Business is all about decisiveness. And the speed at which you can make decisions effectively has a direct impact on the growth and stability of your business.
You make decisions all day. The minor decisions are but a blip on your radar and don’t really register as a “decision”. Major decisions, those pivotal points in your business, can be quite monumental and, sometimes, not even deliver a result.
So let me ask you this: Are you sabotaging the big decisions in your business by not having all of the relevant information at your fingertips?
Want to make speedy business decisions in your business? You need the necessary information to do so.
Here’s what can be done. Make sure you have systems for the following:
•Marketing – methods you are using to capture the interest of your ideal client and how you are keeping tabs on the leads (software: a Customer Relationship Marketing (CRM));
•Sales – defined sales process and relying on the CRM;
•Admin – client communication and organising of deliverables (utilises CRM and project management system (PMS));
•Client Services – developing the client relationship and management of deliverables (software: PMS);
•Resources – planning in relation to sales forecasting (software: PMS and accounting system);
•Production & Delivery – the actual product or service and completion (software: scheduling & PMS);
•Accounting – the end result of all the above business processes, which can show the wins and losses of all systems;
•Make sure your accounting system is up to date, all the time;
•If numbers are not your thing, make sure you have a great support team around you – accounts specialist, CFO, tax accountant.
Sounds daunting right? Particularly if you don’t have all of those systems operating effectively yet. They’re all as important as each other, but if you require a starting point then I suggest do the marketing (ie CRM) first then the accounting system. In the early stages of your business you can get by with systems just for those two, and work on the fly for the rest.
Without those two your decisions will neither be fast, nor effective. If you have all of these functions in place, your decision process will be much more effective with relevant and timely information at your fingertips.
And my best tip – when creating these systems in your business, pick software that allows integration between all of those functions eg Xero and CapsuleCRM. This ability skyrockets effective decision making to another level entirely, allowing for super-fast decision making. No excuses.
What systems do you need to put in place?
The Finance Dept is a Brisbane-based accounts outsourcing firm utilising qualified accountants at a fraction of the cost of an in-house accounts team to your business. We are an offsite (not offshore) alternative to having an in-house accounts team or financial controller.
Call 1300 855 721 or click here to see if you should take your accounts offsite.