Business Improvement
If your business isn’t improving, then it’s stagnating. To stay competitive, you need to be aware of, and implement, key management decisions for your business. Just being good at what you do isn’t enough to guarantee success.
Your clients and customers expect quality service in a reasonable timeframe.
Are you doing everything you can to meet, and exceed, those expectations? Or are you getting bogged down with a business model and systems that is no longer fit your needs?
Start by identifying your business’s strengths, weaknesses, opportunities and threats. From there it’s important that you set clear goals for the business. Generally, we’d recommend that you think three years ahead when setting your goals. Ideally, your goals would be SMART. Specific, measureable, achievable, realistic and within a timeframe.
“I want to be more profitable” is not a goal. It’s a wish.
“The business will generate a profit of $50,000 by the 30th June”, is a goal.
It’s important that you take the time to develop a competitive strategy. Why is it that people want to work with you? What do you do better, faster, cheaper? Are you the premium supplier or have the highest quality?
Once you have set your goals and determined your strategy it is important that you document your plans. Understanding who does what by when, then having a process to ensure it’s done will set you up for success. How do you use technology to your advantage? Are you keeping up with the market leaders in your industry?
Now you have to keep score and know if you are achieving your goals. You must have an effective Accounting system in your business. Is your Accountant offering you live accounting? Live accounting is accounting information that is accurate and up to date. Your figures (results) must be available within a few days of the end of the month. Waiting weeks or months to get this information will not help you to grow your business.
If you aren’t sure whether or not your business needs improvement, or where you can begin looking to see where improvements can be made, then speak with Nathan, your trusted Springwood accountant. He will review your business with you and find those areas in which you can make business improvement.
Business improvements mean more cashflow, better customer service, and an easier time for you and your team. Don’t put off looking for improvements until you are strapped for cash and under tremendous stress.