The end of the year is quickly approaching and you are starting to evaluate office Procedures & Vendors relationships, which may include among other things, Insurance, Credit Card Merchant Services, CPA, and Payroll and/or HR.
You’re not alone, 65% of all Business Owners will make a changes to at least one of these procedures and/or vendor relationships, this time of year.
Here are 7 tips to remember when reviewing your current office procedures and vendors:
- Run a few reports, which will enable you to assess and benchmark your current financial standing. Consider reviewing with your CPA.
- Analyze your Cash Flow, Bank Statements, Invoices, Expenses, Budget. Ask your vendors for their best pricing and explain you’re reviewing your options. Do invoices reflect hidden fees? Do you have subscriptions you are not utilizing? Are you paying too much in banking fees?
- Insurance. When is the last time your insurance agent visited your premises and provided new recommendations and adjustments to your current policies? Does your insurance agent contact you regularly? Are your vendors bonded and insured? Get Certificates of Insurance for your vendors, from their insurance agent.
- Technology. You’ll want to ensure your data is backed up, as well as having contingency plans in place. Back up your contacts and address book.
- Human Resources. When is the last time you updated your Employee Handbook, job descriptions, office policies? Have employees signed off on those policies? Training? Onboarding process of new hires? Storage of employee files?
- Payroll. Are your payroll taxes being paid on time? Do you have a timekeeping system in place? Garnishments? Overtime? Labor laws? Minimum Wage? Year-end bonuses?
- Examine your goals and make necessary adjustments, and revise where needed. Hiring? Second Location? New Equipment? Line of Credit? Web-based purchasing options? New POS system? Offering Gift Cards? Marketing plan? Social Media?
The time is NOW to make these changes, for a January 2022 FRESH start!
“A goal without a plan is just a wish.” ― Antoine de Saint-Exupéry