With everyone moving on from the GFC, we thought it a good time to give you some tips to whip your business back into shape. While the downfall of many businesses is impacted upon by financial issues, many problems can be traced back to poor management decisions. As an SME owner it is hard to be on top of everything, so implement a few of these ideas to revive and motivate your business.
Steps to Success
1. Dust off your business plan
There’s no point in having a great business plan if it is tucked away never to be seen. It is important to regularly review and update your business plan. A good way to do this is to set up a reporting system which will allow you to clearly identify the direction your business is heading in, and also provide opportunities to implement change if you feel your current practices are not working towards achieving the goals set out in your business plan.
If you don’t have a business plan then it is time to get one, in order to get your business back on track!
2. Be actively involved with your accounts
Many businesses do not manage their finances as well as they should. Here a few things you can do to get on top of your accounts issues and to potentially reduce your outstanding accounts receivables:
• Frequently reconcile your bank accounts
• Chase late payments from customers on a regular basis. It is also a good idea to consider running credit checks on new customers to get an idea of if they will be able to pay bills.
• Prepare financial statements and forecast cash-flow
• Use financial ratios to measure the performance of your business. Remember if you can’t measure it, you can’t manage it.
3. Spruce up your marketing
Good marketing is essential to a successful business. When marketing your business it is important that you focus on a target market and that you are consistent with all of your marketing (all of your advertisements should have the same theme and feel). You should also advertise your business through a variety of mediums such as newspaper, internet, magazines and radio, and don’t forget to keep the message clear and simple.
4. Flexibility through mobility
A workforce that can move around easily offers a lot more flexibility for your business. Staff members with smart phones and laptops are able to connect to the internet and access emails from almost anywhere. It is a great idea to implement these useful tools which will allow staff to work with ease from different locations and also allow them to be contacted while out of the office.
5. Help reduce your energy bills
Increase the energy efficiency in your office to not only help the environment, but to also lower your operating costs. Simple things such as turning off the lights at night, turning unused devices off at the switch, turning your computer monitors off at the end of each day and using energy efficient goods can save your business money.
6. Take advantage of grants
The government provides a wide variety of grants for businesses. We can help you with finding out which grants you are eligible for, and can assist you throughout the application process. Many SME’s have become successful with a much needed monetary boost from government assistance.
By implementing some of these steps you will be taking a step towards a more efficient and on track business. Here at The Quinn Group our experienced team of lawyers and accountants can assist you and all of your small business needs. For more information submit an online enquiry or call us on 1300 QUINNS (784 667) or +61 2 9223 9166 to book an appointment.