In Business there is a lot to think about when we are growing. We’ve put together a short series of a few strategies to help you keep your focus. Part 3 focuses on your processes.
Five strategies to help us with processes
1. Excel hell
Excel is a great tool. But in business today there is software which is capable of providing
insights or
can automate calculations or
sales transactions or
delivery functions.
Investment in such tools may save you money, and may help you need less people on your team in a tight labour market.
2. Frustration with processes
As you grow, the process that worked when you were smaller, may not work for when you are bigger. Your team, if not technically savvy may not have kept up to date, with new ways to use the existing software, they may not know that they should only enter information once, and not the three times, as they have been. Where possible, periodically take time out, to investigate if there are more efficient processes, or technology to help automate your business.
3. Building cash flow to gear up for growth
The way we grow our business often reflects our attitude to risk. Before implementing a growth strategy, it can be helpful to understand what type of growth profile you have, that way you will be better prepared for how you are likely to react when cash flow becomes constrained.
We can plan for growth.
This might look like
increasing our working capital cash, and
anticipating the needs of our business (more people, more inventory, larger machines)
Or, we can take it one step at a time, and see
If we can balance growing our inventory, our team, with the sales we generate, and if we get it wrong, we reach out to our bank or the bank of family.
4. Responding to tight cash flow
How we respond to tight cash flow can help us grow as a business leader. There are a variety of strategies we can employee to manage tight cashflow:
Increase prices
Collect debt timely
Borrow
Negotiate better payment terms with suppliers
Reduce costs
Lease out spare space
Sell surplus assets
Don’t replace an employee who exits
Monitor cashflow
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