Preparing Your Small Business For Growth In The New 2024/25 Fiscal Year

With the start of the new UK financial year, there are lots of exciting opportunities for Scottish SMEs and startups. Despite a rise in the UK’s overall unemployment rate, Scotland’s financial outlook remains positive with reports from the Office for National Statistics (ONS) showing a 0.5% fall in Scotland’s unemployment rate, and forecasts from the Scottish Fiscal Commission predicting economic growth from 0.7% in 2024 to 1.1% in 2025. However, the year ahead won’t be without challenges with increased scrutiny for R&D claims, changes in tax assessment for unincorporated companies, and changes to Scottish income tax.

As a chartered accountancy firm with a proven track record of working with Scottish SMEs (for over 100 years, in fact!), we understand the unique challenges and opportunities that businesses can face and our specialist teams can provide guidance and support on how best to optimise finances this new fiscal year (2024/25). Our teams will help you prepare ahead of important deadlines and changes that may be applicable to you – whatever stage your business is in, and whatever type of business you may have. 

Within this guide, we’ve shared some of our insights and recommendations for small businesses, however, please note this is general advice and for more tailored recommendations we’d need to set up a consultation to fully understand your situation, requirements, and history. You can enquire with our team via our contact page.


Here are some of our top tips:

Diversifying Your Offering & Revenue Streams

One way to safeguard your business against financial challenges is by diversifying your revenue streams: consider expanding your product or service through complementary offerings that reduce the number of contractors your client needs to use. For example, a catering company may expand to provide traybakes and desserts alongside sandwiches for their corporate events. 


Seeking Strategic Partnerships

In a similar vein, collaborating with external complementary businesses can open up new opportunities for growth. Look for partners who share your target audience or offer products/services that complement your own. This can form new supplier relations where you receive a discount for your core services (e.g. a local coffee shop working with a coffee bean specialist and exclusively using their beans), or as a partnership where the end client receives two services under a single contract (e.g. a design company working with a videography company as a sub-contractor on a project). This also ensures you have a good working relationship with the external vendor and can provide a professional recommendation to your client without requiring them to procure the service themselves.


Fostering Customer Loyalty

Building strong relationships with your existing customers can lead to repeat business and positive word-of-mouth referrals, which have a much higher chance of converting. Consider implementing a loyalty program or offering exclusive discounts to reward repeat purchases or introduce new customers to your business. For example, an events venue can offer a referral programme that gets businesses 10% off their booking when they refer someone who hosts an event within 3 months (or even give both parties a discount).


Focusing On Operational Efficiency

Being able to identify areas where you can improve efficiency and reduce costs without sacrificing quality can make a huge difference to your bottom line. This could involve renegotiating contracts with long-term suppliers, improving inventory management, or upskilling employees so they can develop their knowledge and perform better in their roles. For example, in a printing company, designers can receive training in the production process to help them optimise page sizes and pagination across different print runs to minimise waste and overheads. In turn, this can also help them advise clients more effectively and provide better value for money which can attract repeat customers. 


Embracing Change In Your Digital Tools

Changing your digital tools can be daunting, especially if you have long-established processes in place, however, investing in suitable digital tools and technologies can streamline your operations and help you achieve better results. Technology is always evolving and new tools become available on the market with much greater frequency than ever before, which in turn can also help drive down costs. For this reason, it’s worth exploring your options, especially if you pay a lot for tools and don’t use all their features, or you feel restricted by the tools you are using. For example, if your point of sale system is crashing due to an abundance of orders or making it difficult for users to use a gift card, preferred payment method, or discount code, this can hinder customer experience and make people less likely to come back.



What is the outlook for small businesses in 2024?

As we continue into the 2024/25 financial year, the overall outlook for small businesses is positive with a range of opportunities across skills development, grants, and recruitment. Speak to our team to get more insights into your specific sector and business type. 


How can I make my small business grow?

Our key tips for growth are to focus on strategic financial planning, operational efficiency, and innovation in your niche. This can help your business increase its market share, expand into new markets, become a consideration for more prospective clients, and drive long-term success. Let our team help with your planning by contacting your nearest branch


How can I impress my customers?

Beyond just delivering services at the most advantageous price, businesses should strive to create long-term partnerships with their vendors and clients to ensure smoother processes along each stage of the supply chain and an excellent customer experience across the clients’ journeys with your business. Ask your customers for feedback, prioritise customer satisfaction, and build trust, loyalty, and advocacy amongst your customer base. 


What’s the best strategy to target a new market?

Targeting a new market requires thorough research, strategic planning, tailored marketing tactics, and insight from industry specialists. Start by identifying your target audience within the new market and understanding their needs, preferences, and pain points. Tailor your sales and marketing through the most commonly used channels for your audience and consider strategic partnerships with other service providers within your target market or location to help introduce your services to that community. 


Contact MMG Chartered Accountants

Make MMG Chartered Accountants your trusted partner for comprehensive accountancy services in Scotland. We are committed to helping you achieve your financial goals and secure a prosperous future. Contact us today to schedule a consultation and discover how we can empower you to take control of your financial well-being. Contact our team at or call your local branch.