10 Tips for Clever Business Owners

As a business owner, there is always something to do, however, many business owners often
spend more time working in the business than they do ON the business.
Here are 10 simple management tips to help you maintain a successful business in the good
(and not so good) times.

1. Watch trends in your industry. Compare your business performance with your competitors and to performance in previous years.
2. Review your market and your sales/marketing plans at least every 3 months.
3. Review your financial management. Timely accurate reporting is vital to the success of any business.
4. Ensure your budgets are current and regularly reviewed. If profit falls below what you had budgeted, prompt action is essential to reduce costs or boost sales.
5. Align your business development plans with your budget. Ensure they are practical and won’t put any undue pressure on your profit margin. if you can’t afford to do or buy something now, postpone it to when you know your business will be in a better financial position.
6. Ensure credit control is tight with prompt follow-up of overdue accounts. make sure that your client is aware of your trading terms upfront and if you have any concerns, discuss them first or refer them elsewhere. No clients are better than clients who won’t pay.
7. Review your payments policy. are you taking maximum advantage of prompt payment discounts? Or if you are unable to pay an account in full by the due date, talk to the supplier and make arrangements to pay it off. Keep the communication open and honest and fulfill your promises.
8. Review credit facilities with your bank. Are there better options available that could save you money?
9. Check inventories and ensure your stock turnover rate is at least equal to industry standard.
10. Above all, DO IT NOW! If things look bad, take action to correct the situation. Look for positive approaches to solving any problems, and for new opportunities to build your business/

These all sound pretty simple, but in the day-to-day running of a business, it’s easy to let the simple things slide. for your peace of mind and success allocate time to these important tasks.

Chris Connolly

P 03 9591 8000
E chris@connollywealth.com.au
W www.connollywealth.com.au

Level 1, 441 South Road, Bentleigh VIC 3204
PO Box 5074, Bentleigh East VIC 3165

Authorized Representative (280099) of:
WealthSure Financial Services Pty Ltd
ABN 59 130 288 578 | AFSL 32645