Managing Your Business

Managing Your Business

Banking arrangements
Your relationship with your bank and banker is your financial lifeline. Comparison shopping is in order, taking into considerations special services, credit lines, banking fees, proximity to your business, does the bank take an interest in you or are you just a number?

Keeping records
Like it or not, if you want to be successful, you need to keep good records. Things to consider include bookkeeping and accounting services, a good filing system (physical as well as electronic)

Minimizing risk through insurance
Good management means planning for potential problems and attempting to insure against them. Insurance programs include general liability, product liability, fire & theft, malpractice suits, business interruption, vehicle liability etc.

Hiring and managing employees
Managing staff effectively is a skill as well as an art. When hiring, you need to know exactly what skills and attributes you’re looking for, and prospective employees need to be clear on what their role and responsibilities will be within your company. Suggest speaking to a lawyer about employment contracts. Don’t get caught off-guard. There are a host of tasks that come along with having employees, including payroll, benefits plan, training and orientation.

Contracting out – save time
Some managers find that doing the day-to-day functions takes too much of their time away from selling their products or services at a time when they need to be generating revenue. Services that can easily be contracted out include payroll, accounting, bookkeeping, reception, marketing, and distribution.

Customer satisfied – Customer service
I can’t stress enough how important customer satisfaction is. Taking the extra step to make sure that your customers are happy with your company can pay you back tenfold through repeat business as well as word-of-mouth promotion.  Your marketing materials made some promises, directly or indirectly, and your customers will expect you to keep them. If you don’t, they may or may not complain – but they won’t come back.

Referencing your business plan
Keep your business plan close and be sure to reference it or make adjustments to it. Don’t cast it aside once you’ve received funding or your business is up and running. By reviewing past performance, you can use your plan to figure out what worked and what didn’t.

Reviewing and adjusting your plan helps you keep score, allows you to set goals for your company and then keep track of your achievement.