After a recession last decade, business development starts to rebound
Developing a business, which includes acquiring new customers and moving into corners of your industry you haven't explored previously, is a major challenge. It requires time, effort and a great deal of innovative thinking. It's also highly dependent on things that are beyond your control. For example, how is the economic climate faring around you? Your developmental efforts will only succeed if there are customers nearby willing to spend.
Things are looking up, and growth opportunities are abundant again.
At the end of the last decade, we witnessed a global financial slowdown which halted development for many businesses. Now, though, things are looking up, and growth opportunities are abundant again. The ripple effects of that are clearly visible.
Newfound interest in accounting services
During the late 2000s, there was a noticeable dip in the global economy, and this meant there were fewer opportunities out there for business development. In 2016, however, that is much less of a problem, as companies are starting to generate more revenue and discover an increased appetite for expansion.
As that happens, we're seeing a newfound high level of interest in wealth management. Research from IBISWorld indicated that business accounting services are now a global industry generating $19 billion in revenue each year, and that figure is still increasing at a rate of 2.1 per cent compounded annually. Now that opportunities for growth are plentiful, companies are eager to invest again.
Today's climate encourages development
We've entered a new economic climate, and it's one in which small business growth is no longer stifled. On the contrary, it's encouraged.
Fast Company noted that in 2016, there's a new tax cut designed to encourage small business development – small employers will now begin paying 1.5 per cent less than they did in previous years. The hope is they will take those savings and invest them into further growth and job creation.
In this new climate, with more money to spend and seemingly infinite growth opportunities out there, it's time for companies to devise new growth strategies.
Chartered accountants can help your business
To move your small business forward, you need to have chartered accountants on your side with the foresight to make informed decisions about your future. At Wilson Porter and Associates, that's what we have to offer. We have a team of not just accounting specialists, but strategic planners with a clear vision.
The key to development is to set real, attainable goals for the future and map out a pragmatic plan for achieving them. Our team will find the key performance indicators you need to be tracking, help you track them and thereby guide your business to the next level.