Managing your margins

In business, firms are always looking for ways to improve profitability and maximise their margins. In our recent study, 80% of all consulting businesses said that they struggle to manage and protect their margins. Factors such as poorly devised processes and time consuming tasks can have detrimental effects on profit margins. Using multiple disjointed systems leads to ineffective financial control and takes up valuable time — time that would be much better spent on managing projects and clients. Such systems also make it harder to manage projects and get real time feedback on the overall health of your business and where improvement is necessary. So how do you ensure that you are part of the 20% of businesses that don’t struggle? By using one streamlined system. This will enable you to manage projects and find all the necessary information in one place and make informed decisions quickly. Having the capability to monitor how your projects are performing in real time allows you to identify any challenges early on in the process and avoid problems further down the track. Proactively managing your margins leads to client satisfaction, positively impacts your bottom line and allows you to make critical decisions most efficiently in order to successfully grow your business.