Price (less?) things to consider 23/12/2011
We all know that if we sell our goods or services for more than they cost then we make a profit, right ?
If we want to increase our profits we try and keep our costs low and increase our sales. So far so good ? But when you think about increasing sales, is the first thing you think about selling more, or increasing the price ? We find that most of our clients initial thought is about selling more goods or services. Selling more of your services or products, generally means more cash tied up in stock or WIP, more customers and maybe more employees, and so it should be part of your ongoing business strategy. You don't want to expand too quickly and run out of cash, so if this is your strategy, then you should have a good business plan which includes a detailed cashflow forecast that you regularly review, to make sure that you don't. On the other hand if you could put your prices up by just 5% (or don't discount your current prices), and, you turnover £500,000 then you can potentially increase profits by £25,000, with limited additional work. Increasing your prices can be daunting, and there are many things to think about when considering pricing but here are our top 3 ...................... Add Comment Fridays - Tax files | Paper or Electronic ? 16/12/2011
As it nears the end of the tax year, if you complete your own tax return form, you need to make sure you declare all sources of income and claim all deductible expenses. A good place to start is with last years tax return. Our firm uses a cloud application that keeps electronic copies of working paper files, but follow the link to find out about an alternative method that a client recently suggested. Click link here Leave a comment if you know of any other filing systems that you want to share Small business accounting class 101 09/12/2011
As it nears the end of the year all of our thoughts turn that all important new years resolution:
- making sure that next years books are much better than this years ! No ? Well maybe that thought is it the back of our minds (somewhere) behind the mad panic of getting through the Christmas period shopping, going out, buying presents ........................................................ If you run a small business, the majority of you will have a 31st December year end, as that ties to the tax year end. Take the opportunity of the cut off between each years books and think about how you can help your accountant. Remember that the more you help them, the less time they spend on bashing out your numbers for the tax man, and the more time they have to give you advice. The number one lesson ................................................................. Fridays - Reduce your tax by 4/5th's (Not) 02/12/2011
This link was sent to me by a 'friend' to help me with dealing with client meetings. I thought that I would share the knowledge, so please click here | About
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