What will the next financial year bring you?

Hamish Mexted Increasing Profit, Odds & Ends

Hopefully you’ve got through the Christmas rush (or quiet patch…) successfully, have enjoyed a bit of a break and are getting back into the swing of the new year. The new financial year will also be around before we know it.

Now’s a great time to take a look at how your business is performing, in time for the new financial year. This will help you address any areas in need of attention, before yet another year disappears. That way you can rest assured knowing that the new year will bring positive results, and no nasty surprises.

Sales                  

The first thing to understand is what’s happening with your sales. They’re the most critical part of your business – let’s face it, without them you’ve got nothing. No stock purchases, no wages paid, no holiday trip to Rarotonga.

We’re always working with our customers to help them understand how their sales are trending, why they’re trending like they are, and what they can do to improve their trend.

Now is a good time of the year to ask yourself whether your sales are meeting your expectations. How is this month trending compared to the same month last year? What about this week compared to last?

Why

Once you know what the sales trend is doing, you then need to ask why. It’s important to remember that the things you don’t do can have as big an impact as the things you do do. Think about the changes you have, and importantly haven’t, made within your business.

Is the change in sales trend due to new products or services being introduced? Have you moved into new markets you haven’t previously traded in? Are there new competitors in your market? Is your product not valid anymore? Have you changed your marketing campaign?

There are many reasons for a change (or no change) in your sales. Once you’ve nailed your understanding of the trend, you can work on taking advantage of the increase in sales, or fixing any issues you discover.

Planning

Every business needs a certain amount of planning. From the start up business, to the mature business that’s been around forever.

Planning is what you do once you understand your sales tread, and why the trend is as it is. This planning will help you capitalise on any available opportunities, and not leave any cash behind.

A good next step is to investigate your market. Are there any opportunities you’ve missed? Do you need to revise your product range? Do you need to survey your target market to find out what they want from you? How are you placed against your competitors? Have you found a niche that could be introduced overseas to grow your sales further?

We love understanding the meaning behind the figures. If you’d like to find out more about your sales figure (or any other figure for that matter), or need a hand with business planning, give Hamish a call on 04 212 4977 or email [email protected]. We’ll even shout you coffee!