Last time I said I would be looking at some of the Questions, so let's begin!
Q: When you started the company you had some aims and objectives. Have you achieved them?
A: If not, why not, are they still relevant?
C: We often set targets/aims & objectives, that are too easy or too difficult and then forget them! It is important that you set targets that are Demanding, Interesting & Moveable (DIM) and review them regularly against performance. Your targets should be visible and broken down into small time-related sections that can be reviewed regularly (monthly). If you don't achieve a target you have to decide if it is still relevant and re-schedule it or no longer required and can be discarded.
Q: Do you put your suppliers in competition?
A: Yes, at least annually
C: We have loyalty to most of our Suppliers, however it is important to remember that you are in Business to make a profit and not be a Charity! I am not advocating change for changes sake, but rather checking to see you are getting value for money and if your supplier is effective & efficient or if there is another one who can meet your needs better; after all this is what your Customers do!
If, following your investigation, you find a seemingly better Supplier do let your current one know your findings and give them the opportunity to respond; in that way you should keep your reputation for being fair and get the best deal!
Q: Do you have an overdraft? Do you negotiate your overdraft? Do you check your accountant's work?
A: Yes
C: I have put these together as there is a natural link and they are current! It is important to remember the Bank is there to serve your needs and today it is easy to "shop around" for the best deal. I used to think loyalty was a benefit, but I have long since discounted that ideal and, in the light of recent activities, I believe even more strongly that there is a case to answer! Therefore, make an appointment, ask what they can do for you to make your Business successful; negotiate your overdraft and, if they do not give you a good deal, look elsewhere. There are many alternatives including at least one that will give you free Business banking for life!
The same rule is true for your Accountant; what do they do for you, do they expect you to give them the information which they simply collate or do they do everything themselves? As a very rough guide if you are paying more that £1,000 - £1,200 pa it is worth reviewing!
Next time I will be looking at ways of getting your Business noticed!
Q: When you started the company you had some aims and objectives. Have you achieved them?
A: If not, why not, are they still relevant?
C: We often set targets/aims & objectives, that are too easy or too difficult and then forget them! It is important that you set targets that are Demanding, Interesting & Moveable (DIM) and review them regularly against performance. Your targets should be visible and broken down into small time-related sections that can be reviewed regularly (monthly). If you don't achieve a target you have to decide if it is still relevant and re-schedule it or no longer required and can be discarded.
Q: Do you put your suppliers in competition?
A: Yes, at least annually
C: We have loyalty to most of our Suppliers, however it is important to remember that you are in Business to make a profit and not be a Charity! I am not advocating change for changes sake, but rather checking to see you are getting value for money and if your supplier is effective & efficient or if there is another one who can meet your needs better; after all this is what your Customers do!
If, following your investigation, you find a seemingly better Supplier do let your current one know your findings and give them the opportunity to respond; in that way you should keep your reputation for being fair and get the best deal!
Q: Do you have an overdraft? Do you negotiate your overdraft? Do you check your accountant's work?
A: Yes
C: I have put these together as there is a natural link and they are current! It is important to remember the Bank is there to serve your needs and today it is easy to "shop around" for the best deal. I used to think loyalty was a benefit, but I have long since discounted that ideal and, in the light of recent activities, I believe even more strongly that there is a case to answer! Therefore, make an appointment, ask what they can do for you to make your Business successful; negotiate your overdraft and, if they do not give you a good deal, look elsewhere. There are many alternatives including at least one that will give you free Business banking for life!
The same rule is true for your Accountant; what do they do for you, do they expect you to give them the information which they simply collate or do they do everything themselves? As a very rough guide if you are paying more that £1,000 - £1,200 pa it is worth reviewing!
Next time I will be looking at ways of getting your Business noticed!
by the way are you reading my other Blog for StevenageLocalBusiness?
of course I am biased, but you'll do well to find a DECENT qualified, proactive accountant that charges less than £1k pa for servicing an owner managed Limited Company. Sometimes in life, you do get what you pay for :)
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