- Original Poster
- #1
I received this so thought I would post it as a refresher -
10 WAYS TO MOT YOUR BUSINESS
From checking your business plan to reviewing your mailing arrangements, here are ten ways to make sure your business is running smoothly.
1. Benchmark. Comparing your performance with that of rivals on price, customer service and range of goods and services will help you identify strengths, weaknesses and opportunities to increase profits.
2. Assess your suppliers. Are you getting value for money from your suppliers? Can you negotiate better deals with them, or with alternative companies?
3. Get a Postal MOT. The cost of deliveries and direct mailings can vary enormously. Stay in control of your daily mailing tasks with Royal Mail's free Mailing Toolkit and save time, money and hassle with your mail - visit www.royalmail.com/toolkit
4. Conduct a financial health check. A firm grip on finances is critical to growth and profitability. Is your cashflow as good as it could be? Are you paying too much tax? Reliable financial forecasting will help you make key decisions.
5. Update workplace policies and procedures. Legislation and practice affecting your business evolves constantly. Getting up to date will help you stay legal, set new standards and keep up with the competition.
6. Carry out staff appraisals.Reviewing performance, identifying personal goals and setting fresh challenges could give your staff renewed motivation, as well as helping you assess strengths and weaknesses in your workforce.
7. Audit your equipment.Are you underperforming because of old machinery? Work out what needs maintenance, what needs replacement and where you can get the best finance arrangements for new equipment.
8. Talk to your customers.Take advice from your customers - after all, they are the ones who decide whether to buy from you. Find out how their expectations are changing and what they recommend to make your business more appealing.
9. Refresh your offer. The time may be ripe to add to your portfolio of goods and services. What trends can you exploit in your market? Brainstorm new ideas and investigate the best to see whether they are credible.
10. Rewrite your business plan.Your business plan maps where you are going with your enterprise. Update it to reflect where you are now and where you want to be when you conduct your next MOT in one to two years' time.
10 WAYS TO MOT YOUR BUSINESS
From checking your business plan to reviewing your mailing arrangements, here are ten ways to make sure your business is running smoothly.
1. Benchmark. Comparing your performance with that of rivals on price, customer service and range of goods and services will help you identify strengths, weaknesses and opportunities to increase profits.
2. Assess your suppliers. Are you getting value for money from your suppliers? Can you negotiate better deals with them, or with alternative companies?
3. Get a Postal MOT. The cost of deliveries and direct mailings can vary enormously. Stay in control of your daily mailing tasks with Royal Mail's free Mailing Toolkit and save time, money and hassle with your mail - visit www.royalmail.com/toolkit
4. Conduct a financial health check. A firm grip on finances is critical to growth and profitability. Is your cashflow as good as it could be? Are you paying too much tax? Reliable financial forecasting will help you make key decisions.
5. Update workplace policies and procedures. Legislation and practice affecting your business evolves constantly. Getting up to date will help you stay legal, set new standards and keep up with the competition.
6. Carry out staff appraisals.Reviewing performance, identifying personal goals and setting fresh challenges could give your staff renewed motivation, as well as helping you assess strengths and weaknesses in your workforce.
7. Audit your equipment.Are you underperforming because of old machinery? Work out what needs maintenance, what needs replacement and where you can get the best finance arrangements for new equipment.
8. Talk to your customers.Take advice from your customers - after all, they are the ones who decide whether to buy from you. Find out how their expectations are changing and what they recommend to make your business more appealing.
9. Refresh your offer. The time may be ripe to add to your portfolio of goods and services. What trends can you exploit in your market? Brainstorm new ideas and investigate the best to see whether they are credible.
10. Rewrite your business plan.Your business plan maps where you are going with your enterprise. Update it to reflect where you are now and where you want to be when you conduct your next MOT in one to two years' time.
