mybusiness.ie

Have you ever noticed business owners who are particularly good at managing their costs? The chances are they either started the business in or have worked through difficult economic times. And the good habits they developed then remained with them, through the good times and the bad. So what do they do to manage costs? Read on for 13 Ways to Reduce Your Costs.

So you have decided on the business idea, you’ve written the business plan and now you only need the finance to get off the ground. Where do you turn?

The fact is that many profitable businesses fail due to poor cash flow while many unprofitable businesses are sustained for long periods with good cash flow management. So what exactly is good cash flow management?

Every business owner pays fees every year to have final accounts prepared to calculate tax returns and to be filed with the Companies Registration Office but most business owners don’t take full advantage of this work. A simple analysis of these accounts will help you understand how well the business is really doing. The truth is that most business owners see the accounts as an evil, necessary only for regulatory and tax purposes. However, accounts contain a wealth of information that can be used to check the long-term sustainability of the business.

For many business owners, to increase profits by as much as 60% seems an impossible dream. And even those who believe that it is possible are daunted by the prospect… where do they start?

Every business needs an accountant. You just can’t get away from it! But what can you do to get the most from your accountant? I have worked with scores of business owners and their accountants over many years. Here are my top tips.