The road ahead may be bumpy- so make sure every penny counts

While the news from the Office of National Statistics concerning the UK economy contracting may come as a shock to many, compared with previously more optimistic predictions; it also acts as a reminder that businesses looking for growth in 2012 cannot take their eye off their bottom line.

Making sure that every penny counts is vital in order to ride the bumpy road ahead. One way to do this is by limiting operational costs as much as possible so that their impact on your profit margins is reduced.

Keeping a log of time spent on administrative activities can help you and your teams to identify areas where efficiencies can be made. If you can prove that a large proportion of your time is spent on administration, the case can be made for others in the business, who may have extra resource, to pick up the admin burden. This will mean that you and your team are able to focus your efforts on the task at hand and reduce any need for contractors to complete unfulfilled work activities, keeping operational costs low.

By having the right software systems in place and ensuring that your time is being used effectively instead of on administrative drains, you are in a stronger position to help your business stay profitable.

 

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This blog

As the saying goes, knowledge equals power. But knowledge can also equal profit, as informed decision making and real time business insights give Accounting firm Partners the ability and empowerment to shape their business success. In this blog series Chris Duddridge, Business Director at Deltek, a global software company with a track record of helping Accounting firms improve their bottom line, shares his experiences of guiding clients to improve visibility of their operations, reduce administrative costs and ultimately, run a more profitable business.

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