There are a lot of things you have to keep in mind when you need to ensure that your company remains in good business health, considering that there is a lot that goes into running a business, such as the finances, the resources, manpower, market trends, and assets.
It’s easy to lose sight of the big picture when you’re working so hard from day to day. As such, we share this list of tasks that you can keep track of every month to make sure that your business grows the way that you want it to!
1. Keep your finances in check
Make it a habit to make sure that you are quite familiar with your finances – how much does is your expenditures this month? Are they are any outstanding balances and invoices from your clients? Follow up with them accordingly and make sure that it is accounted for. It is a good practice to review your total revenue for this month and check if your business has made progress when compared to the previous month’s sales.
2. Check on all of your resources
Similar to the point on finances, it’s hard for your business to grow if you don’t have the resources to keep its operations going. How is the relationship with your suppliers? Are they able to keep up with the demands of your sales? If it’s getting too expensive, you may need to look for another supplier to ensure your cash flow remains steady.
But resources are not limited to just material things and inventory alone. How about your employees? What is their level of satisfaction and productivity? When trying to keep your business healthy, it’s best to maintain both material and human resources in good condition so that your business will run its course smoothly.
3. Maintain brand recognition
A business is nothing without its customers. You can have state-of-the-art equipment and offer top-notch services, but without paying customers, you cannot generate the revenue to keep your business afloat. That’s why it’s important that you maintain the public’s awareness of your brand by keeping your marketing strategies strong.
You can send out email blasts and newsletters regularly to promote your services, utilise social media in a smart way to connect with your target audience and make use of various marketing channels, from posting blogs, creating video content, and running paid ads.
4. Stay in-the-know
The market in Singapore is ever-changing. That’s why as a business owner, you have to constantly reinvent your strategies and approach to your services so that you can easily adjust to your customers’ changing demands. But catering to their demands is not all – you also have to adapt to what the public considers hit and trendy so that you can stay relevant in their perception.
5. Handle your business financials
Managing your business’ finances and asset is a complicated endeavour, but you can easily get this done with the help of your accountant and bookkeeper. Besides knowing the financial health of your business, you can assess your current financial situation, make future plans and other decisions that affect the future of your business.
At Ackenting Group, we provide mid-tier to small business accounting to help you stay on top of your finances, receive timely and accurate financial report, and maintain optimal cash flow. Our suite of corporate solutions also include audit, corporate tax and company incorporation services to help your business venture take off!
Conclusion
Just as there are a lot of things that go into starting a business, a lot goes into its maintenance as well! Big or small, businesses can sometimes move at a rapid pace which can easily overwhelm any entrepreneur like you. As such, it’s important to regularly keep your venture in check to make sure that its trajectory is not going off course, but rather towards your long-term goal!
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
