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Business
Survival and How We Help
Much
research has been conducted in order to prove
the link between the survival of small businesses
and frequency of financial reports. We are visibly
more proactive than traditional Chartered Accountants.
We prefer to position ourselves as business partners.
Helping clients produce actual results monthly
enables us all to see the results as they unfold
and truly assess the financial effects of new
business strategies. Other benefits of monthly
results might be:
- a
timely deadline for the production of sales
invoices. This will mean your business's clients
get invoices sooner and therefore your business
gets paid sooner.
- the ability to compare
current performance against expected.
- a better credit
rating.
- that debtors ageing
is looked at at least once a month and therefore
cash collection is quicker.
- that the business's
tax position can be assessed more accurately
based on current data.
We encourage and
help provide integration between compliance, management
and business development services. This means
that you can view us as someone who not only can
coach you in your business, but can also help
you assess the financial position of the business
at all times. Please do contact me, Leo Wagner,
and give me the opportunity to show you how we
can help you improve not only your chance of survival
but also improve your profitability. The
first consultation is free.
8
STEPS TO EXCELLENT BUSINESS MANAGEMENT:
1. REGULARLY
REVIEW THE FIVE DRIVERS for your business,
• a. Number of leads;
• b. Rate of conversion of those leads to
new clients;
• c. Number of transactions per client;
• d. Sales price; and
• e. Profit margin.
Then determine how you can improve each driver
which will lead to a compounding improvement in
your profit.
2. IDENTIFY YOUR PROFIT
via habitual review of monthly business accounts.
You should know how much return your business
is giving you for your time, effort and investment.
Equally, monthly accounts should benchmark the
return you are getting from each product or service
against each other and quantify where that income
is being spent.
3. RECONCILE BANKS REGULARLY
Monitor your business's cashflow regularly. Know
where your business stands in cash terms. Review
of daily or weekly reconciliations will give you
a good understanding of your business's cashflow.
This will enable you to use this valuable asset
to maximum effect.
4. PREPARE A BUSINESS PLAN
which is maintained regularly and which gives
guidance to the direction of the business. It
should be a living document. Will the steps you
plan to take achieve your desired outcome? Good
goals and strategies are vital to achieve a successful
business.
5. Ensure that
the business delivers and is seen to DELIVER
EXCELLENT SERVICE TO CLIENTS and potential
clients.
6. Ensure that
the business does and is seen to RESOLVE
PROBLEMS
and DELIVER RESULTS for clients.
7. DELEGATE EFFECTIVELY
Ensure that the critical aspects of the business
are being managed by someone with an understanding
of their responsibility for those aspects.
8. Ensure also
that a REGULAR RISK ASSESSMENT
is performed and action taken to minimise any
risk.
Please do contact us on 0800
0811 567 or e-mail us at info@2tax.co.uk
or fill out our Enquiry
Form, and we will be happy to come
to your premises and provide you with a free,
no obligation, initial consultation and show you
exactly how Wagner Associates can make your business life easier.
We welcome enquiries from throughout the UK.
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