IS YOUR BUSINESS IN GOOD SHAPE?
Keeping your records up to date is one of the best things you can do to increase your businessâ€™ value, provide easier access to finance and allow a better insight into how you are performing.
Rather than just being a compliance issue, your key numbers and reports are an important tool to help you grow, exert control and measure your progress.
When you are active in your reporting, measuring, monitoring and acting on it, you are more likely to be successful. When you are attuned to your financial situation, you will be able to respond more appropriately to changing circumstances and more easily identify looming cashflow problems. This allows you greater access to finance and more flexible business strategies.
You are also more likely to achieve your targets when you closely monitor your financial records. By keeping your financial data up to date, you can compare how you are going more than once a year. You are able to identify problems or issues early and act on them right away.
With our help, we can work with you to delve into more complex targets and compare your working capital ratio, stock turnover ratio and profit per employee ratio to averages in the industry.
We can also do regular health-checks of various aspects of your business. Stock and purchasing practices should be reviewed every six months and asset stock-takes taken on a quarterly basis so obsolete equipment can be written off. Keeping on top of the payroll system can also return dividends.
By regularly tracking your profit and loss statements, you can assess the health of your business and refine your sales targets. Your balance sheet and cash-flow statement will also give you an idea of the net-worth of your business and put you in a better place to take on seasonal trends and changes in your industry.
As they say, 'knowledge is power'. Get a handle on your numbers and your business will be in great shape!