Metrics for better business
In an earlier article, I wrote about how the measurement of your business success should include qualitative measures as well as quantitative benchmarks.
In an earlier article, I wrote about how the measurement of your business success should include qualitative measures as well as quantitative benchmarks.
There was a survey done recently where 61% of those surveyed said that if “admin” was halved, they would use the time saved to focus on their “core job”.
I’m sure you’ll agree from the gut, with or without survey, that “admin” is unpleasant, unproductive, and not very satisfying and if possible you would halve it.
However, I think an important point is how you actually define “admin”. Unsatisfying does not always mean unproductive.
Note that those surveyed agreed they would better spend their time in their “core job”. However what does their “core job” entail? For example if you spent a great deal of your time filing correspondance that will hardly ever get pulled out again, I’d suggest that is true “admin” and is probably not your “core job” unless you are a filing clerk. However what if say, your sales job is all about filling the sales funnel, assisting the whole sales team to sell better, and ensuring customer satisfaction. In such a job, is completing CRM details part of your core job or just “admin”? Without accurate information about the customer in the CRM system you and the rest of the sales team may not be able to sell effectively – that sounds like part of your core job to me.
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Is it possible to recession-proof your business? Probably not, despite the wealth of internet articles on how to do so (about 3.3 million hits on Google and counting).
However, what is possible is to arm your business with a series of simple and common sense business strategies to protect it against tough times.
There are defensive and offensive strategies. As profit performance heads south, it is difficult not to panic and begin to tighten all the hatches. However you can tighten too much. Hence, while it is natural to concentrate on the defensive strategies, it is important to keep in mind offensive strategies – those that your business should implement to ensure that you are the one in your industry that keeps selling when others are closing down.
Let us deal with the defensive strategies first. There are six strategies that you need to implement. These are:
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Preparing a budget is “easy” for an accountant and small business people who have some finance training. However for many it is the stuff of voodoo.
But when you break it down, there is no real mystery around the preparation of a budget, it is based on your plans and intentions, costs that you can obtain from suppliers, and some judicious making of assumptions and estimates. In truth, any non-finance executive or business owner can do it if they approach the task logically.
Here are 5 basic steps to take to compile your budget.
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