Safeguard the future of your practice

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In February thoughts are now turning to how every practice can achieve its goals this year and maintain its position in an increasingly competitive marketplace, says Finola McManus.

By definition this means you are looking to safeguard your business while securing, if not increasing, profit margins.

There are some simple steps you can take to ensure your practice continues to operate successfully into the future.

Three key things will safeguard the future of your business - client base, staff and cash flow.

Register for free with AccountingWEB.co.uk to read the rest of the article, which includes:

  • Know your client base
  • Staff: Your main cost and key resource
  • Cash flow - practice management

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WIP

How is the WIP not more than 30 days achievable. With lots of small clients you would end up spending more time on admin billing that was practical. As a sole trader the admin and QA side of the practice is a real challenge, not lease because I am competing in a small market town with unregulated competitors.

 

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WIP

Agreed. A fair percentage of a small practice's WIP will always be over 30 days, it's unavoidable.

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