Getting sales higher is the key to any successful business. Talk closely with your sales team to identify areas of improvement, how to maximise sales with existing customers and how to win new business.
Take a close look at your outgoings. Are there areas you can cut back on or goods and services that you can dispose of altogether?
Are there opportunities to improve profit margins by cutting the cost of sales?
Cashflow and business planning
Once you have reviewed both the income and outgoings of the business, you are ready to update your cashflow statement.
By having a good idea of what cash is available when, it will help the business cover one-off outgoings and any investment required.
This will enable you to know exactly what your financial situation is going into the second half of the year and make business planning easier.
Check through any debts, loans or other payments that you are being charged interest on. Pay off the debts which charge the most interest first.
If your firm has any spare funds, it makes sense to use it to pay off debts first. This is because the interest you pay on servicing debts is likely to be higher than the income you receive on savings.
If you have spare funds and no debts, then invest the money in a savings account to earn some interest.
Currently, rates are low, but by researching the market, you can find the best rate of interest available on the type of savings account you require.
If you will need to access your funds, then choose an easy-access savings account, so that you can earn interest but still get to your money should you need to.
If you can put your money away for longer, then choose a deposit savings account that should pay a slightly higher rate of interest.
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