Business Owner Newsletter - Page 36

It has been said that a sale is not truly a sale until you have collected the money. With this "truth" as a basis, your collection system is one of the most important systems your business needs to have and use.  
 

Cash flow in your business is vital to your success. If you operate your payment terms as cash at the time of service, collecting money may not be much of an issue for your business. If your business, like many in today's business world, extends credit to those that use their goods and/or services, collecting money may be more of an issue.

This month we've challenged your business to create a system a month and discussed different types of systems. If you're like most business owners, this might still seem a little daunting. Where are you going to find create time to document a system a month? The good news is you don't have to, your business does. Getting staff involved in the systemization of your business is something that should happen as soon as you are comfortable with the process.   

Staff involvement takes some training and thus time, but the investment is worth the time. When your staff is involved in systems they have ownership in not just creating the systems, but in using them on a day to day basis. In addition, dedicating more resources to the process allows the business to realize the impact of systems earlier than if you try to do it all yourself.   Also if you look at the value of your time as a business owner, typing up a system is not the best use of your time. Your attention needs to be on the strategic planning and the vision of the systems, not on the technical details.   Here are four tips to get your staff started in system design:  

This month we've challenged you to create a system a month in 2015. It can seem overwhelming, especially as systems can get complicated, but they don't all have to be complicated. When we discuss systems most people think of the detailed action plans that are used for training purposes. The systems that are so detailed that someone with very little experience can easily follow along. Those systems are necessary in any business, but they are not the ones that get used on a day to day basis. The systems that get used on a day to day basis are typically resources or a mini-system of your full blown system. As you're working on your 2015 System Challenge, don't forget these easier to implement systems that can make a huge impact on the operation of your business.

Quote: "The brick walls are there for a reason. The brick walls are not there to keep us out. The brick walls are there to give us a chance to show how badly we want something. Because the brick walls are there to stop the people who don't want it badly enough. They're there to stop the other people."  - Randy Pausch

Question: What would it truly mean to you, to have your business systemized?

This year, we're challenging you to participate in our 2015 Systems Challenge. The challenge is simple and realistic: create one new system in your business each month for a year. By the end of 2015 you'll have 12 less frustrations, 12 turn-key processes in place, and be 12 steps closer to your vision.

It's no secret that we believe in creating and implementing systems. There are many reasons your business should adopt a systems focus including less frustrations, consistent and predictable results, superior customer service and yes even increasing the value of your business.  Most business owners buy in to the idea of systems, but implementation can often take the back burner for a variety of reasons. Often times the main barrier comes down to time management and making system development a priority in your business.

As the end of 2014 draws near, we wanted to take a moment and thank you for allowing us to hear and even participate in your story. Running a small business is not for the faint of heart.  We see the time and energy you devote day in and day out.  We hear the worry along with the excitement for the dream you are bringing to life.  In the middle of all this hard work are the milestones that really count.  Sure, there are the sales goals that you meet, but more important are the customers you help, the employees you empower to create a better life, and the difference you make in a community. Every day you are creating a story that is bigger than we often stop to think about.  

The holiday season is in full swing with Thanksgiving here in the United States being celebrated this past Thursday and the unofficial/official shopping season kicking off with Black Friday, Small Business Saturday, and Cyber Monday. There is no question that there is a lot happening during the next month; we do not believe the question is whether or not you will be busy during the season, rather, will you be busy doing what is needed to help grow your business?

Quote:  ''Mobile is not the future, it is the now. Meet your customers in the environment of their choice, not where it's convenient for you." - Cyndie Shaffstall

Question: What do you need to do to ensure you are meeting your customers where they are at?

In today's society communication is definitely changing. There are newer methods that are picking up momentum in all demographics such as texting and email. People are becoming more impatient as they expect faster responses. We're connected to constant streams of information at all times, and somehow some way your business has to keep up. Thankfully there are apps out there that can help your business. These are just a few of the ones out there:

As a business owner, you have not just the holidays looming, but the oh so fun tax season. There's a lot to prepare if you're not already organized: expenses, donations, profit and loss statements, etc.. We've complied a short list of apps that are designed not just for taxes (though you'll be wishing you've used them all year), but for accounting in general. Remember, if these apps are not right for you take some time to search the Play store or Itunes for the right app.