Previously, we discussed how to turn your business fortunes around with simple growth hacks that can be applied to businesses across all sectors. As specialist accountants for various industries including creative media, we know that our clients are facing different challenges unique to the industry they’re in. In this post, we examine eight ways creative SMEs can better position themselves for success and business growth next year.
1. Know your competitors and yourself
As Sun Tzu once said, if you know your enemies and know yourself, you will not be imperilled in a hundred battles. To achieve business success and better position your creative agency for business growth, analyse your business’ strengths and weaknesses and see how they can work to your advantage.
2. Use cloud accounting
Cloud accounting software can help to streamline your business, and with the Making Tax Digital scheme deadline approaching, there’s never been a better time to get acquainted with the software. A cloud-based accounting software such as Xero can help with everything from managing projects to keeping your payroll sorted.
3. Retain your staff
The UK’s creative industry is growing at a fascinating rate. Recent figures from the Department for Digital, Culture, Media and Sport (DCMS) show that the creative industry has grown at nearly twice the rate as the economy since 2010. Additional research also suggests that job-hopping has become an acceptable norm in the UK. Although retaining your staff is the priority, it pays to keep this in mind when you do your budget – factoring in recruitment costs can be a wise move.
4. Focus on long-term strategies
Focusing on short-term success rather than playing the long game is a common trap that many entrepreneurs fall into. To be successful, you need to create a detailed and thorough business plan for the future and be prepared for any changes in the industry or market.
5. Never stay still
The creative industry is notorious for being fast-paced. Styles and trends can be popular one day and outdated the next, so it’s important to be aware of how potential changes will affect your business. Being able to adapt and ride with the changes are key to growing your agency.
6. Set milestones
The stereotype is creative people aren’t organised, but everyone can learn to appreciate structure if it benefits the company. As an owner of a creative agency, if you have a team of highly creative people who are disorganised, you know it isn’t going to work because projects need to be managed well and delivered on time. To help your team focus, remove distractions and set milestones – and make sure your team follows them – so the company can continue to grow.
7. Keep customers at the centre of it all
Sometimes, the best way to achieve growth and success is to start with existing customers instead of finding new ones. Find out what your existing customers like and dislike about your business and improve it. This will increase the value of the service your creative agency provides. Also, when customers realise that you’re listening to their feedback, they are more likely to continue engaging your services.
8. Keep an eye out for partners
Partnerships can be tremendously useful to a creative agency because it can bring new ideas and knowledge that your company needs to grow. For example, a traditional design agency partnering with a UX company means both parties have now increased their customer base and able to service both online and offline clients.
Working with Berley
As accountants for the creative industry, we’ve been consulting with creative entrepreneurs over the past 20 years on how to grow their business, and we’ve learned a lot about the opportunities and challenges they’re facing. As small business growth specialists, we can help you position your creative business for business growth and success, so talk to us today on 020 7788 8261. We’re excited to hear from you.
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