Ok, let’s get straight into this…
Follow these top tips will boost your business performance….
1. Start measuring things
If it can be measured, measure it! You should create a full set of KPI’s, which you choose by figuring out what makes your business tick. You want to choose KPI’s that mean if you improved them your business improves. This ensures you focus your efforts in the rights areas that have the most impact. You do not want to waste effort improving things that do not improve your business.
2. Sales Targets
Create sales targets. If you don’t have sales, you don’t have a business, so it is imperative you focus on sales. Understand your sales process, who you are selling to, your ideal customer, where your customers are, a pricing strategy etc etc When setting sales targets be ambitious, stretching but realistic. Create a pathway on how to achieve your sales targets and measure those steps to review and modify over time.
3. Better Bookkeeping
The very basis of your financial records lies in your bookkeeping. Improve your bookkeeping entries and you will instantly improve your financial records. You will have more confidence the records are accurate and will make more sense so translating the numbers back to business activities will become easier. No great business ever got there with poor bookkeeping.
4. Systemise your Whole Business
Review all your business processes and make sure they are as efficient and effective as they possibly can be. Streamlining how you do stuff, using the best technologies, equipment, staff and being as productive as possible will ensure you are getting ahead and improving your business.
5. Cash Flow Forecasting
This is a key financial tool that should be created and reviewed regularly to ensure you have funds and plans to fund business growth and expansion. This financial statement pulls all you strategic thinking together in one place. Without this you are sailing a rudderless boat.
6. Advertising and Marketing
Probably goes hand in hand with your sales target and sales strategy but it so important it’s good enough have its own point. Market the sh*t out of your business and get noticed. FREE is best and get creative in your marketing. Along with marketing is building a brand…but that’s for newsletter.
A great accountant (mentioning no names) will definitely help with these and improve your business.
If you want to chat about any of these or some of your own click on this link 👇
Turbo charge your business and get in touch today.
