Firstly maintaining and growing your business requires many things. For example, customer satisfaction, providing good products and services. similarly a motivated workforce, and good relations with suppliers also count.
Growing your business
Furthermore an area often neglected is being able to take control of your business numbers. Implement the following three key ingredients to help manage your business.
Plan, control & decision making (PCD)
So, a plan is essentially your future business activity expressed in numbers.
Likewise, Control is about understanding and managing your income, costs and profitability.
In the same vein, Decision making involves interpreting and taking action based on what your financial information tells you.
PCD requires, efficient and effective business engines. Online or Cloud accounting is good to use in your business. With the introduction of Making Tax Digital, Online Accounting systems will have a greater relevance.
Help to process information more efficiently, effectively and accurately. Also providing a better real-time overview of the financial performance of your business. These systems also allow multiple users at the same time.
You need to evaluate your business performance. Do this by comparing to either a benchmark, plan or expectation. How well you are doing and measuring this is not unique to the business world.
Take control of your numbers
Assess your business performance. It’ll help you understand:
• How you’re doing overall and in detail?
• Strengths and weaknesses of your business
• Future business performance
• Any management actions needed?
In conclusion PCD does not have to be expensive. Knowing and understanding how to use information that is already present can produce loads of benefits.
Of all the online systems out there our preference is Xero.
Get in touch with us to find out how we can help you maintain and grow your business. For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast I Hate Numbers