Three key considerations for running a successful business

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Richard McNeilly, Managing Partner at Dains and Mohamed Esat, Director at DAINSevolve, look at three key considerations for business owners.

Is your business operating efficiently? Do you know how the business is performing?

You may be forgiven for thinking that accountancy services only go as far as compliance work such as accounts and tax, but the accountancy industry has evolved significantly in recent years and by harnessing the benefits of AI and technology, business owners can improve their process, systems and reporting to become more efficient, focussed on driving the business towards its goals whilst having access to robust, reliable and real time information and insights to help them make better business decisions.

Now more than ever, business owners need the support to better understand the financials and keep the business on track to achieve its goals and aspirations.

We all know cash is king, but can you predict the future cash needs of the business to make informed business decisions?

Due to lack of time or resources, many businesses don’t know the state of their current cashflow, and this is a significant risk for business owners, often having to make critical decisions without the ability to predict and understand the future cash position of the business and identify when and what additional support you may need in the operational cycle.

The ability to predict and plan for future cash needs is crucial to the success of any business and having the ability to forecast those needs is a significant factor in the success or failure of any business.

Do you need support to help drive your business forward and achieve its goals?

As your business grows, the challenges start to evolve too and the needs of the business start to change, be they about attracting the best people, creating a market leading pay structure, or buying complementary businesses and raising finance. All of these challenges start to shape how you go on to create a remarkable business.

The process can be daunting and inspiring in equal measure, and it is crucial to have an experienced sounding board to share these challenges with, to ensure you have considered the impact on your business through a process of challenge and support. Entrepreneurship can be a solitary experience and the benefit of experienced counsel to share these challenges with, to ensure you have the right structure, right strategy and your team are aligned with the vision, is critical to the future success of the business. You have a great product or service, and you excel at what you do best – running and growing your business – but the support of an experienced navigator will help drive business owners towards success.

Dains launches DAINSevolve to support to business owner’s evolving needs

At Dains, we understand that success for every business is different but the key to success for many businesses is being ambitious, profitable, and efficient. Dains has created DAINSevolve to support ambitious business owners in a way that makes a tangible difference to the business and ensures that the help goes way beyond dealing with the statutory requirements of an SME.

I believe winning businesses know how their business is performing today; they understand their future cash needs and which customers are profitable and pay on time. They know what they do well and how they make a profit as well as how to identify and assess opportunities and optimise business performance which enable them to identify risks early and mitigate the effects.

With use of our Automate, Integrate, and Innovate methodology this will be a thing of the past. What we want is to empower businesses to succeed and to make them as efficient as possibly by using the right technology, the right people doing the right jobs at the right time.

Richard McNeilly, Managing Partner

Successful businesses have access to accurate real-time information to make decisions and pivot their businesses – robust and reliable information is crucial to understanding the impact of decisions and being able to foresee risks early on is imperative.

We live in a world where data and insights are available at our fingertips and that should be no different for business owners.

Mo Esat, Director of DAINSevolve

DAINSevolve provides an ecosystem carefully designed to provide growing, ambitious and entrepreneurial businesses, with crucial insights on the financial performance and position, with tailored advice to help you achieve your ambitions through insights, automation and technology all designed to support and advise you at every stage of your business.

If you would like to discuss this topic further please contact us on 0845 555 8844 or complete our enquiry form and we will get in touch with you.

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