Advice for creating a self-sufficient business

In startup mode business owners will have identified the basic components of their business. What product or service will be provided and how they are going to provide them. Start-up plans usually require heavy involvement in the day to day operation of the business. In the initial stages this is a perfectly acceptable strategy, especially when the key focus is attracting and retaining customers.

Eventually the business will grow, building a strong client base which is able to keep the business afloat. Once this point has been reached it is imperative that the business owner sets clear goals for the future. Starting to take the necessary steps required if the business is to grow.

In a previous blog Monica (Chichester Accountants founder and business owner) identified the essential questions every business owner needs to ask themselves. To expand on this here is another area which needs to be considered.

Can the business run day-to-day successfully without your input?
Some business owners are perfectly content with being a sole-trader, wanting a small business that fits around their lifestyle without the administrative issues of having a large client base or employees. However, if they want to grow to a medium sized business it is essential to proactively consider any operational areas which need to be managed.

If a business is unable to run without continuous input from the business owner it will struggle to grow. As a company grows in size it becomes infeasible for one person to control all operations. Just imagine the CEO of any major corporation trying to run all the aspects of their business! It becomes essential to delegate responsibilities to others and let them manage aspects of the business.

It can seem daunting for business owners to release control of something they’ve been running on their own for a considerable amount of time. To manage this it is very important to make your expectations clear and attainable, closely monitoring any changes implemented for the first year or so.

Creating a self-sufficient business
Once the necessary systems and processes are in place business owners will find they have much more free time on their hands. It can be helpful to think of large businesses that have already achieved this type of growth and to understand why they’re organised in the way they are. Many successful business owners chose to delegate or outsource cumbersome tasks, or areas which they are simply not confident in.

Outsourcing or delegating can help ensure that the essential areas of running a business are handled on time and by professionals. All the business owner has to do is implement strong internal controls in place so that no important tasks slip through the net.

When it comes to your accounting and finances it is wise for time-poor business owners to delegate these responsibilities to skilled professionals (read more on this here). Any errors or missed deadlines can lead to unnecessary stress, fines and warnings from HMRC.

As a small business, hiring a professional accountant even part-time can be an insurmountable expense. However, here at the Chichester Accountants we provide you with the quality, care and commitment of your own accountant without the additional overheads.

Summary:


This blog was written by Alan Novitzki, assistant accountant at the Chichester Accountants. Get in touch with a member of the TCA team on info@thechichesteraccountants.com or call 01243 532490 to find out about how we can tailor our services to support your business.

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