Here was my first lesson in small business finance – cash is your rarest resource and only use it to (1) buy an appreciating asset (building) or (2) something that generates revenue (new equipment). Otherwise do you need it? If the answer is yes, look at your financing options.
So what’s the difference between Lowe’s and your business when it comes to optimization? They have the staff with the training and responsibility for building these systems. You’re running lean and mean. There’s a lot of software on the market that claims to make it easy. But you probably don’t have the time to tackle this yourself and your staff isn’t qualified. When considering the best way to take your business to the next level, instead of looking for do-it-yourself software consider a partnership. Find the right consultants who can lead employees from each department through a process of getting best practices from everyone and loading it into a system.
Numbers can work for you, not against you, with accounting that enables real-time decision-making and invoices that invite customers to interact with you
Once you understand how to run the business by the numbers, it becomes second nature. This is something you need to learn, though, so make time to drill down on numbers. This analysis keeps you accountable and improves your ability to sleep.
Remember: It is simple. Money comes in. Money goes out.
As a business owner, the following three financial reporting documents are your friend because, together, they provide the business performance details you need
Because you are a small business – hire people who are achievement driven, who have your drive to get things done. Second expand how you see the company and make it a force in the local community. One or two small projects you can showcase is essential to grab the attention of the 20-30 population. Last – look for attitude, not skills. You can train skills, attitude is a long term project. Hire people that will appreciate what they learn. If you can’t keep them, and you won’t keep the good ones – they will become competitors, establish a reputation for growing great landscapers. One last thought – where are you on employee ownership? What if you had a reputation for giving great employees a piece of the action. Might the good ones stay?