Where are you with managing your money? Our survey says…

Back in the autumn we circulated a small survey to a number of community businesses to find out how they managed their money – in some cases, literally.   Our results are quite interesting from the small data cohort we used:

Managing and keeping track of money is one of those things that we all MEAN to do but don’t really get around to doing

Community Businesses - recording sales

when the other more pressing operational activities get in the way.  Anyway, what do we have a book keeper (or a really useful shoebox) for?

But having a good hold of the purse strings – and knowing what is in and what isn’t in the purse is a key facet of being able to

make the business respond quickly to current cash flow issues and market opportunities.  You never know – sometimes you might have more money than you thought.  So how about thinking of getting online and using something like the MyCake book keeping packages – which also means that you can benchmark what other people are doing too?

Our second question – How do you price?  returned some pretty standard answers that we’d fine in any survey of small

businesses, charitable sector or not.

The majority of people will price on a cost + basis, rather than actually qualifying what the value of their goods would be, both to the customers (through market research) or to the service recipients (which may be public sector councils as well as individual clients.

 

Have a think about how you might change your pricing towards the “no 5″ option, rather than the “no 1″.

 

Our last chart shows the regularity that our respondents updated thei accounts information – it is so much easier (as we have found to our own cost) to do it regularly.  Where do you sit?

 

If you would like to take the survey yourselves, then you can find it at this link:

Power to Change Financial Survey for Small Community Businesses 

 

 

 

 

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