Are you making building your business harder than it has to be?

Although building and growing a business is a challenging effort, no doubt about it, many companies make it a much more difficult process by ignoring basic good business practices.  Below is the beginning of a checklist of some of those activities.    In future blogs, I will address each of these items in this growing list…..

But for right now, if you are a business owner and either say “no” or “I don’t know” to any of the following, I have to tell you – You are making this a LOT harder than it has to be!

  • Are getting out invoices on time and as quickly as possible one of the highest priorities in your company?
  • Is there an independent verifiable process to ensure that 100% of invoices go to the client in a timely manner?
  • Is your AP turnaround low and your AR collections high?
  • Do you use the Accounts Payable facility to manage your bills?
  • Do you close the month within 10 days of the end of the month and run (AND REVIEW) regular reports and metrics?
  • Do you know how your business model is set up to perform and how you actual performance compares?
  • Does balancing your check book take more than 10-15 minutes?
  • If you use Quickbooks and track time, are you maximizing the power of the time tracking ability?
  • Are you using spreadsheets to track information?
  • Are you using your accounting system as a transaction recorder or as an accounting system?
  • Do you know what your breakeven is?
  • Do you run payroll internally or use an outside payroll service?
  • Does the owner take a vacation and make sure that staff take vacations?

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