While businesses expand, its easy for costs to run away with themselves, or suffer over expansion. Business might feel like its going well, everyone is busy and bills are going out of the door.
As the number of transactions gets overwhelming, the way an owner manages and oversees their business and performance has to change.
Budgeting allows you to make sure that your profit margins stay at the right level, and that costs don’t get out of control.
KPIs can help you make sure that the drivers of your business are being met, and that the important income generating parts of your business are able to support the growing cost base that a larger business will have.
Target setting gives you and your staff something to aim for, and when you are trying to attract new talent to boost sales, or grow your market share, then it is important to be able to monitor and reward meeting and exceeding targets. If you have targets then everyone in your business can aim for the same goal.
Having realistic and measurable goals can be a great motivator for staff, and business owners who are struggling to focus on what’s important in a growing business.
Budgets, KPIs and Targets can be financially linked, or non financial – anything from aiming for that first £1,000,000 of turnover, to having 20 new orders in your order book every month.
OS Accounting look after clients in a wide range of industries, and our partner’s long careers interacting with thousands of businesses mean they can help you design bespoke targets to help you reach your objectives, as well as design a timeline which can be monitored and adapted.
For help with focusing your business objectives and advice on how to change the way you interact with your growing business please contact us