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Finance: Resolutions to keep

There are some New Year resolutions which do not exist to be broken! So says Close Invoice Finance sales director Andrew Radley,, right, as he looks at what businesses should be focusing on in 2006.
Finance: Resolutions to keep
With only credit card bills, extended hangovers and a few extra pounds in weight to remind us of the Christmas break, our thoughts have turned to that annual favourite - New Year's resolutions.

You will, of course, have made the obligatory ones concerning weight loss and exercise. But there are also business aspirations and decisions that business owners need to be considering right now to boost their profitability in 2006.

One of the key areas to focus on over the coming months has to be overheads. The temptation is to prune costs when really you should be eliminating them. Take a look at existing budgets, bolt-on services and the way that management and staff are layered. Don't fix what ain't broke, but you can be assured that there is always something there for profitable repair.

It is also crucial to give fresh focus to realistic financial reporting, no matter how much it hurts. The only way to run a profitable business is through an accurate understanding of its financial dynamics.

Looking at cashflow and researching the best way to fund a business forms an integral part of this. The importance of invoice finance in helping overcome financial challenges cannot be understated.

Finally, try and make 2006 a memorable year for the people in your business. If you employ intelligent, committed and responsible staff, treat them as such. Most people are desperate to achieve a work/life balance that cannot be accomplished through five days of nine to five for 48 weeks a year.

The solution is to give strong consideration to making the hours people work more flexible, looking at the possibility of job-sharing and encouraging people to take up additional interests and responsibilities to stave off workplace boredom.

With water-tight resolve and direction, a strategically-focused product or service offering, sound financial controls and a motivated workforce, there is little reason why 2006 cannot be a landmark year for us all.
1 January 2006

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