1 - Mistaking Demand
Yes, it sounds simple, but the vast swathes of production can become more streamlined if you are prepared. This doesn’t just mean ‘making enough to sell’ it means:
- Running out of a particular item
- Your demand is exceeding your production. Your consumers’ favourite request is not being fulfilled! Clearly, you’re onto something - so increase it to improve sales
- Excess Product
It goes without saying that you are not matching your consumer base. Either invest your time in better-selling products or invest in R&D to improve your product - and earn savings through R&D Tax Credits!
2 - Missing those Seasonal Trends
Pumpkin Spice Latte anyone? Love it or hate it, consumers are driven by seasonal fads. If you’re not planning ahead, you’ll miss those rushes! The best way to identify surges is not simply by watching other companies, but by collaborating with a talented CFO.
With the applications of new technologies, CFOs are fast becoming less like accountants, and more like Strategic Advisors. Working with cloud-based, AI software, they can pull sales patterns out of numbers that would make your head spin.
3 - Your Ecommerce is quiet
In today’s markets, Ecommerce is your ultimate friend. If you’re not receiving orders via Ecommerce, something must change. Consumers now have access to the internet almost 24/7. Whether it’s on a laptop or a computer, they can and should be ordering in large numbers online. If it’s not happening, redesign your website!
- The mobile version of your website is not user-friendly
- You need to update your SEO
- Your order/payment system is not clear enough
- Your Customer Support needs to improve
4 - Your Team are Drowning in Paperwork
Your financial team, however large or small, can do so much more for your company than crunch some numbers. Automation is the key to freeing up their time to do more valuable work.
Cloud-based, automated software is vital to this end. It works as an entire team 24/7, without the added salary, and can send you updates and alerts at any time you choose. Our software integrates perfectly with a number of systems so that the collated information makes those End of Year taxes much easier!
5 - Reacting to Problems
Reaction takes time, and time is money. One day of proaction can save you days of reaction. Consider the problems that might happen, and prevent them before they arise. Your machines might be working fine now, so make sure they all are before one breaks down! Checking oil and running diagnostics might seem a waste, but halting production at a later date is even worse!