how you could diversify.
Expansion is another way you can grow your company. However, a robust business plan is essential.
“ I had to adapt my strategy at various intervals, which wasn’t easy, but Nick was always available for a meeting when I needed his advice. “
We go above and beyond with our financial due diligence whenever a client is considering expansion; our in-depth, meticulous research helps to ensure that you’re making the right decision. We would never advise expanding if the numbers don’t add up.
Business Growth FAQ
What is Strategic growth?
Strategic growth is the deliberate and planned expansion of a business, from increased market share and profitability to overall organisational value.
By conducting a thorough analysis of market trends, customer needs, and your competitive landscape, we can assess your financial stability to develop a solid growth strategy incorporating factors like market expansion, product development, diversification, partnerships, or acquisitions.
What are diversification strategies?
Depending on the size and nature of your business, we can recommend various diversification strategies, but these need to be carefully chosen and implemented.
We’ve helped many clients expand into related products or services, enabling them to leverage their existing capabilities and market knowledge. We’ve also advised other diversification strategies, which have allowed our clients to enter new markets, either by adding new products or services or by entering new domestic or international markets.
We can also advise on Mergers and acquisitions, Strategic Alliances, and Joint Ventures. These can offer immediate entry into new markets while allowing companies to share resources, knowledge, and market access.
Are accountants' fees tax deductible?
Yes, our fees are a legitimate business expense that can be subtracted from your gross business income. This, in turn, decreases your business's overall tax liability.
What are the advantages and disadvantages of diversification?
There are various advantages of diversification, including:
Safeguarding revenue streams - Branching out into diverse products, markets, or services provides a certain level of security and resilience for your business. This alleviates the danger if one sector suffers a setback and ensures consistent, predictable revenue streams.
Growth opportunities – By exploring diverse markets or product lines, your business has more potential to grow.
Expanding market presence - Diversification can expand the recognition of your brand.
Tax incentives - Diversification allows clear tax incentives. From VAT recovery to offset against taxable profits by Group relief or through carrying back and forward losses, there are various ways we can help you reduce your tax bill by diversifying.
However, there can be disadvantages to diversification:
Diversifying into too many different areas can dilute your business focus, leading to inefficiencies which can affect the quality of your customer service.
If it’s not managed effectively, increased operational costs (however they come about) could lead to cash-flow management issues. Diversifying can also increase your stress levels as competing pressures demand your attention.
Therefore, if you are considering diversifying, it's really important to maintain your core competencies, regularly review your portfolio, and avoid commitments that put you under too much strain.
Together, we can create a comprehensive estate plan that provides peace of mind for you and security for your loved ones. Reach out to us for a free consultation.
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