Secrets to Growing Your SME Fast From Xero

10 November 2015

At Scott Partners, we don’t make any secret of the fact we are big fans of Xero. The motto for the company is “Beautiful Accounting Software” and as users, we can testify to the fact that it is true to label.

But it also a great business, and in five years has grown from a tiny firm based in Wellington to the number one cloud accounting provider in Australia and New Zealand, while it is also the fastest growing in the United Kingdom and the United States. It has also won the accolade of being awarded the most innovative company in the world by Forbes.

So when your SME is growing quickly, there are lessons to learn from Xero to make sure you maximize your income while maintaining a loyal customer base. So what are Xero’s lessons to growing quickly?

Make Decisions

Decision paralysis is death for a fast growing business. But when things are moving faster than you can keep up, making decisions can seem overwhelming, and the temptation is to not do anything at all is a very real one. But growing fast means you have to make decisions quickly, and resist the temptation to do nothing.

Don’t Waste Time

If you are getting inquiries and requests, and feel busier than you think you can manage, it pays to remember one thing. Chances are the other small businesses and medium sized enterprises that are contacting you are feeling, or have felt, the exact same thing at some point.

That means that everyone understands when you need to get to the point quickly. This doesn’t have to be rude or abrupt, and most business owners will thank you for being clear and not sending a three page email when 10 lines will convey the same information.

Learn to Say No

When growing a business, the mindset is to say yes to every contract, sale and opportunity that comes your way. But this can be dangerous, and mean that you are spreading yourself too thin. This has a double negative effect where you can be at risk of not completing all the work you sign up for, and also not completing to a quality standard you (or your customers) are happy with.

Fairly soon, Xero could be a multi-billion dollar international success story that began from the humblest beginnings. The lessons from such a fast growing company that has maintained loyal customers and even cultivated a fan following among its clients is a valuable way to learn how to manage your business when it takes off.

To get top quality and personalized financial advice for yourself or your SME, give Scott Partners a call and set up an appointment with our friendly, experienced consultants.