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Adding Services to Grow Your Business

Adding Services to Grow Your Business

Article by
Daimon Stewart
BUSINESS ADVISOR, DIRECTOR, STAPLES RODWAY TARANAKI
Daimon.Stewart@staplestaranaki.co.nz

Managing the growth phase of any business can be a daunting task. You need to add more services that compliment your existing portfolio and support your current client or customer base but finding that right fit can be hard.

As clients of Staples Rodway Taranaki, you will have noticed us doing this over the years. Growing from solely accounting and audit to adding tax, HR and IT teams to the mix, as well as some smaller services, which didn’t just happen by accident. In this article we will explore how we have grown our HR services into one of the most successful parts of our business, and we explain the process and planning involved so that you can learn how to successfully add new services to your business.

Although HR and Accounting aren’t usually services you would associate together, they are in fact a perfect match. A business seeking guidance may require significant changes in order to be successful. Accounting advice offers that guidance from a financial perspective, while HR offers guidance from a people perspective.

Often businesses don’t have the staff or the skills or budget to properly handle the full range of HR requirements their business has and they may need to be confident this vital area of their business is stable so as business owners they can focus on their business goals.

Our goal in everything we do here at Staples is to support our client’s. The HR consultancy service was added as a result of what our clients needed, not just locally, but throughout the Staples Rodway organisation nationally, and internationally.

THE PROCESS INVOLVED IN ADDING A NEW SERVICE

Once the decision was made to add this service we then needed to decide on the structure and the resources required to successfully implement it. We wanted to build a consultancy team that would strongly focus on our clients’ needs, rather than buy a franchise or merge our business with another company, which already has its own strategy. So we needed a business plan. This included everything from structure and staff to finances. It was a challenging but worthwhile part of the process.

Next; getting the word out there…A good marketing plan keeps you on track to successfully tell the right people about your new service. Give yourself deadlines, allocate a budget and delegate responsibilities. Marketing is something that should continue throughout the years to ensure growth. Having an in-house marketing team here at Staples has allowed us to continue to raise awareness of our services to potential new clients whilst also supporting our existing clients.

BASED ON OUR EXPERIENCE, HERE ARE OUR TOP TIPS TO CREATE A NEW SERVICE WITHIN YOUR BUSINESS:

  • Find out what your clients need. Be open and honest about what you plan to do, and ask them what additional support they would like from you. We recommend using survey software such as Survey Monkey to find out this information.
  • Make a business plan that includes objectives, target market, cash flow forecast, SWOT analysis, operations plan etc.
  • A marketing plan should include information about your target market, business objectives, marketing activities with budgets and deadlines.
  • Follow your plans but be flexible. Often things occur that you could not have foreseen so learn from what you’re doing and make changes as needed.

Whatever risk may be associated with adding a service stream to your business, by doing your research and planning out the process, you will eliminate a lot of that risk. It certainly isn’t easy and will require a lot of hard work but you will reap the rewards over time. ■

HOW THE HR TEAM OPERATES

BY JULIE ROWLANDS
Associate

The consultancy team was established in 2005, focussing on compliance work for clients; particularly Individual Employment Agreements and contracts. Today the HR team is a significant part of the Staples Rodway business, with 8 consultants providing expertise across all of the Organisation Development and Human Resources functions including leadership performance, alignment and team dynamics, skill development, managing performance, benefits administration and compliance associated with government and industry regulations. It is therefore a critical function which has an impact on employee wellbeing and engagement within any business – big or small.

We’re here to work alongside all businesses to assist them with their organisation development, whether that is about culture change, helping business owners understand their business, facilitating leadership development programmes, coaching or providing skills focused workshops to enable businesses to function more effectively.

Everyday we are helping our clients find the right people for the right roles to enable their business to be successful. Once they have found the right people it is about keeping them engaged and performing.

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