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Is your business ready to grow?

Is your business ready to grow?
4Feb2019

Recent commentary suggests that 2019 will be the year we put the recession behind us, which presents the perfect opportunity for businesses in WA to grow. Have you taken the steps to prepare your business for growth? Here's what you should be doing now to make sure you're ready to launch.

After a long, slow couple of years, WA is starting to show signs of recovery with a lot of commentary suggesting that 2019 is the year we put the recession behind us. Fantastic news that the outlook is positive, presenting the opportunity for WA businesses to grow.
 
Whilst this is great to hear, it’s important to consider whether your business is ready to grow, and to take steps now to ensure you’re set to go when the opportunity of growth presents itself. Preparation is the key is you wish to stay ahead of your competitors.
 
How quickly can you scale your business when the time comes? We’ve addressed a few key points to help prepare for growth.
 

Staffing

Do you have a strong team? Good quality team members are a lot easier to find in this current market condition than what they will be should the WA economy move into a growth window. Make sure your team is strong and you have the capacity to expand these resources quickly if the opportunities present themselves.
 

Working capital

How has your balance sheet finished up after the last few years? Make sure your business has access to capital well before you start to pitch for new work. Our finance brokers at Carbon Finance can help with this if needed.
 

Tendering/proposals

Whilst the market isn’t at its peak and you have some capacity on your hands, take the time to fine tune your client proposals. Pay close attention to how they look and feel so you stand out when you get the chance. If you don’t have the skillset to create these yourself, consider outsourcing to a graphic designer who may be able to create you an editable document that looks professional but can be easily modified on a per client basis. A professional proposal sets the standard for the work your prospective client can expect to receive.
 

Cloud-based systems

Use the remaining “downtime” to get your internal systems up to scratch and make sure your team is proficient in them. This will help you execute fast and accurately and stay ahead of your competitors when you need to. With the rise in popularity of cloud-based software, a lot of manual tasks can now be automated, freeing up your time to spend elsewhere in the business. Conduct a review of your systems and processes and consider if there is a program on the market to automate any manual tasks.
 
Exciting times ahead if these growth opportunities do arise. But at the same time, take the steps now to ensure your business is ready to launch once the economy. For any ongoing advice when it comes to business growth, our team at Carbon Accountants are ready to take your call.
 
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