What are the secrets of business success?

16 Mar 2023

Fran Johnson, Audit Partner, shares incredible insight from some of the North West’s leading small and medium-sized businesses following our recent involvement in the SME300 Roundtable event.

The SME Roundtable is hosted by Insider, a regional B2B media company, and invites some of the area’s leading small and medium-sized businesses to discuss various topics.

On the morning of February 2nd, we had the pleasure of joining JMW Solicitors in Manchester, who hosted a fascinating discussion on the secrets of success.

Business growth

Fran explains, “We started the discussion by hearing group members explain how they have grown their businesses; the responses were really interesting. Some had grown through acquisition, others had identified gaps in the market and altered their business to move into a new area, and some had completely diversified to capture an opportunity. This variety of paths demonstrates the range of options to consider when planning for future success.

Does the economic uncertainty provide an opportunity for some businesses?

“As the economy remains uncertain for many individuals and businesses, it was positive to hear that many companies around the table are still experiencing significant growth. Whilst we all agreed that there is uncertainty, the discussion considered how to grow in the current economic climate. Many believed the challenges would cause turbulence for other businesses in their sector, who may fall away or baton down the hatches waiting for the storm. 

Is now a good time to buy and gain additional market share?

“Given the opportunities, we discussed whether now is a good time to buy to gain additional market share. Whilst it is recognised that debt is expensive due to interest rates, there is still money available for investment. Funding opportunities are available for the right businesses, particularly from private equity.

“We have a variety of reliable connections in the funding space. We are happy to introduce clients who feel this is appropriate for their business. 

What should you invest in?

“Our final discussion was about our best investment of 2022. Since many businesses around the table are service businesses, the common answer was people. Whether investing in developing the management Team to build the next board or recruiting new people who can help diversify and grow the business. People were the resounding best investment of any business seeking success, and I couldn’t agree more. This is certainly our experience at WR, as our people are always our best investment.”

When opportunity knocks, make sure your door is not locked.  

In conclusion, despite the turbulence expected from the economy, business in the UK still sees opportunity. 

Business success can look different for everyone, but it remains true that opportunities can present themselves at any time. Identifying long-term goals to capitalise on openings as they arise is increasingly crucial.

Please get in touch with us if you are looking for support with your future ambition and would like to talk to one of our knowledgeable and reliable teams about your options. 

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