Are You Burning Money?
Time for a business review ...
POSTED BY CORAL TOLLEY-FLETCHER ON 10/09/2019 @ 8:00AM
Now, that the weather is changing, I have taken the opportunity to have essential maintenance carried out at home; mainly having our boiler and gas fire serviced ...
You could, quite literally, be burning money! Is it time for a business review?
photo by bãƒå“nyamã„â°n gãƒâ€“rãƒå“nmez on unsplash
When this was being carried out, the service engineer told me that I was burning money. Thinking he was referring to the energy rating of my gas fire, I asked advice. Was it time to upgrade? However, the response was No! I was physically burning money.
"A £1 coin was delicately balanced on the coals and
burning each time the gas was lit!"
Every day we have to make decisions about whether now could be a good time to have a spring clean and maintenance day at work or take the opportunity to review contracts and expenses.
What can you check to see if you are burning money?
Are you subscribing to anything that you don't use any more?
Could changing utility supplier provide you with a cheaper package, but the same provision?
When was the last time you asked your insurance broker if you had appropriate insurance cover?
Which operating expenses can be reduced? Is there anything that you can buy in bulk?
If you are nearing the year-end, are there any capital expenses such as computers, office furniture that you can purchase instead of waiting until the next financial year? Could you take advantage of capital allowances to reduce your corporation tax liability?
Have you sought advice about your business? Is your business's legal structure still best for you?
If you have had bad debts, have you checked your processes and terms and conditions?
Have you checked you have done everything that you can to make sure that you are not burning money?
Next time you see me, ask me and I can show you a round metal disc where you can just make out it was an old £1 coin; a great reminder to check that you are not burning money.
"Would you like to know more?"
If you'd like a business review to see if you're burning money unnecessarily then do give me a call on
01234 752 566 or click here to ping me an email and let's see how I can help you.
Until next time ...
If you're looking for a new accountant to help grow your business, do visit www.jvca.co.uk and discover how Jonathan Vowles Chartered Accountants can help you!
More about Coral Tolley-Fletcher ...
Accounting with my head in the cloud and my feet firmly on the ground! Experienced Director with a demonstrated history of working in the accounting industry.
Skilled in Small Business, Accounting, Business Development, Change Management, and Training. Strong professional with a BA (Hons) focused in Accounting and Finance from the University of Luton.
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