April 25, 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

It is September, so the obvious question is “What do you want for Christmas?” Maybe you could have it for FREE…

It is September, so the obvious question is “What do you want for Christmas?” Maybe you could have it for FREE...

 

 

I’m not jumping on the retail bandwagon (or should that be ‘sleigh’!) and starting the seasonal festivities way too early… instead, I want to ask you a couple of questions:

  1. If you could choose something to improve your business, what would it be?

  2. If you were told you had 3 months to achieve this, what would be your first action?

I suggest it should be to clearly define what it is you are wanting. Make it your Christmas business gift to help you start the new year with a positive ‘bang’.

If you don’t know what you want, the direction you need to be taking, and need some help, then Wellington Consulting have a promotion to help you achieve this – A FREE Strategic Review and Planning session for the first four people to book.

Usually the charge would be £150 per hour plus VAT for strategic review and planning, but, in association with Wellington Coaching, they want to offer the first 4 to get in contact a free half hour call to help you: whether it is getting your accounts and tax return done so you know how much tax you have got to pay by 31st January (or 31st December is you are a limited company with a March 31st year end); or increasing your sales to achieve the targets you set for the calendar year or getting help so that you can actually take some time off over Christmas, now is the time to start planning and taking action.

What are you waiting for? Contact us now for your FREE session.

T. 01989 730 713

E. admin@wcon.co.uk

How much tax will you need to pay in January?

 

Tax, Weliington Consulting, Accountant

How much tax do I need to pay?

 

Every year I hear the same question:

 

‘Where am I going to get the money from to pay my tax bill?’

 

 This is closely followed by:

 

‘How much tax do I need to pay?’

 

The truth is, that from 6th April 2017 the calculation could have been done to establish how much tax you are required to pay. You may have had to wait for statement of interest from savings accounts, P11d forms, if you receive benefits from your employer, or rental statements, if you use an agent to manage your rental properties, but the truth is that by now you should have all the information available to complete it today.

 

If you haven’t, you need to ask ‘why not?’ because…

 

If you run a business, you need to know how profitable it is, where costs can be saved or what investment is needed. You need to be in charge. Leaving the calculations until after the end of the year is not good for sustainability. How do you know how much money to put aside for tax, unless you know what profits you are making? How do you know that you are charging enough to cover the costs, including paying you, unless you know what income and costs you have? If you are not up to date now, when will you be up to date?

 

Note: If you prefer to fill in a paper tax return, you have until 31st October to make sure it arrives with HMRC, otherwise it will have to be done on-line.

WellingtonConsulting_SocialMediaGraphic_Tax_040817-01