Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Top 10 Tips for Owners

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Top 10 Tips for Owners

Article excerpt

RUNNING a small business is always challenging and with the upcoming Federal election, potential rate rises and a wide range of factors affecting consumer and business confidence, it can be difficult to know how to make your business work best for you.

Jackie Parkinson, ETCas National Manager of Business and Strategy, identifies 10 things you can do to ensure your business is operating as efficiently as possible, and to give yourself an edge, no matter the circumstance.

Have a business plan a You have to set aside the time to do it, but in the long run it helps you to work smarter, not harder. If youare overwhelmed by the amount of information online and would prefer some face-to-face help, any small business on the Mid North Coast can get help developing and implementing their plan at little or no cost through the Small Biz Connect Program, funded by the NSW Government. Call ETCas Business Consultant Kevin Riddell on 66485400 for assistance.

Get your cash flow in order a Two obvious areas that impact on cash flow are debtors and stock control. Put processes in place to control both. Prepare a cash flow projection to show future trends and identify difficult times, and keep on top of your debtors so they are less likely to blow out.

Get the basics right a Making sure your processes are working as efficiently as possible will help you make the most of any future improvements. If youare thinking of introducing new technology or systems, get the most out of your investment by ensuring you have a solid, efficient foundation.

Review your costs and look for efficiencies a Examine your costs over the past 12 months. Are you getting value for money from your suppliers? Are your processes serving you well? Do you need to embrace new technology to improve efficiency? Ensure any savings in time or money wonat detract from your business. For example if cutting your marketing expenses compromises your ability to generate new business then it will cost you more than the savings are worth.

Be informed a Study the trends in your industry and changing factors. For example, technology innovations, overseas competition or changes in your customersa behaviour. …

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