Advice:New year, new plan?

By , published on 4th February 2011

Here are a few ideas to help get your business off to a flying start this year.

  1. Get new customers! Sometimes we can spend too much time looking after our existing customers that we forget that a percentage of customers will always drop off and before you know it your customer numbers and sales are down. Never forget there is a new batch of clients out there who need your products and services. All you have to do is ask for their business! So gear yourself up for a renewed campaign.
  2. Look at your expenses – 2011 is set to be a challenging year for businesses so a keen eye on your outgoings could help you. When did you last review your monthly expenses? Check out each expense – can you get a better deal from an alternative supplier? Don’t forget to look at your Bank Charges too.
  3. Keep your eye on the cash – This year resolve to watch your cash flow. With a continuing tightening of available credit in the market you may find your larger customers squeezing you on payment dates. Make sure you get your invoices out on time and that overdue payments are promptly chased. If you are facing a liquidity crisis make sure you are making full use of credit terms offered by your suppliers.
  4. Have a radical re-think – Are you hanging onto something in your business in the hope it will improve this year? It usually doesn’t! Do you have suppliers who are constantly delivering late or have quality problems? Search for new suppliers.  Are your staff pulling together, or are changes needed? Do you have slow-moving products which you are sure will take off this year (for the third year running)?
  5. Commit to a plan – Whatever actions you have decided to take write them down to give you focus and something to aim for. Remember to review your action plan every month.

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Janette Whitney

About Janette Whitney

Janette Whitney is an award-winning business consultant, media columnist and award-winning business author. She specialises in business growth strategies and finance and formed her consultancy business after a highly successful career in banking. Janette’s expertise has won her both national and regional awards which include ‘Consultant of the year’ and ‘Business Book of the Year’ award (as co-author of ‘The Essential Business Guide’).

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