I have put together a number of topics that are an issue for business if not dealt with correctly, Ask yourself if any of these are causing you a problem, do you not have the time to put measures in place to keep your business on track ?

The New Year is a period of promises and good intentions, consider ten ways to get your business in top shape.

1. Do fewer things, do them well and see them through.
2. As the owner of the business, is it working for you? Consider your short and long term ambitions – what needs to happen in order for you to achieve them?
3. Take a step back, look at the business objectively. Do you have all the management information you would like to enable you to run the business effectively? Is it the right information?
4. Be brutal on costs – they will creep up. Assess your fixed costs (e.g. insurance, utilities, mobile phones, office equipment). Are you paying over the odds? Could you reduce costs by switching suppliers, re-negotiating contracts or canceling those that are surplus to requirements? Can you reduce costs just by making processes simple?
5. Review employee skills, is a lack of skills or knowledge constraining the business? If so, consider strategic recruitment or training to fill the gap.
6. Update your business plan to ensure that it is timely and reflects the key areas of focus for the year. Bear in mind the adage ‘what gets measured gets done’ set deadlines and targets within the plan that will be monitored and reported upon, rather than just putting the plan back in a drawer until next year.
7. Check your HR policies and procedures to ensure they are relevant and reflect legislative changes (such as age discrimination, disability discrimination and maternity). That way everybody can focus upon impacting the bottom line.
8. Talk to your customers and listen to what they’re telling you, a client satisfaction survey is a good starting point.
9. Talk to your staff so they understand the direction of the business and the role that they play.
10. Focus the business on the key priorities – excellent businesses decide what not to do.

Cash Flow Tips

Ensure you have good financial reporting
Establish debt-chasing procedures
Understand your customers and the nature of their payment cycles
Invoice accurately
Have a dedicated credit controller or
Consider using a third party to collect your debts
Only deal with customers who have a good credit history
Make your terms and conditions clear
Link any sales commission to when invoices get paid
Cut costs and spread payments
Improve how you use bank accounts and overdrafts/loans
Leverage finance against your wage bill
Negotiate terms with your suppliers
Use letters of credit for bank finance
Avoid overusing petty cash or corporate credit cards
Use electronic invoicing and payment methods.