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Tough Times – Business Checklist Action Items
Q1
Are Tough Times Still Ahead?
All the economic indicators tell us that we are looking at some tough trading times ahead.
In that regard, we have prepared a “Tough Times Business Checklist” which we hope you will find useful as you look at ways to keep your business successful in this environment.
Please review the ideas we have presented and talk to us about how we can help you with implementation. We have helped a number of clients recently to control their costs and maintain their revenue base.
What is really important is that you take steps now to make sure your business is “ship shape and Bristol fashion”.
Please let us know how we can help.
Take action now to preserve the health of your business
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Employee Personal Details
Q2
Tough Times – Business Checklist Action Items
Considered
Review your Budgets and set realistic and achievable targets for 2018.
Get rid of can’t pay/won’t pay customers.
Review debtors list and chase up overdue invoices.
Offer existing debtors extended payment terms and/or discounts.
Make sure your terms of business contain explicit payment terms.
Assign responsibility to one individual for invoicing and collections.
Agree extended payment terms with all suppliers in advance.
If appropriate, review banking facilities and discuss future needs.
Put extra effort into making sure your relationships with your better customers are solid.
Review and flow chart the main processes in your business (e.g. Sales processing, order fulfilment, shipping etc) and challenge the need for each step.
Encourage team members to suggest ways to streamline and simplify processes (e.g. sit down and brainstorm about efficiencies and cost reduction).
Use ‘bottom up’ budgeting where everyone in the office gives input on areas over which they have control – target a 10% cost saving.
Review your staffing needs over the next 12 months and make weak or unnecessary individuals redundant now.
Get your members of staff involved in a discussion of likely trading conditions and get their input on reducing costs and maintaining revenues.
Review your list of products and services and eliminate those that are unprofitable or not core products/services.
Establish your key performance indicators (KPI’s) and measure them on a daily basis e.g:Sales Leads generated, Orders supplied/fulfilled, Cash balance, Stock Turnover, Debtor Days, Gross Profit, Net Profit.
Review efficiency of business processes and consider alternatives such as outsourcing certain activities locally or overseas.
Pull everyone together and explain the business strategy and get their buy-in.
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