Posts Tagged ‘policies and procedures’

The Risks of Suppliers

Every company has vulnerabilities. For example, if you only have one customer or client and you lose them, you are out of business unless you can find at least one new customer. The more common scenario is when a company has multiple customers but one or two customers represent such a significant portion of their business that the loss any of them would considerably alter the picture. This change could be forcing a closure, cutbacks in employees, or other forms of financial belt tightening. Probably you are aware of this risk and are hopefully doing something to mitigate it.

There is another risk that many companies overlook–risks of suppliers.

Dependency

You have undoubtedly heard the expression, Read the rest of this entry »

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How Time Erodes Your Profit

You’ve probably heard that time heals all wounds, but when it comes to the finances of your company the passage of time can inflict serious wounds.

Financing

How is your company financed? Is it internally, a line of credit, long-term loan(s), or some combination of methods? Regardless of how you finance a company, the passage of time can erode your ability to Read the rest of this entry »

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5 Reasons to Get Help with QuickBooks

I remember the first time I heard someone say, “I don’t need an accountant. I have an accounting system to do that.” Yeah, right. Today, that statement is often heard as, “I don’t need an accountant. I have QuickBooks.” Here are 5 reasons why that just might be a mistaken assumption and you should consider help with QuickBooks.

Knowledge

The knowledge I am referring to is not just about QuickBooks, though it certainly helps if someone has familiarity with it. I’m also talking about a strong understanding of good accounting practices. For example, I had a client Read the rest of this entry »

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Financial Problems are Multi-Level

So you find your company’s finances tight and you think you know the reason, but do you? Maybe you do, but maybe you don’t.

A Quick Example

Imagine this financial tightness is experienced primarily through always having to battle to have sufficient cash. You have identified the cash shortage as your main issue; and on the surface that may well be true. But, upon closer examination you might find that the cash crisis is merely a symptom. This kind of issue is usually multi-level, involving other things that are producing the symptom(s).

Some Examples

Generally, financial problems, including tight cash positions, are more than Read the rest of this entry »

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Customer Service | It Really Matters

Every last one of us had experienced it. And, none of us will forget it. What am I talking about? Quite simply, I’m referring to an experience with a company that just simply leaves us with a bad taste in our mouth. In other words, the experience where we walked away thinking, they have no idea what customer service is all about.

The Customer Has Expectations

Several weeks ago I blogged about how the old saying, “The customer is always right” was not actually true, but it should help us understand how a customer expects and deserves to be treated. You can read that here. Is the Customer Always Right? The bottom line is that a customer should leave their interaction with a company believing they were treated fairly and as if they were right, even if they realize they were not entirely correct in their position.

A Personal Experience

Recently I had an issue with my TV service when it was necessary to Read the rest of this entry »

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The Over 40 Hour Myth

In a recent blog, When 40 Hours is Enough, I discussed how ineffective and unproductive people become as they routinely work over 40 hours in a week. While I have no illusions that hardcore workaholics will change their ways, I am hopeful that business owners and managers will see the light. But, the truth is that it is a myth to believe that regularly working over 40 hours per week adds significant value.

It’s about Efficiency

If you read my previous post you may recall Read the rest of this entry »

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The Know It All

Imagine you are attending a staff meeting. Employees can barely get a word in as the manager hogs the entire time, apparently trying to impress everyone with his or her extensive knowledge. Later you are asked to attend a senior management meeting of which you are not usually a part, but you have certain information they needed. This same manager from the staff meeting is present and again takes over the conversation. Have you ever worked with someone like this? There can be any number of reasons why they feel compelled to control every situation. Perhaps they are insecure and this is a way to compensate or they are basically a verbal bully. Maybe they really want people to know how smart they are. No matter the reason, the know it all can be one of the most irritating coworkers you will ever encounter. This is magnified if they are the boss or owner of the company. At some point, nearly every company encounters a know it all.

They’re Everywhere

We see these kinds of people everywhere. They exist Read the rest of this entry »

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Check Your Assumptions

Assume your business is just humming along. There are no major problems, yet you sense that things could be better. You’ve noticed that things are not working exactly as planned – oh, again nothing major, but just little breakdowns. On top of that, there is beginning to be a loss of camaraderie and disagreements that never seem Read the rest of this entry »

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Rigid Management

You undoubtedly have heard the phrase uttered, “It’s my way or the highway.” Do you find this comment not only offensive and dictatorial, but incredibly narrow minded?

So What Makes Your Way Better?

Rigid management that takes the attitude of it’s my way of the highway is robbing itself and a company of valuable feedback and improvements. Nobody knows it all and others serve to improve us.

The business owner or manager who takes this position probably has no business in their current role. With it, the owner will eventually see the growth of his company stagnate and perhaps even reverse. Managers of this bent will see valuable employees depart. We may want to think we do, but none of us knows it all. Read the rest of this entry »

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When 40 Hours is Enough

I recently read and article by Jessica Stillman in Inc. magazine entitled, Why Working More Than 40 Hours a Week is Useless. A link to the article was posted to Linked In. Let me just say up front that I agree with her general consensus on the 40 workweek which is based on multiple studies from the 1930s forward. I would like to add a few additional things to consider. Read the rest of this entry »

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