What I learned working with Business Owners this week
As a business strategist, it’s generally us who are expected to have answers to the challenges faced by business owners. “I’ve never had a forecast before, my cashflow is inconsistent, I’m not sure what my margins are, adding Net Profit requires major changes”... these are common pain points for businesses which we help find solutions for.
This week a number of strategies were highlighted as ways to add significant value, all applicable to most businesses:
Make time to build awareness of your business’s financial position. With technology and apps available, business owners not knowing their numbers just isn’t acceptable and can see value left on the table
Being able to see visually what your business position might look like in Dec 2019 is super powerful. If at a first pass the results are not where you expect to be, you have an opportunity to review your strategies and assumptions
Small efficiencies implemented consistently can have significant impacts on your results. 5% savings on costs or 5% turnover improvements can impact your results without requiring wholesale changes
Having a bookkeeper and accountant working for your business is the best money you can spend. This frees up your time to run your business... with the knowledge you will regularly be getting quality information to support your decision making process
These items may appear to be simple and straight forward, yet it is surprising how many business owners miss value adding opportunities due to not being aware of how “Keeping it Simple” can help them and their businesses.
Do any of these resonate with you and your business? Leave a comment and let us know how these might be implemented in your business.
If you want to unlock value you may be missing in your business, leave a comment or send a direct message to firstname.lastname@example.org and we’ll organise time to chat over a coffee.