• Grace Team Accounting

Four tips for improved performance

Making consistent improvements to enhance your business is critical toward its success and

sustainability. In this article we offer key areas of focus to get you on the road to improved

performance.

As an owner/ operator sometimes it’s hard to see the wood for the trees when you are managing so many aspects of the day to day operations. Things like monitoring cash flow consistently and keeping on top of debtors, utilising social media for marketing and recognising your strengths while asking for help in areas that are less so, can help you focus on improving areas of your business that offer the biggest gain.

Set goals:

Setting goals and objectives is an essential part of your business success. Use the goals you set as an ongoing planning tool to ensure that you continue to move forward in your business. One of the out takes we’ve heard from our clients who participate in ongoing business coaching is the accountability factor. If you find you tend to make a start at goal setting but lack the follow through then quarterly coaching may be just what you need. Call Michael today to discuss the benefits.

Keep financial score

Few small business owners have an accurate idea of the daily, weekly, and monthly numbers and financial trends taking place within their company. Being on top of the finances is critical to driving a business towards improved performance. Setting

budgets and sales targets and monitoring against these is one of the best ways to analyse where savings can be made and where profits can be increased. Having recently completed your end

of year accounts, now is the time to book your complimentary review - which is a one hour session to discuss the basics. It’s a great place to start if you want to move towards improved performance.

Monitor trends

No business operates in a vacuum. Events and changes in your industry landscape have an effect on your business. Stay current on trends and issues happening in your industry and local community and if relevant the global market. Often we’re time poor when running a business so some useful tools for streamlining the flow of topic information are:

Google alerts - where you can select keyword topics to follow in media.

Feedly: which allows you to follow industry relevant blogs through a sectioned process.

Subscribe to industry publications.

Put a sales strategy in place

A high-return area for business improvement is the sales function. Whether you’re a one-person operation or managing a sales team, you must focus on sales improvement.

To start planning a sales strategy it’s often good to utilise a SWOT analysis (strengths, weaknesses, opportunities and threats). Determining what you do well and who needs what you offer builds confidence in a way forward. Identifying areas you need to improve and what you need to be aware of ensures you have a greater sense of vision and purpose.

Head over to the Business Toolbox for a handy guide to conducting a SWOT analysis here.

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