January 21, 2018

Do you want to increase your profits?

Wellington Consulting, accountant, business coach, herefordshire, monmouthshire

Wellington Consulting – helping you leap ahead in 2018

 

I assume the answer is yes, so the question is how? Well, to start with do you know what your profits were for 2017?

Now that 2017 is finished, do you know what your profits were for the calendar year? If your accounts year end is March, you may tell me that you know what that figure was, but we are nearly round to March again, so what is your year to date figure?

Business is ongoing, so your record keeping and review of your figures should be as well. Without this, how do you know if you are covering costs, if you are able to offer a discount, or need to raise your prices?

To increase your profits, you must know where you are starting from. Note, I have not said increase sales, like most other people you hear, because at the end of the day it is what you have left after costs that really matters. If you start getting more sales by selling at a loss, you have achieved increased sales, but you end up with less in your pocket for more ‘work’, so looking at costs is also important. Even, simply, cutting costs can improve your profits.

You probably have plans for 2018, have you discussed them with anyone else and had them validated? Who is going to make sure you stay on track? That is what working with a business coach can give you. Someone to help you clarify what you want to achieve and work with you to make sure you do achieve it.

Some coaches have ‘proven systems’, but this relies on you having the plans that fit their system. My approach is that each business owner is an individual, so listening and working with them is what is important. Understanding that ‘life’ can sometimes get in the way, but helping you keep focus so you can strike the right balance to still achieve what you want from your business.

If you want to know more about working with a business coach to improve your profits, give me a call or drop me a lime when it would be good to call you.

May I wish you a Happy and Profitable New Year

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