Owning a small business is hugely rewarding, but it does come with it's own set of challenges.
The majority of new small businesses sadly fail in their first year and after that if can be tough to juggle all the elements to achieve your business and personal goals.
Based on years of helping fellow owner managed businesses, we see the 7 biggest challenges of small businesses as:
Information overload and difficult to get the insights that matter
Problems understanding the accounts/numbers
Cashflow is a constant battle, as is access to the right funding at the right price
Unreliable financial insights
Failing to break down the big goals into manageable steps
No clear planning and 'willy nilly' marketing
Lack of expert support
Traditionally accountants look back on historical data and complete essential compliance work. However, this doesn't help identify areas of strength or weakness - such as cashflow issues that can seriously affect the success of a small business.
During the pandemic, we found that small business more and more small business owners were coming to us for help and advice. We completed furlough claims, helped with loan and funding applications , gave support on how to adapt and evolve through the pandemic and were an ear to bend.
This led to further development of our business growth programme and the introduction of providing all customers with a '7 Key Numbers' report that identifies very clearly where issues are before they accelerate. It also help identify potential cashflow shortfalls and how to get funding through our finance partner.
Through our partnership with Clarity as Silver Advisor, this all starts with our 7 Key Numbers Report which all customers have access to and is included in the monthly package.*
This essential starting point report helps business owners understand the numbers. From there, they can choose bolt on growth packages to develop step-by-step action and business development plans to build a better business.
Our new approach to delivering small business advisory services is based on a more passionate and personable way of helping you and your business. You will gain an understanding of the impact of your numbers and how to make them better, by knowing not only what’s possible for your business, but how to make it happen!
By focusing on our value as your trusted advisor and by understanding your business, we can help make sure your business thrives sustainably and profitably.
Get in touch for a no obligation chat about how we can help you.
*customers on a bookkeeping and accountancy package