Strategies to optimise your business
The following checklist offers strategies to optimise your business’ profitability:
- Discuss with your Chartered Accountant tax planning, to minimise any legal taxation liabilities.
- Identify your competitive advantage or point of differentiation, and develop a marketing plan to promote this advantage to your existing customers and the market place.
- Make sure your sales force is focused on providing real value to your customers.
- Identify low margin products/services and either reduce their costs to improve the margins, or repackage the product, or dump it.
- Identify your competitors and consider acquiring their complementary business if they are struggling under large debt, in order to gain economies of scale for yourself.
- Consider whether any services can be outsourced at a lower cost to contractors with more skills.
Ask your Chartered Accountant for their input in developing these and other profit improvement strategies.
