Time to Evaluate your Business

 

Welcome 2020! Right now is a great time to get our heads out of our businesses and, instead take a big helicopter view of every area of our business – operations, administration, finance, management, human resources, marketing and promotion, and, planning for a business exit strategy.

 

After the busy pre-Christmas rush and festive celebrations with family, friends, and colleagues, in January - we can now take some time out to review. What is not working? What is working? and, prepare for change.

 

Everyday, the world is changing through technology, and the lives of the people in our business are changing as well. Change is inevitable. We need to prepare for this.

 

If we keep doing what we are currently doing in the same way as we have been doing, the world will change around us and we will not be prepared. Lets look at technological changes. The software systems we use now are more subscription based and mostly in the cloud. This architecture enables systems to seamlessly pass information back and forth, including regulatory reporting to government bodies. 

 

What does this changing technology mean for us? 

 

There are many ways we can reduce the time it takes to perform tasks. For example, instead of completing manual forms such as paper time sheets, we can have our staff use a cloud-based software application to clock in and out of Jobs using their smart phones, or tablet. This information is passed to an accounting system with a click of a button, enabling payroll processing with minimal data entry, and payment directly from the business bank account. 

 

However, to enable these savings, we need to stop and evaluate -

  • In which areas are we still doing things manually? 
  • What systems are we using that could potentially save us time if they passed information between them? 
  • Do we need to change the software systems we are currently using? 
  • What calculations, and planning are we doing manually? 
  • What systems are available that could assist us in automating some of these tasks?
  • What information do I need to help me plan for 2020? 
  • Where can I get this information and who will provide this information? 
  • Do my people need to update their skills? 
  • What training is available and what is the best method of training?

 

Inducting new employees – how can we get all the information we need from them easier, faster, more accurately and completely? 

 

On the flip-side - are we prepared financially and operationally, for people leaving our business? Do we have the cashflow for staff terminations? Do we have updated procedures fully documented and up to date for people that go on leave or leave the business?

 

All in all - lots of questions! You may find that more bubble up as you take your helicopter view.

 

Please contact Elke on 0410 819 783 or  This e-mail address is being protected from spambots. You need JavaScript enabled to view it  if you would like some assistance.

 

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