Small businesses help make our communities vibrant places to live, work and play. While these businesses are a bedrock of our cities and towns, many small business owners find themselves stretched thin as they balance all the demands or running a business. As small business month gets going, here is a short checklist small business owners can use to give their business a quick check up. For everybody else, consider stopping by some local businesses in your community to show them you support and appreciate them.
How well do you know your cost and profit centers? It’s hard to make your business more profitable if you don’t know where your business makes and loses money. Sometimes getting clarity on this is simply a matter of taking the time to analyze data you already have. A thorough profit and loss statement can give you a lot of information in this regard. Other times, you may need to invest in tools and technology that allow you to capture the data you need, but don’t yet have. Regardless, taking the time to truly know your numbers is a critical step that many small business owners simply don’t take.
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Attracting and retaining talent can cost a lot of time and money, especially in today’s labor market. Are you building a company where people want to work? If possible, do you offer flexible working arrangements such as working from home? Do you have a collaborative environment where people feel they can rely on other team members and where their voices are heard? Do you compensate your employees well? If you build a business where people want to work, hiring people will always take time, but it likely won’t be your biggest headache.
Update Your Critical Business Documents:
When was the last time you reviewed things like your buy sell agreement, contracts you use to secure new business, and documents used in your HR processes? Rules and regulations that impact you and your business are constantly changing. In addition, your circumstances, goals, and the business itself change over time. Add all this up, and …….