In these turbulent times it is no secret that business is tough for some of us.

In the last few years, businesses have been loaded with additional compliance and costs that, coupled with the challenges of COVID, have lent to us potentially taking our eye off the ball!

Prime Strategies endorses the importance of having a strategic plan, goals and aspirations but equally important is making sure the business is running as efficiently as possible.

This leads to the question “What can I control immediately that will ensure my business is sustainable?”

Here is a 10 point checklist to ensure you continue to maximise the cashflow and revenues that you can control;

Get quotes out on time and follow through with the quote 5 days after it has been sent with the goal of converting it to a sale.

Get invoices out immediately in line with your terms and conditions

Ensure you follow through with collecting outstanding receivables immediately after they become overdue

In these days of high inflation, check margins monthly to ensure you are retaining your expected profit margins

With reference to point 4 above, do not delay price increases where your margins have been reduced – there is little point working hard and making no profit

If you carry stock – ensure that you are getting a fair price from your supplier where possible

Do not hold obsolete stock, it ties up capital and ultimately costs the business so know the expected stock turn for the business and adhere to this

Continue to make sales calls and ensure your social media presence is constant and does not drop off. Get into a routine where sales calls are an important part of your week and keep that pipeline topped up.

Set the team realistic weekly KPI’s so they know the level of productivity they are tasked to accomplish

The most important of these is to CELEBRATE successes with the team!

Remember a quick chat with one of the Prime team can ensure you are doing all you can for your business to ensure sustainability.