Having clear goals, getting the right systems in place, and investing in your branding are three key areas to get right if your business is to grow, according to Prime Partners director James Carey.
Tyro is offering up to ten $25,000 grants to Australian businesses with the most innovative ideas [and who join Tyro and start using Tyro EFTPOS Banking]. We asked James what he would do with such a grant. His three recommendations are:
1. Invest in an action plan
“Most SMEs are too busy running their business and often don’t put time aside to think about what their goals are and where they want their business to go,” he said.
“By investing time and money in a properly facilitated planning session, they will get an action plan for the next one, three, and five years.
“If they want to make sure it’s effective they should follow it up with externally-chaired quarterly accountability sessions to hold them accountable and keep them on track.
2. Get the right systems in place
“Digital disruption is increasing at a rapid rate with businesses resistant to change likely to be left behind. Look at the different systems, software and technology that your business utilises. Are there more efficient options that other similar businesses use?
“Do you have all the systems you should? For example, most small businesses we see do not use a Customer Relationship Management system. You may not need Salesforce, but you do need something.
3. Invest in your branding
“Most small businesses don’t put much effort into their branding, but this is the image they present to the world. Does your branding reflect what your business truly stands for?
“Is it consistent across your digital, print, and physical spaces? Does your website need a refresh? Invest in a consultant to help you shape your identity and develop a brand that attracts your ideal customer.”
What would you do with a Tyro Smart Growth Grant?
Up to 10 businesses will each be granted a $25,000 Tyro Smart Growth Grant. To be eligible, you’ll need to sign up for Tyro EFTPOS Banking, start paying bills using the Tyro App, and submit three innovative growth ideas.
For more information, check out the Tyro Smart Growth Grant 2016 here. Applications close November 15, 2016.
James Carey is the director of Prime Partners Small Business Chartered Accountants.