Too often I heard owners say they’re working hard and putting in the time, they have good people - but they’re not getting ahead. A pattern emerged showing 11 key areas which slow businesses down and I developed a series of solutions for each of those problem areas.
1. Regular business management.
How often do you review your accounts, sales figures, cash flow and progress? Weekly or fortnightly is not too often. I meet with my clients on a regular basis to keep them on track. We discuss sales, accounts, systems, marketing, communication and more.
2.Up to date accounts.
The best solution I have seen is the world’s most advanced cloud-based accounting application, Xero. Data is stored securely ‘in the cloud’ and backed up every 10 minutes. Profit and loss, invoices, cash flow, creditors, payroll, inventory, claims and more are just a click away and you can see them in real-time on your laptop, tablet and Smartphone.
3. Regular bookkeeping.
The frequency of financial updates is unique to each business which is why the bookkeeping team at Prime Focus Growth offers weekly, fortnightly and monthly reporting. We like to coincide this reporting in with the business management meetings.
4. Cost effective payroll.
Time is money and the time it takes to prepare payrolls and transfer wages should be directed towards other activities. With Xero cloud-based software each process - from preparing the payroll to sending pays electronically via Internet banking to printing of reports - is done automatically.
5. Outsource accounting.
Business owners should focus on building a business not managing it. If you’re stuck in the office looking after monthly and quarterly updating of BAS and tax returns, and lodgement with the ATO, then you are not out there meeting potential customers.
6. Automate employee attendance records.
How quickly can you schedule staff for rosters or shifts to cover for a last-minute absentee? How often does your business report to you on employee arrival and departure times, attendance, annual and sick leave? We recommend automating as many internal procedures as possible. Xero offers automated attendance recording with the ability to quickly re-schedule staff and create shifts.
7. Outsource annual obligations.
A major goal of mine is to release people to invest more time in their businesses. Taking care of annual tax obligations and liaising with the Australian Tax Office on their behalf is one way of achieving this. We combine Annual Obligations with Accounting, Bookkeeping and Compliance for a turn-key solution.
8. Review systems and procedures.
Smart, seamless systems require less manpower, resource, time and effort to achieve a greater outcome. Prime Focus Growth has the expertise to examine various procedures, analyse their efficiencies, improve methodologies and educate the relevant personnel.
9. Improve the point of sale.
The point of sale is where customers are won or lost. They want a speedy transaction and you want to gather information about them. Cloud-based POS applications can be run on a computer, touch screen device, laptop, tablet, iPhone or Android Smartphone. They allow you to build a profile of each customer such as buying habits, favourite products, purchasing limits.
10. Outsource debt collection.
Debt collection is time consuming (and frustrating). It makes sense to give this responsibility to a trusted “partner” with a comprehensive understanding of accounting and tax law. I approach this role with professionalism and diplomacy to ensure that customer relationships are well maintained.
11. Automated WHS compliance.
Keeping up with WHS legislation and requirements is a complex task. I recommend an Australian developed software application which includes more than 400 templates and forms. They can be customised to your business. It includes guidelines for health and safety management, risk management, health programs, audits, and administration, training and monthly bulletins.
Bill Tyrell is a business growth advisor. Contact him at bill@primefocusgrowth.com.au
