10 Steps to Making Your Business Run Smoother

from Jane Lakatos

1. Be Well-Prepared at the Outset — Make sure that all paperwork and government requirements are in place before you start your business. Don't leave it until later to register with GST, PST, and Source Deductions. These are the basics, and there are more depending on your type of business and business set-up.

2. Invest in Quality Tools to Run Your Business — No, not just the actual equipment you need to do business, the proper software and hardware you'll need to stay in business. Keeping close track of income and expenses is crucial. Don't think you can keep it all in your head or on scraps of paper in the proverbial shoebox — start with accurate accounts from the outset. Decide what part of the record keeping you'll do internally and what part you'll outsource. Get training on the software you'll be using if you plan on doing the bookkeeping yourself.

3. Embrace Delegation and Outsourcing — Do not try to do everything. It's important to have a clear understanding of who does what in your business. If you're a sole proprietor, then it's clear you are in charge of everything. But that said, it doesn't mean you have to do everything. Know when to outsource — trying to do everything will just take you away from what you do best — probably the very thing you went into business to do. For businesses with staff, divide the tasks and empower your staff to take charge of them — under your supervision of course!

4. Meet with a Business Planner — Make sure you set some realistic goals and devise a plan to achieve them. A good business planner will help you focus and prioritize what needs to be done.

5. Harness the Power of Effective Advertising — Words speak louder than actions. Be sure you know what you are in business to do and what it means to your customers. For example: If you are selling insurance, you're actually selling peace of mind. If you're in the home heating and air conditioning business, you're selling comfort. Gardeners and landscapers are selling pride of ownership. Knowing what you're providing will determine who your best potential customer is, and with this knowledge, you, or your marketing firm, can put together the right message in the right medium to reach them.

6. Ensure Your Prices are Competitive — This means not too high or too low. A price set too low can identify your business as a cut-rate operation — a high price can discourage customers from doing business with you. Try to establish a good service/value equation and your customers will see your rates as money well spent. Continually improve your value and you can raise prices correspondingly.

7. Treat Your Customers as You'd Like to be Treated — Your customers are people just like you. It seems peculiar to have to state that fact, but how many times have you suffered poor treatment by someone in a business that you're a customer of? Make sure everyone on your staff knows that the customer is the most important person on the landscape. Treat them well and keep them coming back.

8. Change is Inevitable, Welcome It — Steering your company through changes will aid in its steady growth. Be aware of the most current trends and best practices of your business category. What can you learn and offer your customers that will make you even more valuable to them? Staying on the leading edge will position you and your company to take advantage of new products and services you can offer your existing clients and attract new ones. e.g. A bookkeeper who only does bookkeeping cannot offer clients as much value as one who takes a “whole business approach.”

9. Keep Good Company —Surround yourself with people who excel at what they do — staff, outside services and customers. A highly motivated, supremely competent staff will make running your business a pleasure — and make everything you do look even better. Don't scrimp, if you're hiring, get the best. Then hook up with a smart lawyer, a competent accountant and a bookkeeper that will do more than just make entries — these are people who are crucial to keeping your business on-track. And your customers? At first, you'll be tempted to do business with anyone who calls, but you'll soon learn, doing business with some clients is more rewarding than with others. In everything you do, strive to do business with those who appreciate what you do — they'll be your best customers.

10. Give Yourself a Break — Take time for yourself. Business owners need to take time off too. Many business owners run themselves ragged trying to work 24/7 on building their business. While long hours may be necessary initially to get things rolling, be sure to take a rest from time to time. You are more productive when you are refreshed and with renewed energy and a clear head you will be able to move further ahead afterwards. You won't regret the time you spent relaxing, recharging and revitalizing! You earned it!

With 20 years of bookkeeping experience in commercial and retail businesses, Jane Lakatos knows that all businesses reach a point where while they may not be ready for a full-time staff member to handle clerical needs, they need more than just bookkeeping. In order to grow, they need to outsource payments, payroll, and other business functions on a regular basis. Jane Lakatos Business Services offers a variety of business administration solutions to address the specific needs of your enterprise and streamline the way you do business.

We can do your bookkeeping —

We're proficient in the software programs you use:

We're a Simply Accounting Service Provider for training, installation and setup.

We can prepare your payroll —

We can take care of sales tax remittances —

… and we're versatile —

Off-site or on-site services for industrial, retail, commercial or service-based industries — we can do as much or as little as you want.

Preparation and assistance in audits; development and implementation of Health and Safety Policies.

What do you need? Call us at: 905-373-3573