3 Things You Need For Your Equine Business To Stay Ahead Of The Game In 2021
Let’s face it, the past twelve months or so have been extremely difficult for businesses, not to mention other damage Coronavirus has caused! Due to budget cuts and lockdown restrictions, 89% of equine businesses have seen a financial impact, with 5% of all equestrian businesses worried that they will face closure. As a business owner, you’ll be looking for sure fire ways to stay ahead of the game in the equine world, and here are some fantastic ways of ensuring you do exactly that.
Network at every chance
A successful business is often one that’s been recommended through word of mouth, and simply by being out there in the world for people to see. Networking is a fantastic way of meeting people within the industry, whether it’s a potential business partner, or a possible client, getting out there and meeting as many people as you can (social distancing measures in place, of course) will help you spread the word about your business. Even the most successful of equine business owners will tell you that sometimes, giving something for nothing such as a free training session will help bring in more returning clients in the long run.
Stay on top of your finances
Your finances are arguably the most important part of your business. While you may care deeply about the industry, your finances are your livelihood, and it’s important to be at the top of your game at all times. When it comes to business support, profitability and knowing where you might be able to make specific tax deductions, using an accountant is a wise investment. So how do you choose one? Thanks to modern cloud accounting software you are no longer restricted to working with a local accountant and accounting software packages that are focused on smaller businesses like Xero are now very affordable. A personal recommendation is a great place to start your hunt for an accountant but if you’ve already committed to your accounting software package, then you’ll want to make sure you hire a firm who are specialised in using it. You can talk to a Xero accountant can help you get the most from your accounts software to help you understand the numbers in your business as well as remaining legally compliant with tax & company law.
Invest in the latest professional training
You may have your pricing just right, your marketing on point, but that might not be enough! These days, customers are looking for the whole package, meaning if they’re looking for particular training or services, they’ll look for an equine business that is up to date on the latest technology & ideas. Take the time to upgrade your skills or consider adding some new ones. Most providers have shifted to delivering training online during the pandemic so it’s never been easier to access it.