Get your business mean and lean for 2017

With the new year on the horizon, now is the perfect time to take a step back from your business, identify inefficiencies, cost savings and new marketing opportunities and make it mean and lean for 2017!

Here are some areas you may wish to consider:

Inefficiencies

Are there any processes (production, financial, admin etc) that could be automated?

Do your teams work together or against each other?

Is your IT slow or regularly failing?

Have you identified the important business KPIs and are you able to track budget v actual easily?

Is your MI accurate and in real time?

Is cloud based software used where appropriate?

Do you waste time fending off suppliers chasing money?

Is the business properly funded?

Do you hold too much stock?

Are you carrying any outdated fixed assets that need to be repaired, replaced or sold?

Are your debtors too high?

Are bank deposits earning a competitive amount of interest?

Is communication within the organisation as slick as it could be?

Are staff as productive as they could be?

Are sickness levels acceptable?

Is the right amount of training being given?

Are wastage levels monitored?

Cost Savings

Do you regularly check that best price is being obtained for all purchases and overheads?

Could discounts be obtained for bulk or group purchasing?

Are early settlement discounts being taken?

Do you shop around for insurance, phone and internet services?

Is the business structured tax efficiently?

Is your bank providing value for money?

Do you use energy saving technology?

Are staff encouraged to car share and plan journeys?

Have you considered paying staff in a tax efficient manner?

Have you reviewed subscriptions etc and considered if necessary?

Do you encourage your staff to save money / identify money saving schemes?

Is the cost of finance reasonable?

Could money be saved by outsourcing any key functions?

Are premises the appropriate size, cost, location?

Would a cloud based IT solution save money?

Are you moving towards paperless to save on printing, postage, stationery?

Are anti theft / fraud processes in place?

Do you set budgets and compare with actual results?

Do you use a tender process for major projects?

Do you encourage staff to not print documents out or use double sided?

Marketing

Is your website generating cash?

Are you utilising social media?

Do your business premises portray the right message?

Is printed literature up to date?

Do you record ROI for all marketing activities?

Is enough business networking being done?

Do you monitor what the competition is doing?

Would an advertising or PR campaign be beneficial?

Would special offers work?

Could the business raise its profile by taking part in charitable activities?

Are there any new products or services you could sell?

Do you ask your existing customers for recommendations?

Have you asked your customers to leave Google or Facebook reviews?

Do you keep in touch with your customers?

Do you ask your customers if they’re happy?

Could you work in partnership with any competitors to open new markets?