Blue Dot Blog

Improve profitability – top tips

Management accounts - hit the profit buttonEvery business has at least one eye on how to improve profitability and it’s a subject we have returned to again and again on this blog.

So we brought together some of our best blogs on improving profitability and listed them here.

The first collection offer help on how to increase your profits and the next set help you measure your profit through accurate accounts.

Hopefully you will find them interesting, stimulating and helpful!

 

How to improve profitability

Most companies want to maximise their profits, but what an economist assumes is happening in theory needs to be made to happen in practice by……….you!

 

How to measure profitability

 

And how NOT to measure profitability

 

We look at lots of business accounts every year and we see some rubbish! Sad but true.

No business can run successfully without good numbers. And if that’s an area of your business that’s holding you back, it really isn’t too difficult to fix.

So fix it as soon as you can, perhaps by giving us a call on 020 7125 0270.

 

 

Michael
@diaryofanomb
 

More top tips – if Improve Profitability was helpful visit our Cashflow and Credit Management top tips page

P.S.  Why not subscribe to our email newsletters which will keep you up to date with financial management issues from time to time?

Cashflow and credit management – top tips

Cashflow

Cashflow and credit management are so important for businesses that it’s no wonder we’ve been blogging on these two subject for ages.

There are two types of business – those very few that don’t need to focus on cashflow………and the rest.

For the rest, I hope these blogs on how to build and use a cashflow model and how to get solid credit management practices in place will be practical and helpful. Continue Reading

A few thoughts on financial planning

Financial planning for your businessYou can’t easily reduce the uncertainties in your market, but a little financial planning will give your business a fighting chance of success and provide you with some alternative paths to tread on the way to making sustainable profits.

What you need is a simple budget and cashflow forecast for next year.

So where do you begin? Continue Reading

Diary of a Start-Up – why would someone buy from me?

Diary of a Start-Up Event: Why would someone buy from me?

Date: September 24, 2015, 6.00 – 7.30 pm

Venue: Metro Bank, Fulham Broadway, London, SW6 1BW

Book here for £15

why-would-someone-buy-from-me-blog

Why would someone buy from me?

You’ve started your business, now sit back and wait for the phone to ring, watch the queue form outside your door and your website collapse under the sheer weight of inbound traffic.

Here come the customers!

It’s not quite that easy. In a competitive world where no-one has time or wants to pay attention, how do you make your business stand out and make sales?

In this event, Jacqui Newman ( Hotspot Marketing ) will guide you through 5 essential steps to getting more of the RIGHT customers to buy from you:

  • Who are the right customers – why one size fits all rarely works
  • What really matters to your customers – you might be surprised!
  • Developing ONE clear message
  • Engaging not selling – navigating the buying cycle
  • Building customer loyalty

Diary of a Start-Up “Flash Financials” & Guest Entrepreneur

Michael Austin will give a whistle stop tour of cloud accounting software options available to Start-Ups and  small businesses.

Our guest entrepreneur at this event will be Keren Lerner, founder of design agency Top Left Design who will be on hand to share her experience on running a business for over 13 years.

So join us on at 6.00pm on September 24, at the Metro Bank in Fulham Broadway for what promises to be a really practical and useful session that will help get your business the customers you want.

Book here for £15

 

Michael
@diaryofanomb

 

What is Diary of a Start-Up all about? – find out here

 

 

Diary of a Start-Up

diary-of-a-startup-blog

Diary of a Start-Up is a series of events that help you start up your own business and keep it going!

Running your own business – it’s hard, fun, painful, exhilarating, frustrating, rewarding, overwhelming and many other things. It’s yours and you love it!

But you can’t do it all by yourself.


Three essentials of a successful business

There are three essentials of any business:

Marketing finance operationsWhether you’re a hairdresser, a search-engine optimizer or an architect – you will know how to do the thing you do, the day-to-day operation of your business that delivers a product or service.

But that’s not enough.

You have to master how to do the thing you do, for other people and for a profit.

And that’s what our Diary of a Start-Up events will help you achieve.

Our events are run by entrepreneurs, people who have been running their own businesses, perhaps several businesses, for some time.

This is NOT text-book stuff, you can’t buy it in the business section of the local bookshop. It’s the real world and you can grab a piece of it.


 The next Diary of a Start-Up event

Our next event, in which we’re partnering with Metro Bank in Fulham Broadway, is called “Why would someone buy from me?”.  It’s at 6.00pm on September 24 and you can book your place here.

Our Diary of a Start-Up events are for people who are thinking of starting up or who are in their first year or so of running their own business. If that’s you, why not join in?

 

Michael
@diaryofanomb

 

Know your numbers, don’t get lost in the fog

Lost in the FogThere’s a lot of marketing noise about how rapidly technology is changing the way accounting gets done.

We know. We’re completely in the cloud and much of the change is good.

But the technology doesn’t change the essentials and there is a real danger that businesses can get so caught up in the “how”, in the graphs and the apps that they forget the real point of why they want the numbers in the first place.

Too many businesses are lost in the fog.

 

Five financial essentials

If you’re running a business can you answer these five questions?

  1. How is your business performing?
  2. How could it perform better?
  3. Who owes you money?
  4. Who do you owe money to?
  5. What is your cashflow like?

You need reliable answers to these questions to be readily available.

If you don’t have them then something needs to change.

 

Accounting software

It might be a software issue – we still see £1m businesses running their accounts in spreadsheets. .

Get some proper accounting software – there’s a lot of it about!

It might be a software issue – you’ve bought the software, they said it was easy to use, just like riding a bike, but actually no-one in your company knows how to use it properly.

Get some training!

 

Accountants

You might have accounting staff or a freelance bookkeeper, it’s quite likely you have an external accountant. But you’re still lost in the fog!

Change the people – improve them or lose them!

 

An MD’s cry from the heart

We are working with an MD. She has a decent business, two or three staff, happy clients, came through the recession and wants to kick on. She rang me because she doesn’t have reliable numbers and doesn’t know what to do.

In her case the bookkeeping has been poor and the accountants (gold medalists at non-responding) have barely shown up to make things right.

At least in this case the MD knew she was lost in the fog; we can tidy things up and give her the clarity and peace of mind she needs.

How about you?

Let the fog clear!

 

Michael
@diaryofanomb