The recipe to business success and how to deal with it

Everyone dreams of that moment when they realise that their business is growing and succeeding.

It might happen overnight or be a gradual realisation but either way, you can celebrate this success.

But success comes with its own unique challenges and we have several tips for you to manage growth and success in the best way possible.

Remember your purpose

Why did you start your business? What gave you the motivation to carry on when it was difficult?

By remembering these things and re-evaluating your goals and objectives, you will be able to make decisions and adjust plans with that in mind, including how you invest in your future.

Plan for change

Despite how much you think you may have planned for success, the reality can be even more demanding than imagined.

It will be useful to prepare to change your routine or prioritise new things as you adjust to increased demand from customers.

Look to the future constantly and try to plan out what will benefit you both now and potentially months/years from now.

Your strategy and knowledge of your business are key to maintaining that growth because no one knows it better than you do.

By doing this you should have a better idea of the costs involved in achieving your goals and be able to plan how you finance them.

Expand your team

There is no harm in realising you may need more help to maintain your business’s success.

New members of the team will allow you to prioritise the things you need to while trusting that everything is still being taken care of.

It is also important to admit that you might not be the expert on everything. Employing someone who has vast knowledge in a certain area will be highly beneficial in the long run and allow you to continue working on the areas you know best.

The UK is currently experiencing a skills shortage, so it is important to consider how you will remunerate and reward them, as this could have a big impact on the cost of running a business.

Prepare for highs and lows

It can be easy to get caught up in success and not be prepared for a slight decline again.

This can make you feel insecure in your business again but always remember to learn from the positive and the negative moments in your business.

Although business growth may not come from these low times, growth as a team and as individuals is always possible.

Seeking expert advice regularly is a great way to keep your plans on track and help you to build resilience for the more challenging periods of running a business.

For advice on growing your business, get in touch today.

Blog right caret

Adapting your business plan for the summer


Tax implications to consider for business owners when paying themselves 


Research and Development tax relief changes 


Business right caret

Small business confidence dips ahead of new customs controls coming into force

Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.


Large number of businesses looking to recruit more staff

It is perhaps a sign of confidence returning to the UK economy that a significant number of British businesses believe they will be recruiting staff over the coming year.


Spring Statement 2022 summary

Mr Sunak found himself addressing MPs against a background of crisis, with the residual impact of COVID, the invasion of Ukraine and the cost-of-living crisis all affecting the economy in different ways.


Cloud right caret

Cloud-powered accounting: Advancing beyond traditional cloud accounting systems


Compliance right caret

HMRC asks sole traders to correctly report SEISS grants or “repay in full”

Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.


Making Tax Digital – what you need to know ahead of 2022-23

From April 2022 all VAT-registered businesses need to comply with MTD for VAT. MTD applies to taxpayers who file Income Tax Self Assessments for business or property income of more than £10,000


Real-time online sanctions tracker to assist importers and exporters

Any business involved in international trade, whether importing, exporting or part of the supply chain supply to those firms, is faced with a rapidly changing regulatory environment.


Economy right caret

Small businesses call for Government support to tackle climate change

According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.


Hospitality bosses develop new strategies to cope with staff shortages

Hospitality business owners have responded positively to the staff shortages caused by the pandemic, by increasing wages and implementing improved staff retention strategies.


Everything you need to know about the new WTO Services Domestic Regulation

New World Trade Organisation (WTO) rules are set to cut the cost of global trade by billions of pounds every year, it has been announced.


SME right caret

Adapting your business plan for the summer


Research and Development tax relief changes 


Late payments – why they are so damaging to small businesses and how to deal with them


Tax right caret

Understanding tax obligations for charities


Navigating estate planning and Inheritance Tax: what you need to know


Tax considerations for small business owners: Sole traders vs limited companies 


Tax Planning right caret

Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal

Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.

Tax Planning

Be aware of tax liabilities if you are using cryptocurrencies

For those who have dabbled in the market, its important for them to understand that there may be tax liabilities with Captial Gains Tax and Income Tax, with any transactions whether with currency or other crypto assets.

Tax Planning

Did you use a Bounce Back Loan to cover personal expenses during the pandemic? Act now to avoid tax consequences

If you received a Bounce Back Loan (BBL) during the coronavirus pandemic and took the cash as drawings, there may be additional tax consequences.

Tax Planning