4 questions every business owner should ask themselves
And everyone’s in the mood to make new year’s resolutions, but, if you’re a business owner, you’re only halfway through the financial year. So, while we get ready for this year and reflect on the year that was, it’s the perfect time to take a good, hard (honest) look at 2018 and the first half of the 2018/19 financial year.
Because accounting goes beyond numbers. Of course, we take compliance seriously, it’s the foundation of every business, but we’re using data and your past performance to support you in creating the future you want for your business and your life.
So, when you have a quiet moment, before the craziness of 2019 kicks in, make room for a business review. A no bs reflection on what’s working, what needs improvements and what’s a threat to the success and sustainability of your business.
Here are 4 questions to get you started:
1. What product or service made me the biggest profit?
- Is there an opportunity to expand this product/service
- Can I run this product/service more efficiently? (Changing your supplier, automating parts of the process, negotiating shipping fees etc.)
- Can I scale this, or break it up into individual products/services?
2. What was the biggest pain point?
- Where did you experience your greatest financial loss
- Where did you experience the greatest difficulty (staff training, implementing new systems, trying to get a loan for more equipment?)
- What part of your business causes you the most stress? (admin/marketing/development etc.)
3. Identify opportunities for growth
- Are you in a position to hire?
- Is there an emerging gap in the market you can fill?
- Are you capitalising on e-commerce or digital product/services/?
- Is there a skill you (or your staff) need to develop?
4. What are your greatest threats?
- Are you unable to grow without financial investment?
- Has e-commerce impacted your physical store/product/service?
- Is an employee underperforming or impacting the culture and productivity of your team?
These are the kinds of conversations we have with our clients regularly. We’re not the ‘email you once a quarter for BAS, and once a year for Tax,’ kind of accountants, and we’d expect your accountant to be asking you the same. If not, you can register for a free consult with Trinity Accountants here
Book Free Consultation.
Happy New Year,
- Read more
Small business entity (‘SBE’) (i.e. taxpayers with turnover less than... more
June 20, 2019