You have the seed of an idea but no matter how good the idea is, you will need a good business plan with sound financial information and a strategy to make the idea become a reality. A seed needs fertile soil to grow just like most start-up businesses need funding, preparing a business plan not only allows you to see if the idea can be profitable but it also allows a bank or lender to understand your business idea and lays out clear objectives and strategies that will act as a blueprint for your success.
In order for plants to grow, you need sunlight, most plants do not thrive in the shade. In business, too many competitors or large brands in your sector cast shadows, reducing the proverbial sunlight to your business, therefore when choosing a physical location, or target market, make sure you have a clear understanding of the competitive landscape and where your sunlight is. Networking and engaging with the community around you can also give you valuable space to become established and gain more market share at a local level.
For plants, water is essential for life and growth. For businesses, cash flow is essential for life and growth. Too often, businesses fail because they don’t have the cash flow to continue to trade or grow. Cash flow is not the money coming in, it is the amount of money that you have after you’ve deducted all costs: goods, employees, rent, marketing, and other costs. A plant with no water dies very quickly, even if a monsoon is just around the corner.
Tending to your garden
Your garden, or business needs constant attention but you can’t do it all, all of the time. The individuals tending the plants and the employees maintaining the day-to-day operations of your business are crucial to success and growth. Your team or employees should be thought of as gardeners tending to the plants of your growing business. You need to make sure that your bring on the right team to tend to the garden; otherwise, you will still fail to grow. You need to make sure that you are concentrating on the right jobs within the growing process. Sometimes you may feel like you can do it all. In reality, it is better to focus on what you do best and have other people do the rest.
Harvest the rewards
A thriving garden will bring happiness to those who made it grow (you and your employees), bear fruit (profitability) and sustainable growth (repeat customers). Don’t forget to continue to nurture your customer relationship, your current customers “seed” new prospects for your business by recommending your company through testimonials and word of mouth.
Kingston Burrowes Accountants are not just interested in spreadsheets and tax returns. We are passionate about helping businesses succeed, if you would like help to grow your business, contact our team of gardeners now on [email protected] or call: 020 8912 2040