10 steps to improve your business efficiency and financial security
Often running a small business can feels like an ongoing battle between time necessary to provide a quality service and time required to complete all administrative tasks. Days are never long enough, and most business owners never find the time to work on the business, because they constantly work in the business.
But the life of a business owner does not have to be that hectic and out of control. Sometimes few changes can go a very long way and provide surprisingly pleasant outcomes.
10 steps to improve your business efficiency and security:
- Manage your cash flow
- Create Emergency Fund
- Separate your personal wealth from business assets
- Create your business strategy
- Build your client database
- Systemise your business
- Become a Project Manager if you have a team.
- Outsource all the work that is outside of your specialty
- Insurance cover is the foundation of the survival of your business if you do not have sufficient assets to self-insure (pay off all your liabilities).
- Plan for Business Succession (for planned and un-planned circumstances)
Running a small business is not an easy task. The above listed issues need to be discussed, planned in detail and implemented as soon as possible in order to introduce business efficiency, lower financial stress, and more time for personal life or business development as well as general enjoyment in running it.
If you would like to discuss the above listed issues in details and receive more great financial business ideas, let’s have a solid conversation how to improve and secure your business for future growth with security and great deal of peace of mind for you and your family.
By: Katherine Isbrandt CFP®
Money Strategist & Retirement Planner
Principal of About Retirement
