We’re almost through the first month of 2018, but it’s still worth reflecting on 2017 and analysing how business performance could be improved to ensure costly mistakes aren’t repeated
We’re almost through the first month of 2018, but it’s still worth reflecting on 2017 and analysing how business performance could be improved to ensure costly mistakes aren’t repeated.
Accounting company Nexgen has highlighted five tips for businesses to think about.
Not understanding cash
It sounds hard to believe but countless business owners don’t understand the fundamentals of cash. If you don’t get advice from someone that does.
Procuring bad contracts
Whether it’s a lease on a building, hiring a new employee or selling parts of your business - bad contracts can be the death of business. Not only are they costly to get out of, but they also evoke huge levels of stress around you. Get everything looked over several times by different parties to make sure nothing has been missed.
Not knowing your customer
If you don’t know who you are targeting, then you are punching blind. In a world where there are a million marketing and advertising messages bombarding potential customers, it’s never been more important to heavily define that ideal customer so your business cuts through the clutter.
Staff retention
Having a high staff turn-over is costly as well as disruptive to your business. Hiring a reputable recruiter who understands your needs well, paired with a thorough onboarding process ensures staff are engaged and committed.
Network
Networking and partnering with positive, educated entrepreneurial minded people can mean the difference between a good business and a great business. There is always opportunity to work together and do more.
Related stories:
Blockchain enabling innovation and collaboration, bank
Enquiries on New Year’s Day, broker
Accounting company Nexgen has highlighted five tips for businesses to think about.
Not understanding cash
It sounds hard to believe but countless business owners don’t understand the fundamentals of cash. If you don’t get advice from someone that does.
Procuring bad contracts
Whether it’s a lease on a building, hiring a new employee or selling parts of your business - bad contracts can be the death of business. Not only are they costly to get out of, but they also evoke huge levels of stress around you. Get everything looked over several times by different parties to make sure nothing has been missed.
Not knowing your customer
If you don’t know who you are targeting, then you are punching blind. In a world where there are a million marketing and advertising messages bombarding potential customers, it’s never been more important to heavily define that ideal customer so your business cuts through the clutter.
Staff retention
Having a high staff turn-over is costly as well as disruptive to your business. Hiring a reputable recruiter who understands your needs well, paired with a thorough onboarding process ensures staff are engaged and committed.
Network
Networking and partnering with positive, educated entrepreneurial minded people can mean the difference between a good business and a great business. There is always opportunity to work together and do more.
Related stories:
Blockchain enabling innovation and collaboration, bank
Enquiries on New Year’s Day, broker
