Spring is upon us making it a good time to clean the house, do a spot of gardening…and see how your business is tracking.
Here’s some things to think about.
Your business goals might range from gaining new customers to increasing your profit figure, or even extending your operations overseas. No matter what size your goals are, you cannot achieve them without firstly setting SMART (Specific, Measurable, Attainable, Realistic, & Time framed) goals.
Once you’ve set the goals, it’s important to come back and see how you’re progressing. There’s no point setting goals just for the sake of having them – you’ve got to use them as a tool to keep you focused on the things that are important to your business.
Many businesses don’t spend a lot of time reflecting on what they do. They do what they do because it’s what they’ve always done. They haven’t considered whether they’re operating in the most efficient way, nor do they consider whether there’s a better way to do their thing. Many business owners think they’ve already got their systems spot on, or that their business is too small to worry about operating efficiently.
We take the opposite view – there’s always something within a business to tweak or work on. Ultimately this will help you keep running at 100% productivity, and help you take a back seat from the business come exit time.
It’s also important to keep abreast of new technologies as they come onto the market. Xero for example is now a must have tool for many businesses, giving business owners instant access to how the business is tracking. New Xero add-ons are becoming available all the time, with each add-on improving one or more processes within a business.
It’s safe to assume there’s at least one process in your business which isn’t as efficient as it could be. By looking at new technologies and examining how everything is done in your business, you’ll become more productive. This means more profit, less downtime at work, and more time to feed that garden.
How iif Chartered Accountants can help you:
At iif Chartered Accountants, we believe it’s our business to know your business. We get to know you, your business, and what makes your business unique so we can do more than just take care of your tax obligations.
Our Year End + product turns the (usually) daunting year-end accounts into understandable information to help you grow your business. Together with business benchmarking (comparing your performance against your competition), we can help give a real insight into areas for improvement in your business. If you’d like to see how we work, email us ([email protected]) or give Hamish a call (021 752 270).