Latest Articles
- Information – an Office’s Gold
As America moves to service based industries the raw materials needed to bring a service or product to market is information. This is the “gold” in an office. With today’s technology we are able to collect, measure and quantify our leads and customers. The question then becomes what do we do with that information?
- BPs Lack of Seeing the Big Picture
No matter what side of the political fence you fall, BP failed to take the proper quality control measures. As the weeks pass more information is coming to light how the organization cut corners with safety to keep costs down. Safety is not the place to take short cuts. In the long run this can cost you thousands of dollars and possibly your business. In BP’s case it is running in the billions not to mention what it is doing for their stock value. The ramification of poor quality control is costly. So how could a corporation
- Make Your Bottom Line Grow
No matter what size your organization doing things as efficiently as possible is not only ideal it is necessary in the new world economy. One area that can be significantly improved is the office. In fact, 60 to 80% of costs associated with providing a service or product to market is administrative. If you were able to reduce these by one third how much could you increase your cash flow?
- Proper Planning Can Ensure Success
Planning is the backbone of success. Not doing it can cost thousands of dollars, man hours and resources. Proper planning can save you money, increase your cash flow and help fulfill your mission. Here is a simple tool to aid in ensuring your success.
- Working Between Departments Means Faster Cash Flow
When you look at a traditional organizational chart it has silos which contain various departments and the people overseeing and working in those departments. In today’s business climate where information is your company’s gold this can be troublesome. Why, because the right hand may not know what the left hand is doing. We have all [...]
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.