JobKeeper has been extended to the end of March 2021, and we hope by then businesses are getting back into full swing. That’s not to dismiss the fact that many have lost a significant amount of revenue throughout the course of this year and sadly some have had to close their doors and walk away. We share our top tips to cutting back costs in your business that you may not have considered in our latest blog. Working together – building resilience sharing the load – let’s make 2021 a better year for all of us
Things to look at:
Print out your Financials Profit & Loss year-to-date and month-by-month reports. Review the figures and analyse them carefully by looking at the following key elements:
- Highlight the costs that could be cut back
- Where could you restructure your business?
- Is it possible to move location, downsize or rework your business?
- Review your workflow – from when the phone is answered right through to your service or goods being dispatched. Document what happens during the process and invite staff to provide feedback and comments. Not only is it a great way to get to know your team, an employee is likely to be more productive if they feel they have input in the way their role is carried out.
It’s important to remember that changes don’t need to be implemented straight away. It could be something you sit on for 4 to 6 weeks collating information, and review again in the new year. Take the time to include your team in the changes and the end goal, and once implemented, review the changes to ensure they are achieving the desired results.
Reach out to your Bookkeeper / BAS Agent / Accountant / Business Coach / or even your in-house advisor to help you understand your business financials.
Most importantly, make your business a place you love and where your staff want to work. The rest will fall into place.