Why does a business need a financial health check?  And, could you use a Complimentary meeting to do this?

Don't leave this key function to the end of the financial year.

Did you know one of the most common New Year resolutions made is 'save more, spend less' (and also most broken too)?  But business finances rarely get a look in because this task is usually left until the end of the financial year, or worse, when the tax returns are done, which is often well after the end of the year.

Postponing until there is more data, or for whatever the good reason may be, leaves little time to implement any corrective changes necessary to pricing, marketing, services, cost savings or processes (procrastination could cost you quite a lot over the next six to nine months).

Analysing the major aspects of your business now sets you up for a good New Year by telling you, for example, that a product or service may in fact be losing money.

Think like a customer

Consider what they may want, what they are actually asking for, and that you understand their problems.  Compare this with what you are currently offering and see if there is a Service Gap.

In your analysis, you need to be able to understand financial reports, to update your budgets and forecasts, avoid expanding above capacity, and even talk to someone who can do the analysis and simply sum up what is needed.  (see 'Our Offer' below).  This is not "set-and-forget", actuals should be reviewed each quarter against budgets and key strategies updated regularly.

For Cash-Flow, Efficient Billing and Collections

Invoice early

December/January are difficult cash-flow months.  Invoice upfront or on terms of say 50% on account, request the money before someone else does.  Chasing money after the work is done is time consuming and stressful.

Get agreements in writing

Ensure customers agree to services in writing; use a contract of service, letter of engagement, and software like Hellosign and Docusign make this easier.

Make it easy for customers to pay

Ensure you accept credit cards or PayPal.  Fees may be charged by the card providers but the benefit is early receipt of moneys due.

Stay on top of debts owing

Chase overdue payments, even commence legal action.  Don't feel guilty by asking for what is rightly due to you.

One system to help with improving a business

This is a first step, a review which looks at what you want to achieve, current issues and trends and challenges, knowing the numbers, the 7 ways to grow the business, asset protection, etc.

What are the outcomes of an hour spent on this?

1. Understanding of the trends and numbers

2. Forecast of expected results for a meaningful term

3. See where cash flow concerns could be expected

4. Determine an effective strategy to get the results required

5. Have the numbers available to analyse and monitor future results.

You should be planning January and February work now as a way of smoothing out cash flow.  A lot can happen quite fast, you can't let things go for a year.  Procrastination undervalues what you're offering, and the inherent inefficiencies destroy your profitability.

Our Offer

As you know, we don't usually push our services in our newsletters.  But this one is complimentary because we want everyone to succeed, so this time we will mention it.

One of our programs is called 'Complimentary Client Review', with Ten Steps including goals, structure, knowing what the numbers/trends are, seeing how sales, profits and cashflow could be improved, how to unlock the potential, risks and asset protection.

The purpose is defining your goals and coming up with a focused (short) plan to achieve them.

If you would just like to know how this could work for you, call me.  If you would like to set yourself up for a better 2016, and might need a little help with the 'how', call and we'll set up a COMPLIMENTARY hour-long meeting.  Do your business a favour.