Discover Ten Profitable Stops For Your Business In 2010
How to get your business in the best possible shape for a smooth and
, most importantly, profitable year ahead. Give some thought to following these 10 quick steps:1. Turbocharge your processes. The confederation of British Industry believes that late payment and poorly managed paperwork, are the two largest unnecessary cost burdens for UK business. So take a look at your internal disciplines that you have in place right now, from cash flow to credit control, then ask yourself honestly, if there is anything you can do to increase efficiency. Make any changes that ease payment, control your debtors and reduce paperwork where possible.
2. Consider online sales and service. Online sales have grown very well over the past couple of years in both business and consumer sales. Analyse your business, is it suited to online sales? Are you marketing your business on the Internet? There is a huge market place on the net don't ignore it.
3. How strong is your 'brand'. New research demonstrates that consumers are increasingly turning away from the more brash and 'in your face' brands, with a return to core values. Take a good look at your brand what do you want to be recognised for? Ensure, that both your target market and your employees fully understand your brand, and your employees buy into it.
4. Go faster - go faster. Speed up your transactions - sounds simple this one but consider the quicker your payments are dealt with the more customers you can attend to and the more business profit you will make.
5. Work on customer service. Your customers need to experience the ultimate when spending their hard earned 's with you. Endeavour to make every customer experience the very best it can be. Consider offering something that no one else does and really set the standard.
6. Consider your employees. Research conducted by Investors in People found that staff are more productive when they are happy, it obviously follows that more productivity equals more profit. If you also bear in mind that quality of life plays a big part in how people perform, try to bring this into your assessments also.
7. Watch your shrinkage! always remain vigilant in your business, shrinkage is lost profit, whether that loss is due to shoplifting, internal theft or card theft. Do not tolerate it - force it out.
8. Cashflow and profitability. Cash flow is important so decide what cash you need to work with in your day to day business affairs. What you can afford to put aside for development and expansion. Consider taking advantage of any Government support that is available, for example: The option to request deferral on VAT payments.
9. Look at considering new markets. The latest trends survey by the CBI has revealed that small to medium sized enterprise are finding a return to growth. So, look at what other markets/consumer groups might be interested in your products/services, along with what adaptations you could make to accomodate new or differenct requirements.
10. Give your cash flow a boost. Coming up on nearly 50% of the UK's small to medium sized businessess have introduced new measures to improve cash flow throughout 2009. If you haven't already, make a start, bill promptly and chase any debts. Avoid overtrading, only take on what you can fulfill. Watch your stock levels, you can't sell empty space, neither can you sell product if it remains in your stock room or warehouse.
Good luck for the year ahead.
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