Fast 5 Tips for business – Improve your business lending prospects
Fast 5 tips for business – Reducing internal fraud
You might think it could never happen to you but it most likely will. It might not be on a grand scale and will likely be vigorously justified/denied by the perpetrator but it still is a betrayal and a crime. Here are a few tips to help:
1. Increase the perception of detection – make sure employees are aware that dishonest acts will be punished. Fraud is easier to rationalise when employees believe their wrongful acts will go undetected and unprosecuted.
2. Segregate duties – don’t leave an employee in a position to correct their own work. If people know that their work is being watched they are less likely to commit fraud.
3. Set the tone at the top – a written ethics policy is an excellent method by which management can objectively communicate its philosophy toward fraud. You will also need to walk the talk.
4. Require time away – enforce mandatory vacations. An employee who comes in early and stays late or never takes a vacation has the perfect opportunity to conceal their wrongdoing.
5. Surprise audits – should be part of your pro-active fraud policy. All too many notable fraudsters knew that the auditors were coming, allowing them time to alter or destroy evidence of their wrongdoing.
Is Customer Happiness Attainable
CUSTOMER HAPPINESS – IS IT REALLY ATTAINABLE?
Some businesses keep close tabs on how their customers are feeling and aim to keep them satisfied at all times. An example of this type of customer centric approach is Amazon, where the customer is always right and they have taken away all the risk associated with purchasing products online with their return policy, super fast shipping and low prices.
Customer satisfaction and ease to deal with form the backbone in the all important customer retention space.
Did you know that it costs most businesses 7 times more to attract a new client to the business than to keep an existing one?
To attract a new customer you have likely spent money on advertising or a promotion to gain their trust in you before they will open their wallet. While an existing client has the trust which you have already delivered on.
A few simple ways to keep your customers happy and to keep them as a client is to acknowledge how much you value them:
– This can be by personalising how you deal with them
– Remember their name or their past orders.
– Asking them for their feedback because you really value their opinion
– Give them something!! This could be a gift card or coupon to use for their next order with you or it might be some sample products for them to try or it may be a promotional product that they can use. EVERYONE loves a great pen and if it has your name and number on it, you will stay in their minds!
INCREASE PROFITABILITY WITH OUR 5 PROFIT IMPROVEMENT TIPS
All businesses big or small, should be operating with the primary aim of making a sustainable profit.
Definition of Profit
Profit is an absolute number determined by the amount of income or revenue above and beyond the costs or expenses a company incurs.
Definition of Profitability
Profitability is the ability of a company to use its resources to generate revenues in excess of its expenses. In other words, this is a company’s capability of generating profits from its operations. Profitability is a measurement of efficiency.
5 Tips to Increase Profitability
1. Increase revenue – Sell more to your existing customers – what complimentary products or services can you add to your offering. Get new customers- who are your new customers and how are you going to get them? When was the last time you reviewed your pricing?
2. Manage costs – review your profitability for each product or service line. Do you understand your true costs? Review each expense, you can renegotiate most. Don’t cut costs for the sake of cutting costs, determine how the expense adds value to your business. Set a budget and review it regularly against actual expenditure.
3. Increase productivity – reduce distractions in your work-space, make yourself accountable to someone and reduce your interactions with timewasters.
4. Increase efficiency – align your daily tasks with your business plan and strategy, automate processes and workflows. Outsource or delegate tasks that are not your strengths.
5. Expand your existing market – look to differentiate your product or service to attract a new demographic or expand your geographic market, can you have an online shop or service.
What are you doing to improve your profitability?
Have you updated your business plan? A well-crafted business plan will also be able to pinpoint some of the areas that may need an overhaul.
If your business is struggling to make a profit or you think that your profitability metrics are out of kilter – book a consult with us.
Aurelius Advisory has a fantastic track record of helping business owners achieve their dreams and goals; allowing them to have a happier life and enjoy a much better work/life balance