Advice + Tax + Accounts for smart business owners.
June 1st 2018

Improve your small business

As an entrepreneur you probably have (at least) two jobs; there's the day job; and then there's improving the day job. Here are some ideas to help you on the second point.

1. Get your metrics in order. All businesses (well, pretty much all businesses) keep financial records of one sort or another, but many don't use them to regularly generate meaningful information about the financial performance and position of the business. With a little discipline and care, it should be possible to build in some regular reviews of the numbers to make sure your business is on track. It's good to know that you'll have sufficient cash to pay the bills and keep trading, isn't it? In the modern age with cloud software this should be easier than ever.

2. Make a plan. Establishing goals and working out how you will achieve them can help focus the mind and direct your daily actions and activities. If the things you are doing in your business do not help towards achieving your goals (whatever they may be), then why are you doing them? Business planning is a fundamental necessity for entrepreneurs who want to maximise their chances of success. Check out our guide to business planning for more, or call us today.

3. Build your team. No successful entrepreneur ever made it alone. How well does your team function? How can you help them do their jobs better? Have they skills that aren't being used in the business at the moment? Do you need to recruit to fill gaps? Do you need to delegate more? Take some time out to consider how to develop your team.

4. Review your marketing. How successful are your marketing efforts in reaching your target customers, or differentiating your offerings from those of competitors. Is your value proposition still attractive, or are customers now looking for something different/ better? How cost effective is your marketing strategy? What worked last week/ month/ year may no longer work now.

5. Make time for yourself. As tempting as it is, and as inevitable as it may seem, you probably do not have to spend every waking moment 'at the coalface'. Stepping back from your business can provide an opportunity to regroup and consider things from another perspective. You might achieve more than you imagine by deliberately making time to examine what else is out there; find out what your competitors are up to; listen to your customers; or think about creative ways to change and improve what you do and how you do it.

What are you going to do next week to improve your business?

For more ideas, contact us by e:mail or phone. We'd love to help you!


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