Sydney Small Business Accountants Suggests Business Pruning for Better Growth
It’s often quite amazing how ideas and thoughts come to us when we least expect it. This week I was out in my garden doing the annual rose pruning when I was inspired to write this blog post. Pruning a rose involves cutting back the summers growth right back to the solid wood, leaving just a new bud or two to kick off the new growth in the coming spring. By not undertaking this process new growth is only built on top of already spindly branches, therefore weakening the entire rose bush. It then becomes an unsightly mess of tangled drooping branches, rather than roses blooming in upright positions pointed at the sun. How can we, as the small business accountant in Sydney, take this as an inspiration?
In small business we often take the approach that any new flower is a good flower, any new source of income is a positive. Those wise enough to know better appreciate that this is not the case. Adding many products or services too quickly can spread your limited marketing resources too thinly, result in confusion among your customers about what your small business stands for and actually diminish rather than add to your businesses long term growth. A much better practice is to develop a clear brand focus and only sell a limited number of products/services that align with your core focus. In doing so, marketing campaigns will create synergy between your market offerings and the marketplace will have a clear perception of your brand focus, leading to better sales when executed with purpose.
Growing businesses will often feel the need to take on all new leads that come their way as new clients. Know your core and only build from that, don’t spread yourself too thinly. Taking on leads that do not fit with your core business model will only serve to distract you from the clients you really wanted in the first place, resulting in poor customer satisfaction and a potential loss of repeat business. Everyone you meet is a potential client, but only a select few are clients that you want. Despite being quite difficult, saying no to potential customers can actually create a better business. Know what you do and do it well. If someone asks you to deliver a product or service you don’t currently offer be cautious about saying yes and ask yourself does this fit our business model, if not, a polite no is the only reply you should deliver.
For more information on how to grow your small business, or prune your roses, why not get in touch with us here at mas accountants. Serving as the small business accountants in Surry Hills, Zetland and Sydney wide, we are the original accountants for small business in Sydney for over fifty years.