If you get that “Monday morning feeling” on Friday night and wonder how Christmas crept up on you so quickly-afterall, wasn’t October the last time you looked? Then chances are that you are well and trully stressed. And if you notice these signs, then you can take solace in the fact that you are not alone.
Easter is approaching, it is a tough period for businesses with year ending 31st March. It is a period not only for preparing accounts but also to review and reflect on the performance of the business. For christians such as myself, it is also a period to celebrate the death and resurrection of Jesus Christ. There are some common sense steps that business owners can take to help ease pressure and perhaps attempt to approach Easter stress-free. To fellow Accountants and economists these may seem obvious but I have resisted the temptation to assume the same applies to everyone.
One of the things to do is to look at overheads. These past couple of years have not been the easiest in the recent times and the temptation for most businesses is to prune costs when really you should be eliminating them. Take a look at the existing budgets, bolt-on services and the way management is layered. Dont fix what aint broke, but you can be assured that there is always something there for profitable repair.
Your business actions should reflect the fact that the foundation for a successful growth is keeping overheads low while increasing turnover and profitability. You have to know what is superfluous to requirements and deal with it effectively.
Easing business pressure may involve cutting budgets. This is painful, but if your growth is being restricted then it is essential. You have to be ruthless sometimes. Too many companies rely on received wisdom for planning and accept habitual expenditure without asking “why?” It is always essential in business to challenge received wisdom which most often than not is not practicle but only serves as a guide.
It also essential to give fresh focus to realistic financial reporting, no matter how it hurts. Alot of companies fold-up for non-compliance with financial reporting guidelines. The only way to run a profitable business is through the accurate understanding and application of relevant financial dynamics.
Looking at cashflows, cashflow projections and forecasts and establishing the best way to fund a business forms an integral part of success. The importance of invoice finance in helping overcome cashflow difficulties cannot be underestimated. This reduces financing costs if the business is forced to take a loan inorder to finance its activities.
Finally, all work and no play makes Jack a dull boy. Holidays are as important and essential for easing pressure as they are for giving you the distance and perspective to help and reflect on solutions to your business problems. Our own Lake Malawi provides just the fresh air, the breeze everybody needs to refresh and stimulate the mind. Exercise by working out in a gym or get engaged in any sport.
With water-tight resolve and direction, a strategically-focused product or service offering sound financial controls and strong degree of motivation, there is little reason why Easter cannot be a good and stress-free period for us all. Happy Easter!!!!
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