Generate organic growth for your business

When it comes to launching a business, funding is often top of mind for many entrepreneurs.

After all, most start-ups require some form of financial backing in order to get off the ground.

However, it is important to note that funding is not always a prerequisite for success. There are plenty of businesses that have been able to launch and grow without any outside investment.

Retaining control

One of the key benefits of not having to seek funding is that you maintain full control over your company. This can be especially important when it comes to making decisions about the direction of your business.

When you take on investors, they will often have a say in how you run things – which can make it difficult to keep your original vision intact. However, when you are self-funded, you can make all the decisions yourself and keep your business true to its roots.

By avoiding equity dilution from investors, you will be able to reap a greater reward when it comes time to sell.

Make a plan

Many startups have ambitious plans for growth, but it can be difficult to achieve these goals in such a short time frame.

One way to increase your chances of success is to break down your growth targets into smaller, more manageable chunks.

This could involve setting quarterly or half-yearly targets, rather than trying to achieve everything in one go. Not only will this help you to focus your efforts, but it will also give you a better idea of whether you are on track to reach your overall goals.

Of course, it is important to review and adjust your targets as needed but breaking down your plans into smaller steps can help you to achieve the sustainable growth that you are looking for.

Working closely with an accountancy firm can help to keep you on track. Ultimately, the key is to find a planning strategy that works for you and helps you to achieve your growth targets.

Plan for the unexpected

As any entrepreneur knows, getting funding for your start-up is essential. However, you should be careful not to become too reliant on funding. For one thing, it can put you in a vulnerable position if your funding source dries up unexpectedly. Additionally, relying too heavily on funding can make it difficult to generate organic growth.

Try to focus on generating revenue from other sources such as government grants, private foundations, marketing to generate new leads, attending networking events. This will help to ensure that your business is sustainable in the long run helping you avoid any potential pitfalls associated with becoming overly reliant on start-up funding.

Keep overheads low

Any business owner knows that one of the key aspects to profitability is keeping your overheads as low as possible. This is especially true for businesses that are looking to grow organically, without taking on huge loans or outside investment.

One way to keep your overheads low is to make use of technology. For example, using an online accounting software such as Xero can help you track your finances. At McKenzies, we can help you with your initial set up allowing you to take control moving forward or we can provide a monthly service. Additionally, there are a number of free or low-cost online marketing tools to help you spear news of your products and services, such as social media and email marketing.

Another way to keep your overheads low is to be efficient with your use of resources. For example, implementing a paperless office system can help you to save on stationery and printing costs.

Working with an accountant to achieve your business goals

Regular analysis of budgets can help achieve your business and financial goals. This enables you to be more accurate when it comes to forecasting to keep you on track and make any necessary adjustments. An accountant can help you budget. By sending you monthly reports, you will see how your business performed against your targets. McKenzies accountants offer advice and guidance from setting up your business through to managing financial accounts.