- October 28, 2011
- Posted by: BizConsultant
- Category: Uncategorized
Greetings Fellow Entrepreneur
This months topic has to do with streamlining your business to achieve optimum results with less capital outlay.
As a business owner/entrepreneur its important that you focus on doing your core business in order to achieve success but as a startup or small business, you are sometimes forced to wear multiple hats (owner, marketing person, salesperson, accountant, secretary,receptionist, hr,legal,etc…)
If your time doing your business is worth $100.00 an hr, but you spend 4 hrs a day performing these other functions, you can see how your losing half of your earnings potential (and this is just a round estimate for the sake of this example).
If you are not in a position to retain a full time staff to handle these functions for you, here are some great ways to still get these functions taken care of without that large of an expense:
Sales/Marketing – Use a combination of commisioned salespeople and/or (if you prefer to close sales yourself) use a prospect appointment setting service that charges per appointment instead of by the hour. The less time you spend prospecting and chasing business, the more time you can spend actually doing it.
Administrative Functions – Depending on the daily task you need, some things can be automated. There are several extremely affordable voice services that can route calls, take messages and receive faxes. For task such as word processing and data entry, use a vritual assistant maybe once our twice a week. Compared to the cost of a full time employee, you can save hundreds and thousands of dollars and still get your required work done in a timely manner.
Accounting – Depending on your needs, if you do not want to invest in a full time bookeeper or expensive software, use QuickBooks online service or use a QB certified bookeeping service that charges a small monthly fee (or combine the two if you have the time to enter your financial information daily). The big advantadge is being able to quickly enter and access your financial records (using the online service). Have you ever had to tell someone “I have to wait for my accountant to get back to me with my financial statements”? . If you are a small business owner, the faster you can access information, the better.
Legal – All small businesses need a business lawyer but most of them can not afford to just retain one. A great solution for this is enrollment in a prepaid legal program. You can access legal services both free and at great discounts. Comes in handy when you need agreements reviewed and drafted or making sure you are in compliance with state laws.
Human Resources – You can spend and waste alot of time developing handbooks and contracts. Use software to cut this time. Most packages come with standardized forms that you can edit with your specific needs to comply with your states labor laws. You can find a lot of free resources on this as well to further cut expenses. Also, use a payroll service to avoid the headaches of having to calculate payroll taxes,etc…which should be an option available through QuickBooks online
The more time and money you save as a start up or small business, the better. Your focus should be on providing a great product or service and you shouldnt have to worry about anything else being done (are my phones being answered correctly, are the invoices going out on time or do I have to hit the pavement to drum up some business).
Contact us for referrals to some of the resources mentioned if you need them and feel free to see any of the solutions offered below can help you as well.
Wishing you continued success and prosperity in your business.