This area does not yet contain any content.
« Your Money 2.0 | Main | Small Business Week and a Top 10 »
Wednesday
Jun152011

Small Business Week: All about the Process

After you get your thoughts out of your head and on to some paper or your white boards it’s time to start developing. One side note though - if you are already seeing clients/customers or making your widgets keep on keepin’ on. These steps or tips are designed to either help you start or to help streamline what you’ve already got going on. When I say developing I mean the development of systems to keep your business moving forward. What I’m going to outline are a few tips for some global systems you will be bumping into and need to make specific for what you are doing.

Sausage Chickens by Doug SavageAs an entrepreneur you need to have a really strong handle on your cash flow information right out of the gate. Even if you feel like there isn’t any cash flow to manage yet you still need to have a plan. If you are already selling or seeing clients/customers on a more freelance basis you should still be using some form of an invoice. This is why I love Freshbooks so, so much! Something like Freshbooks is free for your first three clients so there is really no reason not to try it. (Not to sound like a plug honestly) Having a system for recording costs, time, and costs of production is really important even in the early stages. You need to be able to gather this information and present it for a battery of things from taxes to your own internal rate of return benchmarks.

Inventory and creation processes are next up. These are the hows of what people pay you to do. In order to be as cost effective as possible you are going to want repeatable and predictable instructions to follow for the products or services you offer. The reason for this is because you won’t have to waste time, energy, or resources at every selling opportunity. If you bake cakes and sell them on the side then it’s important to know exactly how much of each ingredient goes into each recipe. It’s important to know how fast you burn through inventory at your current levels of production so that you can try to predict when you need to refill or try to buy up to the next level of scale, ie buying ingredients from the local grocer (more expensive per unit) or buying from a wholesaler or even just a Costco (less expensive per unit) The more focused your mission and scope of services are the more focused your deliverables can be - so you aren’t shooting from the hip at every new sale.

Information processes are my last tip. Information flow is just as important as cash flow for a business. How are you getting your message out? How are people learning about what you do? How are you filtering communications in or out? The more of a schedule and a routine you have down the less time the Internet and emails will steal from your day. Learn to do things like “batch” emails - try checking a few times a day and not when your notification bar rings. Learn to organize so that if you do have something to deal with immediately that you deal with it and move on and not get lost in your inbox. Social media is an amazing and important tool - it’s how your brand communicates with the world. Set up specific times to engage and try to prepare so that you aren’t spending consecutive hours in Twitter and Facebook. I’m a little guilty of this myself - with the advent of smartphones and the iPad I carry pretty much everywhere I am always connected. So I try to limit myself to a few minutes at a time every few hours - and sometimes that works :) I have a lot to say I guess. How information flows through a business is important too! Don’t let paper work just pile up because the longer something sits the bigger the chance you will lose track of the details and what actually needed to happen for proper filing/processing/follow up. Bad information handling leads to bad cash handling, even loss of potential cash flows.

If you want other people to start taking you seriously then you have to take your business seriously!

That wraps up the second installment of Small Business week. Hopefully something here got you a little excited and motivated to think about how you can improve what you are doing. There are other processes that are important too - like managing people processes but we will save that for another day :) One of my favorite books on the topic of automation is the 4 Hour Work Week - a must read!

 

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (5)

Pretty good article.I just came across your site and wanted to say that I have really enjoyed reading your blog posts.omega constellation watchesany way I’ll be coming back and I hope you post again soon.thanks for sharing. replica rolex

August 3, 2011 | Unregistered Commenterabbyabbie

Thank for share,Online Quality replica omega,replica Panerai Ferrari and replica breitling Bentley wholesale company at any time, you may want to make some of the problems. First, you have to make certain you get the real thing is. There are many suppliers around the promotion of their projects can be "authentic."

November 23, 2011 | Unregistered Commenterlaowusuoyi

No matter what type of uggs on sale you are looking for, there is no doubt one available for you. They have come a long way from their days of being in World War I aircrafts. And, thanks to their manufacturer, ugg boots outlet Australia, you can feel good while wearing these shoes while still being in style! You will simply love the options in color, styles, and designs that you have. The whole family will be wearing ugg outlet because they just are so darn cute and comfortable!The ugg boots sale is one of the a lot of accepted types of cossack on the bazaar appropriate now. Anyone who is not accustomed with them should accede bottomward one on! They are appreciably bendable and luxurious. They action an accomplished akin of abundance and a admirable appearance as well. They are actual balmy and cozy. Your anxiety will be in shoe heaven! Let's yield a afterpiece attending at what is accessible in the ugg boots clearance and uggs for cheap see if we can't acquisition something that you will enjoy!

November 25, 2011 | Unregistered Commenterugg boots sale

<h1>cheap designer bags</h1> To force promotion
<h1>cheap designer handbags</h1> Pack bag
<h1>nike shox r4</h1> Different response
<h1>super street</h1> Do not hesitate
<h1>mario shoes</h1> quality
<h1>air max tn</h1> Price satisfaction
<h1>cheap puma shoes</h1> Fashion classic new
<h1>cheap gucci shoes</h1> Popular brands
<h1>gucci shoes cheap</h1> Christmas Maijiu
<h1>louis vuitton handbags outlet</h1> Different respons
<h1>air max 90</h1> most allow you to just pick a favorite

January 12, 2012 | Unregistered Commenterjhk

<h1>authentic jerseys suppliers</h1> High quality
<h1>cheap coach bags</h1> Very nice
<h1>coach factory outlet</h1> comfortable and cheap
<h1>coach outlet store online</h1> The new discount <h1>coach outlet</h1> single product
<h1>coach handbags outlet</h1> Fast to buy
<h1>cheap designer handbags</h1> your style
<h1>coach outlet store online</h1> Popular brands
<h1>wholesale coach handbags</h1> Sell at a new fashion
<h1>cheap authentic jerseys</h1> for cheap
<h1>nfl jerseys suppliers</h1> A great feeling

January 12, 2012 | Unregistered Commenterhngfjgfj

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>