☀️ Heat Up Your Numbers This Summer ☀️
Summer is just around the corner — and before things heat up, June is a great time to sharpen your finances and get ahead of the second half of the year. What's one thing you could do this month to make your business financially stronger?
Hopefully one of the tactics below points you in the right direction. Pick the one that would have the biggest impact right now and commit to it. Some you can knock out this month, others may take longer and need your whole team. The point is to always have one improvement in the works.
If nothing below resonates but something else is on your mind, reach out. That's what we're here for.
In this month’s edition, we have tactics from our Manage Costs Effectively, Enjoy Reliable Numbers and Be More Profitable playbooks. Our playbooks are designed to support our P-R-O-F-I-T approach to outsourced accounting.
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This Month’s Tactics
Review Costs in Good Times and Bad
Review your costs in both good and bad times. Schedule quarterly reviews with department leads and leadership to spot over or underspending. Spending too little can be just as damaging as overspending.
Get the Most From Every Vendor
Regularly review vendor contracts to ensure they meet your needs. You may be paying for unused services or missing valuable ones. Get competitive quotes to confirm you are not paying above market rates.
Reconcile Everything That Matters
Ask your accountant if all key accounts have been reconciled. Regular reconciliation against third-party data, like bank and credit card statements, ensures your financials are accurate and trustworthy.
Build Price Increases Into Your Contracts
If you are a service-based business, consider adding annual price increases to your recurring contracts. Labor costs likely rise each year, and without adjustments, those increases cut directly into your margins.
That’s it for this month.
Short and sweet.⚡🎯
Just quick tips and tactics that help you build a stronger business.
Learn more about Basis 365 Accounting and our tactical playbooks developed from our P-R-O-F-I-T approach™.
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