The first of 3 Steps To Assist Small Business Growth Potential is to : Build a 360 Base to Manage Cost & Save.
What does it mean to have a 360 Base to Manage Costs & Save?
It means to have critical processes in place to ensure a small business has the key tools in place to run its daily operations in a cost-effective manner:
- Customized IT Solutions For: Banking, Accounting, Bookkeeping, Timely Payments, Cloud Filing Systems. Its important to ensure all IT solutions are interconnected to avoid repetitive tasks.
- Customized Financial Reports For: Budgeting and Forecasting Business Costs, Timely Cost Management, Monitoring Key Operational Costs i.e. Payroll, Overhead, Interest, Penalties etc. Its important to plan and budget for expenditures to avoid unexpected costs.
- Customized Operational Processes: Documented Policies & Procedures, Timely Reporting & Record-keeping, Continuous Process Improvement Review. Its important to have defined business processes and prioritize to avoid unnecessary stress from having incomplete tasks or staff turnover.
How does having a 360 Base Leads to Cost Management?
“Cost Management is the process of planning and controlling the budget of a business. Cost Management is a form of management accounting that allows a business to predict impending expenditures to help reduce the chance of going over budget.”
The Customized 360 Solutions ensure costs are monitored, planned and structured. It leads to savings as the business is run pro-actively and business owners are able to make profitable decisions quickly.
At a personal level, it ensures a small business owner is confident, knowledgeable, less stressed, finds work life balance, can focus on business growth and plan & save for retirement.
From a business prospective, a small business owner is able to run a smart, productive, growth and profit oriented business. It also ensures that the business has taken the necessary initiative to have “Audit Proof” Operations.
Once a small business has the solid foundation for cost management, it leads to Step 2 of Getting the 360 Numbers Right To Succeed.
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