No matter how satisfied you are with how things are going in your business, I believe that there is always room for improvement. If you own your own business (even if it is a very small one!), I highly recommend finding ways to improve. You should always want to grow and succeed a bit more each year. Here are 4 improvements that you can make for your business:
Start delegating more
Keep in mind: you do not have to do it all as a business owner! In fact, delegating out tasks can actually be greatly beneficial for you and your long-term business plan. You cannot be in 20 places at once, so stop trying to do it. Instead, choose to delegate tasks and find trustworthy help. When you have others to help you with your business (or home tasks, for that matter), it greatly reduces the amount of work on your shoulders and will lighten the load. If you are stressing out about cleaning your home or bathing your dogs, outsource it and find someone to do it for you. Delegation is important for both efficiency and business development. Delegation improves efficiency when it allows work to be transferred to people whose skills are a better match for the work. You are in charge of planning and strategizing the next steps for your team. When your teammates are able to carry out most of the routine activities required of your team, it will allow you the time and effort needed to plan for your team’s next move. As a team leader, you possess important skills and abilities that you can pass on to your team members. The best way of doing this is to coach them in the new skills and then delegate tasks to them so that they may use those new skills. Delegating is a great way of encouraging your team members to develop themselves and for you to develop coaching and mentoring skills.
Set yourself up for success online
As a business owner, the online world is your best friend. In this day and time, you cannot succeed without a social media presence and website. I would also consider other marketing tactics such as influencer marketing, as well, which will increase your web presence significantly and create a layer of ‘trust’ with your clients that you cannot form on your own. If you have a business, make sure you set yourself up for success on the internet, or you are almost sure to fail.
Set clear business goals
Business goals can be as broad or as specific as you want them to be. Writing down your goals clearly will make it easier for you to achieve them. Make sure your goals are:
-specific: state clearly what you want to achieve
-measurable: make sure you can evaluate success.
-achievable: check your objective is something you have the time and resources to meet
-relevant: make sure your objectives improve profit drivers and improve some part of your business
-timely: set a specific date for completion.
Once you have written down your goals, you should prioritize them to decide which ones to focus on first. Some goals may need to be more urgent than others. It’s also important to recognize that some goals will need to be addressed with a long-term strategy as you won’t be able to meet them immediately, because of resources, finances, or time.
Hire a virtual CFO
Last but not least, as a business owner, you need to be smart when it comes to your finances. If you are not a CPA yourself, you probably need to hire out that aspect of your business, in order to make smart tax planning and overall financial moves for your business. This is where a local Atlanta-based business, Right Choice Accounting Solutions can help you out. Let me tell you a little bit about them:
“Albert C. Hurston Jr., CPA is the owner, founder, and CEO of Right Choice Accounting Solutions. He is a married father of three who is the true definition of a family man. After gaining most of his experience working with large companies, he started Right Choice with small and medium-sized businesses in mind. Albert believes the key differences between companies that thrive and companies that struggle are the strength of their accounting and finance teams, how well they analyze their financial data, and how well they adjust based on that data. He wants to ensure that small and medium-sized business owners understand this early on just like the big companies do.”
Albert will take great care of your tax planning needs and if you need, even more, he also offers remote CFO services. If you hire them for Virtual CFO work, you probably want to know what to expect. Your virtual CFO will work with you to provide high-level strategic analysis and guidance on how to run your business…based on YOUR numbers. This includes bookkeeping, accounting, tax strategy, payroll, budget support, projections, forecasts, tax planning, preparation, and so much more. They say that this package (the virtual CFO package) provides the most value for their customers because it simulates a full accounting department for a fraction of the cost!
No matter if you only need help with the tax aspect of your business, or if you need full CFO support, call Albert at Right Choice Accounting Solutions to see how he can help you and your business out!