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Business Survival Planning and Advice

Much research has been conducted in order to prove the link between the survival of small businesses and the frequency of financial reports.

Helping clients produce actual results monthly or quarterly enables us all to see the results as they unfold and truly assess the financial effects of new business strategies.

Other benefits of monthly results might be:

  1. A timely deadline for the production of sales invoices. This will mean your business's clients get invoices sooner and therefore your business gets paid sooner
  2. The ability to compare current performance against the expected one
  3. A better credit rating
  4. That debtors' ageing is reviewed at least once a month and therefore cash collection is quicker
  5. That the business's tax position can be assessed more accurately based on current data

We encourage and help provide integration between compliance, management and business development services.

This means that you can view us as someone who not only can coach you in your business, but can also help you assess the financial position of the business at all times.

Eight steps to excellent business management

1. REGULARLY REVIEW THE FIVE DRIVERS for your business;

  1. Number of leads
  2. Rate of conversion of those leads to new clients
  3. Number of transactions per client
  4. Sales price and
  5. Profit margin

Then determine how you can improve each driver, which will lead to a compounding improvement in your profit.

2. IDENTIFY YOUR PROFIT

via habitual review of monthly business accounts. You should know how much return your business is giving you for your time, effort and investment. Equally, monthly accounts should benchmark the return you are getting from each product or service against each other and quantify where that income is being spent.

3. RECONCILE BANKS REGULARLY

Monitor your business's cash flow regularly. Know where your business stands in cash terms. Review of daily or weekly reconciliations will give you a good understanding of your business's cash flow. This will enable you to use this valuable asset to maximum effect.

4. PREPARE A BUSINESS PLAN

which is maintained regularly and which gives guidance to the direction of the business. It should be a living document. Will the steps you plan to take achieve your desired outcome? Good goals and strategies are vital to achieve a successful business.

5. DELIVER EXCELLENT SERVICE TO CLIENTS

Ensure that the business delivers and is seen to DELIVER EXCELLENT SERVICE TO CLIENTS and potential clients.

6. RESOLVE PROBLEMS and DELIVER RESULTS

Ensure that the business does and is seen to RESOLVE PROBLEMS and DELIVER RESULTS for clients.

7. DELEGATE EFFECTIVELY

DELEGATE EFFECTIVELY Ensure that the critical aspects of the business are being managed by someone with an understanding of their responsibility for those aspects.

8. REGULAR RISK ASSESSMENTS

Ensure also that a REGULAR RISK ASSESSMENT is performed and action taken to minimise any risk.

Please do contact us on 0800 011 2680 or e-mail us at info@wmal.co.uk or fill out our Enquiry Form, and we will be happy to come to your premises and provide you with a free, no-obligation initial consultation.