The Bank of England (BOE) recently held interest rates at 5.25% and warned that the restrictive policy will remain for an extended period, despite the bleak economic outlook.
BOE forecasts suggest the UK will not get to the 2% inflation target until the end of 2025, with a figure of 5% predicted for the end of this year.
Their forecasts also predict that output will remain stagnant in 2024. However, the Chancellor, Jeremy Hunt, remains more optimistic and was quoted as saying that the UK economy has remained far more resilient than many expected.
Clearly things are changing rapidly, and it can be difficult to maintain a sense of control, but the most successful businesses we come across have determination to keep going, and the ability to persevere and adapt as a result of sound planning and tight grip on their finances.
A tough economic climate does not mean that you cannot grow your business, if this is what you want to do; doing so is all about having the right mindset and the right tools in place to help you achieve your objectives.
A strategy for business growth
A growth strategy starts with identifying and accessing opportunities within your market and should address how your company is going to evolve to meet the challenges of today and in the future.
A growth strategy gives your company purpose, and it answers questions about your long-term plans.
Having a strategy for growth can be really important for giving a business direction and keeping both owners and employees focused and aligned.
Here are five things we think you should be considering, if you are in a position where you want to take your business to the next level:
- Think long term – invest time in understanding where the market that you operate in is going and what this means for your customers. Short term decisions, whilst necessary, do not always count towards your long-term goals.
- Having a good value proposition is essential – this states the relevance of your product or service, what it does, and why customers need it. What is yours?
- Expanding your reach – who is your target customer and what do you need to do to let them know you exist and that your product or service is relevant to them?
- Growth means new people, systems, and (maybe) different ways of doing things. Grow at a pace you can manage and involve your accountant in discussions about the future – we have years of experience supporting businesses to scale sustainably.
- How will your marketing communicate your value proposition to relevant customers?
How can George Hay help?
With the ability to tailor a package of support that spans multiple aspects of your business, we can help you to sidestep challenges and to create a successful, streamlined operation that is poised for growth.
If you would like to talk to one of our team of chartered accountants and business advisers, in Hertfordshire, Bedfordshire or Cambridgeshire, about formulating plans for expansion, contact us today.
