Financial year end is just around the corner. Although, it may be a mad rush to see the end of the year through, it’s also an important time to reflect on the year that’s been.
Here are TR Consulting’s top 5 things to consider when assessing your business’s performance for FY16:
- Benchmark your business against your competitors and key industry trends. For example, how do your labour costs, cost of sales & operational expenses compare? Have you spent too much or too little in comparison?
- Have you achieved year-on-year growth? Have you expanded your market share or have tapped into new markets?
- What is your net asset position? Are you making a return on net assets? The higher the return, the better the performance of the business and the greater the business’s ability to create value.
- Have you reduced your debt levels? Are your cash flows positive? Although business debt can help fund growth, excessive debt levels can lead to many financial problems. Assessing the balance of debt is crucial to your business’s future success.
- Has your business embarked on the digital journey? Technology has changed the way we do business, it’s important to assess any impacts this has had on your bottom line.
Overall, the ultimate consideration for any business owner is – ‘Is my business worth more than last year?’ TR Consulting can assist with assessing your business’s financial health and overall value. We offer an independent business review or business health check to truly assess business performance. Based on the results of this review, TR Consulting can further assist by building a business strategy and business plan, designed to meet your business objectives and targets.