December 31 ,2014 | by LSBF Blog Staff

Some new year resolutions to prepare your SME for 2015

New year resolutions to prepare your SME

Five new year resolutions from smallbusiness.co.uk to ready your SME for business in 2015.

It’s time to review the progress made over the past year and look ahead to what might help you further grow your business in 2015. To aid your small and medium-sized enterprise (SME) in this, smallbusiness.co.uk has created a list of five new year resolutions that will set you up for the perfect entry into the coming year.

 

Keep your books in better order

While not the most exciting part of running a business, it should be one of your top priorities. If you don’t know how much money you’re making, or spending, then you’ll struggle to succeed.

Try to keep on top of your book-keeping by doing a little every week, turn it into a routine by scheduling it at the same time every week and it’ll make it easier for you quickly check how your business is performing.

 

Get your self-assessment done early

If you leave your self-assessment until the very last minute, it’s inevitable that you’ll rush and end up with more mistakes than if you gave yourself enough time. Make it a resolution to get it done as early as you can and save yourself some stress.

 

Review your customer list

Make sure to check over your customer list, identify those customers you enjoy doing business with and ask them to refer you to their friends. Remember that one of the most powerful forms of brand advocacy is through referrals.

 

Collect your cash faster

Delaying sending a reminder about an invoice because you’re worried about offending clients is an often encountered problem, however, it can prove extremely costly for small businesses. Make sure your customers know when they have to pay you by and then get them to stick to it. Automatic reminder emails are a great way to chase up late payers and, since it’s a bot, it is less likely to offend your clients.

 

Review your supplier list

Similar to reviewing your customer list, look through the list of your suppliers but now identify which are the worst to deal with. You can choose to do business with whomever you choose, so don’t always go for the cheapest if their service is lacking in other departments. Think about the quality of their products, timeliness of delivery, if they make mistakes, and also if they’re willing to help you out, which can be a barometer of their respect for you as a customer.

LSBF Blog Staff

The official profile of the World's Business School. Follow us on Twitter at @LSBF

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