How to Avoid Flying Blind During Rapid Business Growth
Small Business Guides
5 min read
Is your business experiencing a period of rapid growth, making you feel as though you lack full visibility of your financial status and business operations? Are you constantly on-the-move and jet setting for your business, and as a result find it hard to sit down, sort through your data and update your books? You are not alone. This is typical of small businesses that are undergoing a surge in demand, rapid business growth or an expansion. Gaining control and oversight over your business financials might seem like a huge task but addressing these key areas will lay a strong foundation for you no matter how busy things get.
Automate, automate, automate
Online accounting software has reinvented how businesses, and their accountants and bookkeepers manage finances. You can now invoice your customer, pay your bills and monitor cash flow all on one platform - on your laptop, tablet or mobile - with just a few clicks. Using technology to help you in this area will allow you to bridge the cash flow gap by reducing late payments and stay on top of your finances.
Today, accounting platforms such as Xero have established secure connections with banks and other financial institutions. This means that banks can now deliver daily bank transaction data automatically into Xero, receive payment instructions from Xero into the bank’s internet banking platform, for authorisation, and two-way sharing of data for lending assessments. You and your business advisors will now have access to up-to-date financial data and be empowered to make better decisions as you scale.
Automating the most mundane aspects of accounting will not only save you precious hours --allowing you to focus on growing your business -- but also gives you and your accountant a clearer, up-to-date view on how your business is doing .
Learn more about Xero’s easy-to-use online accounting software.
The human factor - hiring for attitude and passion
Having the right talent is key to any business success. Hiring for attitude and passion allows you to build an organisation with a strong culture that can adapt to changing business environments. People can enhance their skills and acquire knowledge, but they generally won’t change their attitude or develop a new passion overnight. With a self-motivated workforce, you will require fewer rules, effectively creating an autonomous workforce that is agile and adaptable.
This is even more pronounced in small businesses and startups where success is fuelled by the drive and passion of the founders and their team.
Once you onboard a great team, don’t forget to keep them satisfied and productive. There are numerous HR management apps in our marketplace that can help you empower your workforce with ease.
Customers at the heart of it all
Your business exists either to serve customers, address a pain point or improve the overall quality of life. With everything that you do, whether it is streamlining your business operations, automating processes or rolling out new products and promotions, it is important to always put your customers first.
Social media can be a friend in this endeavour, allowing you to listen to their feedback and tailor your offerings to best suit their needs. This way, your strategy will be one that is devised with the customers in mind, instead of flying blind.
Find out how to leverage technology to build real customer loyalty.
Remember your purpose
As your business scales, it is easy to lose focus on your original goals and vision. By constantly reminding yourself and the team of the greater purpose of the business, you will nurture a team of purposeful employees, and that is incredibly powerful. If you can get your people aligned, so they understand why they do what they do, your company can remain focused -- even at scale.
"Seeing our transactions from DBS flow automatically into Xero was like watching beer pour out of a tap. Beautiful."
Our customer’s story: Anywhr
The rise of e-commerce saw the birth of an unique travel concept devised by Anywhr, Asia’s first and only surprise trips curator that sends customers on personalised trips to less-travelled destinations around the world. The brainchild of co-founders, Zelia Leong and Felix Ng,who wanted to revolutionize the way people travel, their business soon experienced rapid growth, expanding from 0 to 20 employees in a year.
However, the quick growth of their business also meant that they found it difficult to keep up with their business accounting. Financial visibility and transparency became critical for them to function day-to-day, which was when they decided to turn to Xero. The decision to move their accounting online allowed them to get rid of manual data entry, saving the team 2-3 days a month!