Northern Accountants

7. Explore

Investigate improvement potential in key areas to increase profits

Learning how to grow a business is often the key to unlocking more profit.

But to do that you need to gather precise information and analyse your business – as well as business benchmarking against your main competitors.

At Northern Accountants, we help to collate all of this important data and utilise the information to estimate your improvement potential.

Conducting a sensitivity analysis at this stage will calculate how sensitive your business results are to changes in key factors which drive your profitability, such as price increase or decrease and cost changes.

By understanding what factors will influence how to grow a business, regardless of the products or services it sells, you can identify the following two key areas:

  1. How much you stand to gain if you fulfil your improvement potential
  2. The consequences if you don’t take action

Having these insights available, will help you decide how much effort and energy to dedicate towards improving the performance of your business.

Consolidation or expansion?

If the evidence suggests there is very little scope to improve your results, your emphasis will probably be put to best use by consolidating your current strategy, rather than trying to improve it.

But if you identify considerable scope for improvement, you’re more likely to commit to making those improvements happen, rather than accepting the status quo.

One of the biggest reasons why businesses underperform is due to managers saying “That’s just the way it is in our industry - and we can’t do anything about it”. However, there are always alternatives for those who are willing to innovate.

Discover how to grow a business fast with our help

In order to help you understand your improvement potential, our ‘What if’ scenario session will help you understand your improvement potential.

We will working alongside you to analyse current behaviours in your business and identify new opportunities and possibilities to unlock more profits.

This will include;

  • Strategies to increase sales
  • Ideas to improve loyalty from your existing customers
  • Alterations that will generate business during typically quiet times

But as well as showing you how to grow a business organically, we will highlight how slight variances in your existing strategies offer huge potential to increase your profits.

Make an appointment with us today, talk through these possible scenarios and let our specialist software calculate the potential financial impact of each different strategy, providing valuable evidence that shows how successful you could be.

Email savetax@northernaccountants.co.uk today or ring 01132 218 9552 now for an informal discussion.

Business Potential gave me the confidence to increase my prices after not doing so for 5 years. It has made significant impact on my profits.
Anon for obvious reasons

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