We have been on quite the exercise kick here at Hardee. Some of us have been bootcamp mamas others have been making the most of their gym memberships. The routines we create can help us get into better shape. The same goes with your business.
There are also some bad routines that can make your business more difficult to run and your life much harder.
- Letting your cash flow do its own thing - Have you ever looked at your Profit and Loss statement and felt good, only to look at your bank account to feel bad? This is a cash flow issue. Make sure you are entering all transactions into an accounting system and keep an eye on cash flow.
- Keeping your prices too low - Most small business owners think they need the lowest price possible to compete. In fact, quite the opposite can be true. People will pay for things they want. So, if you haven't had a price raise in the last year, it is probably time do so. This will get rid of the bottom 2% of customers that take up 20% of your time and it will also raise your revenue by 5%-10%!
- Not meeting with your accountant – You know how you find time to regularly go to the doctor? Put your accountant on that same schedule. Most business owners assume they only need their accountant during tax season. A good accountant can assist you year-round and they will always save you more money than they cost.
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