Ramping up your business is as much a science as it is an art. Seasoned business advisor, Craig Stanmore outlines some skills you can develop to optimise your business and improve profit.
1 Cash-flow Cash-flow tells a story and understanding this narrative, or what we call “the cash-flow story”, helps you improve the health of your business. Many a profitable business has failed because of cash-flow issues. Certainly if you want to grow, cash-flow will become a key consideration. Cashflow management is a skill that can be learned and leveraged to build a healthy, sustainable business.
2 Waste The next key lever in driving business improvement is to get a handle on waste. What are you wasting time, money and resources on? Are some customers or service areas costing you more than they earn? A waste audit can improve efficiency, profitability and help you set a smart strategic direction for growth.
3 Profit Ultimately a small business needs to be profitable in order to grow. This means optimising revenue, efficiency, reducing costs and understanding the dynamics of price and pricing strategies. Scenario planning can demonstrate how seemingly small tweaks to your operations can have a big impact on the bottom-line. The Hornsby community is privileged to have the opportunity to hear Craig Stanmore, a top business advisor, speak at a workshop on 10 April from 12-2pm at Suite 702, 90 George St, Hornsby. Seats are limited so book yours today by calling 1300 908 558 or visit us at www.enspira.com.au