How could your business performance be improved?
Most businesses always have room for improvement and it can be dangerous for a business owner to sit back and assume that everything is going really well and will continue to do so.
It is therefore a good idea to estimate your improvement potential and to use “sensitivity analysis” to see how sensitive your results are to changes in the key factors driving your profitability.
As a result of that you will know what is at stake e.g.
- How much do you stand to gain if you take action to achieve your potential
- How much will you miss out on if you don’t take action
You can then use those insights into what is at stake to decide how much effort and energy to put into improving your performance.
One of the most common reasons for business under-performance is managers who say “That’s just the way it is in our industry”.
If, instead of pre-judging in this way you look at ways to make improvements, along the lines perhaps of what your competitors are doing (See Benchmark your competitors) or through analysis of your performance (See Measure your performance) you can potentially change the results of your business for the better.
Alternatively we can produce a simple one page Profit Review to give you an indication of what might be possible in your business.
If you would like to have a chat about this, give us a call
We have been working with Beyond the Numbers for over three years now and have been delighted with the progress achieved in this time and the level of customer service provided by Val and the rest of the team. We received a word of mouth recommendation from another restaurant business, as we were keen to work with an accountant who understood our industry; Val has certainly demonstrated this understanding from the outset. It is true to say Val really has gone “beyond the numbers” on many occasions, often offering us excellent advice on new business ventures and growth plans, while never losing site of the day to day details. We look forward to a continued working relationship with Beyond the Numbers.
Gillian Reith, Three Sisters Bake LLP
How Beyond the Numbers will help you…
We believe that you should want more from your accountant and we are happy to help you with our 9 step plan towards performance measurement and improvement.
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about our experience helping other clients in your sector.
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