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Could a good spring cleaning boost your business?

It doesn’t matter whether it is springtime or autumn where you live – the best thing that you can do to improve your business right now is a bit of spring cleaning.

By this of course, I mean reinvigorate some of the housekeeping issues that you may have  overlooked in recent times. Over the last few years you may have found it  possible to get away with a few loose ends and haphazard processes, but not any  more.  The tough economic times have changed all of that.  It’s time to get serious about tightening up your systems and securing your future.  Here are my Top 10 Tips to improve your results:

1. Have a plan
Position your business for the year ahead. Decide on your  strategy, set your goals and work on your tactics. Put these together in a one  or two page business plan. Uncertain times call for certain actions.

2. Forecast your cash flows
Maintain a cash flow forecast so you can use  it as an early warning system. The sooner you get an indication that your cash  is tightening the more time you will have up your sleeve to take action.

3. Collect your debtors more quickly
On average how long do your debtors  take to pay you? Aim to reduce this by at least 10 days – if your annual revenue  is $1 million you could save yourself $3,000

4. Reintroduce credit checks
Have you got a bit lazy about running credit  checks? Reintroduce them.

5. Monitor your customers debtor history
Are any of your customers  starting to take more credit than usual? Keep a close eye on them. They could be  feeling the squeeze so be careful about extending too much credit.

6. Evaluate your customers
Do you know who your best and worse customers  are? How much profit are you making from each customer? If you don’t know, now  is the right time to set up systems to track this and….

7. Cull your bottom customers
Harsh as it may sound, concentrate on your  best customers. Lavish them with attention. If you have unprofitable customers,  cull them. You have no room for passengers.

8. Trim your product range
If you are carrying a wide range of stock trim  it. Do this by calculating which of you stock lines are your worst performers;  sell those lines quickly to release some cash. Reduce your overall investment in  stock.

9. Look at your processes
Mistakes are costly so take a look at your  processes. What can you tighten up or do differently to lower the chance of  errors?

10. Have a budget
Having a budget isn’t about cutting costs, it is about  managing costs. So budget your expenditure for the year and track your actual  costs closely. If you see costs starting to climb take steps to reduce your non  essential expenditure.

So in the face of rising interest rates and a global economic downturn the  best thing that you can do to improve your business is to tighten up your belt and the system in your operation.

Article Source: http://EzineArticles.com/5442279

ImagineeringNow
About The Author
Rhondalynn's life changed forever after the loss of her mother due to a senseless tragedy in 1992. She decided that despite her formal training and a promising career as a lawyer and chartered accountant, she wanted to do something more. So despite the fact she had already invested 10 years of her adult life in university and articling, she did the unthinkable. She left her high paid job as Commercial Manager for one of the largest corporations in the country, she re-trained herself in the sciences of the mind and she discovered a passion for writing and sharing her knowledge with business owners and executives. Rhondalynn has distilled the secrets to business success - that she learned from her life experience and working in GM level roles with Price Waterhouse Coopers, Max Factor, Village Cinemas, and Coles Group Ltd. - and produced a simple step-by-step process that you can apply to your business to boost your sales and bottom line. Rhondalynn can help you put strategies in place to grow your bottom line and ensure that your customers would never think of going elsewhere. She is the leading expert on harnessing the power of your brain and using it to improve your financial results in business. Rhondalynn is the author of On The Shoulders of Giants, Imagineering Your Destiny, Sobre Hombros deGigantes, Financial Foreplay, and Sales Seduction. She has appeared on CNN, Bnet/CBS, Channel 7, Channel 9, Kochie's Business Builders and 3AW, and writes for Yahoo, MYOB, Fast Thinking, Sunday Life, Dynamic Business, Business Spectator and Australian Retailer.

2 Comments:


  • By Mark Hansen 03 Oct 2011

    Solid and pracical as always. Thanks for writing this… Do you have any other specific advice about business plans etc.?

  • By Stephen Markette 11 Feb 2013

    I wish to present this particular blog, “10 Proven Ways To Improve Your Business Today!” with my friends on facebook or twitter. Hope that I don’t need any special permission??? I just really need to distribute your remarkable writing!
    With thanks, Stephen

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