Running your own company is one of the hardest jobs you will ever tackle. There is no such thing as weekends or vacations. You are always on call to handle the unexpected. From no-show employees to server outages, shipping errors to delinquent payables, you will never face an empty to-do list again.
Seen from this vantage point, it just makes sense to do everything you can to lighten your load and put processes in place to support your business to run more smoothly. These three tips can save you time and money and, most importantly, give you peace of mind.
Tip 1: Automate anything that can be automated.
Today’s new breed of customer relations management (CRM) and human resources (HR) software can automate pretty much any routine task that the management of your company requires.
CRM software helps you keep track of vendors, suppliers, customers and significant others. HR software helps you keep track of in-house staff and contract workers. Both can sync internally between modules and externally with third-party apps and software.
Payroll, annual tax reporting, scheduling, project management, lead nurturing and other tasks become as easy as they can possible be with the help of these cutting edge automation tools.
Tip 2: Outsource your bookkeeping and accounting.
Even if your company consists of you and you in the beginning, it still makes good financial sense from every angle to outsource your bookkeeping and accounting functions. For starters, you will pay less to hire a contract employee to do these tasks part-time than to retain someone on your staff to do the same.
Also, since even the slightest errors can land you on the IRS’s short list of folks to audit, you want someone with the time and expertise to do your books right the first time. Finally, by hiring someone, you will ensure these vital tasks get done and you aren’t facing a mountain of random receipts and notes at year-end.
Tip 3: Always keep your eye on receivables.
According to Forbes, the first and foremost reason that companies fail is lack of cash flow. But if you keep your eye on your receivables and implement prompt collections actions for delinquent accounts, you can sidestep this common pitfall and keep your company operating in the black.
As an entrepreneur, you already know running a startup company was never going to be easy. But now you also know there are things you can do to help your company’s operations flow more smoothly. By ensuring adequate cash flow, outsourcing functions that make smart financial sense and using all available tools to automate routine tasks, you set your business up for success.