Small Changes Big Impact = Your Business

Posted by Lucy Elizabeth Moffat in 27-Jul-2018 18:44:12

Small Changes Big Impact = Your Business


Last month, we launched our new brand GrowFactor and Epic8 services. Check out our Welcome to GrowFactor blog post to find out why we think GrowFactor is the future of accountancy. 

As part of our rebrand, we challenged our team and the local business community to commit to a small change that would have a massive impact on their personal development or business growth (or both)! Find out how our team did here

Real growth isn’t about making massive changes. It’s about making the right small changes. Whilst our Small Changes Big Impact challenge might be over, you should still be applying small changes across your business for constant improvement that will lead to a big impact.

We've highlighted 8 small changes you can apply to your business today:

1. Emails - Improve the efficiency and productivity of your day by ensuring you don't get stuck in your inbox. If you react to every email straight away you'll get bogged down and fail to achieve your outcomes for the day. Instead only check your emails 3 times a day and don't do your first check until 11am. 

2. KPIs - You can't manage what you don't measure! Decide on 5 KPIs that you can track and monitor regularly. Then you will have an accurate overview of performance and you can ensure you are moving in the right direction. Watch GrowFactor's Founder, Simon Kallu break down the top 5 KPIs for creative agencies, here.

3. Referrals - Gain new clients by asking existing clients for referrals. Happy clients are your best underutilized free marketing resource. Ask clients for referrals at every face-to-face meeting.

4. Leads - Don't give up on a lead when you don't hear back from them straight away. Make sure you have a follow-up procedure in place that all your employees have had training on so that you can increase your sales conversion rate. 

5. Review - To cut costs and improve profit you should conduct a Profit and Loss Overhead Review every quarter. If you only conduct this annually you'll miss out on cost saving opportunities. Speak to our team about the benefits of reducing costs - request a callback.

6. Track - For every project you should track the time spent on the job against the budget. This will determine your hourly rate. If it is below your target you can then look to improve inefficiencies. 

7. Price - Improve your profit margin by pricing based on the value of the product/service instead of time based pricing. Read Why Your Small Business Should Implement Value Based Pricing to learn why.

8. Bookkeeping - Hire a bookkeeper or ask your accountant about handing over the bookkeeping responsibilities to them. Ultimately, your accounts will be more accurate, you'll save money and you'll have more time to spend on the aspects of your business that you enjoy the most. Book a call to discuss how GrowFactor can help you achieve this small change. 

Make sure to take a snapshot of your business before you begin to implement the 8 small changes so you can accurately assess the big impact it has had on your business.

We’re a nimble, friendly and agile team who believe the world is ready for a new breed of accountants. If you are ready to identify your GrowFactor, book in for a free call today. 

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Think of us as the accountants your business needs.

GrowFactor
Beyond traditional accountancy.


We'd love to hear what you think of our new brand, leave us a comment below!   

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