Small Business Tips
Knowing what to do to grow your business is always a daunting task, most businesses grow by default, never realizing how they grew will just as easily be their downfall when the market turns against them and business turns downward. Finding small business help is sometimes hard to do to match with your type of business. Well small business help is at hand, here at UMACS Business Solutions!
What if you had some quick and easy to use calculators to measure the critical areas of your business? From labor management and sales, through to growth scenarios and customer lifetime value.
These tools will give you a vision of the future, the glimpse of that point in time where you want to be! Then you can benchmark this process as your business grows, then you will know exactly how you got there!
These great tools are stepping stones across the river .. the guiding light for you to follow to get the very best results from all the hard work that YOU put in day-in day-out!
Check out these great small business tips below, you will love these, they are well thought out and have been tried and tested in both my own business and many of my client's.
The Complete Small Business Guide to Success
In today's competitive environment we need, as small to medium business operators, every advantage that we can possibly gain over our competitors. To do this we must find new ways and methods to:
1. Find more prospects;
2. Sell to these prospects, and covert them into customers;
3. Retain these customers, and then keep them away from your competitors with innovative retention strategies.
Find out more about the 'The Complete Small Business Guide to Success'
Business Growth Plan Matrix
The business growth plan matrix is a great 'what if' tool to develop a number of scenarios for your business.
The matrix looks at making changes from your current business data by % increasing and % decreasing the critical success areas of your business operation and viewing the results in a profit and loss format.
Hourly Rate Calculator
If you can control your labor you control ultimately your profitability, especially in a service based business involving technicians or mechanics for example. Your profit on your materials should look after itself as you should be putting sufficient mark up/profit on materials anyway so for the purposes of this explanation materials are all looked after with a healthy profit margin.
The calculations in the hourly rate calculator therefore only involve labor costings not materials and are centered around overhead recovery analysis for a typical service based business using an automotive repair shop as a working example for our hourly rate calculator.
This process can be used also however as an hourly rate calculator for any service based business. You could use this to calculate an hourly rate for consulting services for example. Again this calculates labor rates only and no materials are involved in this calculation process.
Sales Run Rates
Keep your Finger on the Pulse of your Business!
Run rates is a unique method of sales analysis and reporting to evaluate whether you are on track to budget and also to indicate the variances by week, month or whatever period you choose. Also this tool is a great metric to allow you keep on top of these critical areas of your business, providing a snapshot view, this method is a quick and easy way to evaluate and analyze your business trends.
Employee Skills Matrix
Use the skills matrix for assessing staff for promotion, or when you need to assign specific human resource skill sets to a particular project. Also the matrix should form part of the discussion at the employee's performance development review. View any gaps in the competencies and make the necessary adjustments with specific training (internal or external) as required for each employee.
List the relevant of required skills, competencies and qualifications across the top of the matrix, update as regularly as required (at least quarterly).
The UMACS Biz Zone
Subscribe to the UMACS Biz Zone monthly newsletter which gives you tools, small business tips and ideas on how to manage grow and be innovative in your market!
Each issue brings you tips, ideas, techniques, templates and links that you can use directly in your business, giving you tried and tested methods to give you just that little bit extra over your competitors!
Get ahead of the pack and find out different ways to do things next ....First!!
As a thank you for subscribing to our UMACS Biz Zone newsletter, you will receive a FREE eBook "Relationships that Show the Health of Your Business" which gives you important financial metrics enabling you to "check the pulse" of your business on a regular basis.
For great small business marketing tips check out the UMACS Biz Zone here
Watch this space for more exciting new small business tips and tools!