Detox your business in 2006

With thousands of individuals up and down the country looking to detox and get themselves in tip top condition as they embark on a new year, Bibby Financial Services (BFS), specialist provider of business cash flow solutions, is urging businesses to take the same approach and spend some time planning now to ensure their business is also in peak condition for the year ahead.

Business owners and manager should use the beginning of the new year to review every aspect of their business to ensure that they are able to take advantage of any new opportunities that may come their way throughout 2006.

David Robertson, chief executive of Bibby Financial Services, has developed the following 10 top tips to help owners and managers detox their business ensuring a clean start for the year ahead.

Review 2005 ñ a review of the business over the past year can show what worked well and what didnít. By looking at the successes and also the failures over the past year will put you in a far better position to plan effectively for 2006

Start planning ñ meticulous planning is the key to business success. Ensure you review your business objectives and prioritise everything you want to achieve in the coming year. Developing a detailed action plan will help

Think to the future ñ take the time to thoroughly research new business opportunities. With clear minds after the Christmas break you may be able to brainstorm some inspired ideas that could help move your business forward

Get filing ñ make it a New Year with a new start. Sort out your filing systems and ensure all your files and paperwork are in order

Start organised ñ organisation is key to success, ensuring all your files and paperwork are in order along with all your finances is vital. This will enable you to get back into the flow of work quickly

Detox your desktop ñ keep only the relevant information that you are working on at the moment on your desk and keep personal items to a minimum to prevent your mind from wandering. Clearing the decks will help you concentrate more on the tasks at hand

Clear your computer ñ see the wood from the trees by having a good sort out of your computer and deleting all spam and junk emails that you do not need. Act on any urgent messages and organise the rest in relevant files

Back up all your data ñ customer data, stock lists and business records are among the things that, if lost, could have a devastating impact on the business. Either back up your data onto a disc, or use a professional data back up company to store it for you

Manage your cash ñ good cash flow is the lifeblood of any organisation. Ensure your finances are stable throughout the year. If necessary consider alternative methods of funding such as invoice finance, which is one such solution that can guarantee your business has a flexible supply of working capital

Take Control ñ be firm with your debtors and develop watertight credit control systems. Issue regular statements and reminder invoices and call customers if payment is late

Harness people power ñ review your staffing levels for the coming year and plan to cover staff holidays or peak season demand. If there are any significant skills gaps within your workforce holding your business back, consider external training courses to boost the skills of your existing staff

David Robertson concludes: ìMake this the year your business gets off to a flying start. Now is the time to ensure your business and workforce are moving forward to achieve great results for now and the rest of 2006. Remember like all diets and fitness regimes, detoxing your business requires time, action and above all commitment. By following the tips above your business will be fitter, more flexible and able to survive the challenges that arise during 2006.î