Top Business tips for your company are not easy to find and there will usually be a cost associated – but have these top tips for free.
OK so 2014 has gotten off to a good start in most sectors but just watch out for the unexpected. The UK according to most key indicators point to a recovery and let’s face it we could do with some good news!
On the horizon Europe is looking better and America is starting to manage itself better. There is a lot of good news around but when you are managing a small to medium sized business you can never be complacent. Particularly when coming out of recession, as historically, this is when businesses are already strapped for cash and may be struggling with business debt and has always been a difficult time. Equally when things do pick up, make some changes.
So what basics should you bear in mind and what are the areas that are most likely to trip you up in the future.
Tips for 2014:
1. Review where your business revenue sources are and don’t be afraid to make changes based on data – do not get personally attached to a particular channel.
2. Take a fresh look at your invoice management – is it working effectively and if not can you outsource the task.
3. Do not be afraid to delegate work you are not good at to some who is – there may well be someone waiting in the shadows waiting for the chance to shine.
4. In a similar vein do not be afraid to seek professional business advice outside of your accountant – a fresh pair of eyes may well be uncomfortable for you but it may just change the face of your business and your life.
5. Do not ever assume banks are ‘on your side’ and you ‘have a wonderful relationship with your manager’ – when things go wrong this ‘relationship’ will end and you will be dealing with someone else.
6. If things are going well check your company finance/leasing arrangements which impact on you personally – can you get yourself removed?
7. In a similar vein check personal guarantees at the bank if your business is doing well – can you get your name removed? Do not take no for an answer, now is the time to be pushy. Has the personal guarantee run out? If so get it removed in writing.
8. If you resign from a company as a director and have been a signatory – give notice in writing to the bank and finance company you have done so. You would be amazed how many directors forget to do this.
9. Challenge yourself and seek professional advice outside of your accountant – a fresh pair of eyes may change your business and your quality of life.
10. Do not ease off when things are going well learn from the lessons of the recession – let staff know what you are doing and why you are doing it, ask them what they have learned that can help your business.
11. Plan ahead and forecast and revisit the plan at least quarterly to assess progress – make the plan a living thing and reflect changes as they happen not at the end of the year.
Written by: Mike Smith