Ten important tips for business owners

As a business owner, we understand there is always something to do. However, many owners are often required to spend more time working in the business than they do on the business.

Here are ten simple management tips to help you maintain a successful business in good and not-so-good times.

1. Watch trends in your industry. Compare your business performance with your competitors and to performance in previous years.

2. Review your market and your sales/marketing plans at least every three months.

3. Review your financial management. Timely accurate reporting is vital to the success of any business.

4. Ensure your budgets are current and regularly reviewed. If profit falls below what you had budgeted, prompt action is essential to reduce costs or boost sales.

5. Align your business development plans with your budget. Ensure they are practical and won’t put any undue pressure on your profit margin. If you can’t afford to do or buy something now, postpone it to when you know your business will be in a better financial position.

6. Review your workforce plan to ensure that you have the right people in your business. Having a strong workforce can help you enhance efficiencies and productivity.

7. Review your payments policy. Are you taking maximum advantage of prompt payment discounts? Or if you are unable to pay an account in full by the due date, talk to the supplier and make arrangements to pay it off. Keep the communication open and honest and fulfil your promises.

8. Review credit facilities with your bank. Are there better options available that could save you money? Talk to a business lender who can help you with financing.

9. Check inventories and ensure your stock turnover rate is at least equal to industry standards.

10. Above all, do it now! If things look bad, take action to correct the situation. Look for positive approaches to solving any problems; and for new opportunities to build your business.

These all sound pretty simple, but in the day-to-day running of a business it’s easy to let the simple things slide.

For your peace of mind and success, allocate time to these important tasks. We have experts who specialise in helping business owners succeed. Reach out today to talk to our team.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.