Business owners aiming for success are always looking for new ways to innovate and improve their business. To maximize productivity and therefore, profitability, for a business, operations must be as efficient and effective as possible. For business owners juggling dozens of tasks all at once, improving business by maximizing efficiency and profitability can become particularly difficult. In order to achieve the goals of these business owners, they have to find a way to make smarter business decisions.
Have an Actual Business Plan in Place
Want to start making smarter effing business decisions? Develop a solid business plan that details the most important aspects of your business. You know, business goals such as how much money you plan to make and when you can expect to grow. Having concrete goals outlined in a formal business plan will allow you and other key players in your company to keep up with business sales and use these to create profit projections for the coming years.
Stop Wasting Time on Data Entry
Here’s some helpful advice for business owners: stop wasting valuable effing time on data entry for your finances. Your time should be spent on the bigger aspects of your business like making sales and overseeing operations, not tedious tasks like managing finances. That is money you already have and it isn’t going to multiply on its own. A smarter business decision is to work with someone else to manage the financial tasks that likely keep you up at night – such as accounts payable, accounts receivable and payroll. What’s that? Why yes, Profit Foundry does handle all of these tasks.
Don’t Blur the Lines Between Your Personal and Business Finances
Business owners (hopefully) understand that blurring the lines between personal finances and business finances is a big no-no. If you’re mixing your personal finances with your business finances, you’re sure to eff something up. Not to mention, it’s a slippery slope once you start using business cash for personal products and vice versa. Your cash flow in both can be seriously impacted. Know the difference between something you can expense and something you should purchase out of pocket. Make smarter effing business decisions by keeping these things separate.
Don’t Venture too Far Off Course
Avoid major business blunders and stick to the path you’ve set before making major changes. This means business owners shouldn’t give up on strategy after a month because they’re not seeing the results they hoped for. Hopes and realistic expectations can differ greatly. It takes time and consistent execution to make a dent when you’re just starting out, no matter what aspect of your business you’re talking about. That said, business owners shouldn’t put all their eggs in a single basket, but should attack any issues or challenges from different angles.
We value our small business partners and want to help guide them to becoming productive and profitable. We can help you by alleviating some of the stressful financial tasks that can become a roadblock to getting ahead as a business. If you only make one smarter effing business decision today, make it working with Profit Foundry to help you manage your business finances today.