Here are a few things our clients have achieved this week:
- Successful business start-up owners were able to take action to save tax before the year end – A planned review of business performance for a successful start-up identified not only the forecast tax bill, allowing provision to be made for it, but also identified opportunities to invest money carefully in things that would bring benefits to the company and save them tax. Are you a successful start up business owner that doesn’t know what’s happening with tax and what you can do about it?
- What are your key KPIs? – At a management accounts meeting with a client we identified the key things they needed to measure every week to keep the business profitable. The key numbers were direct and totally controlled by those who were accountable. The numbers aren’t seen as a threat, but a target that the team can work to achieve. What are the numbers you need to measure each week to make sure your business stays on track and achieve the profit you want? If you don’t know we can help you!
- How many times should you measure something? – In a recent analysis of our clients’ performance, we’ve found that the more frequently something is measured the more successful that part of the business is. If you measure something quarterly you have 4 opportunities a year to change something, monthly 12 times a year, weekly 52 times a year and daily up to 365 times! How frequently are you measuring what matters?
- Management accounts prompt action – Our client’s quarterly management accounts showed a loss which lead to a discussion as to the reasons why. This identified a problem that could be acted upon, although it would take time for the changes to have an effect. If our client just had annual accounts it might have taken even more time to put it right! Do you see your numbers on a regular basis to help control your business?
Do you need a better understanding of tax in your business? Do you set and measure your KPIs to keep your business on track to get the profit you want? Do you measure what matters to you and your business? Do you see your numbers often enough to truly be in control of your business? If you need help with any of these issues, call us on 01803 296678.