With half the first quarter of 2017 - and also half the last quarter of the current financial year - done and dusted, is your year shaping up to be profitable? This week's guaranteed-under-two-minute read has some tips to make sure your business is financially rewarding, and some tools to help you stay on track.
Article of the week
Costing your goods or services correctly can make all the difference to whether your business is successful or not - and it's all too common to push hard for more sales volume, without realising this can actually erode your profit if you have not costed your product or service correctly. Sue Hirst explains and has some practical tips to help make your business more profitable.
Testimonials are a great way to win the trust, and business, of prospective customers - but have you had some really wonderful feedback that you are not using to its full potential? Hannah Samuel has some suggestions to help you get the most out of positive comments from your existing clients. And if you're launching your website or revamping an existing one, Mike Hendon outlines ten very sensible questions you should be asking your web designer.
Tip of the week
Costing is not a once-off exercise, it fluctuates as your volumes and supplier prices change. Draw up a spreadsheet so you can quickly work out which of your products and/or services are your most profitable, and which might even be costing you money. Know how much you have to sell before you make a profit (your break-even point), and what factors affect your costs. Update this information regularly and you will find yourself in a much better position to make business decisions. If you need help doing this, ask your accountant or other professional advisor to help.
Hot spot of the week
Do you ever wonder where all the time in your week has gone? Or how many hours you have actually spent on a client project? Using time tracker software you can not only enhance productivity, but ensure you are billing all your hours. We like Intervals, but there are many others. Try a couple and see what works for you.
Quote of the week
Profit is not something to add on at the end. It is something to plan for from the beginning.
Wishing you success and fulfilment!
Heather and the Bizbuzz Team