Latest Articles
- How to Get the Most Out of a Business Health Review with Your Accountant
While working with my clients and as Program Manager of the Entrepreneurial Assistance Program I have a common theme presents itself. How do I figure out how my business is doing? As a business owner I need to know the answer to this myself. So when I meet with my accountant, I want to give him the most up to date and accurate information. Thus providing the data he needs to help me make sound financial decisions. Your accountant can do this for you but they will need “information”.
- Planning For Success
So why is planning important? Without it you will waist a considerable amount of money, time, and resources. You can’t get where you want to go if you don’t know where you want to end up. Working with clients I usually find businesses that have grown ad hoc and call me when their inefficient back office operations are hampering growth. By developing a business plan you can prepare for growth and potential risk or problems. Therefore you are responding to your environment not reacting. Also, having a solid plan gives you a tool for making decisions.
- 10 Key Factors in Choosing Customer Relationship Management Software (CRM)
One of my favorite topics we teach in class is how to compile information that can be used to make smart business decisions. What usually comes up during class is many start-ups and existing companies know they need a tool to help them with collecting and using information but do not know where to start. This article’s focus is the ten key factors to help you choose the right Customer Relationship Management (CRM) software for your company.
- 10 Tips for Creating a Data Goldmine
I have been working with many clients who have their information in a database but are unable to get the information they want or know where to find it. Usually the culprit is a series of issues that come together to create the perfect storm of inefficiency. The tips below will help you to prevent this storm and maximize the information in your database to increase productivity and profits.
- How to Make More Money in 2012 with Data Driven Decisions
I have mentioned in many of my articles about metrics. Things we use to measure success and how far you are from reaching your goals. Data is much more than that – it is a valuable tool to make solid business decisions. It also helps you to save as well as make money. Below are some of the metrics you can use to help grow your bottom line in 2012.
Organizing for Growth
Being a participant in the Orange County Chamber of Commerce Business Idol competition for the last two years it is quite apparent that many businesses do not have a plan for growth. Make sure you plan for growth.
In an earlier article I discussed delegation. This is a key component to growth. Working with a team of professionals to help you get where you want to go is important. I have a team that helps my business reach its goals. Without this team I would not have the ability to grow. These people are Criss Ittermann of Eclectic Tech, Melanie Richards of Prisms Promotions, Debra Pearlman of DP Sales Pro, Paul Rafanello, CPA and Rich Rossi of Multi Media Service Center. They have become an integral part of what I do to grow my business. When I get to the point where I will need to outsource my administrative functions I will be working with Jeff Mehl of Daybreak Office Solutions.
1. Have long-term and short-term goals. What help will you need to make those goals happen? When do you need the help? How will you be able to pay for those services? State benchmarks for when utilizing certain services.
2. Examine your workflow:
a. Create Columns and in each column heading write your roles/hats
b. Under each role/hat list the responsibilities/tasks for that hat
c. Which column is taking up the bulk of your time?
d. Which column is taking up the least of your time?
e. Which column if you could outsource would be the easiest and most cost effective ones to off load?
f. Which column if you had more time for would contribute to continued growth of your business?
Usually it is the administrative and bookkeeping that is the easiest to delegate.
3. Work with an accountant to determine your current cash flow, true operating budget and at what point you have sufficient financial resources to delegate work to other people. This can be employees or services. Look at your options and determine what would work best for your company.
4. Lastly, ask for help. We are all really good at what we do but not necessarily experts in all areas of business. Recognize your strength and challenges. Talk with other business owners who have experienced the same challenges and have overcome them. Why reinvent the wheel! Your greatest resource is other business owner. You would be surprised how many people are happy to give you ideas and support.
As a business owner you must be the CEO of your business. You need to work on you business not just in it. You are the face of your business. Be the idea and growth person. Hire the implementers.