INCREASE PROFIT

What is your reason for being in business beyond making a profit? This will fire the engine and ultimately ensure you generate greater profits.

 Increase (or potentially decrease) your pricing. Small changes can make big differences: on average, a 1% price increase yields an 11% increase in profit. 

Reduce costs and implement a company-wide expense controls programme.

Improve and automate payment collection.

1. What you measure, moves. Deep dive into trends, build intelligent KPIs and focus on what really matters.

Manage suppliers tightly and look for bulk-buying opportunities, consolidation of costs and discounts.

Review lending facilities with the bank. A well-managed finance function will engender trust from the bank and give you greater leverage for improved facilities.

Investigate all possible opportunities for grant funding.

Explore options for R&D tax credits.

Optimise all working parts of your finance function – ‘The 12 Boxes’ – to improve efficiency and productivity and increase your output.

Tighten up your value proposition to increase your conversion rate; reduce the cost of new customer acquisition.

Customer retention is just as important (if not more so) than new customer acquisition. Focus on achieving a healthy balance between the two.

Investigate opportunities for outsourcing for reduced costs, increased flexibility and improved access to skills.