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In a recent article, the Business.com website started the new year by offering simple steps to grow a business.
The first step is having a clear plan of what you'd like to achieve. A simple, measureable plan should include what you want to achieve, and the actions you’ll take each quarter and month to get there.
The article then recommends focusing on cash flow, pointing out that most small businesses don’t have decent cash flow management systems.
Many small businesses also don’t have monthly management accounts. Year end accounts are only useful to determine the profitability of your business and how much tax is to be paid. A monthly system will help manage the business during the year.
Beyond the paperwork, Identifying the customer is also key. Most small businesses want to grow their customer base, yet many do not have strategies in place to attract new customers. Keeping up with the new strategies and tools to attract customers is key.
Read the article here.