Feb 11 2013
While we all make resolutions for the New Year, getting back to basics can be just as powerful. Just as it is good practice to go through your budget to find expenses that can be trimmed to save money, you should comb through your business and find ways to tighten up in order to save money and better position your team for success. Ask yourself these questions to get started:
The Paper Trail
How organized are you? Technology is great, but make sure it’s working for you. Are you still running duplicate paper and paperless systems because you or your bookkeeper is afraid to let go? It’s okay to let go, and it will save you, your accountant and yes, the bookkeeper productive time. Time you can spend growing your business. Going paperless is a great way to help mitigate the possibilities of account fraud, which you can read about in my previous post.
Are you ready to invest in the company for growth? Depending on the type of business you have, it might take fixed assets, advertising, intellectual capital, etc. All of these areas will require capital. This capital can come in the form of cash out of the company’s balance sheet (via Retained Earnings), or loans from the bank. In order to grow to that next level, there will be some financial risks to measure.
Show Appreciation to Your Staff
Did you reward your key performers and top employees for their 2012 work? If not, you should consider doing so. Smart business owners do what it takes to retain the core talent base and build from there.
Is it time to hire? If you are trying to attract good talent, the earlier in the year you bring them on, the better chances they have to get up to speed so they can make a significant impact in the current year.
Organize for Success
Are you organized for success? In today’s business environment, customers expect you to move quickly and efficiently. Orders need to be filled almost on demand, consulting jobs completed quickly, etc. If you’re not organized internally and externally, it can mean losing business.
Prepare for Mother Nature
Can your company function during, or soon after, a severe weather event? If the answer is no, the time to prepare is now, before panic sets in. My colleague, Larry Selnick, wrote some great tips here for preparing your business for the next disaster.
Getting back to basics can be a great way to get organized, save money, and grow your business. Do you have any other ideas to share?