IJC Finance

10 ways to improve business performance

Isobel Chaplin •

May 15, 2023
We understand that in current times it can feel daunting planning for business growth. We’ve listed ten ways to make sure that you continue to drive through each business quarter with purpose, vision and encouragement to super-charge your business.
 
 1. Eliminate distractions: “I don’t have time. I’m too busy”. Time is the scarcest resource and the biggest killer for most businesses. When we get busy we can also get distracted and focus too much time and energy on the wrong things. Hey, I’ve been there and still visit more than I should! But be brave – try to slash standard meeting times, reduce unnecessary admin and delegate roles and responsibilities to others if you can.
 
 2. Say goodbye to bad customers: Do you find there are some customers where your heart sinks when you see their number pop up on your phone? If possible in your business, get rid of ten time-wasters, bad payers, or customers who cause you pain. You will feel instant relief and it will enable you to spend your time better elsewhere. 
 
3. Invest More: Having freed up time and headspace from putting into action points one and two above, make sure you ring-fence time, key people, and money for some of the initiatives below. Redeploy with passion!
 
4. Get a Plan: You don’t go on a journey without a map or any idea of where you’re headed – so why fly blind with your business? Have a planning process, create that arse-kicking plan – and then execute it. We can help you get started if you’re stuck.
 
5. Surround yourself with positivity: Make sure the people in your business understand and share your vision. Bring them onboard, listen to them and give them ownership. Don’t let people who don’t get it, or don’t care, be a millstone around your neck. If they’re not right or you and what you want to achieve, do them and you a favour and free up their time for better things.
 
6. Use Technology: Technology is ever improving and it can help you decrease admin, improve comms, improve reporting and accountability. Whether it’s for team communication or cloud accounting and recording of data, ditch the paper and automate using tech wherever possible.
 
7. Keep on top of the numbers: Do you have enough information to monitor business cashflow and see emerging trends? We can help you identify your ow KPIs (key performance indicators, or metrics) to track on a regular basis, in order to run your business efficiently. Make sure to add these into your business plan and then you can see how well you’ve done compared to the plan.
 
8. Be Different: Break the mould and position yourself to attract ambitious, growing and engaged clients, and employees. Is there a USP that you have that will make you stand out from the crowd? Use it!
 
9. Get Marketing: Create a simple marketing plan to increase reach and infiltrate the market. Set aside a budget and treat it seriously. Start by making sure you really understand your customers and who you are looking to attract. Find out where they hang out and are likely to find you. Existing customers are prospects too, keeping them happy is your first step. The more you know about them, the easier it will be to attract more of the same and if you treat them well they are likely to come back again and recommend you to others.
 
And finally…
 
10. Take a well-earned break: Don’t underestimate the time you have away from your business. It can allow you to come back refreshed with new enthusiasm and inspiration for the way forward. I’ve often felt that if I stopped for any length of time (and was even worried about holidaying) that I would lose momentum and forget where I was, but have always found that it’s made me even more keen to get started again with more motivation. Often the best ideas will arrive at the most random times, usually when you’re not thinking about business. 
 
 
We’re always here to help with your business numbers, analysis and reporting to make it as easy as we can for you to see where you are, where you’ve been and where you’re heading. Drop us an email for more information on how we can help.

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