Do you utilise effectively utilise the ‘spare time’ within your business or if you have none, maybe the question is why not?  Business Systems Specialist, Tamara Simon, has a few simple tips on how to invest in the future of your business. 

For the last twelve months, we’ve been bombarded through the media with the gloom and doom of the current global financial crisis (GFC) which has probably also been THE topic of most conversations with business associates, colleagues, staff, friends and family.

And rightly so because both personally and professionally, we are facing a very different economic world to that of the last 5-10 years.

For some businesses, this has caused a ‘slow down’ of work and commitments from clients.  But we know it will turnaround – what is probably unclear is when.

But the question is… are you using this opportunity to not only get ready for the new financial year but for when we turn the corner?

Because the GFC should be viewed as an opportunity as we all know it is harder to implement effective business systems when you are busy but it is a catch 22.  Effective business systems free up time and increase profits through reducing costs and rework.  But you have to invest the time to develop/amend your templates and processes, if only to ensure the information presented to clients is accurate and professional (no typos) – let alone how much systems help your staff.  And the best time to do this is in the ‘slow period’ or downtime.

So rather than procrastinating, here’s some areas to Take Another Look at within your business systems

Fee Proposals 

• develop different proposal templates based on the type of projects you do
• follow up warm/cold leads to generate work for future months now 

Financial Management

• phone accountant to determine if upcoming purchases should be made in the current or next financial year
• review current budget and develop 2010/2011 budget •ensure charge out rates include all business costs such as time for administration work (filing, invoicing) and any salary changes •update proposal templates with new fees (yours and consultants/suppliers)
• ensure invoice templates have consistent wording  and develop templates for the different types of payment eg deposit, progress and final issue invoices when work is completed rather at the end of each month – collect deposit, progress and final payments
• follow up outstanding invoices by offering payment plans/discounts to encourage payment – utilise debt collection agency as last resort Staff Management 
• Set aside time to hold annual performance reviews with all staff using simple templates to review performance
• address outstanding issues/baggage •set/reaffirm expectations/goals
• determine annual training to be undertaken to maintain industry currency/licensing –budget accordingly
• gain feedback from staff on your performance

Remember though to not only provide your staff with a copy of the agreed outcomes but to review them periodically over the upcoming year. Emails/Files

• handle paper/emails only once – use the principle  Do it!  Diarise it!  Delegate it!  Delete it!
• declutter inbox and sent mail – move relevant information into folders/files
• tidy up/shred unnecessary information in files
• archive files in protective containers free from vermin/dust/water – clear plastic crates are useful
• put copies of previous work that you would like to keep but don’t need in files in a display book to show to clients as samples of your work
• make up files ready for July clients
• prepare A-Z folders with monthly inserts ready for new financial year – a/c receivable and payable, bank statements
• get filing up to date