The Importance of Conducting Regular Financial Reviews Presentation

1. The Importance of Conducting Regular Financial Reviews Contact www.mymconsultancy.com.au +61-437157610 info@mymconsultancy.com.au MYM Accounting and Business Consultancy

2. Review of Profit Margin 1. Paying attention to your profit trends 2. Evaluate your expenses 3. Review your pricing strategy One of the first things to look at is your bottom line. Of course, you want a positive number to ensure that you didn’t lose money, but you should also pay attention to your profit trends. If your profit margins are dwindling while your earnings have been stagnant or increasing, the issue is really with your expenses. Examine your expenses to determine what the issue is. In some cases, instead of focusing on costs, it is necessary to examine the company’s pricing strategy in order to improve profit margins. In the short term, for example, simply raising prices can be an effective solution.

3. Review of Payroll Expenses 1. Keep an eye on your payroll expenses 2. Review hiring decisions 3. Mix between full, part time and casual Due to rising costs or declining revenue, a company may seek to reduce payroll costs and operate with a smaller budget, limited funding, or staff. If your wages are rising faster than your revenue, you may have a problem – perhaps it is time to outsource some tasks or hire more part-time workers. As a company expands, it must hire more employees. Likewise, in order to retain and motivate employees, they will provide raises and other incentives. An audit, on the other hand, may reveal ill- timed hiring, indicating a lack of wisdom in your workforce management approach. Because full-time employees are paid for full-time hours regardless of whether you have work for them to do or not, a business can consider hiring part-time employees or temporary staff to save money for new or substitute roles.

4. Marketing & Sales 1.Sales & Marketing are the back bone of the business 2. If you manage this carefully, it will give you a great return on investment 3. Strength of Social Media Marketing You should review your progress on a regular basis, identify ways to capitalize on the market position you’ve established, and decide where to take your business next. Effectively managing this spend, as in consistent analysis and adjustments to improve your ROI, is essential. Neglecting your marketing and sales KPIs is a sure way to end up with a slumping bottom line. Given the recent shift in the digital workspace, marketing’s role is more important than ever. Customers expect a strong online experience, and marketing plays an important role in delivering it.

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