Set out clear goals

It is quite normal for a new business to be involved in every level of business activity.

Nicky describes micro managing as one of the hardest areas.

As there are a number of profit streams in the business, it is important to give some thought to setting out clear financial and business objectives – short, medium, and long term.

Nicky needs to consider assessing how effective and efficient her time management is.

Map out an average working week to assess, develop and improve the effective management of core business activities. A responsibility chart is useful in redefining roles and responsibilities (all staff and directors), and helps in determining future requirements.

Assessment of company resources can be helpful in identifying how efficiently they are being allocated to business activities.

Revisit the current business plan and compare budgets with actual performance – identify gaps which need to be addressed in the current year.