For small businesses, every penny needs to be put to use in the smartest way possible. Here are a couple of tips to help you make those critical dollars stretch.
Have a Policy & Procedure Manual
Outlining protocols in a physical way, in a binder or online manual, helps you not only define the steps, but also gives your team an easy reference on how to execute. This ensures everyone is working in the same way.
Set-up a Schedule
Schedules set expectations, resulting in efficiencies and lower bills. For example, bank reconciliations completed by 2nd or month, bills paid on Fridays . . .
Focus on the Initial Set-up
Have your books set-up "right" the first time to avoid expensive clean-ups down the line and if "errors" are made, spend the time and money to correct them immediately.
Address Errors or Adjustments ASAP
Incorrect adjustments and/or errors magnify over time and make for more extensive and expensive fixes.
Get the Right Training
Avoid errors and future corrections costs by getting new employees trained sufficiently from the start.
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