How are you planning your business? Three areas to examine
Posted by Dana Zurbuchen on September 29, 2008 in Business Management [ 1 Comment ]
As the seasons change and kids go back to school, entrepreneurs begin thinking about their business again. Wrapping up one year, leading into the next, business owners start thinking of budgets, new contracts and do many other things.
How do you plan your business? What do you focus your attention on? Here are three areas to examine:
- Finances – Who manages the financial part of your business? You may have a full time bookkeeper or accountant on staff, or handle your own finances through a user-friendly software program with help from outside expert. Do you have all the information you need? Do you know the largest expense incurred by your business (other than payroll and rent)? How is your business benefiting from that product or service, and how can you better manage that expense? Pennies make dollars – where can you cut the fat and maintain (or increase) the quality of the product or service you receive?
- Human Resources – How is your company staffed? How do you track the human capital in your business? For most businesses, payroll is the highest expense. Are your team members being as efficiently as possible? How can their time be used better – either via more efficient systems or through using their talents better by putting them in new roles?
- Clients – How do you handle your clients? Are they receiving all the services they need to ensure they are getting a good value from your business? Are you giving efforts to services that aren’t benefiting their business or are simply time wasters they don’t care about? Talk to your clients about how you can better serve them – you may be surprised at what they tell you.