Taking Corrective Business Action...

One thing is certain in business: you will make mistakes. When you are pushing the boundaries, mistakes are inevitable-how you react is important. - Richard Branson...

Are you so busy fixing yesterday’s mistakes that you don’t have time to think about tomorrow? Little mistakes, frustrating mistakes, morale-sapping mistakes. Bloody mistakes! Not to mention profit-draining little mistakes.

Little mistakes = Rework = Lost Profits and Lost Opportunity

Consider our example of a Corrective Action Report which is used to identify and eliminate mistakes. Although each mistake, in itself may be minor, there is a cumulative impact of the firm.

Like to get rid of them? We'd all like to get rid of them!

I have not failed. I've just found 10,000 ways that won't work. - Thomas A. Edison...

Tap into the process called the Corrective Action Report (CAR). Its purpose is to provide a mechanism for recording and correcting non-conformances, enabling you to take corrective and/or preventable action in a systematic way, to prevent their reoccurrence.

As Wikipedia notes “Non-conformance may be a market complaint or customer complaint or a failure of a machinery or a quality management system, or misinterpretation of written instructions to carry out a work.”

Everything has to be perfect in my business. Because when there is a mistake I am the one who is responsible. - Claudia Schiffer...

I’ve attached a free Corrective Action Report template for your consideration and use (feel free to adopt it to suit your own business circumstances).

'Free' - Corrective Action Report Download...

It’s The End of the Financial Year

Here’s a few recommendations on what to do:

1. Pay attention to accruals. There are rules around this, especially for holiday pay and bonuses
2. Review your assets. Time for a write off? Time to ensure your fixed asset register is up-to-date
3. Donations, stock values, repairs and maintenance, drawings and dividends, writing-off bad debts…
4. File your tax return on time. Don’t wait until IRD impose penalties and interest charges

There’s hours if not days of work ahead of you.

For assistance with your Business Accounts & Tax Returns, please phone me or click on the button below to send me an email outlining where you would like assistance.

'Free' - On The Spot Assistance...

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Once again, I’m Ben Stockbridge, Principle & Owner of Long + Cowan Chartered Accountants. I hope you've gained some benefit and insights through this article.

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