Trust But Inspect
I see too many small business owners who put infinite “trust” in their Chief Financial Officer (CFO), President, bookkeeper or whomever has access to the cash and provides them with financial reports, signs checks, etc., in other words, the employee who is the caretaker for their revenues and retained earning. Far too many small business owners get burned by these situations because they trusted, but failed to inspect. Honest people without malicious intent “borrow” some cash for a college tuition payment or whatever their specific need is, and it never gets paid back. It happens way too often and is an avoidable issue that can cost you dearly when it happens.You Can Only Do Your Best And Then Ask For Help
Collecting receivables during the Christmas season is always a challenge as everyone is holding back on paying their bills because they are also having collection issues. Of course there is also payroll and Christmas gifts and on it goes. The already reduced cash flow from the downturned economy is further reduced by the seasonal collection slump for most non-retail businesses.Not A Typical Holiday Wish But The One You Should Pay Attention To
I have read many holiday wishes and greetings and they are all very nice, everyone wishing each other the best of everything-prosperity, health and happiness. These are all wonderful thoughts and I hope they all come true, but this season I have a different kind of holiday wish.Teach Your Employees To Respect The Chain Of Command
It sounds like an Army thing, rigid rules and regulations. Yuck. That’s the kind of stuff we all hate to do. But it has an important place in business and must be understood for an organization to work well, especially if you are trying to flatten your organization, become more powerful and grow faster. Rank and chain of command is critical for smooth growth and development. Everyone in your business must know who he or she reports to. Many business owners are looking to flatten their organizations and this is one definite way to support the effort and accomplish it.Have You Made Your Plan For Next Year?
What are you waiting for? Your plan must be formulated immediately so it is active January 1, 2011. If it’s not then you will be working with an 11-month plan and will only get eleven months of results.