The Global Finance Crisis was a trying time in the lifecycle of any business.
The good news is that we are seeing some softening effects from the GFC and there are certainly things that you are able to do to help your business run smoothly:
Turn negatives in to positives:
- If your business suffers a lack of profitability, increase prices, shop around for cheaper suppliers, increase value-adds to your customers, develop loyalty programs and encourage referrals
- Meet with your staff and assess whether they are being managed correctly, ask for their opinions and act accordingly
- Review the gross profit margin of each product or service separately and eliminate underperforming offerings and replace with higher performing, higher turnover offerings.
- Review the sources and reasons behind any customer complaints and alter your processes accordingly e.g. service, manufacturing, supply, quality control etc
- As a manager you need to learn how to stop working and start managing. It is impossible to do everything yourself so ensure that you delegate tasks to the right people and free up some of your time for more important things
- Plan your capital purchases to capitalise on any tax breaks before the end of the financial year
Capitalise on your assets:
- Increase marketing to raise awareness for your business
- Create systems to ensure that your quality is consistent
- If you have great staff, review incentive packages to ensure you retain them and decrease your staff turnover rate
- Plan for growth – if there is room for expansion find out the amount of funding needed to fund this growth and secure appropriate finance if necessary. Perhaps you may be able to franchise?
- You may have a great product or service – protect it by attending to patenting or trademarking.
- Outsource anything you do not have the expertise to do yourself. There can be great benefits in drawing upon the training and experience of others
The team of accountants, lawyers and financial planners at The Quinn Group are able to assist you in all your business planning needs and provide advice on the best strategies to undertake in the wake of the GFC. Click here to make an online enquiry or contact us on 1300 QUINNS (784 667) or on +61 2 9223 9166 to book an appointment.