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Practical Process

We offer full framework consultation or you may need assistance with just one area. Please contact us for information on how we may assist you with managing your practical business processes.

 

We offer additional support to help you maintain the processes that you have developed.  Please visit our Support page for more information.

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Auditing and Refining Your Financial Management Processes

Leijun Campbell - Tuesday, November 28, 2017

 


As we approach the end of 2017, small business owners are looking back on the previous year and preparing for the next. In both situations, auditing your financial practices should be a vital addition to your task list. Knowing the financial health of your company influences the key decisions that you and your team will make in the coming months. This practical process also helps identify financial management practices that seem ineffective or even obsolete.
 
Let's discuss a few ways to efficiently audit your small business practices.

 

- Designate and delegate: Knowing what your team members and company use for various processes and transactions helps keep everyone accountable. Designate items such as a company credit card, a company bank account, a specific financial record-keeping software (Quickbooks, Freshbooks) and a designated financial "point person" (don't hesitate to add this person to your staff if need be).

 

- Plan, budget and execute: Your business accrues a lot of unexpected expenses some years, but for the most part, your team can figure out the common items for which you need to designate funds as well as sections of the budget that can be eliminated or cut back. Seek out expert information on vendors and item costs before making any decisions that could waste money for more important endeavors.

 

- Provide financial management updates through weekly or monthly meetings: Obviously, your time as a small business owner should not be bogged down with all-day meetings, but a weekly or monthly financial management meeting is a crucial investment for your company. Choose the specific members for the meetings and optimize your time by keeping things short and having a designated agenda to review and push forward. Look at key metrics such as profit and loss statement reviews and balance report analysis.

 

- Set measurable goals and review progress: Objectives, goals, targets. Whatever your company's lexicon, what you plan for is something you need to be sure you can measure. Sales and marketing departments will most likely make up this responsibility, but be sure to keep everyone else in the company aware of what you want the company to accomplish and the progress that your team makes. For sales processes, pipelines and guidelines, be sure to have ample documentation that can be access at all times.

 

In need of some further tips or advice? Email leijun@campbellbusinessservices.com

 

All Aboard: Why Your Company Needs An Onboarding Process

Leijun Campbell - Thursday, April 21, 2016

 

As job satisfaction and career/life balance becomes increasingly important to the modern workforce, today's business owners must be aware of their team members' needs and objectives. The onboarding process represents a significant step for new hires that helps determine their view of their tenure with the company.

 


 

 

Here are five reasons why the onboarding process is so crucial:

 

1) Expedited Paperwork Processing - It's a part of every job. Forms for taxes, insurance, company policies and other miscellaneous documents are stacked in front of every new hire, taking up valuable time away from that first few hours on the job. With all of the technological advances, software and apps, you can find a way to take care of these forms well before the new team member walks through the door.

 

2) Early Rapport Building with Team - No matter how jobs we have throughout our career, meeting people can be difficult. If possible, surround your new hire with team members in their department as early as you can. Allow an open environment for any kind of questions and give plenty of shadowing opportunities to make sure that the new hires learn how to do things the proper way. You can also create a FAQ document with questions and answers submitted by current team members. Making these new hires comfortable with their team in the onboarding process will help them succeed when they start the actual work.

 

3) An Initial Sense of Ownership - Speaking of the actual work, your company's onboarding process allows you to communicate tangible goals, objectives and responsibilities to the new hire. Explaining the mission of your business and how their role impacts the overall picture can help new hires experience a sense of ownership before they even begin their tasks.

 

4) Reinforcement of Business Mission for Other Team Members - By encouraging this sense of rapport between new hires and current team members in the onboarding process, you can help reemphasize your values and mission throughout the company. This new energy can even lead to innovation in current and future projects.

 

5) Higher Retention Rate - Most businesses have a probationary period of three to six months to determine if the company and new hire are the right fit. Using a structured onboarding process to engage the new hire from the very beginning can help ensure a higher chance of retention those first few months and beyond.

 

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The Practical Processes Your Business Needs to Be Successful

Leijun Campbell - Wednesday, April 13, 2016

 

Whether your team numbers two or twenty, developing practical processes for your business ensures the ability to maintain productivity in the different components of your company. Here are a few areas that need these practical processes:

 

1) Operations - Your day-to-day management makes up the foundation for both the spontaneous and routine aspects of your business. You can establish stability in your operations through a policies and procedures manual for all team members, the selection of your suppliers and vendors, and important checklists for your administrative and executive assistants.

 

2) Marketing and Sales - These areas of your business bring new life to your company as well as maintain the brand and voice of your objectives. Be sure to assign goals to your sales team, so they can hit measurable results of acquiring new customers and clients. Provide a branding guide for your marketing team that keeps the delivery of your products professional and consistent.

 

3) Finances - As worrisome as money can make people, you cannot ignore its significance in the maintenance and growth of your business. Find consistent, practical processes to document and manage your revenue and cash flow. You do not want to mix up or lose important financial records, especially when tax season comes along.

 

 

4) Talent - Unless you're a solopreneur, you rely on your team to accomplish the totality of your company goals. If you want your team members and leaders to reach their full potential for your business, invest heavily in initial training and professional development.

 

After creating these practical processes, remember to evaluate them from time to time. You want your company to grow, so be willing to innovate when necessary.

 

 

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