In the early weeks of Spring, I figured while we are all out getting our bodies into shape for the beach, what better time to starting thinking of getting your business into shape too.
While some businesses are gearing up, most other non-retail businesses are slowing over summer. A result of people going on holidays and focusing on life outside of work. I can't begin to count the number of boot camps available these days, nor can I count the number of times people have mentioned how slow business will be over December and January. Now is the opportune time to get your business firing for the next 6 months with the HTA Profit & Loss Boot Camp.
HTA Profit & Loss Boot Camp
Meet with your HTA Advisory Manager to work through each step in the boot camp. And just like a good trainer, we'll neither go easy on you, nor let you grumble your way out of the challenging but rewarding achievements!
We'll review your expenditure over the past 6 months and identify the key cost centres and expenses. We'll be asking the tough questions and making you understand the impact your daily choices make to your bottom line.
Once we've got a list, we'll benchmark these against previous year, similar businesses and industry averages. This is where we challenge you to think about what your competition is doing that you're not doing.
There are numerous avenues available to benchmark your cost that are available online or through your advisor. There are also specialist businesses that can assist in the trimming whether it is work cover, insurance, interest, telephones, the list goes on.
Once you can differentiate your business from the industry and competition, we will push you to identify areas that could potentially improve your bottom line.
There comes a point when you’ve cut back the costs as much as you can. This is the time to start building profit through revenue. We will break your sales down into key areas and consider the following:
- How many enquiries do you have on average?
- How many of these enquiries do you convert into sales?
- What is the average amount that each customer/client spends?
- How frequently do they purchase?
Simply improving any one of these areas in your business will increase the revenue of your business and subsequently the profit.
Lastly, we're going to create an action plan to help you make the required improvements, this will ensure you know what areas need action when. As always, for those looking to maintain their boot camp success we can organise a monthly/quarterly monitoring program to keep track of your progress.
Rest assured HTA won't leave you lagging at the finish line, you'll be up the front, ready for 2016!