Things to consider before you scale your business
Small Business Guides
5 min read
In today’s connected world, we are seeing a growing importance for small businesses to scale operations both regionally and internationally, and technology empowers you to do just that regardless of your company size and resources. Thinking about expanding your business overseas? Here are key things to think about before you embark on your expansion plans.
Do you have a great accountant or bookkeeper?
An accountant or bookkeeper job goes beyond number-crunching and compliance work. The modern day accountant has evolved to become business advisor or even virtual CFO, where technology now gives them total visibility of your financial books in real time.
An advisor can point out pitfalls and opportunities along the way that many small businesses might miss, especially when you are dealing with the day-to-day hustling. These advisors can help you to grow, prosper and build long-term sustainability.
You can find an accountant or bookkeeper through the Xero advisor directory, which allows you to find an advisor based on the industries they serve and their experience with third-party apps that connect into Xero.
What's your relationship with your bank like?
There is a misconception that small businesses only reach out to the banks when they need extra liquidity. But a banking relationship is more than that. A strong one will allow you to be on top of your cash flow and is critical to accessing capital and funding your operations.
Today’s technology allows you to plug in directly to bank feeds with your accounting software. This means your bank transactions are automatically sent to your online accounting software, allowing you to match the payments you send and receive , so you have an up-to-date view of your financial health. Xero connects with DBS, HSBC and UOB in Singapore - find out how to get started by selecting your bank here.
Down the road, this integration can be a powerful tool to unlock financing. This basically means your loan application process will be significantly simplified and accelerated. Quick access to capital can make the difference between growth and stagnation, success and failure.
Have you maximised what technology can do for your business?
Cloud technology has changed the playing field for small businesses, by offering capabilities that used to be accessible only to large enterprises. In fact, small businesses have the advantage of being nimble and flexible when it comes to cloud technology adoption. With that, you can now run your business from anywhere and be digitally connected to your customers, your advisor, your bank, your suppliers, and government agencies.
By adopting cloud technology such as Xero to manage your books, you will achieve true peace of mind with better financial clarity and automation, and access to all your data, anytime, anywhere. This is key to empowering you with the knowledge to make well-informed decisions faster and spot opportunities for growth.
Scaling a business, be it locally or internationally, can involve numerous considerations beyond those listed above. But setting the right foundation will ensure that you can focus on business growth without losing control of the key components that fuel your expansion.
“Discovering that we could easily set up a Stripe payment link in our Xero invoices and the seamless linkage of Xero with our inventory management software was ideal.”
Our customer’s story: boxgreen
We spoke to our customer boxgreen, whose service has penetrated an untapped market for healthy office snack subscriptions. The startup has so far been overwhelmingly successful at delivering a slice of quirkiness conveniently to offices all over Singapore and are already setting their sights on overseas markets.
Read on to find out more about how boxgreen's founders - Walter Oh, Andrew Lim and Wong Weng Fai - are using technology from Xero to make their dreams of going global a reality.Read more