How well do you know your business?
How well do you know the business that you run? Do you know the profit that you make from each sale, or do you know the key parts of your business that makes the most money? You may be able to narrow that down to one or two parts, but do you know exactly what is the most profitable good or service that you sell?
Read the numbers to understand
The better you know your business the more you can concentrate on the most profitable parts of it, the more you can understand how to make your business successful. You understand the parts of the business that drives its success and profits.
This information can be found in your accounts and can be interpreted using apps like Fathom and Spotlight Reporting with the help of your accountant.
Once you have this information you make better decisions for you company. You can learn how to price your goods and services effectively and what information in your accounts are indicators of how to increase profits. You can produce reports based on what if scenarios. For example, what would your profits look like if you increased prices by 15% but demand went down by 10%.
“You can learn how to price your goods and services effectively and what information in your accounts are indicators of how to increase profits. ”
Foresee and plan
If you have information that would warn you about issues with your business and you can avert disaster before it happens. Would that be valuable to you as a business owner? If you can see a shortfall in your cashflow six or seven months in advance, knowing about that now will enable you to take preventative action today rather than in six- or seven-month’s time when your business may be in danger.
If you want to have a better business you must educate yourself on how to understand your business better, the most important factor in this is your business financial well being now and in the future. If you are working on a plan to grow your business, you need to be able to predict what your business will be like in the future as you grow it.
You need the expert support of an accountant to interpret the financial information to you and advise you on the plan you need to grow your business and achieve the success and freedom that you want.
We can help set up apps like Fathom and Spotlight Reporting for you and have regular meetings to set a plan in place on how to grow your business.
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“You need the expert support of an accountant to interpret the financial information to you and advise you on the plan you need to grow your business and achieve the success and freedom that you want. ”