19 Jun Key Issues In Running Your Business
Getting bogged down working “in” your business instead of “on” it is a classic mistake. Business owners must remain focused on key issues that ultimately determine success or failure. So what must you be focused on? There are 3 key areas that need your routine attention:
- Your “Now” priorities.
- Improve efficiency.
- Strategic thinking and planning.
1. Your ‘Now’ priorities
You must keep constant track of these 3 key areas if your business is to become and remain successful.
- Concentrate on attracting and keeping customers.
- Monitor your cash flow closely.
- Develop your selling skills.
2 . Minimise risks
- Protect yourself by taking out insurance in areas where you are at risk.
- Seek to build customer loyalty to reduce the risk of losing important revenue.
- Treat your employees well to minimise risk of their leaving.
- Make sure your computers and any data stored are secure.
- Make sure you comply with the Data Protection Act if you process information about other people for business purposes.
- Major problems with your premises can be disruptive and costly.
- Negotiate solutions to disputes.
3. Improve efficiency
- Invest in technological solutions to maximise your business efficiency.
- Save time and money by making best use of latest communications and information technology.
- Where possible, establish routines to avoid wasting time solving the same problem repeatedly.
- Invest in developing your employees’ skills so they can become more productive.
4. Strategic planning
It is easy to get bogged down focusing on the short term, so you must make time for ‘big picture’ strategic activities that enable your business to grow and become more successful.
- Work towards long-term goals.
- Use a forward-looking business plan to set out how you will achieve your objectives.
- Keep moving ahead.
- Continually monitor key external factors that can affect your business.
- Plan for your own long-term security. Seek professional advice your financial goals.
- Keep the plan simple, a one page plan will normally do the trick
5. Comply with legislation
Legal problems can tie up critical resources and take up your time. And if your business is found to have broken the law, it can prove very expensive – while your reputation can also be irreparably damaged.
- Find out about legislation that applies to your business.
- Comply with all employment legislation – particularly when you hire or dismiss someone.
- Provide a safe working environment.
- Fulfil your duties as a director.
- Keep accurate financial records and prepare proper accounts.
- Make sure you meet your tax liabilities.
- Stay on the right side of IT law.
6. Get help and advice
Only work with good, proactive professional advisers.
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