Small business profit exceeds pre crash level

Small businesses took a hit with the current economic crisis with many struggling to keep their doors open. Doctors and dentists were affected, typically to a lesser degree than other industries but nevertheless a large proportion have needed to change the way they run their business in order to survive the economic conditions in recent years.

Good news!

The 2014 Small Business Survey reports that in the last 12 months business performance has exceeded that of before 2008. Figures show that 78% of small to medium sized businesses reported a profit in that period. In addition, 40% reported an increase in their turnover with half of participating employers anticipating a further rise in turnover in 2015. Small businesses have been growing their workforce as well with 22% recruiting within 2014 and a third of employers planning to expand their team in the coming year ahead.

Tracking business performance through KPI’s

When business conditions are unpredictable or in the process of change, the importance of tracking business performance on a regular basis increases. This way trends can be spotted and action can be taken to improve levels of turnover and profit. Figurit help doctors and dentists to analyse their businesses to make educated and well informed decisions ensuring business growth. Call to discuss. T: 020 7376 9333 E: info@figurit.com

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– 5 changes for a more productive and profitable 2015 – What does your Profit and Loss say about your business? – 7 simple KPI’s to track financial performance