Top Tips

Detox your business in 2007

With the nation focused on its New Year's resolutions to get fit and healthy in preparation for the year ahead, Bibby Financial Services (BFS), specialist provider of business cash flow solutions, is urging owners and managers to give their business a thorough detox to ensure a prosperous 2007.

The new year is the perfect time for entrepreneurs to take stock and review every aspect of their business ensuring that when new opportunities come along the business is fit to take full advantage of them.

David Robertson, chief executive of Bibby Financial Services, has developed the following top tips to help owners and managers detox their business to ensure a fresh start to the year.

• Conduct a review - a review of the business over the past year can show what worked well and what didn't. By looking at the successes and the failures over the past year will put you in a far better position to plan effectively for 2007

• Start planning - meticulous planning is the key to business success. Ensure you review your business objectives and prioritise everything you want to achieve in the coming year. Developing a detailed action plan will help

• Think to the future - take the time to thoroughly research new business opportunities. With clear minds after the Christmas break you may be able to brainstorm some inspired ideas that could help move your business forward

• Get organised - organisation is one of the keys to success, ensuring all your files and paperwork are in order along with your finances is vital. This will enable you to get back into the flow of work quickly

• Detox your desktop - keep only the relevant information that you are working on at the moment on your desk and keep personal items to a minimum to prevent your mind from wandering. Clearing the decks will help you concentrate more on the tasks at hand

• Clear your computer - see the wood from the trees by having a good sort out of your computer and deleting all spam and junk emails that you do not need. Act on any urgent messages and organise the rest in relevant files

• Back up data - customer data, stock lists and business records are among the things that, if lost, could have a devastating impact on the business. Either back up your data onto a disc, or use a professional data back up company to store it for you

• Take control - be firm with your debtors and develop watertight credit control systems. Issue regular statements and reminder invoices and call customers if payment is late

• Manage your cash - good cash flow is the lifeblood of any business. To ensure your finances are stable throughout the year you may want to consider alternative methods of funding such as invoice finance, which can guarantee your business has a flexible and ongoing supply of working capital, enabling you to put your business plans into action

• Harness people power - review your staffing levels for the coming year and plan to cover staff holidays or peak season demand. If there are any significant skills gaps within your workforce that are holding your business back, consider external training courses to boost the skills of your existing staff

• Back to top