The Backyard BBQ Advice: “Mate, need some advice on upping your business performance, what ya gotta do is BLAH BLAH BLAH”
You’re certain to hear a lot of different advice. A few simple steps upfront can start your business down the path toward success.
The key to running a successful business is being able to know the in-and-out’s and understand how your business is performing. Here are a few simple questions that you should be asking your Accountant in order to better grow your business.
Where did my profit go?
Did your business have a cracker of a year? Do you need to pay tax on the profit but have no money in your bank account? The team at DGL can help you understand this by implementing comparison and analysis techniques, to show you where your profit ended up!
We can help you understand the difference between what you get taxed on and what cashflow is!
Should I buy or finance?
As accountants, we get asked this question a lot. However, the answer will depend on each person’s circumstances. It is usually recommended to conserve cash and finance through the business, but this may not be the right action for you. We can work with you to determine the best option and ensure your cashflow will support you through the slower months.
How are we actually performing?
Do you want to know how you are performing in comparison to others in your industry? Are you spending too much in wages or not charging enough mark-up? DGL can help you out by comparing your business performance against current industry trends and identifying any issues that may be holding you and your business back.
How can I grow my business?
Typically, in most businesses, people will deal with you for one of three reasons.
1) Be nice to people, if they like you, they will most likely do business with you
2) Have a referral system in place that encourages your customers to refer you to their friends and family, and
3) Work to become an expert in your field, or industry, offer something that other providers don’t.
If you want to learn more about how your business is performing and ways you can grow and expand, contact us at DGL Accountants.