Business Improvement

If started early, adopting a practice of continuous improvement helps avoid financial difficulties.  While the most appropriate practices will vary between different industries and businesses the following should be considered by all businesses and performance reviewed on a regular basis:-

1. Costs - regular cost reviews allow excessive costs to be continually searched for, identified and eliminated.
2. Cash collections - your debtors need to pay when due.  A sound credit policy being put in place assists your staff and clients to understand what will occur if accounts fall outside of agreed terms.
3. Profit - profit on products or profit centres are often incorrectly assessed.  Correct profit assessments are critical so that unprofitable areas can be identified and either made profitable or terminated.
4. Waste - a waste audit will identify unnecessary transport, excessive inventories, inefficient motions, time lost waiting, overproduction, over processing and defective production to provide a much more efficient and cost effective operation.
5. Sales - a realistic budget, a proper sales program and an ability to pursue potential sales opportunities is critical.  The records of sales achieved should be compared with expectations.
6. External Assistance - the right independent advisors giving assistance at the appropriate times can make the difference between the business making a loss or a profit. 

Should you require assistance with any of the above areas please contact us.

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