What better time than a new year to reflect upon your money relationship, assess the past financial year, and move forward into 2015 with positive and achievable goals for your business.
What is your relationship with money and your growing business? Are you focused on increasing revenue, or evaluating costs? Of course both these activities go hand in hand, but when it comes to evaluating costs this does not necessarily mean counting the pennies. It means spending in the most effective manner for your business.
- Consider the value of excellent customer service rather than how much it costs - If you are in the business of providing goods to your customers, are you happy with all of your suppliers? Do they consistently deliver on time, every time, and are your customers content? Focusing on delivering the best customer service is a sure fire way of keeping your customers happy and coming back for more. A reliable supplier, who may cost more, is less likely to let you (and therefore your customers) down, and will end up making you more money in the long run. In this instance, it is not just about your relationship with money it is about how you effectively build your business based on providing the best service possible. Meeting the needs of your customers in an innovative fashion will not only keep them happy, it will encourage them to return and bring new customers with them also.
- Assess the actual cost of wearing too many hats - Do you wear many hats, and are you constantly concentrating on areas of your business that could be managed by someone else? Scrimping on an extra salary may seem to make sense until you consider your value and how much more money you could make if you concentrate on what you do best. If hiring an extra person is too much, consider outsourcing some of these responsibilities. At least evaluate areas of your business that eat into your time such as your finance management system, or payroll.
- Encourage a productive work environment - As 2014 came to a close, many businesses took the time to nurture relationships with employees and customers. This is often more than just an annual bonus or a client gift, it is time spent away from the office building a team. Think of the many benefits of these consumptive expenses, and how they encourage your team to be more productive and happy. Obviously these types of expenses need to be managed, but think about planning more team building activities throughout the year. You took the time to employ the best; this is one way of retaining the best!
In a recent article in Entrepreneur, author and personal coach, Tony Robbins discusses his new book, Money: Master the game. While it relates to a personal approach to your money relationship, it does bring up some valuable thoughts when it comes to managing money in your business. For example, Robbins states, “You have to move from just working for money to a world where money works for you.”
Making your money work for your company does mean knowing exactly what your business earns and exactly how much it costs to run on a monthly basis, but a more holistic angle can also present a different perspective. 2015 offers an opportunity to assess your business and move forward with a fresh approach.