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Health check your company with Fergus

If you are a business owner in the trades, it’s so easy to lose yourself in the day-to-day running of the company that you forget to look at the bigger picture. But your business doesn’t just need you to worry about daily operations – it also needs regular health checks to ensure it survives and thrives. Here are some top tips to ensure your business stays strong and healthy.

Review your business plan
When starting your own business, you may have drawn up a business plan. You would have needed one to approach banks and other financial institutions for loans and financing. You would have set out where you saw the business going, what steps you would take to get there, how you would achieve milestones and when. But when was the last time you looked at your plan? Doing so is a valuable exercise. Not only does it remind you of your passion when starting out, you can update it and set goals going forward. Decide what needs doing in the next six months, the next year, and where you want to be in three years from now. Then take the steps you need now, to get there.

Fingers on the finance pulse
Accounting is boring, we all know that. So, you might be tempted to sweep all those receipts into a drawer and forget about them until it’s time to do your tax return. Don’t, because you’re just saving up pain and stress. The chances are that when you come to do your tax return, you’ll miss something. Instead, spend some time every day on your accounts. File those receipts and invoices. Make sure you’ve put money aside for any tax due and regularly cast an eye over this.

Keep an eye on costs
Do you know how much cash you need to cover day-to-day costs? Rent, equipment hire, and wages – it all has to be covered. Always know the minimum your business needs to operate and never go below this. Fergus can help with this. Designed specifically for the trade, it has an easy-to-read status board which lets you track the progress of each ongoing job at a glance.

Late payment medicine
As well as your daily finances and your costs, you should keep on top of your overall accounts. This will help you know when a customer has failed to pay an invoice or when you’re due to pay a supplier. With a visual calendar, you can have a complete overview of what jobs are booked and for when.

You should issue invoices as soon as a job is done, and they should be clear and easy to understand. Business software, such as Fergus, helps makes this simple. Log your costs and the materials you purchase for a job and track the time you and your employees spend on it. This will then be fed into the invoice automatically at the end. You can follow up late payment with automatic SMS messages.

Business check up
Job management software can help you make efficiencies in your business. The best software integrates all aspects of your business and allows you to have a visual overview of your business as a whole. You can see the status of a job, from quote to completion. By giving you the power to plan ahead, you can employ contractors when you need them and hire equipment when necessary. You can assign staff to jobs and they’ll be notified automatically with no need for you to phone them. You can create digital job cards, fill out templated gas certificates, log hazards and on-site incidents, and record sign offs, all within the app.

Profit thermometer
Even the smallest problem on a job can escalate, pushing back your completion times and eating into your profit margin. Fergus’s status board is colour coded and easy to read and gives you an overview of each job at a glance. So, whether it’s going over budget or taking longer than planned, you’ll be able to quickly see what’s going wrong and fix it, so keeping that all-important margin.

For more details and to book a demo, visit: http://fergus.com/ or head to stand 5D50 at InstallerSHOW.

Register for your free ticket here.

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