Increasing your Business’ Bottom Line
Growing revenue. Increasing profit. Regulatory compliance.
Let’s face it, the issues that you face as a business owner can be stressful. The pressure you feel to improve financial efficiency may lead to you missing life’s important moments, including your kids’ birthdays, a holiday down south or even an ice-cold beer and a barbecue in the backyard with your family on a Sunday.
There’s no need to fear, because Lawrence is here. Our group of business planners, accounts, lenders and financial advisors are the solution to any issue you are tackling. Here are our suggested activities for you to increase your business’ bottom line. Remember, there are always more solutions than problems, but the main solution is Lawrence!
Ensure your financial information is accurate and available
When it comes to your finances, it is always better to be sure. It gives you a realistic perspective of your current position and helps you to set future goals. Reviewing all bank accounts, checking payrolls and sales tax are simple steps you can take to make sure all your business’ information is correct.
Look at processes and optimise for efficiency
Just because there is one way of doing things, does not mean it is always the right way. You can run into a wall one thousand times to break it down, but that doesn’t mean it’s the best way to get rid of a wall, does it? Ensure that your processes are leading to the desired goals in the shortest time.
Planning strategically can be as simple as a SWOT analysis and setting goals accordingly. Work out what the strengths and weaknesses of your business are, what the opportunities could be, who the threats are and how you can learn from their success or mistakes. In planning strategically, make sure the whole business is on board working towards the same goal.
Budgeting and regularly assessing your budget
There is a common theme among all these activities: goals. Budgeting creates a financial roadmap to achieving these goals and by regularly assessing your budget, you are ensuring that your business’ expenditure is helping to plan for the achievement of goals and future growth.
Don’t wear too many ‘hats’!
So what is the simple answer to increasing your business’ bottom line? Lose the hats. Wearing too many hats can be harmful to a business and shifts focus away from your main achievable goal of working less and earning more.
Don’t forget that Lawrence is the solution to any problem you face! The goal at Lawrence is to enhance your business and help you to achieve you business and personal financial goals. We recognise that each organisation is different and requires a unique action plan. For this reason, we offer all new clients a free review on last years’ financials, to ensure they are helping to achieve optimum performance.