[] min read

8 Ways to Elevate Your Business in 2024

Ryan Barnes

Ryan Barnes

January 17, 2024

In this fast-paced, hyper-inflationary market of 2024, staying ahead of the game is not just about innovation; it's about strategic financial management and fostering a workplace culture that propels growth.

As a trusted corporate advisor for early-stage companies, TWIYO understands the ever-evolving needs of modern businesses. Whether you're a startup or an established entity, navigating the complexities of today's market requires a blend of adaptability, financial acumen, and a commitment to nurturing both your team and your bottom line. Join us on this journey as we explore practical and forward-thinking strategies to not only survive but thrive.

1: Review Every Single Cost of Your Business

Preserving cash and achieving financial resilience is crucial in light of rising costs and especially when there's less funds earmarked to come into the business. 

Conduct a thorough review of every cost your business incurs and identify areas for optimisation, reduce unnecessary expenses, and ensure that every dollar spent contributes to your strategic objectives. Spend time going through each line and detailed ledger of your P&L.

Options include, for example, reducing headcount, controlling internal expenditures, managing subscriptions or deleting unnecessary ones, and leveraging various debt instruments (such as overdrafts, Company Amex, B2B pay and other unsecured debt instruments) to maintain a healthy cash flow. Consider outsourcing part of your workforce, with offshore team members, to lower payroll costs.

Additionally, explore downsizing your office space or sharing it with another business, aligning with the growing trend of flexibility and remote work.

Lastly, align your personal life and spending with the available wealth you can extract from your business. Do the same activity in your personal life.

2. Consider longer term financing options and consolidating short-term debt

Evaluate loan terms and scrutinise interest rates for potential loans to secure favourable, longer-term options, providing financial stability and reduced short-term repayment pressures. Negotiate with Lenders to consolidate short-term debts into longer-term arrangements, negotiating for better terms and flexibility.

Explore government-backed financing programs with extended terms to ease financial strain during challenging times.

Diversify financing sources to spread risk by considering alternatives like crowdfunding, partnerships, or venture capital. Following a lackluster 2023, many businesses will see this as an opportunity over the coming 12-24 months. 

Speak to us if you want an introduction to a trusted finance broker!

3: Explore AI & Embrace Technological Efficiencies

Explore AI technologies like Natural Language Processing (NLP) and predictive analytics to streamline your business operations. From content generation to supply chain optimisation, these tools can revolutionise how you approach challenges and seize opportunities. Predictive analytics uses statistical algorithms to identify outcome likelihoods, this can be used for forecasting demands, predicting equipment failures, optimizing supply chains, and so on.

Companies that don’t evolve will be left behind, and this will be truer than ever as AI evolves. You may not be able to fully streamline operations but there are plenty of trends to keep an eye on, and tools to leverage. The website There’s an Ai for That may be a good starting point. 

4: Make Bookkeeping More Efficient and Cleaner

Improve bookkeeping practices like revenue, expense allocation, and internal information capture for increased accuracy of financial reports. 

Implement regular bookkeeping cut-off times and consider the timeliness of closing off queries and reporting. Set a date for when your reports should be finished and sit down and read them. Consider sharing them with the broader team, or those in senior positions, so that people understand and there is transparency and unity around the need to derive a profit.

Clean the balance sheet to reflect the ATO payment plan to accurately represent your business’ current position. 

One more tip: Streamline your financial practices by utilising foreign exchange platforms like Wise and Airwallex, avoid using your internet banking platform to pay overseas costs.

5: Create a Detailed Business Forecast

Navigate the future with confidence by creating a detailed 3-way forecast for the current and upcoming years. This strategic tool provides valuable insights, enabling you to make informed decisions and project a clear path to profitability.

TWIYO specialises in sophisticated investor-grade financial models. We have built over 200 financial models since 2020 and are happy to give you a demo!

6: Prioritise Chart of Accounts Cleanup

Streamline your financial reporting by prioritizing the cleanup of your chart of accounts. Utilize tracking codes for sector-specific analysis, providing a more cohesive and meaningful report that aids in strategic decision-making.

Develop departments in your business for the different service lines so you can determine gross profit and overall profit by each, this can be achieved using the Xero tracking categories function and some diligence.

7: Implement Employee-Focused Policies and Value Customer Feedback

By implementing meaningful employee-focused policies, you increase retention and build a strong office culture.

Employee-focused policies may include Employee Stock Ownership Plans (ESOP) and flexible work opportunities. Conduct regular, anonymous team surveys to get feedback on where the business can improve, and - importantly - take action by incorporating feedback and communicating it back to the team. 

8. Take customer feedback to heart

Value customer feedback as a catalyst for improvement. Customer feedback can make your team aware of possible weaknesses in your product and it will facilitate increased customer satisfaction and loyalty. Further it will give insight into new product development opportunities. If something isn’t sticking, change it.

What’s next? 

Success in 2024 requires a holistic approach that integrates financial acuity, technological innovation, and a people-centric mindset. At TWIYO, we stand ready to be your partner in navigating these challenges, offering modern solutions tailored for early-stage companies. By embracing innovation, optimising financial practices, and fostering a workplace culture that values its greatest asset – its people – your business will thrive in the ever-evolving landscape of 2024. Elevate your business with TWIYO and redefine success in the new era of corporate growth.

Contact us today to learn more about our programs and how to implement various business strategies. 

Ryan Barnes

Managing Partner

Ryan has the foundations of large chartered firms and multi-national businesses, but it wasn’t long before he found his home in the private and entrepreneurial space, having raised, scaled and exited businesses from the inside. Since TWIYO's inception in 2020, Ryan has consulted at a CFO level to over 100 scale-up businesses - driving its recognition as an AFR fast-starter.

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