Operational Issues?

GetPrimaryImage.jpeg

So often small-business owners do more than their fair share and take on the bulk of the responsibility in their businesses. But if you’re working harder and harder and not making any gains, that’s a sure sign that something’s not working.

You might be using outdated systems or processes to do your admin and invoicing, or your business may have outgrown them. As people do when it comes to personal wellbeing, business owners also get stuck in habitual patterns that might not be the healthiest or smartest way of doing things. Here are some signs that you need to disrupt your current way of thinking and try new ways of working.

TEN SIGNS YOUR BUSINESS OPERATIONS AND ADMIN NEED ATTENTION

1.It feels like you’re working all the time but you’re not making more money.

2. You spend less time on the part of the business you enjoy and don’t get as excited about growing your business as you should.

3.Your invoicing is done irregularly and you often have cashflow issues.

4. You haven’t taken leave or a proper holiday (without your phone or laptop permanently switched on) since you can remember.

5.You use old-school accounting systems like spreadsheets or good old pen and paper.

6. You’ve never done a business plan or haven’t looked at it in over a year.

7.You don’t have the necessary legal documents, or they are outdated.

8. Your tax slips are scattered all over your desk (when they finally make it out of your wallet).

9.You have outstanding payments older than three months.

10.You don’t produce annual financial statements.

Was this article helpful?
0 out of 0 found this helpful
Return to top
15 comments
    How do you tackle the operational issues in your business?
    @SimplyBiz I speak with my staff to understand their problems and where they see fault in the business processes. Once I can relate to their issues it is easier to implement solutions more catered towards their needs.
    @AlexSimpson what were the key processes that you needed to set up in your business?
    @SimplyBiz. I look for systems online which solve such issues at reduced costs. There are also case studies for specific software systems which may be relevant for the particular issues you face.
    @AlexSimpson. Related to people is very important as an abrupt approach is not very effective most of the time. Be subtle understanding and relative - this will encourage repsect and proper workflow.
    @SimplyBiz I think a lot about hiring the right people. It is almost to the level of obsession for me to understand how each colleague I hired has become the craftsmen they are. As technology tools and knowledge are becoming highly available age isn't much of a factor anymore.
    @RJohn how do you approach hiring young interns? Does it make sense to invest time and resources in a young interns or is it better to employ someone that has perfect their craft?
    @Rmichael can you share any examples of systems that you've used recently that could add value to other business owners?
    The one point overlooked is around taking a holiday/break. It is important to break away from the redunancy of working and refreshing the mind. This is an important strategy in coming back into your workplace more energised and optimised towards working at a better rate.
    There is a fine difference between working for the sake of creating activity and working for the sake of creating value. One must always reflect on their business actions and highlight trends/activities which lead to revenue production and then focus on those.
    @AlexSimpson I could not agree more here. One needs to be real with themselves and truly rationalise their behaviour and results to determine if they are creating value and thus results.
    @SimplyBiz personally with mentor and addition to what RJohn suggests I only focus on interns who have had genuinely good reputations from their previous employers and have a great attitude in place. Attitude to me is everything.
    @AlexSimpson very true point here. Thank you Alex.
    @AlexSimpson agreed. Thanks for emphasising such a key point here. Trusting one's gutt is key too.
    @SayoF agreed too! Thanks Sayo