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It’s important to have enough cash in your business; even more so at the moment! For many, such as a friend of mine who is an MD of a manufacturing company, having available cash has helped them to survive these difficult months.
Can you increase the money you make?
Take time to think about your business. Brainstorm your ideas with others and take action to move your business forward. But also remember to focus on the value your business is bringing to others. As Guy Kawasaki said, “If you do make meaning, one of the natural consequences is that you’ll also make money.”
Firstly, review your costs
What about your subscriptions or advertising? Can you make better use of online advertising? Review utilities and other costs and see if efficiencies can be made.
Involve others who depend on your business by asking for their input
Do they feel part of your decisions? You will not get the best from them if they don’t. Make sure you communicate your ideas and get them on board.
Do you regularly track productivity?
How many hours do you and anyone else connected to your business work, and are you getting the most value from the hours you all put in? The Krispy Kreme managers I train have weekly meetings to review their productivity across each area. Is this something you do in your business? If not, could you put this in place?
Are you open to opportunities?
One of my clients makes cakes and did very well during lockdown as she saw opportunities and took advantage of them. It is crucial to spot them, research whether they would work for your business, and act upon them. Don’t be one of those who sees the opportunities but doesn’t follow them up. Go for it!
Is your website fit for purpose?
Have you reviewed it recently? Will it work for you if you change direction? Is it bringing business in? Is it easy to use? If this is a weak area, then it’s worth asking for help. If one of your opportunities is doing more online, then this is even more crucial.
Have you reviewed your prices recently?
Are they at the correct level – not too high or too low? Frequently clients say to me how busy they are but they’re not making much money. Look at your pricing and optimise it. Many people have a block about increasing their prices as it pushes their self-value buttons. However, consider this as an opportunity to learn about yourself in business and rise above it. If you are selling a product or service that people want and it helps provide them with a solution, then you deserve to charge a good price for it.
Who are you networking with?
Build a network of associates who will work on your behalf and you can reciprocate. Being in business is not about just making money – it’s about helping others to succeed as well.
Do you want to stay in control of your finances? I’ll be at the Pro Mobile Conference in March 2021 to present my keynote talk ‘Maximising Your Tax Efficiency’ as well as small group sessions answering delegates’ financial questions. In the meantime, why not join my online group? I also offer 1-2-1 mentoring and accountancy services. If you would like more information, get in touch via my website: www.annagoodwinaccountancy.co.uk