Do you get scared by figures?

When I chat with business owners, one of the key topics that keeps recurring is how to manage the figures in behind the scenes to the best effect. As a business owner one of the crucial parts of running your business is the accounting.

Knowing how you grow is about kjnowing your figures

Knowing how you grow is about knowing your figures

Without accurate, up-to-date, accounts how can you really know how well your business is doing? Did you make a profit last month? Are there areas you need to improve on? Are you scared of knowing the truth about your figures?

It’s a common problem where a business owner has phenomenal product knowledge, excellent staff leadership, strong management skills and forward-thinking ideas for generating new business, but that same person runs a mile when it’s time to do the books.

This is where outsourcing basic bookkeeping, handling receipts, invoicing and debt collection, can make a big difference to your business. It can take away stress. It can free up your time. Most of all, it will give you peace of mind that your business is running smoothly and make it so much easier when it’s time to do the end of year accounts.

If this is you, if you think you should know more about how your business is performing, but don’t know where to start then perhaps I can help. There are many different accounting systems and business analytics available to show in numerical and picture formats exactly how your business is doing day to day and track progress over a period of time.

If you know your figures you can:

  • Make better business decisions based on facts.
  • Improve customer and employee satisfaction levels.
  • Monitor growth patterns and operational efficiency.
  • Act quickly if there are potential problems.
  • Produce reports quickly and easily.

The more figures you can input into a system the more relevant information you will get out of it. If you prefer bar graphs or pie charts to rows of numbers, it’s easy to have the figures output into different formats.

Using different colours in your graphs and charts can prompt changes within your business. For example, if on a certain date productivity goes into the red, this will be highlighted to you and you can do something about it.

Or, if you run a staff holiday chart, you can see if two or more employees in the same department are taking the same holiday week and arrange cover if needed. Graphs and charts can also be used to show the cost of providing your product or service and by regularly inputting figures you can easily see if there’s an increase from a third party supplier, or perhaps you are making more money due to currency changes when sourcing items from abroad.

Having your figures printed out as graphs and displayed on the wall can be a big motivator for your sales staff. Or, if your budget allows, perhaps have a TV screen or computer monitor dedicated to showing real-time productivity.

These are all areas I can help with. For more information or for an informal chat, please contact me by emailing rachael@rachaelchiverton.co.uk or by phoning 07756 772950.

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