As a business owner, you need to be very clear about your goals and where your business is headed.
You should know your preferred sandpit and who your ideal customer is. You understand your financial forecast and the levers that drive profitability.
It’s a great start, but now you’ve got to keep your business on track to achieve even greater things for the new financial year.
Here are six things you need to start thinking about right now:
Manage your cash flow
For most business owners, there are peaks and troughs in work volumes, and cash-flow rises and falls dramatically.
By having an accurate forecast you’ll be able to predict cash shortages and surpluses in a way that reduces the impact on your business.
Tip – Use the Cube rolling 13-week forecaster and cash-flow concerns will become a thing of the past.
You can then predict and manage any cash shortfalls.
Also, when things are going well, organise a line of credit. An overdraft, a mortgage redraw, a $20k credit card.
Whatever you can do, because should a great opportunity come along or things ever go bad, it is very difficult to organise credit at short notice!
Use your online presence to complement your ‘brand plan’
Use your website, Facebook, LinkedIn, Trade Journals, blogs, newsletters, email and other virtual platforms to support your marketing goals.
This can be a cost-effective way to market your services and educate your clients about your value proposition.
Tip – use Hootsuite or Buffer to automate your marketing messages. The free versions do a very good job, so save your money for other things.
Use technology in a smart way
See what other tradies are doing, google it, or speak with the experts at TradiePad.
Technology can really help your business be more efficient, and leverage your time.
If you’re not creating an invoice, getting a customer signature and payment at the job, you’ll be getting left behind.
Who wants to stay up late invoicing clients? Get with the digital program or your business will get left behind.
Tip – get a referral from Cube to our friends over at TradiePad. This will save you a cool $150 for your first consultation.
Keep good records
Having a bookkeeper as part of your support team is essential for success.
You need to know your real position from a financial perspective so you can monitor the effectiveness of your strategies.
Are you invoicing enough work to meet your budget forecast? If your records are up to date and in good shape you’ll know, and tax compliance won’t become a headache.
Tip – want all your bookkeeping done for you? Get a referral to our very own bookkeeper extraordinaire over at Zerobooks.
These guys are brilliant, and will probably save you money in the long run.
Call our office and speak with Dawn.
Get your Terms of Trade and debt recovery sorted
Having a decent Terms of Trade and processes in place to manage your debtors is a must-have for any business.
If you haven’t organised this properly, it can lead to all sorts of pain down the track. Is this one of the things keeping you awake at night?
Tip – CUBE have found a solicitor who understands trade and service based businesses.
He can develop Terms of Trade for you which will stand up in court and help with your debt collection if needs be. Most business owners aren’t expert at this, so get a referral to our expert.
Have a business mindset
Stop thinking like a tradie and make confident and informed decisions based on facts.
Your financial forecast, sales pipeline and budget are a part of this thinking.
Develop discipline and stay on task to deliver.
You are responsible for your business, your success or your failure, and your actions are what drive the results.
Tip – work with an expert trade business coach from Cube. They are solution focussed, and have been getting amazing results for their clients for over ten years.
What’s holding you back? Call Cube now to guarantee YOUR great results.