On Our Mind – City Economics and Business Readiness

 

Tags – City Economics, Business Readiness

 

In the British economic system, the strength of any city’s economy comes from its heart – the city centre.

Therefore, any decisions taken to mould the city centres pay off positively or negatively in the long term. For instance, investing into buildings and offices in the Birmingham city centre in the 1980s paid off dividends, given that, even today, the decision attracts businesses and investments in the city. A short walk around the city centre today, proves this point, with multiple constructions going on to enhance the local economy further. This is one of the reasons why we have extended our accounting services to Birmingham.

In addition, placing business at the heart of a city breds collaborations, allowing the extension and further success of new ideas. Even today, the retail market in Birmingham is going relatively strong in comparison to other cities, where businesses are struggling with online retail and vendors. Even though we are digital 1st accountants, there still needs to be a social balance in how business is conducted. And, this is the kind of mentality that you require from your accountants.

 

Accounting Mentality

Most accountants are great at reporting end of year figures.

However, number reporting is a limiting view of the role of accountants. In the long term, you need to partner with accountants that look at your business and provide support at both micro and macro levels.

Afterall, accountants are regularly looking at reports and should be able to decipher trends. You don’t always need AI to highlight the obvious and guide you through.

One such area that your accountants must highlight is the sales process and timing.

 

Timing in Sales

Businesses are not always ready to purchase

The above condition is even true when your products and services are crucial for your target businesses. However, instead of pushing your business directly, you must be willing to build a relationship through both digital and physical means.

Afterwards, the efforts of keeping that relationship alive is what leads to long term business.

The above process is crucial to understand because those who are impatient in business and try to close straight away generally have a short business life.

So, it is important to remember that it takes time to build trust. And, once there is trust, it becomes easier to not only do business but also secure bigger deals.

 

The Readiness Challenge

Talking of timing, if a client is ready for purchase, don’t hang around but go straight for the deal. In short, this is not the time to fluff and ponder.

We often see start up entrepreneurs talking themselves out of a deal, just because they did not hit the nail at the right time. We saw a recent example of this happening.

In a relatively high class pub, we decided to order some food with our drinks. Given that we were not sitting in the restaurant area, the menu was slightly different. However, we were still keen to go for 3 courses.

At the point of giving the order, we included a dessert as the last course. But, we requested that the dessert should not be brought with the rest of the food. At this point, the server suggested that we better wait to order dessert because of the way the system works.

This suggestion sounded reasonable at that point but once we were done with the 2 courses, there wasn’t enough time to order and have the dessert. In other words, the pub lost a certain sale, just because they could not process a request.

And, you can imagine how these little mistakes are costing this business.

 

To learn more, get in touch with us today.

 

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