Padgett’s Tips for Managing You Business

Focus!
• Focus your time on what provides the most benefit & revenue to your business
• Focus on having the right people, processes and controls in place that will give you the freedom to devote your time to more important activities
• Focus your marketing on proven strategies that work in your industry
• Focus on your business plan and strategy

Your Accountant is more than a Bean-Counter!
• Don’t make the mistake of using your accountant only at tax time
• Take advantage of having your own tax & business advisor at your finger tips
• The value that a good accountant brings will more than offset their fee because of the value and savings they provide your business

Follow a plan and a budget!
• Use financial information as a management tool
• Plan & budget the financial performance of your business
• Look for trends and act quickly to respond

Control your cash!
• Have a reserve available that’s equivalent to several months’ operating expenses
• Understand the difference between cash-flow and profit
• Be careful about being too dependent on borrowed funds

Control your expenses!
• Manage your costs the same way in good times as in bad
• Evaluate purchases against the revenue they can generate
• Create a budget and stick to it
• Look at low cost outsourcing opportunities, eg. Payroll service such as PayTrak

Manage your people!
• Don’t forget there is a cost associated with employee turn-over: hiring, training, impact on customer service
• Employees are usually the front line of your business and in direct contact with your customers and prospective customers
• Recognize your staff for a job well done or just a good day’s work
• And remember, recognition doesn’t always need to be financial to be effective and motivate your staff

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