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New Year Resolutions for Struggling Businesses! 

A tablet displaying 2017 with a smiley face. A smart phone is next to the tablet.Compliance

  • I will file my company accounts on time this year and ensure last year’s accounts are filed and up to date
  • I will keep on top of VAT returns

HR


  • I will reward good-performing workers
  • I will increase bottom line/margin by reducing unnecessary costs and if this means making redundancies then so be it

Marketing

  • I will test a big new marketing initiative this year
  • I will update my website or, if needs be, get a shiny new one
  • I will be unique and won’t copy my competitors
  • I will thank my best customers

Financial Management

  • I will decide if I really need this fancy office or car
  • I will credit reference new customers
  • I will not let customers take too much credit or ‘take the mick’
  • I will enforce stricter policies on late payers and collect in my debtor book regularly
  • I will talk to the bank and look at alternative finance if it can’t help
  • I will raise prices this year. 1% price rise can give 10% increase in profit. Recent reports state many supermarkets and retailers in the UK are expecting to raise prices by 5% in 2017 
  • I will hire a finance person or put in better financial controls (maybe hire a bookkeeper or arrange some simple software to monitor cash flow).
  • I will ask for a better deal from my main supplier
  • I will think hard about putting any more personal money in
  • I will not put ‘all my eggs in one basket’. I will ensure I don’t just rely on one customer to trade

Productivity

  • I will not arrange unnecessary meetings when an email would do
  • I will request a free worried directors guide
  • I will take advice from professionals especially as it can be free!
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