As a business owner, there is always something to do, however many owners often spend more time working IN the business than they do working ON the business which is just as important.
Setting aside time every week, month or quarter is important to track the performance of your business as well as identify any gaps or concerns that may become a bigger issue in the future. Remember work smarter, not harder- That’s a bonus tip.
Here are ten simple management tips to help you maintain a successful business in good and not-so-good times:
Watch trends in your industry. Compare your business performance with your competitors and with performance in previous years to ensure you are building on what you started. Are you prices competitive? Do you need to update your products or services? Do you need to get rid of products and services that are costing you money and not generating income?
Review your market and your sales/marketing plans at least every three months. Work with the key people in your team to identify the areas in your business that should be promoted or fine tuned to increase sales.
Cashflow, Cashflow, Cashflow!!!! Review your financial management. Accurate reporting is very important to the success of any business. Ensure you can survive during periods of downturn and you are allocating expenses to the right areas.
Ensure your budgets are current and regularly reviewed. If profit falls below what you had budgeted, immediate action is essential to reduce costs or boost sales as this will leave you chasing your tail if not accurately covered. Pt a time in your calendar and review this on your own or with your business partners to ensure everyone understands what is happening in the business
Align your business development plans with your budget. Ensure they are practical and won’t put any undue pressure on your profit margin. If you can’t afford to do or buy something now, postpone it to when you know your business will be in a better financial position or consider your borrowing options. Focus on ‘good debt’ to create wealth in the business and avoid ‘bad debt’ which will be a larger cost to your business.
Ensure credit control is tight with immediate follow-up of overdue accounts. Make sure that your clients are aware of your trading terms upfront and if you have any concerns, discuss it first or refer them elsewhere. No clients are better than clients who can’t pay. Have a clear process for how you get paid, when you get paid and what happens when payments are overdue. Document this and ensure your staff are aware of your procedures.
Review your payments policy. Are you taking maximum advantage of prompt payment discounts? Or if you are unable to pay an account in full by the due date, talk to the supplier and make arrangements to pay it off. Keep the communication open and honest and fulfil your promises. You should review your expenses on a quarterly- half yearly basis and check if you are able to reduce expenses, receive any discounts or pre-pay goods for further discounts.
Review credit facilities with your bank. Are there better options available that could save you money or interest? Consolidate debt to reduce ongoing fees and interest where possible.
Check inventories and ensure your stock turnover rate is at least equal to industry standards. If you are unsure of how you compare with others in your industry, consider a business coach or Adviser who can review your situation and assist you in making the right decisions for the future.
Above all DO IT NOW! If things look bad, take action to correct the situation. Look for positive approaches to solving any problems; and for new opportunities to build your business. Don’t put it in the ‘TOO HARD’ basket and hope things will turn around.
These all sound pretty simple tips, but in the day-to-day running of a business it’s easy to let the simple things slide. For your peace of mind and success, allocate time to these important tasks. Without working on the business, it will be harder to understand if you are going forwards or backwards.
If you are reviewing your business goals and finaces, get in touch to learn about the options you could put in place to assist by contacting our Oran Park or Baulkham Hills office on (02) 9188 1547 or email email@example.com
The information in this website and the links has been prepared for general information purposes only by our research partners and does not take into account your personal objectives, financial situation or needs. It is not intended to provide commercial, financial, investment, accounting, tax, or legal advice. You should, before you make any decision regarding any information, strategies, or products mentioned on this website, consult a professional financial advisor to consider whether it is suitable and appropriate for you and your personal needs and circumstances.
Principal Financial Planner at RP Wealth Management | Financial Planning l SMSF I Insurance l Property Advisory. Our purpose is to provide our clients with sound advice and direction to assist with their financial affairs and help them make the best choices in achieving what is important to them.
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