The Andrew Price & Co Weekly Round-Up

November 8th, 2019     Weekly Round-Up

Here are a few things our clients have achieved over the past week..

  • Recording systems the easy way – Our client wanted to be able to be able to train new team members on their systems for workflow, order processing, sales and the sales ledger. The systems were all computer based and it seemed odd to have to manually write systems notes (they would have taken a long time to create!). We helped our client achieve this using the screen capture system that we use with recorded commentary, producing the systems notes in minutes in a way that makes training easy! Are your systems and procedures recorded for training and continuity?
  • Management accounts prompt a question on pricing – Should you be increasing your prices we asked? This was prompted by the fact that material costs had risen for a second quarter and the answer was yes. If the proposed price had been implemented sooner then the profit for the quarter would have been at least £5189 more and annualised £20,756 more! Do you regularly track the impact of price rises on your profits and take action soon enough?
  • Regular = Results – We highlighted at an earlier management accounts meeting that our client did not carry out certain financial ‘housekeeping’ activities like chasing debtors on a regular basis (which at that time were 61 days sales). After setting up a simple reminder system with accountability, regular chasing meant that debtors after three months were down to 44 days sales. A great result for the bank balance! Do you do things for your business on a regular basis?
  • Better internal communication reduces costly ‘dropped balls’ – Our client had experienced some problems with communication between team members which meant there’d been a few embarrassing situations with customers. After being shown what we used they decided to start using it straight away. It’s a simple and effective way for the whole team to have access to all the information about the customers, meaning less chances of a costly dropped ball! Do you have internal communications systems that mean everyone’s in the know?

Do you need a better, more time efficient way to train your staff, to look at costs and pricing in your business, to look at ways to keep up to date with your business housekeeping or to avoid potentially embarrassing situations with clients by implementing better team communication systems? Call us now on 01803 296678.