The new financial year is approaching and you have to take measures if you wish to make it the best year you have had thus far. Long story short, here are the 10 most tips that can help you grow your business by making the right decisions:
1. Think your ideas through
Make sure your business is on the right track. What does that mean? Well, first of all, observe where you stand. Surely there are a lot of things that can be changed and improved about your business and you need to make sure to check them all before starting the new financial year. Make a business plan for another 12 months period, establish goals and make sure that they will be achieved.
Organize your paperwork, sorting invoices and everything related to this field and you can spare yourself a lot of trouble when the time will come to search through the massive amounts of information for just one piece of a file. It will also help you keep track of your income as well as the outcome, which is why this aspect is of particular importance.
3. Credit-check your customers
It is as simple as it sounds, but such a simple thing can spare you of a lot of troubles if your client proves to be on the black list of a credit agency. Only 20% of the small businesses conduct credit checks on their clients which is a major problem, because you cannot identify the potential bad customer if you don’t check his background.
4. Keep the communication open
Ensuring a line of communication with your customer will make sure that you will be constantly updated on his needs and tendencies and this will help you assess your next moves and make changes so you can comply with your clients’ demands.
5. Timely invoices
This is a particularly important aspect of any healthy business cash flow. Whenever a delay is registered in this category, your clients may fail to comply with their duties. Release early invoices and you will give them enough time to prepare and deliver.
6. Spy – there is no shame
Keep a close eye on your competitors, observe their products and services and you will be able to make adjustments according to their policy. You should take every advantage that you can and you will prevail over others. In an ever competitive market, knowledge is, without doubt, power.
7. Exploit your suppliers
It sounds bad, but it isn’t. What this means is that you should watch the market and offer the lowest prices for the maximum amount of products and valuables. Prices have sometimes a wide range, which will allow you to negotiate more effectively and get the best deal for your business.
8. Alternative financing
Measuring the cash flow on a regular basis will give you the best indication on how well is your business performing and what do you need to change. If you consider that your cash flow is unsatisfactory, and you feel the need for a change, you should look for alternative solutions, such as debtor finance providers.
9. Early return-in
Why wait until the last moment to put off your tax return? The goal, on the contrary, is to do it as fast and as early as possible, in order to have a clearer picture of your cash flow and help you establish new goals for your business growth.
10. Relax and be fair at the same time
Continuous working can backfire at times as you will feel too exhausted to perform anymore. This can have a negative impact on your business plan. There are a lot of things that will go wrong in any business, which means that you should take some time off whenever you will find the time for it. Same goes for your employees, since they will increase their proficiency when feeling valued and rewarded.