5 Tips To Prepare Your Business For Growth

Published on: 24 November 2023 Last Updated on: 04 November 2024

Every business owner recognizes themselves in tough shoes, and by best foot forward, they ensure quality and smooth business operations.

However, the process of operating your business with manual strategies is becoming outdated. The success and expansion of a business becomes a crucial factor for the owners, and more it sounds exciting –it becomes a daunting process.

To grow your business, you need to plan carefully and prepare your business well to identify new heights. There is no one-size-fits-all strategy. However, here are some practical ways that you can consider and optimize your business potential.

Here Are Five Ideas To Prepare Your Business For Growth

Read on to explore how to attract growth:

1. Assess Your Current Performance

Assessment of your business is one of the essential things that you have to consider as a first priority. Understanding your business strengths and weaknesses will allow you to analyze the current place of your business and how you can improve its performance.

This way, you will get valuable insights that will help in planning strategies for growth and expansion. The other benefit you can avail by assessing your business is to explore the right opportunities and work on the shortcomings.

2. Set Your Clear Goals

A successful business owner always has eyes on the bigger picture no matter how small the business they are operating.

The purpose of a goal is to give direction to the business owners so they identify how they can lead their business toward growth. So, when planning to grow your business, you need to set clear and actionable goals. You can take time to identify the desired outcomes and where you want to see your business in the coming years.

3. Explore Strategic Partnership

When you are planning to expand your business, considering collaboration with the right partners will be rewarding for your business. It will open new doors for you in the market by creating access to new resources and expertise. This way, your business will be able to experience competitive advantages.

But when you are looking for partnerships for your business, you need to ensure that these professionals align with your growth plans and comply with CTA reporting.

This will give you surety that your business will not be part of any illegal or illicit activities or source of income.

4. Embrace Technology

With the advancement in technology, it becomes crucial for businesses to take leverage from it and escalate desired outcomes. Technology and innovation in your business can transform operations by boosting the efficiency, performance, and quality of work.

To prepare your business for growth, you can identify the areas where you need to upgrade. You can look for the best software for automation to make business operations seamless.

5. Focus On Customer Experience

Growth can only happen when you boost sales and offer value to your customers. For this purpose, you need to offer your customers quality and meet their expectations. These two factors will let your customers stick to your business and always prefer your services when they will find the need.

So, keep their satisfaction as your main business motto to optimize the revenue.

Read Also:

Centralized Platform For All Your Healthcare Business Needs

Abdul Aziz Mondol

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

View all posts

Seven Benefits Of Hiring A Professional Bookkeeper

Do you constantly worry about numbers adding up correctly? In today’s fast-paced world, entrepreneurs want to stay on top of all money-related matters. They want to ensure the business has sufficient cash, capital, and profits available to remain afloat in the longer run. However, as the business grows, you hire more employees and acquire more customers, keeping track of finances and employee monitoring becomes challenging. Before you start falling behind and losing track of receipts, hire a bookkeeper. Bookkeepers can take over the responsibility of maintaining records for all financial transactions. They develop a system that organizes your sales, payments, expenses, costs, and debt, helping you make sense out of numbers. Precisely, you will get a complete set of accounting records, giving an overview of the company’s financial health. In turn, you can make more informed decisions based on financial data. If you are still thinking about whether hiring a bookkeeper is worth the cost, have a look below. Here we are unfolding seven benefits of hiring a professional bookkeeper. 1. Analyzes company’s standing: Are the business revenues spiking? Is rental expense consuming a massive chunk of profits? With a bookkeeper on board, you can find answers to all these questions. They keep a close eye on numbers to find out where your company stands financially. They simplify complex information by categorizing data to promote understandability. Moreover, you can also ask bookkeepers to prepare financial statements to understand the company’s financials better. In case they lag accounting proficiency and decision-making skills, encourage them to pursue higher education. Perhaps, they could look for a master of accountancy if they only have a bachelor’s degree. Alongside finances, they will be better able to analyze financial metrics. Hence, helping you figure out where you should invest money and cut costs. 2. Prevents errors: Undeniably, mistakes can be super costly. In addition to incorrect recording information, misreporting any income or expense can lead to hefty fines from the regulatory bodies. Likewise, mixing up different types of expenses and data entry errors can result in inaccurate financial records. Professional bookkeepers with a keen understanding of finances and numbers are less likely to make mistakes. They look into all the bills, receipts, invoices and record them into accounting software. At the same time, they organize all the data promptly, ensuring your books are up to date. 3. Identifies issues in cash flows: Sometimes, businesses are earning substantial profits, yet they don’t have sufficient cash available. As bookkeepers handle day-to-day recording of invoices and receipts, they have a good handle on your income and spending habits. They closely monitor how much money is going out of the business (outflows) and coming in (inflows). The minute outflows exceed the inflows; bookkeepers will alert the upper management about cashflow problems. Additionally, they can identify problems within the cash flow. For instance, if inventory holds a lot of cash, bookkeepers will suggest managers sell it to recover the cost. Likewise, if debtors delay payments, they will suggest the accountant negotiate credit terms with creditors. 4. Accounts for tax deductibles: Amongst all business tasks, paying taxes is every entrepreneur’s least favorite. After all, no one likes giving away a chunk of profit to the government. Surprisingly, a bookkeeper can help in reducing the overall taxable income. They work together with tax specialists and account for tax deductibles to ensure you don’t overpay taxes. From depreciation, travel to revaluation expense – they account for every cost to scale down the taxable income. Similarly, they provide interim and year-end financial statements to determine the company’s annual tax obligation. Hence, you can make decisions beforehand that can modify or lower the tax bill. For instance, if the tax policies are more flexible for C corporations, you can switch from limited liability to a C corp. Besides this, having proper records can help with the tax return filing procedure too. 5. Fosters business growth: Bookkeepers can facilitate business decisions about day-to-day business operations. They can forecast seasonal ups and downs, ensuring you have sufficient capital available when revenues are low. Similarly, they encourage managers to set some funds aside when profits are spiking. Greater awareness of spending patterns and sales trends can help entrepreneurs lower operating expenses. Hence, they can save money in the long run and invest it in business growth. Additionally, not having to worry about finances gives business owners enough time to focus on other core business operations. 6. Prepares business for an audit: Until you demonstrate non-compliance with tax obligations, your business won’t go through an IRS audit. However, you have to perform an internal and external audit to assure stakeholders that your company complies with accounting standards. Luckily, having accurate records prepared by a professional bookkeeper will ensure a smooth audit process. They would have correct records to support the income tax returns. At the same time, bookkeepers organize all receipts and invoices. Thus, the auditors can see all business expenses are legitimate. It will ensure you haven’t over or understated the profits or income, regaining investors’ trust in the company. 7. Helps in securing funding: Today, lenders need accurate records and financial information before giving out a loan. After all, they have to evaluate your repayment capability to ensure you will repay the loan timely. Bookkeepers maintain complete records, showing lenders that you know the company inside out. Similarly, they outline past performance to show banks and financial institutes that you have a solid financial history. In addition to gaining the lender’s trust, you might be able to secure a loan at a lower interest rate with flexible repayments. Conclusion: In a dynamic business landscape, bookkeepers can help you through all stages of starting and growing the company. They maintain records, organize data, and keep a vigilant eye on finances. They also preserve receivable accounts and prepare payrolls. Simultaneously, bookkeepers help companies lower taxable income by accounting for tax deductibles. Having a bookkeeper on board will provide more benefits and less stress while ensuring effective financial management. Read Also: How Businesses Benefit From Keeping A Text Message Record This Is Why Every Organization Should Invest in Job Management Software 6 Crucial Aspects to Consider Before Starting a Business

From Concept To Commerce: A Deep Dive Into The Ownership Of Shopify

The app developers placed special emphasis on creating a system that would motivate new sop-owners to open an online store for e-commerce. As a result, PHP programming knowledge is not necessary. One of the few systems that operates in a modular fashion is Shopify. The customer selects a pre-programmed layout and can add product images and content, as well as make additional changes. Shopify appeared to be gaining traction because of how simple it is to use, particularly for smaller enterprises. So, who owns Shopify? Let's find out. Who Owns Shopify? The headquarters of Shopify Inc., a multinational e-commerce company based in Canada, are in Ottawa, Ontario. The IT expert Tobias Lütke, who co-founded Shopify with Daniel Weinand and Scott Lake, is the company's founder. Their love of snowboarding led them to establish "Snowdevil," an online store, in 2004. But as a result, they realized that they couldn't advance rapidly because there wasn't a suitable software solution. The three of them decided to work together to construct their e-commerce platform. Other businesses wanted a piece of the new shop system because Snowdevils presented such a polished image. The three partners officially dubbed the e-commerce platform "Shopify" in 2006. When smartphones first started to gain popularity, Shopify wanted to be ahead of the curve and keep up with the latest innovations. In 2010, Shopify developed an application for the App Store in this manner. Shop owners can view insights and updates about their stores from this app. Shop owners can now check and prevent potential errors by having constant access to their shop. The owners of Shopify demonstrated to the world in 2010 that there are easy fixes available. There was a contest to see who could create the best online store and use Shopify most effectively. The Shopify Foundation offered the winners a mentoring program to help launch businesses. When it comes to answering the question of who owns Shopify, a whole new world opens up. The idea behind empowering shop owners to have an online shop with ease changed the world of business forever. Success Of Shopify Shopify's growth has been exponential over time. If you search on Google "who owns Shopify," you will find out how big the company is. This is how initiatives like Shopify Plus, which addressed big businesses for the first time, changed the game. As a result, there was heavy criticism of Shopify for the Shopify Payments. There will be additional costs if you do not use PayPal or Klarna payment options. However, it's crucial to keep in mind that Shopify provides excellent customer service. In 2019, the e-commerce platform was among the first to set up a live chat feature so that store owners could get free assistance and recommendations. Payments On Shopify You can use the built-in Shopify Payments feature or link your own payment processor to Shopify. Shopify charges a transaction fee for each online sale, which can range from 0.5% to 2% of the total charge if you use your own payment processor. If you use Shopify Payments, you are exempt from this fee. The flat-rate payment processing rates that Shopify Payments offers are based on your subscription plan. Using Shopify's retail store POS system and mobile POS app, in-person sales are also supported by Shopify Payments. You can use Shopify's integrated shipping label printing on any plan if you ship orders. With USPS, UPS, DHL, and other carriers, you'll get competitively low rates; additionally, your discounts get bigger with higher-tier plans. Every time you process an order and print a shipping label, shipping costs add up. When charges exceed a certain threshold based on your average shipping volume, your card will have to pay these expenses. On the other hand, there will be shipping costs for your monthly Shopify bill if you only ship a small number of orders each month. Pros Overall user-friendliness: Novices in rank can quickly deploy a stunning Shopify store, numerous sales channels, and order processing workflows in the morning, ready for sales by the afternoon. Competitive monthly fees: Entry-level plans have low monthly fees, while higher-tier plans have competitive rates. Safe technology: All technical details are taken care of by Shopify's fully managed platform. Smooth retail and mobile in-person sales: You can sell in person anywhere with fully integrated mobile and retail store point-of-sale features. Integrated product sourcing: Utilize Shopify's integrated dropship and wholesale networks to stock your store with little to no initial outlay of funds. Integrated email marketing: With just one click, you can increase sales with the help of automated email marketing and abandoned cart alerts. Limitless growth potential: Shopify hosts some of the largest brands on the internet and is equipped to handle both rapid and steady expansion. Cost: If money is tight, there are free or incredibly inexpensive alternatives to Shopify that you can use. Transaction fees: Every credit or debit card sale you make will result in a transaction fee if you choose not to use Shopify Payments. Cons The limitations of Shopify themes include their basic design, which makes it difficult to add advanced features and functionality without specialized coding. Reduced options for search engine optimization (SEO): When it comes to SEO, Shopify online stores are less advanced than WordPress platforms. Easy-to-use blog tools: In comparison to WordPress, Squarespace, and Wix, Shopify's blogging features are fairly limited. Other Costs The point-of-sale (POS) feature of Shopify facilitates in-person sales for mobile pop-up shops, services, market selling, and even multiple retail locations. Online sales, inventory, customer information, and business reporting are all seamlessly connected to POS-based sales. Every Shopify plan comes with free POS Lite, or for an additional monthly charge, you can add full retail checkout functionality: High-end Shopify Themes Although Shopify offers nine free store themes to its merchants, many sellers choose to use the premium themes that come with more customization options, specialty designs, and additional features. Over 100 premium themes are available in Shopify's theme store. Wrapping Up It's almost impossible to find an e-commerce platform that matches Shopify's level of simplicity and smooth integration with sales channels. Shopify's many selling opportunities and essential business management tools outweigh its few shortcomings. It includes basic SEO tools, limited store customization options, and simplistic blogging features. There is just no platform that compares to Shopify in terms of ease of use, sales volume, room for expansion, and cost for both new businesses and seasoned retailers. If you have thoughts to share or questions to ask about who owns Shopify, please leave a comment below. We would love to hear from you! Learn More About: Walmart 101: What Is Walmart Neighborhood Market? Magento vs. Shopify: Which Is Best For Your E-commerce Store? Operating Hours: What Time Does Walmart Customer Service Close And Open?

5 Office Organization Tips Every New Business Owners Must Know

Office organization is very important particularly if you are a new business owner. It requires conscious effort but it helps you to reach on top of the game. You must remember that staying organized is not a one-size-fits-all thing, what works for one may not work for you. However, one thing is for certain – organization requires consistency. Clean Out: Too much clutter, mess, and dirt in your office will distract you and can add up to your stress every day. Clutter happens because you are too afraid of throwing anything out, thinking that everything is important for your day to day life. Cleaning out your office from any unnecessary and outdated things is your best foot forward when starting out with your business. Of course, there will always be pictures, your favorite vacation memorabilia, and the likes. However, it is not always healthy for the eyes to see stacks and stacks of obsolete documents on your desk. It is outright distracting and while others are fascinated by chaos, a successful business will always be organized and free from office distraction. Search for new decoration and organization ideas which are available via Simply Maid to keep your office in tip-top condition. Only keep the important things on your desk like notepads, calendar organizer, computer, and some pens or pencils then set everything else you don’t need aside or organize them in a box and stash them in your storage room if you don’t feel comfortable throwing them out. Sort out Documents: According to research, an average person wastes at least four hours in a week searching for the document, they need from their filing cabinets or stacks on the table. If you are a new business owner, make sure your filing cabinets do not have any documents that are not relevant to your current operation. Anything that’s more than a year old will no longer currently apply – most especially if the notes are hand-me-down notes from the previous owner of the business. Throw them out if you think these outdated files will not help your current business. Paper receipts aren’t really necessary in the digital era. Throw all paper receipts within the first months of your operation especially when you’ve audited them already. Alternatively, you can also scan these receipts for documentation purposes or take a picture of them on your smartphone. Take Advantage of the Cloud System: A cloud is an online storage system where you can keep your digital files. This means you don’t have to keep hard copies – soft copies nowadays will suffice. For instance, there are free cloud drives which you can use such as Google Drive, Dropbox, and Box. If you upload your soft copies of important documents on the drive, you are protecting these files from getting lost and at the same time be able to access them anywhere, anytime. Take Care of Legal Issues: It is a must that you have trusted tax advisor, bookkeeper, and even attorney. When you’re a new business owner, taking charge of your own operation is a requisite but you won’t be able to handle this on your own. You need the help of others – advisors or otherwise. Any legal issues that will arise in the future can become your worst nightmare if you did not tie these loose ends ahead of time. Finally, give yourself a lot of space where you can think with utmost clarity with your mind. It is only then that you are truly organized that will pave your way to success. Read Also: 5 Reasons Why Your Business Needs A Lawyer Necessary Spaces To Include In Building Your Office 9 Cool Things Every Marketer Should Have In Their Office Staying Safe In The Office: 8 Workplace Safety Tips Everyone Should Know Resolutions To Help The Small Business Owners To Avoid Being Bankrupt

5 Tips To Prepare Your Business For Growth