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Cash in king
Cash is so important for a business, not only to survive but also to thrive. Look at the monies owed to your business (debtors) and make a concerted effort to collect these.
Lindsay Farrer, Carlisle accountant says, “This is a really simple step to generate cash in a business but is often overlooked.” You want to make sure the money is in your bank account not in theirs.
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Complete things
Get projects / items finished. Get the snagging and little items on a larger project completed, so you can get the project / item billed. Its easy to get waylaid by the big stuff so concentrate on getting things out the door and invoiced.
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Review what you do
Have a look at what you do in your business. What can you do better / more efficiently? What have you been putting off doing, that will help your business move forward?
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Review your pricing
Lindsay Farrer says “business owners often undervalue the work they do, and charge lower prices than the market average, and / or below the level which covers costs and makes a profit / living for themselves.” Look at your prices today and really consider what is a reasonable price to charge and what the market charges for something similar.
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Look ahead
Look ahead and forecast what the current year’s results will look like, and if possible, look at the following year too.
Even if it’s a basic estimation of sales, cost of goods sold and overheads to make sure you are generating a profit.
Some business owners find it useful to set themselves a sales target to help drive them on and keep themselves motivated.
As always we are always happy to discuss your business. If you would like to discuss anything, please contact 01228 534371 or advice@saint.co.uk
Lindsay Farrer
Partner
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