So a new year has begun! What does that mean for you and your business? Have you taken the opportunity to work 'on' your business?
That means taking the time to plan, set goals, review prices, review your structure and more. To get you started we have compiled a checklist to help you plan for business growth and success in the months ahead.
1. Share your values
Communicating the vision and values of your business is a great way to get buy-in from your team and make sure everyone is working toward the same goals. Consider sharing your vision and values regularly, using real examples and simple language, so everyone understands the purpose of your business. If you are not regularly doing this, please set some dates now.
2. Have a roadmap
Do you have a strategy to drive your business? Take some time to develop a one-page business plan that will help you articulate what you need to do in your business so you can drive it toward success.
Do you have a strategy to drive your business? Take some time to develop a one-page business plan that will help you articulate what you need to do in your business so you can drive it toward success.
3. Build strong foundations
Consider assessing the structure of your business to make sure you can protect your assets, reduce your tax and allocate profits in the most effective way. You might also plan to run regular board meetings with one of our team who can support your business with professional advice.
Consider assessing the structure of your business to make sure you can protect your assets, reduce your tax and allocate profits in the most effective way. You might also plan to run regular board meetings with one of our team who can support your business with professional advice.
4. Develop a positive culture
The culture of a business can have a big impact on its performance. Look at the atmosphere and attitude of your office environment. Is it happy and productive, or anxious and idle? What can you do to motivate your team and inspire them to succeed over the coming year?
The culture of a business can have a big impact on its performance. Look at the atmosphere and attitude of your office environment. Is it happy and productive, or anxious and idle? What can you do to motivate your team and inspire them to succeed over the coming year?
5. Assess your products and services
Have you looked at your financials to see which products and services are making you money and review any that have become unprofitable? Consider ditching unprofitable products and services, or package them together to improve the average value of each sale.
Have you looked at your financials to see which products and services are making you money and review any that have become unprofitable? Consider ditching unprofitable products and services, or package them together to improve the average value of each sale.
6. Review prices
When was the last time you reviewed your prices? Each year your costs are likely to increase due to inflation, so consider increasing your prices annually to ensure you maintain profitability.
When was the last time you reviewed your prices? Each year your costs are likely to increase due to inflation, so consider increasing your prices annually to ensure you maintain profitability.
7. Grow your sales
There are three ways to grow sales: increase the number of customers you have; increase your average sale; or increase how often your customers buy from you. To make sure each sale is profitable, look at how you are going to address each of these areas in your business.
There are three ways to grow sales: increase the number of customers you have; increase your average sale; or increase how often your customers buy from you. To make sure each sale is profitable, look at how you are going to address each of these areas in your business.
8. Focus on people
As a business owner, if you aren’t supported by your team, you will continue to be drawn back into the day-to-day aspects of business and will not be able to work ‘on’ your business to grow sales. Develop your team so they can represent you, then delegate to them. You may be surprised how much they want to be involved in making the business run successfully.
As a business owner, if you aren’t supported by your team, you will continue to be drawn back into the day-to-day aspects of business and will not be able to work ‘on’ your business to grow sales. Develop your team so they can represent you, then delegate to them. You may be surprised how much they want to be involved in making the business run successfully.
9. Get organised
Do you know how much it costs you to keep the doors open each day? Do you understand your debtor days, creditor days and stock turns? Do you know how much cash is ‘locked-up’ in your business? A financially well-organised business helps you to build profit and reduce tax, so you can feel confident in your financial future. Review these important elements now.
Do you know how much it costs you to keep the doors open each day? Do you understand your debtor days, creditor days and stock turns? Do you know how much cash is ‘locked-up’ in your business? A financially well-organised business helps you to build profit and reduce tax, so you can feel confident in your financial future. Review these important elements now.
10. Improve efficiency
Look at your systems and processes and see where you may be able to make improvements moving forward. From answering the phone, dealing with enquiries and quotes, to billing and following-up invoices. Develop and implement consistent processes that will help business efficiency.
Look at your systems and processes and see where you may be able to make improvements moving forward. From answering the phone, dealing with enquiries and quotes, to billing and following-up invoices. Develop and implement consistent processes that will help business efficiency.
Reviewing, setting and sticking to your business goals over the coming financial year will help guide your business forward. Now you have read our list why not start today?
At Sullivan Dewing we work with a wide variety of businesses to set and achieve measurable change. Contact Jeni Wilcock from Sullivan Dewing on 02 9526 1211.
