Stock markets are becoming more optimistic. Employment figures continue to improve.
Does this mean that things will get better in a foreseeable time scale?
Perhaps, but improvement overall does not necessarily mean better for your business. It depends on how you’ve been riding the storm…
Some companies have grown during the recession. They have provided foundations to support growth and can capture future opportunities. On the other hand, some companies still exist only because they have made cuts and consumed all their reserves. The next few years could well be tougher, not easier, with the opportunity to take advantage of any growth limited by cash flow.
Take these steps to better your chance of growth in the coming years:
Assess your organisation – Ask yourself whether you’re comfortable that you are fit to thrive in the next few years, whether they are years of economic stagnation or growth. Are you taking steps to build that foundation now?
Cash is the key to survival – Review your balance sheet. It could reveal opportunities to release cash. Reducing inventory and work in progress creates a one-off release. Cash releases can be achieved through improving net margins, processes, cycle times, yields, or your services and products so you can improve prices (or reduce the downward price pressure).
Use improvement schemes – GrowthAccelerator is designed to help growing businesses and offers up to £7,000 of help for a much smaller contribution from the business.
For manufacturers, MAS (the Manufacturing Advisory Service) is offering help to improve your business by contributing up to £7,200 each year towards external help.
We’ve seen many cases where an independent view on a business has either helped keep it afloat or taken it from stagnation to growth.
For more information on growing your business, contact us on firstname.lastname@example.org.