Well, here we are at the start of another tax year and this is the perfect time to start making resolutions for your business. The easiest way to go about making effective resolutions is to use some simple gap analysis.

Start out by writing where you are now. I recommend choosing 10 key pieces of data.

***TIP: Steer clear of results targets such as profit and cash. Instead focus on the drivers.***

Here are some examples:
• Key sales drivers
o Recommendations received
o Sales enquiries generated
o Conversion rate from enquiry to customer
o Number of repeat customers
o Average spend per customer
• Key cost & cash drivers
o Cost per unit
o Debtor days
o Stock days
• Key success drivers
o Customer feedback score
o Team feedback score
o Training hours
o New ideas generated

Write the answers down and then decide what you would like these to be this time next year.

***TIP: When setting targets remember to keep them SMART: Specific, Measurable, Achievable, Relevant and Timely or you will find yourself writing completely unrealistic goals which will just serve to demotivate you.***

Once you have decided where you are going to be then you need to devise a plan for how each of the 10 targets will be met.

Here are a few examples:
To increase the number of recommendations received then simply start asking for them. You will be amazed at how many of your customers will be willing to help you once they realise that you are actively looking for new business.
To improve your debtor days then why not use a direct debit system? Gone are the days where you had receive a minimum number of transactions per month in order to be able to use a direct debit facility. There are lots of companies out there who will provide you with a direct debit facility, no matter how much business you put through them.
To improve your customer feedback score then you can revisit your customer facing systems and ensure that each time there is an interaction with your company it is a positive experience for your customer.

At the end of this simple exercise you will have a list of the 10 things you want to work on this year and an action plan of how you are going to improve them. Now you just need to start implementing those actions and you will improve your business results.

I hope this has given you a bit of inspiration to start writing your resolutions and I would love to hear what you are going to be working on this year. So please get in contact and let me know.

Good luck 🙂 
Vikki