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.