September 2024 is here already. What has your business achieved this year? Are you approaching your busiest season - or your quietest one - and what are you doing to prepare for it? Here are ways to improve your business in Q3 and Q4.
At the time of writing this, we are in September 2024. We are sprinting towards the end of the year. For some businesses, this means entering the busiest season of the year, but for others, it means a looming quiet period with reduced cashflow - against the pressure of higher expenses.
Here are some ways you can set the stage for a solid Q3 and Q4, and a strong start to the next year. These will be applicable around the beginning of Q3 every year, depending on your business industry.
1. Optimise Sales and Marketing
Sales is one of the most important aspects of business. Yes, it is important to have a great product, with excellent quality control and technical development behind it, but if the product doesn't sell, all the intelligence and technical skill of the R&D Department will be for nothing. With the holiday season coming up, could you launch a targeted campaign with promotions or discounts? Could you improve your marketing through online channels and the services of a social media manager?
2. Improve cashflow
Consider offering your debtors either a carrot, or the stick. Offer discounts for early payments to improve cash flow. If that doesn't work - or isn't suitable in the circumstances, institute debt collection efforts as soon as possible. Review expenses again and cut where you can, whether it's in preparation for a quiet year-end, or to allocate funds to renewed marketing efforts.
3. Be aware of the pitfalls created by the year-end rush.
From a legal perspective, Q3 and Q4 are traditionally periods where we see a rush to conclude deals, sales orders and wrap up by December 15th. This rush can result in a lapse of due diligence processes, for example in agreeing to compromises in contracts for the sake of pushing the deal through, which may hurt your business later. It can equally result in a lapse of quality of services or products, as the business rushes to complete jobs or transactions. The cost of these lapses inevitably arises later, in Q2 / Q3 of the following year. Remember to spend a little extra time on due diligence - such as contract review - to avoid the cost of litigation later.
We wish our clients and readers a prosperous Q3 and Q4!
DISCLAIMER
The above information is for illustrative purposes only and does not take into account your specific circumstances. It therefore cannot constitute legal advice. Please contact us for comprehensive advice to address your circumstances. Under no circumstances should any person use the above information in an attempt to circumvent the provisions of legislation or contract, or to cause damage to any other person. Always ensure you and your company are in compliance with the law in all dealings. We are not tax practitioners and no content on our website should be taken as tax advice. The information is accurate as of the date of publication.
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