How are those resolutions going? We are so busy during December and the tax-silly season of January that February always feels like a New Year to me; I feel like I’m making a fresh start and I have time to look at how our business is doing. If you are having a critical look at your business right now here are some areas to review.
Refine Marketing Plans
Continually improve your understanding of the competitive environment that you operate in to refine your marketing plans and take advantage of new opportunities. Review your strategy for winning and keeping customers. Above all make sure you keep what you have.
Review your cash flow control
Cash flow is the balance of all money flowing in and out of your business, with the main inflow usually coming from sales. The more warning there is of cash flow peaks and troughs, the more time you have to deal with them. You must know when to focus completely on sales and when to concentrate on getting paid. Planning ahead will make it easier to arrange any additional funding you may need.
Are the right people on board?
Make sure your employees are performing effectively and are overcoming any problems. Lead and motivate your employees. Monitor your team’s performance by holding regular reviews. Discuss and resolve any problems and frustrations your team may have.
Does your business have appropriate sales skills?
Make sure that you, and all employees who interact with customers, have the right training, attitude and approach.
Review costs carefully
All direct debits, standing orders and regular costs should be analysed, Are you getting value for money in key expenditure areas? This is often the easiest way to improve your short-term profitability.
Don’t forget your tax bill
Is your Accountant working hard to mitigate it? A pre year end tax planning meeting with your adviser is a great way of spotting opportunities to reduce or defer tax. I’ll be having a lot of these meetings over the next couple of months.
Written by Kevin Begley for the South Warrington News.
