Businesses outline their focus for the year ahead

With the new year and a new decade now well underway, businesses across the UK are hard at work delivering their strategies for 2020 and exploring opportunities for growth and retention.

We invited a few Citibase customers to share what they’re focused on for the year ahead as well as provide some insightful advice for entrepreneurs who are taking the plunge and starting their own business this year.

Taxswag – Citibase Cambridge

Focus for 2020
Systems and business growth.

In order to grow a business effectively, systems are paramount to efficiency and a productive work force ending with satisfied customers.

Advice for new SMEs
Our top tip for SMEs starting up is – numbers. Weekly, daily. Not after your year end when the accountant gives you an out of date report. Know your numbers, review the numbers, make a plan. Budget for real life and actual dramas as these parts of business aren’t predictable and therefore must be foreseen. Get connected, expand your network refer your contacts who can be a great support network and can also kick back referrals to you. If you work alone, it’s stops you feeling isolated when business becomes overwhelming.

At any point in business, things can change. So you’ve got to be resilient and be prepared to face challenges even if it takes you out of your comfort zone.

Always remember why you wanted to start up and ensure your values are aligned along the way! It’s not just about the money.

Orion Heritage – Citibase Brighton

Focus for 2020
Establishing the nature of our market now our construction/property developer clients are stabilizing their affairs after Brexit uncertainties. Maintaining our tight hold on credit control and due diligence checks on our clients to mitigate financial risk in view of the potential knock on effects of Brexit on our clients or our subcontractors. Needless to say, building on our client relationships now they are ready to increase opportunities.

Advice for new SMEs
A good accountant is vital from day one when you’re thinking about setting up. It’s beneficial to have first-hand guidance along with a user friendly accounts system such as Xero which allows daily control of accounts (little and often) and logging and scanning of receipts and invoices so accounting is not a burden. This will allow you to get on with providing your service and building/ maintaining relationships with clients to ensure repeat business and referrals, which is key. Speak to your accountant about what accounting systems they recommend and move to it.

360 Apprenticeships – Citibase Manchester Old Trafford 

Focus for 2020
360 Apprenticeships are focused on growing their team of five to include an additional three to five people and providing them with more structured KPI’s that support daily, weekly and monthly goals. Attention will also be given to improving the current systems in place to ensure a more effective workflow.

Advice for new SMEs
There are no ‘get rich quick’ schemes, it’s all about hard work and commitment to your business. Find a niche in the market and be a company that offers a unique proposition. Start of with a realistic size team and grow as and when your business requires.