business strategy / 18 posts found
Where is all my money going?
So, you have sorted your pricing out correctly. You are winning the right customers at the right rate, everything is brilliant…but your costs have spiralled out of control and they are eroding your profit margin. You need to act fast. Having a cloud-based accounting system and a management accountant will help you to keep your costs under control and prevent them sabotaging your profit. Taking the time to regularly check your costs is an investment in the future of your financial health. The first step is to review all processes and procedures. Many of the things that we do every [...]
How fast can you react?
Are your reactions lighting fast? Or are you struggling to keep up? Fast reactions are useful in a variety of situations; accidents, emergencies, but also in business. The ability to react to changes in the marketplace is one of the main areas where small businesses can beat big businesses. Being able to judge the trends and changes in a marketplace and ensure that you are in a good position quickly can be an indicator of success. But what has this got to do with accountants? Imagine you have a small company that sells blue widgets, and the big company that [...]
What’s the difference?
Choosing an accountant is an important business decision to make. Surrounding yourself with a good team involves picking people that you trust to work with you and help you to achieve the goals that you want from your business. Understanding the type of accountant that you need is an element of the decision. Generally, there are two types of accountants: financial accountants and management accountants. So, what’s the difference? Financial accountants produce quarterly and annual statements showing what has been happening in your business. These reports are viewed by external personnel such as shareholders, and the tax office. They tend [...]
Struggling with growth?
Trying to achieve increased growth can seem a daunting prospect, but as with most thing in business and life, once broken down it becomes clearer. There are only 4 ways to increase growth. 1.Increase the number of customers or transactions. Increase the average value of existing transactions. Increase the gross profit margin on your products and services Introduce a new product or service So, for each of these we can come up with a strategy that may help. Firstly, increase your customers or transactions. This can be finding new customers or encouraging your existing customers to order more frequently. [...]
Brexit – the outlook for business
The political upheavals of the last week have done little to resolve the Brexit issue, the underlying political manoeuvrings or settle a growing list of issues for small businesses across the UK. Leaving aside the political considerations we now seem to be at a point where there will be a no-deal, a compromise deal (the so-called Chequers’ plan) or a no-Brexit outcome; all are possible. Those of us working hard to build a business in the UK will be hard put to take much more of this indecisiveness. There is, however, something we can all do while [...]
Are you looking for export opportunities?
In a recent press release, the Department for International Trade promoted its enhanced Export Opportunities service for UK companies. In a nut-shell, this lists overseas governments and companies that are looking to buy UK goods and services. On the face of it, if you are looking for a source of leads for your export marketing activities, it’s probably worth taking a look. Extracts from the press release and the link to find out more are copied in below: The UK is one of the first countries in the world provide this online service, following the launch of the Export Strategy [...]
Do you know what you are selling?
We hope that you know what you are selling: watches, cars, hedge cutters…we hope that your accountant knows what you are selling also. But do they? You aren’t selling watches, you are stopping people being late. You aren’t selling cars, you are helping people get from A to B. You aren’t selling hedge cutters, you are tidying people’s gardens. For example, you own and run a bakery. You believe your business is selling bread, cakes, pastries and pies. Of course, people love bread, cakes, pastries and pies, so they’ll buy them. Right? Wrong. Lots of bakeries go bust. Why? Because [...]
What if there is a hard Brexit?
Although we strive to be non-political in this blog, it would seem that there is an increasing likelihood that when we leave the EU March next year the present free movement of goods will no longer apply. And so, putting aside our reaction to this possibility, what should we be doing to prepare for this so-called “Hard Brexit”? A fair proportion of the raw materials used in our manufacturing processes and the food we eat come from EU suppliers. It is unrealistic to expect UK businesses to increase stocks in anticipation of disrupted supply lines and increased prices after [...]