To ensure sound financial management we would recommend that no less than annually you review an expanded version of your profit and loss and drill down into your chart of accounts to ensure that there are no expenses that provides little or no value or are not being utilised. Examples of line items in your profit and loss that should be reviewed often include: 1. Subscriptions 2. Technology costs – these may include things such as platforms that are not used or do not have enough take up, technology that does not integrate into your eco system and provide a great internal customer experience, auditing the number of subscribers (for example, CoreLogic), looking at the number of text messages being sent from your customer management system. 3. Mobile phones & landlines. 4. Unproductive BDM’s or BDM’s whose incentive structure is not viable, this will be discussed later. 5. Insurance and equipment like photo copiers should be audited annually to ensure that you are seeing the best commercial rate and servicing. There are specific industry insurance partners that provide better commercial rates than some of the larger groups. 6. Conduct an assessment around what grants or traineeships you might be eligible for. Engage in regional labour, explore offshore, provide flexible working hours for better productivity. 7. Please ensure you have an in and out line marketing. If your P&L is not set up to correctly show a true analysis of the numbers, you will limit your ability to truly analyse your business units. 8. Turn on the percentages feature in your accounting software. 9. BAS, PAYG, Superannuation. 10. Insurance – Cyber, equipment, office, income, life, key person. NB: Refer to page 147 for the template State of Play & Key Numbers | 39
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