Keeping My Business Tight
In these turbulent times it is no secret that business is tough for some of us.
In the last few years, businesses have been loaded with additional compliance and costs that, coupled with the challenges of COVID, have lent to us potentially taking our eye of the ball!
Prime Strategies endorses the importance of having a strategic plan, goals and aspirations but equally important is making sure the business is running as efficiently as possible.
This leads to the question “What can I control immediately that will ensure my business is sustainable?” Here is a 10 point checklist to ensure you continue to maximise the cashflow and revenues that you can control;
1 Get Quotes out on time and follow through with the quote 5 days after it has been sent with the goal of converting it to a sale
2 Get invoices out immediately in line with you terms and conditions
3 Ensure you follow through with collecting outstanding receivables immediately after the become overdue
4 In these days of high inflation, check margins monthly to ensure you are retaining your expected profit margins
5 With reference to point 4 above, do not delay price increases where your margins have been reduced – there is little point going to work hard and not make profit
6 If you carry stock – ensure that you are getting a fair price from you supplier where possible
7 Do not hold obsolete stock, it ties up capital and ultimately costs the business so know the expected stock turn for the business and adhere to this
8 Continue to make sales calls and ensure you social media presence is constant and does not drop off. Get into a routine where sales calls are an important part of you week and keep that pipeline topped up!
9 Set the team realistic weekly KPI’s so they know the level of productivity they are tasked to accomplish
10 The most important this is CELEBRATE your successes with the team
Remember a quick chat with one of your Prime team can ensure you are doing all you can for your business to maintain a good cashflow and revenue stream.