It’s the perfect time to review your business by focussing on the critical areas. This guide will help you focus on the elements important to make a positive difference and help you do better in the future. Take a few minutes to answer this handful of questions.
Performance versus objectives in 2018
Identify the objectives you had in place and then review your actual performance against your forecast targets.
Your financial results
How much money did you turnover? How much gross profit did you make? How much net profit did you make? How do these results track against your previous targets? How do the results compare to your previous year? Do you know your margins?
The performance of your staff and subcontractors
Did they achieve their objectives, targets and key performance indicators? Did they perform to the best of their abilities? Was that good enough or are they unable to perform their roles adequately? Do they conform to your business culture and show the values you seek?
The health of your business
Has your customer base shrunk or grown? Are you making more or less money from each client or each project? Are your expenses growing or shrinking in comparison to your revenue and profit? Is cash flow going to be the end of you or do you intend to merely tread water? Are your staff members leaving, performing or stretched to breaking point?
Your marketing approach
Does your business profile, website and promotional material represent you the way you want to be represented? Are you attracting the right types of clients? What is your ROI (return on investment) for your marketing dollars?
Business versus job
Does your business rely on you completely? If you did not turn up to work for a month, would the business stop? Do you have processes and procedures in place which direct, guide and instruct your team on what to do?
How to make this year the best year so far
1. Get clarity as to your current position. Write down the answers to these questions.
2. Decide where you want to be in 12 month’s time. Be as specific as possible.
3. Put a plan in place governing financials, operations, staff and marketing to get you there.
Where to go for help
Contact Master Builders Financial Services for credit and business advice or Harry Pontikis directly on 0411 258 058.