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How to Manage Success in Your Business

How to Manage Success in Your Business
Tuesday, September 11, 2018

Every business owner dreams of being successful, but if you’re not prepared, success can be as hard to handle for you and for your business as the leanest of lean months. Making sure you know what to look out for and what you can do to keep your business growing can be the difference between sinking and swimming – and that’s no exaggeration.

In this article, the Panthera team explain some of the negative aspects of rapid success and what you can do to make sure they don’t happen.

The potential downsides of success

It is important to remember that a short spell of success in your business does not guarantee that it will be plain sailing for the rest of your career. As you read in those investment adverts – “past performance is not a guide to future performance”. Here are some of the things you need to look out for when your business is doing particularly well:

Additional responsibility

Taking on additional responsibility comes with a wealth of benefits. You get to build your business towards bigger and better things, you get to explore your industry in more depth, and most importantly, you’ll probably get paid more as there’s more cash in the business.

However, responsibility does also mean that you have more on your plate at any given time. Or it could mean that there is more at stake in your role. If you’re not ready to take on too much additional responsibility, be aware of jumping in at the deep end when these opportunities are available.

Additional stress

One of the side effects of responsibility is stress. Stress can cloud your judgement as a leader, make every day harder than it needs to be, and reduce your performance overall.  The best way to avoid becoming stress is to ease your way into taking on more responsibilities that take you out of your comfort zone.

By gradually integrating more of these kinds of activities into your working life, you can acclimatise to your new environment at your own pace. When your business becomes very successful, it can be easy to become stressed, especially when you’re a one-man army.

Straining your workforce

If you are an employer, you need to be aware of the potential strain that success is putting on your workforce. They are just as susceptible to stress as you are, and for all the same reasons. If they are having to take on additional responsibilities because of how well your business is doing, they might have just been thrown out of their comfort zones.

The best way to combat this across your entire workforce is to make sure that everyone who has a specialisation is adaptable so they can help out whenever anyone needs them. By creating a support structure, you provide your staff with a safety net for when they are unsure about what they are doing in this new, high-pressure role they are filling.

How you can manage success

In order to avoid these downsides of success, here are a few ways that you can manage your business as you move through the good times:

Adapting to change

If it feels like success has swept over your business overnight, don’t be afraid to reach out to more people to help you. Your accountant, your IT specialist, and your HR department should all be by your side as you mould your new business to meet your newfound demand.

Monitor your accounts

Success usually means that you are getting a lot more engagement from your target audience and more often than not, you’re dealing with more customers. This poses a potential risk to your cashflow. If you’re used to a smooth, reliable cashflow, a surge in sales can mean that your cashflow changes drastically, especially if there’s a gap between providing a product or service and getting paid for it. The first thing on your mind should be to stabilise your cashflow so you know how much you have to work with when it comes to hiring new staff members to deal with your new customers.

Make sure you’re still generating enough profit

Another issue that many business owners face is differentiating between turnover and profit in times of heavy sales. If you have a lot more customers, make sure that you are keeping a similar profit margin to what you were working at before they arrived. If you have more customers but you are making the same amount of money, you’re taking on more responsibility for no additional reward.

Find success with Panthera

If you would like professional guidance on cashflow management, employee payrolls, and managing the success of your business financially, get in touch with our team. We help successful business owners up and down the country. For more information, call us on 01235 768 561 or drop us an email to enquiries@pantheraaccounting.com – we’ll be back in touch with you shortly.

What our clients say

For us, there is nothing better than a happy customer. Here are just a few that let us know how much we mean to them.

Pete Dungey

Simple, efficient and most importantly, hassle-free.

We found Panthera via our search for a Xero expert. We knew the software we wanted to use, and needed a forward-thinking accountancy partner who could get us up and running, and teach us the ropes moving forward. Tory and her team have always been on hand to answer our questions, and help us to grow as a business, particularly during periods of big change, such as becoming VAT registered. They are always on hand to alleviate any concerns and help to keep our records in order, which makes our year-end accounts an absolute breeze! Being based in Bristol, our relationship is entirely email based, alongside one consolidation meeting at year end - this keeps things simple, efficient and most importantly, hassle-free.

Pete Dungey Kaleido Grafik Limited
Anita van Eijndhoven

Talk Our Language

The support and service we receive from Panthera Accounting is very good. Everything from regular meetings, a prompt e mail response and the transition of our Xero software (which we find very pro active indeed) has and is all remarkably efficient. We find Panthera talk our language and make any process as painless and easy as possible.

Anita van Eijndhoven Quidne-IT
Ash & Tim Lane

Panthera brush aside the stereotype of the typical accountant

We got in touch with Panthera Accounting by way of a recommendation; we haven't looked anywhere else since. They are an extremely professional yet relaxed group of people. We were slightly daunted by the idea of accountants but Panthera brushed aside y the stereotypes. They are very understanding when answering any questions we may have. They are completely efficient, offer sound business advice, and are fantastically priced. We will continue to recommend them.

Ash & Tim Lane Starveacre Fencing
Jayne Johnson

An Asset to my Business!

The whole team at Panthera are great! Working with them has been a huge support to my growing business. They help me to understand the numbers I need to know. They give me technology solutions like Xero so that I can process things quickly and have access to my own figures. They are quick to reply, highly knowledgeable, nothing is too much trouble and as well as making sure that everything is compliant and on time, they are enthusiastic, professional and fun to work with.

Jayne Johnson Better People
John Baker

Absolute joy - they provide a first class service on every level

Working with Tory and the team at Panthera is an absolute joy - they provide a first class service on every level; from simple Xero issues through to more complicated tax enquiries, they’re always on-hand to help me get it right. I’m certainly not their biggest customer, but I’m always made to feel like their most important one.

John Baker BKR Solutions
John Castle

Professional and Friendly

I would like to say that Panthera Accounting have helped me with my business accounts for more than 4 years now. They have consistently offered an excellent competitively priced service that works both professionally and in such a friendly way that I would highly recommend them to everyone considering using their services.

John Castle Ilexanna Limited & Birch Castle Homes Limited
Jonathan Morrison

They are always there to answer queries and sort out issues

I had been with Mr Dunn for 20 years when upon his death Panthera took over the business. They now play a bigger part in the running of my business, they do all the stuff that has to be done but I don't like doing ie book keeping, VAT, wages, and returns. They are always there to answer queries and sort out issues and make sure all Tax deadlines are met. Their costs are fair, service is great and I have and would highly recommend them.

Jonathan Morrison Wallingford Builders
Pippa Scott

Professional, friendly and personal service.

Panthera Accounting have gone above and beyond the call of duty to guide and support our Company. They offer a professional, friendly and personal service that can take the stressful and sometimes frightening feelings out of running a business. They have guided us through the working of Xero and have offered “teaching sessions” on the day to day running of the accountancy package. Our only regret is that we didn’t join their team earlier.

Pippa Scott Scott's Commercial Services Limited
Sara Southey

Panthera puts the personal back in to accountancy!

Tory and her team have provided a friendly, approachable and helpful service from the start. They have delivered a quality service, above and beyond anything I could have expected. Panthera, with the help of the Xero package, have taken the stress, strain and confusion out of managing my company and personal accounts. I look forward to working with them for many years to come.

Sara Southey Bluestones Garden Design
Tracey Miller

Panthera are fantastic.

Panthera are fantastic. Always professional, going the extra mile for their clients and delivering superb service. I recommend them all the time to my clients.

Tracey Miller Bigger, Brighter, Bolder BBB

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