Monthly Checklist – Keep Your Business On Track
Running your own business can often mean a monotonous list of things to do and people to call. We’ll admit that this can be tough, and can often result in business owners losing sight of the bigger picture. While many of the items on the list are imperative, there are always a few that could be optimised to ensure that business owners spend less time fretting and more time innovating, engaging, interacting with clients, and growing their businesses.
For business owners, a realistic, propriety-based monthly checklist is an imperative tool that not only makes life easier but ensures that they have time to focus on scaling their organisation. From financial management to data security, a dedicated checklist enables business owners to take better control of their organisations without the trouble of micro management, and ensures that all business processes remain on-track. Take a look at our monthly checklist:
Take a look at the books
Often, when you’re running your own business, reviewing your finances can take time which you may not have. In order for your business to thrive, you need to step back and take a look at the books. Have your suppliers been paid? Have your customers paid you? Are your tax payments up to date? On a monthly basis, take the time to review your finances and ensure that everything is in order. If you neglect this step, the chances are high that you’ll miss a payment. Instead of trying to manage a financial crisis, avoid it entirely by keeping an eye on your books.
Nurture your relationship with your suppliers
Do you have a good relationship with your suppliers? Every month, take the time to work on that relationship – perhaps someone is offering you a discount for regular support, or perhaps they do you a favour more often than necessary. In the same breath, if a supplier seems to be taking advantage of you, be prepared to negotiate better rates or search for new suppliers that can offer better quality supplies.
Compare year-on-year sales
Every month, take the time to compare your sales. What did your sales look like this time last year? Not only will this give you a better idea of how your business is doing, but it will also help you focus on various changes. For example, has a competitor emerged? Has the VAT rate increase affected your sales? Which products have stopped selling, and which have increased?
Get on track with stock management
Is your stock in disarray? There is no knowing what your stock management system looks like if you don’t check in on the processes monthly. Be sure to take some time to inspect your stock, paying close attention to surplus, sales forecasts, perishable goods, and stock security. If you notice any anomalies, chat to your staff about any issues they may have and work on finding a solution together.
Build memorable relationships with your customers
Are you always hidden away in the back office? Before each month is up, take the time to chat to your customers and thank them for their support. Add to the experience by using a Customer Relationship Management (CRM) or marketing automation system that allows you to send out personalised SMS’ and emails to your customers.
Check in on your social media presence
Do you know the difference between a re-Tweet and a Like? Take some time to check in on your organisation’s presence on social media. What do people have to say? Are you doing enough to advertise effectively? Be sure to pay close attention to your customers and how they view your products and services. Due to the effectiveness of social media, their opinion can either make or break your business.
Boost your business’ health by following these tips on a monthly basis.
Make the move to improve your business, contact us today about an ERP solution that suits your needs.