Growing Your Startup

Starting your own business is a significant milestone for your career path. Still, you don’t want to stay operating as a smaller enterprise forever, do you?

You have ambition, but the real question is, what steps can you take to grow your startup business and push it to the next level?

We believe in nurturing and growing startups like yours. That’s why we’ve put together some useful tips on growing your business.

Focus on the finances

Businesses of all sizes need to closely monitor their bottom line, and growing your startup is no exception.

Wherever possible, you should be saving as much as you can so you have an extra reserve on top of your budget. This will help you pay for things you may not have accounted for in your forecasting or if an emergency happens.

A solid bookkeeping system is one of the best ways to keep your financial health in check. Managing your balance sheets, profit and loss, and income statements are crucial if you want up-to-date information on your finances. We provide high-quality bookkeeping services for businesses like yours, ensuring you stay on top of your income and expenses.

Finding the funding

Being sensible with your business’s finances sometimes isn’t enough. You may need to source funding from outside investors, or perhaps even lenders.

Before making any decisions or approaching anyone for funding, you’ll need to ensure you have a strong business plan which showcases how you plan to meet your financial goals. Furthermore, you’ll have to make the most out of your cost and cashflow forecasting to ensure you can repay any potential loans or provide a return on investment.

Outsource working processes

While hiring a familiar in-house team has its benefits, you could find it easier and cheaper to outsource some of your everyday administrative tasks to an accounting firm.

Payroll, for example, would be perfect for handing over to your outsourced accountant. Rather than hiring someone, putting them on your PAYE system and paying employers’ National Insurance contributions (NICs), you could pay a set fee for an accountant to do it all for you. Also, you can pick and choose when you need your accountant, so no hiring or firing is necessary.

Having an experienced accounting firm by your side will come in handy for any advice you may need regarding your taxes or accounts.

Expand your services

One great way to continue your business’s growth is by exploring opportunities to expand your services for your existing clients and customers. By now, you’ll probably already have some regular and loyal clientele, meaning you have already established credibility with them. This would be the perfect time to add additional products or services to your catalogue and increase your income on return custom.

You may also find yourself picking up new customers through word of mouth or advertising new services.

Make the most of tax reliefs

There are a number of Government support packages available to smaller and growing businesses. Ranging from investment allowances to business rates relief, you may be able to reclaim some of your operational costs or the expenses on new equipment and machinery.

If you work in the tech industry, you may be eligible for R&D tax relief to help you recover some of the costs associated with work you’ve carried out in previous years.

We’re here to help in Growing your Startup

If you want to push your startup even further, there are many different steps you can take to get there. Many of these will focus on boosting your business’s finances, which is why having Atreus by your side could be the best way to hit your targets.

Contact our accountancy team to discuss how we can help grow your startup.