How do I make more profit? Do I even know how much profit I’m making now? Am I charging enough? What do my competitors charge? Should I be advertising in the phone book, online? What about social media? What do I know about facebook, google ad words, twitter?
It is impossible to increase your profit when you cannot measure your performance now. Most small/medium businesses measure their profit by cash in the bank, which of course can be misleading depending on the timing of supplier invoices outstanding, GST and income tax.
Key steps to undertake:
- Ensure you have an accountant as part of your team that has good knowledge on modern business tools and systems.
- Ensure you have a good invoicing and accounting system, such as Xero.
- Review your business performance monthly if possible, but at least two monthly or have your accountant do this for you.
- Reignite existing network relationships, find new ones and find new clients. It’s easier to make profit from new clients that your existing clients, as you know what your true cost of service or product production is. (Warning – do not neglect your existing clients, as they will be your biggest source of referrals).
- Watch out for new or niche opportunities.
- Set measurable and achievable goals; ensure you evaluate regularly. Plan for success.
The team at All Accounted For can assist with all these key steps, provide training on how to implement, provide support and become your biggest cheer leader to ensure your business succeeds.
With regular discussions, meetings and easy to read reports written in plain English, we have a full arsenal of tools to tailor for any client’s needs.
At All Accounted For we have the knowledge and experience to know what delivers the best bang for buck when spending money on advertising, marketing and networking. Not only do we know what works for our clients, but also what has worked for us. There is no shortage of business for everyone, we just have implement the right solutions to access it.