In business it’s always useful to hear how other businesses are getting along.
One really great aspect of my job as an accountant is learning about a client’s business and gathering their tips for success. Here are just a few of the recent ideas I’ve picked up from working with owner managed and family run businesses in the West Midlands:
- Keep overheads light and eliminate unnecessary expenditure;
- Set realistic and achievable budgets and measure how you are doing on a monthly basis;
- Be aware of the fundamental shift away from the “Offline” to the “On line” economy and access how you can move your business “On line” as quickly as possible;
- The buying patterns of customers do change, be flexible in your pricing and offerings ;
- Make sure you have systems in place to keep existing customers “Happy”, they should be your biggest fans;
- Regularly review whether you are offering “Value for Money”, it is the most important factor right now in helping potential customers decide whether to buy from you or one of your competitors;
- Experiment. Throw out the rule book and every so often try something different. A good example would be “Pay what you think it was worth”, done by a number of restaurants recently;
- Make sure potential customers know you exist. Get some publicity, sponsored charitable activities generate interest, write to other local business who have a success story to congratulate them. Whatever you do plan for time to make it happen;
- Do not lose sight of why you started your business, rekindle your ambitions every so often, take time out to think about what you want from your life and remember the purpose of your business is to help you achieve those ambitions;
- Keep at it. Someone famous once said “If at first...”!
Andy Parker
Chartered Accountant Birmingham