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We are continuing on with CPA Australia’s tips for Small Businesses – this is the second tip in the series of 5.

Tip 2 – Improve your productivity

Survey results indicate that some businesses need to focus on getting more from existing assets and employees. For a business to be successful in good times and bad, it needs to ensure that their business is operating as efficiently and effectively as possible.

We therefore recommend you consider:

  • evaluating the current performance of your business by collecting data on business performance and comparing that performance to previous performance, industry benchmarks and the strategic goals of your business
  • identify key drivers of your business and set goals for such drivers
  • regularly evaluate performance in those key drivers against such goals and identify areas for improvement, areas of risk and trends. The best way to do this is to develop a system that allows you to present such evaluations in a clear and concise way, such as dashboard reporting
  • implement strategies from such evaluation and monitor their effectiveness, adjusting the strategy if necessary

Sound like too much hard work – or that we are speaking a foreign language? We can help you!

If you’d like further information – or would like to discuss whether this tip is relevant for your business - please do not hesitate to contact your accountant.

General Advice

The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.