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Get your head into the profitability game: Expert advice

As a result of the more difficult times we live in, many small business owners are reviewing their business practices to ensure they’re obtaining the maximum benefit for both their effort and the funds invested in each item of expenditure.

Some business owners have become bitter and disillusioned with their business operations, so much so that even a good business is being driven down by their attitude. In more difficult times, these sorts of problems become considerably more pronounced.

In many ways, the attitude of a business owner dictates the success or otherwise of a business venture. We’re told that sports professionals must be “in the zone” to have success, and the same sorts of rules apply to a business operation.

The adage that your head must be in the right place to achieve success is not far from the truth.

A large part of business efficiency is ensuring that any expense incurred is spent in the best way possible to progress the business. The idea of cutting expenses endlessly may well not prove the best way forward – instead, expenses should be carefully monitored at all times. Often, bringing on new suppliers or looking for new ways of undertaking the same old work are more productive than slashing expenditure. It is possible to save on expenses in a sensible manner, that will not damage the way the business operates.

I’ll be looking at this, and other Profit Optimisation issues at a workshop next week run by Abby Practice, which is complimentary to Dynamic Business readers. Seats are limited however, so register quickly by clicking here.

The seminar will be held on Tuesday 1 May 2012, from 12-2pm at Suite 702, 90 George St, Hornsby NSW 2077.

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Sid Edwards

Sid Edwards

Sid is the Principal and CA at leading Sydney small business accountancy firm Abby Practice.

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