When you started your own company, your focus was on doing anything and everything to get it off the ground. Most likely, you spent day and night building the business, solving problems, working overtime to please customers. Now you are proud to say that your venture is a success. But in all the hustle and bustle, you've likely let some small but critcal details fall by the wayside. Unfortunately, says entrepreneurial expert Ty Freyvogel, those nagging little business practices that so often get overlooked are the same ones that can keep you a step or two or ten ahead of the competition.
Being a really successful business owner is all about forming good habits, says Freyvogel. If you don't keep up with certain tasks, tasks that you probably think of as non-essential...you might get lucky and avoid a major catastrophe. But then again, you might not. And is that really a chance you want to take? There's no time like the present to start devolping habits that will help you run a more solid business. And if you're worried about where to start, don't be. EntrepreneursLab.com has created a checklist of business management habits that will help you keep a tight rein on your business and pull ahead of the pack.
Items on the the checklist will help business owners minimuze the number of problems they must deal with on a daily basis. You've got enough on your plate. Having a checklist of tasks that helps you eliminate problems before they arise will keep your business healthy and you sane. So here is the checklist of thirteen good habits that every busienss owner should develop.
1. Review all your systems from top to bottom. Carefully examine what is working and what isn’t. Decide where the problems are and figure out what can be fixed. You might be able to repair the problems yourself, or you might need outside guidance. maybe you need a computer expert to help you use the technology more efficiently or maybe you need a financial or tax expert to improve the way you do your books. Whatever you do, don’t assume anything. Don’t assume that just because you have had a certain system in place from day one that it is adding value to your firm.
2. Review all vendor contracts. Take a look at how much business you are doing with each vendor. Are you getting the best rates based on how much you are working together? Is the relationship mutually beneficial for you and for them? If not, don’t be afraid to make a chance. If you’re happy with your vendors, on the other hand, take the time to tell them.
3. Find your best customers. You may be surprised to find out that your best customers are not who you think they are. Examine all your customers through a profitability lens. When I do my customer review, I am always surprised to see who may best customers are. Just because you always seem to be doing something for certain customers does not mean they are the most profitable.
4. Touch base with your best clients. Be sure to tell them you appreciate their business and ask if there is anything you can improve on or do differently to help them grow their business.
5. Hold annual performance reviews. Discuss with your employees what they can do to help the company run more smoothly. Also, take the time to find out what they feel most passionate about in their work, and ask if there is another part of the business in which they’d like to play a larger role.
6. Engage your employees as partners. The best people to help you solve problems, particularly those involving customers, are the ones who experience them on a daily basis. That’s right. your employees are a wellspring of ideas on how you can make your customers happier. Hold a meeting designed to get them to share those ideas. Listening to an implementing your employee’s suggestions is a great way to make them feel valued.
7. Do a “spring cleaning” at lease once a year. Purge your office. There’s no need to hand onto all of that stuff that you either don’t need or that doesn’t work anymore. Your employees will like working in a cleaner environment. Chances are they...and you, will be happier and more productive.
8. Review your marketing campaign. You should always make time to take a look at which marketing efforts are driving businesses, and which are not. Do not hesitate to make changes if you think your current efforts are not paying off.
9. Overhaul your website. In the same way that retail stores move around their floor sets, you need to make changes to your website to keep people coming back. Make sure all of your information is updated, and post any articles that have recently mentioned your work.
10. Take a look at your business cards. Chances are you are handing out your business cards to all kinds of people; your customers, your vendors, potential customers, everyone. Make sure all of the information is updated.
11. Review professional magazine subscriptions. Are you really reading all those magazines that come each month? Chances are at lease some of them are getting piled up somewhere in the office. Cancel magazine subscriptions that are not valuable for you or your employees.
12. Consider technology upgrades. If you need new computers or a new phone system to help things run more smoothly, don’t hesitate to make these upgrades. A new computer, phone system or other technology upgrade can make a huge difference in the daily lives of your employees.
13. Smart companies use accountants for more than counting beans. If you are not talking with your accountant year round about changes in business strategy and tax and reporting issues, you could be wasting a precious resource. First, no one knows you and your industry better than the firm that checks your books. Today’s accountants handle tax planning, risk management, mergers, strategic planning, budgeting and regulatory compliance, asset protection and IRS audits.
This intellectual capital is provided to our clients and friends. For more on this and other strategies contact us at isueirs@aol.com or phone our office at (702) 642-8953. So if you know someone that is looking to save taxes, avoid audits and remain invisible to the IRS, think of us. Saving you money is what we do. No exceptions, No conditions. No time limits. No IRS.
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