3 challenges small business owners face:
If your business needs help in the financial area, here is a short “best practices” checklist to consider:
- Get help to create a basic financial reporting structure, such as within QuickBooks or your choice of accounting software.
- Document financial reporting guidelines to assure timely reporting and item entries that you, your employees, 1099s, etc., will follow.
- Create a forecast of all important financial data, such as revenues, accounts receivable, and key expense types.
- Commit to a regular schedule to review the reports, comparing your results to forecasts and previous time periods.
- Investigate short-term financial options such as a line of credit, credit card, silent investors, or other personal funds.
If your business needs help in the people area, here are a few ideas to consider:
- Block off a few hours to consider carefully the performance of each member of your current team.
- Determine those who are critical to your success and what you can do to motivate and retain them, then do so.
- Determine those who are not performing successfully and what action you will take to address this, then do so.
If you are working more hours than you want and not feeling like it is getting any better, then consider these suggestions:
- Jot down the action items you are doing for a day or two, then review them with an eye toward those that could be eliminated.
- Take a good long look in the mirror and ask yourself “Am I failing to delegate work that others could be doing?” Then delegate appropriately.
- If not in place, establish more organizational structure in your daily activities, such as a daily “to do” list and time scheduling for key activities on your calendar.
- Make a commitment to yourself to reasonable work hours and hold yourself to them, which will cause you to avoid low-value work.
if you don’t have any of these big challenges, it’s possible you are not paying attention to one or more of them. Think again. Don’t miss this opportunity to improve your business and your work/life balance.