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If you have been following this series, we have come full circle! But it is never too early or too late to revisit Cashflow Management tips. 

A topical subject, as small Businesses come to terms with the implications of the government’s new credit card surcharge ban. You may be one of the gyms, bars, cafes, salons, or other small businesses grappling with the changes and effects. 

Strategy 1:  

Adopt these 'healthy' practices to get your cash flowing:    

1. Profit margins: with the current ever-increasing costs of doing business, it’s critical to have true-cost pricing. Don’t let your profit margins be eaten away.   

Whether it’s the price of eggs, credit, utilities or wages, you need to consider how to manage the increased cost of doing Business.  

• Firstly, do you know what your profit margin is for your business?   

• Secondly, do you know your profit margins for the goods and services that you offer? 

• Thirdly, which product lines are not profitable and are affecting your business? 

Tips:

• Regularly check the cost of goods and products and determine realistic profit margins by setting prices not too low or too high.   

• Pricing points are needed to keep you competitive and not ‘in the red’.   

• Be balanced; with inflation affecting your purchases, you need to increase your sale prices accordingly.    

• Offer value for money and your customers will keep coming back!   

Need help with your Business matters? Contact Blackburn Accounting; we are your Family Business Specialists, offering a broad range of services. These include Family Business Management, Accounting, Taxation and Business Structures, Cashflow Management, and Business Development.