NCET Biz Tips: Don’t Set It and Forget It
by Devin Sizemore
Devin Sizemore
We have all heard the term “set it and forget it” applied to various scenarios. Your business should not be one of them!
The goal of having a business is to create a business that is an asset, not a job. This means that you can work “on” your business not “in” your business. If you can reach this elevated state within your business, it is important to make sure you do not take your eyes too far off the ball.
Here are some things that you should be looking at in your business every 90 days, at a minimum.
Your Team
It is important that you are taking time to evaluate your team. You should look at their workload, overall performance and have dialogue with them on where they are at in relation to their goals. Also do a review of your team to see if they are A, B or C players.
2. Your Vendors
Everything that cost your business money should be looked at frequently. Take the time to look at your agreements, make calls, push your vendors, and make sure they are providing ample value for the prices you are being charged.
Here are some vendors you should review regularly: merchant processing, phone, internet, IT services, marketing, payroll, accounting, software subscriptions
3. Your Cashflow
Accounts receivable is critical to all businesses. It is important you look at how long it is taking you to get paid and if there are any sticking points in the process. If you can free up your cashflow on a regular basis it will make planning much easier!
4. Your Processes
You should look at the client lifecycle from first touch to a client who is with you long-term. Where are there sticking points in your processes? Make sure that you think about all aspects of the process: filing, documentation, tasks, transitions, communication
5. Your Pipeline
You should keep a constant pulse on your pipeline. You need to have clearly identified stages in your sales process and understand how many opportunities you have in each stage. You should also be tracking the length of time an opportunity stays in each stage. This will help you understand when you might see an increase in cashflow and/or when you may need to put more energy and focus into generating more leads or creating more sales channels.
These five areas are not the only things you should be paying attention to in your business, but it is recommended to have a plan in place to review these five areas of your business thoroughly every 90 days. If you find opportunities for improvement that put a plan in writing and tackle those objectives until they are completed or you have your next 90 day review.
Learn how to create a business that is an asset not a job at NCET’s virtual Biz Bite on Wednesday, January 27th. NCET is a member-supported nonprofit organization that produces educational and networking events to help people explore business and technology. More info at https://ncet.org/ncet-biz-bite-running-your-business/
Devin is the business development manager at Gratis Payments and GratisGives (https://gratisgives.com/) and has a passion for everything business having worked with over 400 business clients in the last decade.