If your business can improve profitability the rewards include more money in the bank, a higher value for your business as well as greater peace of mind and the feeling of a job well done.
Making lower profits than you think you should leads to the opposite outcomes and a lot less fun.
So, what can you do to improve your profitability?
This company has annual sales in the millions of pounds and it reminded me that there are many businesses in the UK of all shapes and sizes that do not have adequate financial information.
But, when it comes to your accountant, this inertia could really hurt you and your business and, as Liz Garrigan, Director of TPG Design, explains in the video – breaking up is not so very hard to do!
In the current economic situation resigning clients might feel counter-intuitive but think of it as “resigning losses”.
Good bookkeeping is the bedrock of every successful business. As you can see from our illustration, bookkeeping is at the centre of every aspect of your financial management and you let it lapse at your peril. However, we see too many businesses where the bookkeeping is not done well enough…
You’re in business to make a profit! And then to make some more profit. Your business buys, sells, hires, fires, grows, evolves and makes profits. But are you measuring your profit accurately, with no surprises, and can you make better decisions, at the right time, to prevent losses and…
Management information is essential to tell you how your business is performing. Every business wants to grow, to improve profitability, reduce risk, increase cashflow etc. but none of it can be done very well without the right management information at the right time. Good bookkeeping is the basis of useful…
Management accounts are vitally important for every business.
Not having management accounts is simply not an option and yet we continue to see companies, some with multi-million turnovers, that have nothing like the management information they need to run their businesses.
Sounds familiar?
Organise a management accounts makeover.
By treating profit as your first cost you turn the normal thought process on its head and the costs, which you have most control over, become the variables to be addressed in order to achieve the profit you want.
Every 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…
