1. Review essential running costs
As the saying goes, ‘if you don’t know the cost you can’t save it’. Don’t bury your head in the sand.
2. Plan ahead
Individual areas of financial risk can add up to a long term problem that will stunt business growth.
3. Find a great accountant
A good accountant will assist your business to review costs and maximise profit in the most tax efficient way.
4. Assess good risk vs. bad risk
Positive risk allows businesses to leap beyond their confines, define new markets and capitalise on their skills.
5. Strategy to mitigate risk
Solid business planning is the only way to forecast risks. Always try to remain one step ahead.
6. Understand threats
Examine the things that may stop your business from functioning and put safety nets in place.
7. Don’t ignore HR and Health & Safety
Make sure that you are fully compliant.
8. Be green
Turn the lights off when you leave, switch monitors off, turn the thermostat down by 1°C. Small steps can save thousands.
9. Take advice
Free advice from a support organisation or an experienced business person can have a positive effect.
10. Question yourself
Before agreeing to any spend ask the question, ‘”Do we really need this?”.