One of the things that each and every business needs is a systematic way of evaluating their performance. Without quantifiable benchmarks, a firm has no idea if they are swimming ahead of the pack or just treading water.
Every time you take on a new client as a freelancer, you have an opportunity to cement a working relationship that can last for years. To do so, you need to stand out with your clients from the get-go. The tough part is balancing that need with work you need to get done.
Every startup has to develop a process for doing business. Whether that means the business owner has sketched a detailed map of each employee’s day-to-day functions or merely drawn out a list of guiding principles that lead the organization through each and every business transaction.
This is one of those “My dad used to say” homilies. You’ve probably heard the accompanying “It takes just as much effort to sell a small deal as a big one,” over the years. The truth of this is more nuanced.
When you first started your business, doing the payroll was pretty easy. You paid yourself and maybe one or two employees. You could do the whole shebang in a couple of hours using desktop PC software. Now, though, your company has grown.
Every business must have payroll in some form or other. Traditionally, payroll has been one of the most outsourced processes in the business world. But despite the number of solutions available, the choice boils down to a simple dichotomy—keep your payroll in the hands of in-house administrators, or outsource your payroll to a traditional payroll service.
Since many new entrepreneurial ventures are often started on a shoestring budget, where you spend your financial resources can be a prickly situation. When is the right time to get yourself legal help? Do you really need an outside person to do your books or can you do it yourself?
If you implement the policies that prevent the same person from handling all the cash and banking functions, plus review receivables, payables, and your financial statements regularly, you will have a better chance to catch anything questionable early on.
In this second of three parts, here are more easy procedures to implement so that you protect your hard earned cash. The person who signs the checks is not the same person who balances the checkbook.
There is no sense in doing the work if you're not collecting the cash for the work you do. That, from a business standpoint, is one of the most important things to do. But once you get the cash in the door, you must make sure you protect that cash from employee theft and other mismanagement. There are some simple and very easy things that you should do to make sure that you protect your hard earned cash.