Dave Bell’s New Year resolutions for your business

With the New Year upon us, the timing has never been better to work towards increasing the efficiency of your business. Dave Bell (pictured) passes on some useful tips that Quote & Print users have implemented with success.

1. Aim to reduce the time it takes your debtors to pay you. If your average time is 90 days, try and reduce it by 30 days. If it is 60 days aim to reduce it by 15 days. If you have $300,000 in the bank in monthly sales then this is like having an extra $150,000 to $300,000 in the bank. It may sound impossible but it can be done.

2. Worrying about who has and hasn’t paid their bills can be an added stress to a business. One effective and less-threatening way of chasing money is to use email rather than phone calls. If you are a manager then check your outstanding debtors every day. Remind your sales representatives to assist you in the follow up.

3. Identify your 10 per cent least profitable customers. Can you increase your profit margins here? Are you their printer because no one else will put up with them? Do your sales reps spend two hours with them for one business card order?

4. Identify your 10 per cent most profitable customers. Is there anything you can do to lock them into your company, like offering them an end-of-year rebate?

5. Negotiate better payment terms/rebates with your suppliers. To gain confidence, practice saying “Can I have it for less?” in front of a mirror.

6. Reduce wastage. Do you always need a full ream of stock for your make-readies? If you sell your waste, check how much paper you throw out each year and aim to reduce it by 20 per cent.

7. Computerise your payroll system. This will put a halt to those end-of-financial-year payroll or superannuation dramas.

8. Computerise your ordering. Compare your quoted prices with the invoices you receive from your creditors.

9. Install an integrated management information system such as Quote & Print.

By following these nine easy steps we’re sure that you and your business will prosper in the New Year and beyond!