written by Marjolyn Noble
Most people would not consider building a house without putting down a solid and reliable foundation, yet when it comes to business all too often we see that this is often overlooked?
‘What business foundations are you talking about?’ I hear you ask. I am referring to your systems, procedure and guidelines. Why do I need to that, there’ s only me – I do it all! Precisely my point – you have to ask yourself first, what is my vision, how big do I want to grow, how far and wide am i willing to go?
The very first layer of your foundation would be to investigate the type of ‘soil’ on what you are going to build. You can do this by creating a business plan. This will help you to really think about your purpose, it provides a path to guide you and something to measure your progress.
Next step would be to seek out an accountant to discuss your structure, are you planning on going as a Sole Trader, Partnership, Company or Trust – each of theses have their own pro’s can con’s, however you really want to avoid changing ‘designs’ in the future because it will get messy and costly.
Excellent, your business plan is done, you’ve decided on your structure so now the fun begins. What system are you going to use to manage your records. Xero? Good choice!! There are others on the market which may suit you as well, so this will need to be explored to make sure you won’t need to change in a year or two. Then you’ve got Google Apps vs Microsoft 365 for your emailing and document management – which one, well again this is for your to decide base on your requirements and preferences.
My next tip is to start documenting procedures while you are small. From the little things like how to manage a new customer or client, how to use an email autoresponder, what to do with a customer / client complaint ….
There are so many other things that need to be considered and believe me, it is so much easier to put these in place while you’re very small because your business systems, procedures and guidelines which will help those who come after and can save you not only time and money but also your sanity. Bank in 2005 I was employed for a rapidly growing Oil and Gas company, from zero to $50m in five years. This is where I witnessed first hand the devastation of shaky foundations and the pain of implementation after the fact.
With the abundant choices available today, operating a ‘cloud based’ business is very achievable saving you time, dollars and efficiencies … and helping to set those foundations are the team at EASE! We have a very experienced team of highly capable professionals on standby and ready to help!