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.
This Economy is an Opportunity to Supercharge Your Productivity
The Secret states that what you focus on you will receive more of. Right now you could cut the negativity with a knife. I am so inspired when I hear fellow business owners say they are choosing not to participate in this recession. There are many opportunities right now if you are open to seeing them. With various competitors going out of business these customers are shopping around for their products and services. How many sales calls do you make and they say I am already using someone. Maybe not anymore.
Take this time to pump up your productivity. Many of us have heard of project management but think of it as a manufacturing or construction discipline. Lets look at some of the components in terms of an office environment. You can increase your profits and reduce your costs just by being organized. This is done through increased productivity within the same time span.
Look at how you and your employees are processing the workflow. You can map out your workflow using what is called a Work Breakdown Structure. Below is a great example of this from the book “Fundamentals of Project Management” by James P Lewis.
What is fantastic about this diagram is it is a visual representation of what needs to happen and an estimated time it should take. This give you the ability to see everything laid out in one place. So what types of questions should you be asking once you create this for your workflow?
1. Is the actual time I am estimating correct? If not, why and what do I need to change? Is it an accurate estimate?
2. Who is performing what functions in the workflow?
3. Should something be delegated to someone else? If yes, then who is the best person for the job?
4. If you change the order of the steps will this increase your efficiency?
5. Are there any steps you can eliminate? Is there any way to reduce the number of steps?
6. What priority does work need to be done in?
Answer these questions and you will have the ground work for an assessment of how you are doing things. This is a great place to start to make adjustments that will help you be competitive. If you can operate efficiently you reduce cost and stay ahead of your competition. Those who do not are increasing their cost with waste. Does not leave much wiggle room does it?
I would love to hear about your project management experiences.
Comments:
"Take this time to pump up your productivity. " Love that statement. Count me in.
I appreciate the help you gave me a month ago setting up a CRM. It works great and I am much more productive.
Jim
Good post, Cindy!
Dealing with all these factors is a juggling act. I'm lucky enough to have started out from day 1 on looking at the big picture when pricing services, estimating my sales quotas, etc. Over time I've had to reevaluate time & time again how much time projects take, their price level based on the amount of time & level of service AND perceived benefits involved -- then adjust sales quotas accordingly. Occasionally I've had to assess the other way around. I thought at first I might make 5 sales a week -- that was a mistake, and caused me to reevaluate my numbers from my goal all the way to pricing individual offerings. Now I'm focused on 1-2 sales per week depending on the specific products being purchased. I do the same thing every time I consider adding a new service or a new line of services to my business.
Now, I'm hitting my sales quotas for the last 3 weeks -- these are sales quotas that were set when adjusting my prices at the beginning of the year. This weekend I started to work on the next step in the plan: I'm actually documenting a variety of tasks that I do, step-by-step, so that I can delegate when it comes time to do so. I've already formed best practices, efficient workflows, what goes first, second, third -- so it's time to document it so I can continue to grow and easily integrate new people when the time comes to do so.
So, now I have to get back to work! Have a great weekend!!! : )
Criss