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Spring clean your business

April 08, 2011 at 5:39 PM

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5 great ways to get your business ready for growth this spring:

 

Business model

Now is a good opportunity to take a look at your core business offering. Which areas have been most popular in 2011 so far? How can you make more of them? How can you tweak what you do to focus on the most profitable elements of your business? Also, as the economy starts to pickup (albeit slowly), is what you are doing scalable? Is it profitable?

Spending some time away from the business with a spreadsheet, mobiles & e-mails off (and a pencil to chew on whilst you're thinking) will be time well spent!


Positioning

Given the changing economic conditions, is your current offering still relevant to the market, or do you need to reassess this? Is your message clear and does it clearly illustrate how you are different? Are there any added benefits you could offer to your customers to make your offering more appealing? Are you still facing the same competitors as before and what have they been doing to maintain their customer base?

The world has changed in the past 12 months….. have you?


Cash management

As an accountancy practice, this is still a hot topic with our clients. It is important not to get complacent as economic conditions slowly improve…. it is as important as ever to ensure that you have a sufficient credit control procedure in place. Take a look at your Terms & Conditions, review the number of days credit that you give (we'd encourage reducing this to zero days, if possible), ask for deposits and make sure you take swift action with debtors.

Do you keep an eye on your monthly management accounts? Monitoring key financial ratios is a good way of keeping control of your cashflow and making you aware of any future potential cashflow problems.

Xero is a great tool to help you see how you're doing at the click of a button. Click here for more info.

  

Plan

1. What is your strategy for the remainder of 2011? If you do the same things, you'll probably get the same results. Do you need to change your approach?

2. Write down your top 3 objectives for the next 6 months (make sure they are measurable).

3. Produce a plan for the next 6 months that shows how you are going to increase your profits.

"Plans are of little importance, but planning is essential." Winston Churchill


Get more from your staff

1. Create an amazing place to work - Read ‘Fish!’ by Lundin, Paul & Christensen.

2. Build in 'face-time' with your team - setup a meeting structure.

3. Communicate. Check out tools such as Yammer to help with this (we use Yammer at Wow).

4. Let the team know how they can contribute to the business’s success.

5. Use appraisals and written progression plans.

6. Provide leadership – they are looking to you for it!

7. Look at flexible working to manage your staff costs, whilst maintaining productivity.

 

We'd love to hear your own ideas for how to grow your business this spring. Let us know your thoughts below or via @thewowcompany on twitter.



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