For Small Business Owners: Streamlining Operations - How-Tos and Examples
In this video, I continue the discussion targeted at small business owners on streamlining operations . I walk you through a couple of general examples about how to streamline a segment or process in your financial operations. Then I walk you through what streamlining your overall financial operations would like look starting at the beginning and following through to the (almost) end.
I focus on EFFECTIVENESS. You want to first determine the goals and overall objectives for changing the processes, work flow, etc. Then as you move through actually executing, you must make sure that EACH segment meets the objectives. An example I provide is the purpose of your financial operations is to provide the cash flow needed to run your business smoothly and the data feedback needed to identify issues early and make improvements.
So one process in that would be establishing a credit policy for your customers and adhering to it. If you provide credit to a company with no operational history or one that has issues paying its bills, shame on you. Unfortunately, you'll discover your error when the bill remains outstanding 60-90 days after it's due!
Anyway, watch the video for the full discussion.
If you need help with your business or think you do but aren't sure, please schedule a free 20-minute consult with me, Tiffany C. Wright, The Resourceful CEO. at https://theresourcefulceo.com/schedule .
You can also follow and connect with me on Instagram at @TheResourcefulCEO.
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