The Here and Now Made Easy
Nick Roberts
I think we all now realise that there’s not going to be any quick fix to our economic woes. What this means is that we have to learn to grow our businesses in spite of things like a shrinking market, tough competition and flat prices. To do so, we need to get our businesses in the best possible shape by:
Iron discipline on budgeting and spending. Preparing a budget to control your spending is vital when cash is tight. It also pays to review your suppliers to ensure you are getting value for money (e.g. do you have a fixed quote from your accountant?) and to check all their invoices carefully.
Effective yet low-cost or free marketing. Even when you have a full customer or client base you still need to be marketing to replace those lost by attrition. Effective marketing can be totally free or carried out at low cost so find out how at
www.marketingmadeeasy.co.nz.
Top-class systems. It’s no good working hard and then falling flat by forgetting to send out invoices, collect your debts, paying your suppliers twice or keying in all your supplier invoices twice into your POS as well as your accounting software - all of which are common!
Regular and up-to-date reporting so you can make early decisions on how to improve in areas where things are not going well and are not just guessing on the areas which need attention. For example, your average $ sale so you can work on ways to improve this or your labour productivity rate which will probably identity too many unproductive hours.
But look on the bright side. Just think how easy business will be when things finally turn around!
If you have any tax or business queries of any kind telephone 0800 ASK NICK, e-mail me at nick@abac.co.nz or use “Contact Us” on www.abac.co.nz. The information in this article is of a general nature and should not be relied upon as a substitute for specific advice.
If you have any tax or business queries of any kind telephone 0800 ASK NICK, e-mail nick@abac.co.nz or use “Contact Us” on www.abac.co.nz. The information in this article is of a general nature and should not be relied upon as a substitute for specific advice.
