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02/02/2010
“Are tough times ahead?" That’s the $64,000 question and what’s more important is how are business owners coping emotionally and financially? Can they strive into 2010 confidently or cautiously?
Nick Pollington, a partner from Price Bailey Chartered Accountants, said: “There are lessons we can learn from the past 12 months which can make our businesses stronger for the future. Technology, reputation, differentiation and opportunity are some of the key factors business owners should be looking at.
Nick Pollington added: “If you haven’t done so for a while, now is an excellent time to reassess how you are managing cashflow, costs and customers all of which are crucial to pulling through in great shape.
“Technology is constantly changing and it is not so crucial you keep up with the latest trends but you use the technology that will help drive the business forward. For example, knowing your current credit position instantly, using better payment facilities and having a clear indication of the impact on profits before committing to an agreed price with the customer, will all help to improve efficiency and profitability.
“Reputation is hard to earn and easy to destroy so ensure you are delivering great customer service. Engaging with the local business community can help to win more business as well as act as a good benchmark within the local economy.
“Look carefully at your business and identify the unique reason why customers should buy from you. You may also discover new opportunities to cross-sell or sell more to your customers or simply reaching more customers further afield will do the trick. With the internet the world is much smaller and you never know cross border opportunities might be the key to future success.
Always remember though, never over-promise and under-deliver.
Price Bailey has a successful track record of giving businesses strategic advice. An accountant can only advise a client if they have a real interest in the business, especially if they want to be successful, which can be measured in many ways.
To seek further professional advice from Price Bailey please contact Nick Pollington on 0800 434 6460 or email Nick at nickp@pricebailey.co.uk
