Tag: business planning

Optimising cashflow is essential for businesses, requiring a clear understanding of the pivotal difference between profit and cashflow. While profit mirrors invoiced work or goods sold, cashflow represents the tangible money in the bank. The primary challenge lies in minimising cash lockup, where funds become entangled in work in progress or outstanding invoices. Key Processes…

In the pursuit of optimising business finances, high overheads can pose a significant challenge. While smaller businesses excel at meticulous expense management, the growth of a business can introduce layers of hierarchy, potentially leading to wastage. The key lies in conducting an annual review of overheads, ensuring efficient spending without compromising essential resources. Consider these…

In the quest to optimise cash flow, sales levels—stands as a significant hurdle for many business owners. It may seem apparent, yet the impact of inadequate sales on cash flow, leading to a perpetual increase in overdrafts, cannot be overstated. To ensure the viability of your business without continual reliance on external funds, addressing this…

Business owners often prioritise profit and cost reduction, but it’s essential not to overlook the significance of your Balance Sheet. Even profitable businesses can face financial challenges, making your Balance Sheet a crucial indicator of your business’s solvency. Here, we explore four critical areas to focus on within your Balance Sheet for lasting success. Profitability…

In the world of business, maintaining a healthy cash flow is essential, and one key factor in achieving this is effectively managing your debt collection. But how do you measure and improve debtor days? What Are Debtor Days? Debtor days refer to the average time it takes for your customers to settle their invoices. While…

Do you want to increase the value of your self storage site? Ewen takes you through some practical strategies to help you put a plan into place to maximise your business value, in this two minute video. You can find out more about Sharp Accounting’s Self Storage Accounting Services here.

The seventh key to expanding your business involves reducing overhead costs. These are the fixed expenses in your business that remain relatively constant as your sales grow, such as phone bills, electricity, rent, and interest payments. How frequently do you reassess your overheads? It’s advisable to conduct this evaluation at least once a year. Simply…

The sixth step in your journey toward business growth involves reducing your variable costs. These are the expenses that tend to rise as your sales increase. By strategically cutting down on variable costs, you can significantly boost your profit margin. For many businesses, focusing on reducing variable costs is a crucial aspect of their growth…

The first three ways to grow your business are about enhancing customer retention, amplifying lead generation and boosting sales conversion rates. Ewen takes you through how each of these helps you grow your business in this short video, and we’ll be going into more detail at our October seminar. On 11 October from 12-1pm, Sharp…

In the pursuit of business growth, one highly effective strategy is to inspire your customers to increase transaction value by elevating their spending with each purchase. To achieve this, it’s essential to develop approaches that enhance the value of transactions without solely relying on price hikes. Here are several proven methods that can help boost…

Learn how to elevate your business by enhancing your prospects-to-sales conversion. This tactic is vital for all enterprises, especially those frequently engaged in proposals and quotes. Measurable insights are manageable assets. Begin by calculating your past quarter’s sales conversion rate. Divide converted quotes by the total prepared quotes. Example: 85 sales from 156 quotes =…

All businesses have waste and no this is not what ends up in the bin! It is instead waste in the form of lost profits and inefficiency. At Sharp Accounting we have found that these waste reviews will provide a minimum saving of 10% of your business overheads (with up to a 30% reduction in…