Earlier in the week we encouraged you all to define what business success means for your own business. Over the next few weeks we will have specific tips for you to help realise that success in 2016.
Tip 1 – Analyse Sales reports: your accounting system should allow you to easily report on the last 3 years sales. Consider these reports on a month by month basis, can you identify any trends? Seasonal peaks and troughs? How can you prepare for these in 2016?
Tip 2 – Use your reports to compare your costs to your profit, does an increase in sales co-relate to an increase in costs? What other factors have affected costs in both negative and positive ways? What can you do to minimise or maximise the chances of these factors happening in 2016?
Remember, in business if you’re not constantly moving forwards, you’re moving backwards!