Many business owners and managers often fail to identify the signs that their business isn’t as healthy as they would like. Left too long and an unhealthy business becomes at risk of failing, but there are simple steps that can be taken to ensure your business is healthy.
Take a look below as we explore the top four signs that your business is healthy and how you can improve upon these areas for the benefit of your business and its longevity.
Prompt payments by customers
Cash flow is an essential aspect of any business. If your customers are failing to pay you on time, then you must identify the cause swiftly and find a resolution, or you run the risk of gaining a bad debt. There can be any number of reasons why customers fail to pay you on time, from simple misunderstandings such as the invoice being sent to the incorrect person, to a lack of proactive chasing on your part, leaving your client to become negligent in paying you on time.
As soon as work is completed with a client, invoices should ideally be sent promptly to prevent any delays in payment. Many businesses struggle to keep up with the administrative burden of sending invoices promptly, and subsequently when it comes to raising numerous invoices all at once, mistakes can often be made, further delaying payment.
Carrying out administrative responsibilities, particularly those required by HMRC (ie. VAT, PAYE, NI) can be extremely time consuming, as well as difficult to track. However, failure to complete these tasks accurately can lead to a whole host of issues that will impact your business in the long term, not least being non-compliant with HMRC.
Unsurprisingly, one of the main signs of a healthy business is happy customers. Of course, your customers must be happy with the product or service that they receive from your business, but there are many other aspects to your relationship that will go into making your customers happy, from proactive and customer focused credit control, accurate invoicing, excellent customer service and, specifically with regards to recruiters, timely payroll.
The team at Zodeq have vast experience in improving and maintaining the health of a business, from finance to improve cash flow, to comprehensive back-office support to ensure administrative requirements are taken care of to a high standard.
Are you missing any of the above signs of a healthy business? Contact our team today to find out how Zodeq can enhance your business.