If there is one thing I know about business owners it’s that they are BUSY! Keeping your business running can take a lot of energy, so it can be tough to take the time to be intentional in your business practices. I felt this was a great time to give your operations a quick “checkup.” If you missed part one of this mini-series, you can catch up here:
Here are a couple more suggestions we recommend taking into consideration before the start of the new year:
1. Subscriptions! Subscriptions! Subscriptions!
News flash! We are no longer living in a world of ownership. Everything is on rent these days. Gone are the days where you could buy software, install it on your computer and not worry about it for a few years. As consumers, we own nearly nothing when it comes to technology. There are some great time-saving applications out there. But be mindful that what you signed up for last year may not be what you need this year. Many of these subscription-based services do not notify you of your annual renewal or monthly payments processed. (Which is bad business but a topic for another time.) When you sign up for the annual plan to get the discount, set a calendar reminder a week or two prior to the auto-renewal so that you’re in charge of your renewal, versus being on the hunt for a refund! Cancel anything you haven’t used for three months.
2. Tax Deductions!
This is an interesting one for us and we see that some of our clients struggle with this. While you should never pay more tax than what is due, we often struggle to understand the mindset of “if I can write it off, I should buy it.” Yes, buying it will lower your annual tax liability, but it will also lower the amount of money available to you and your business. Be intentional with your spend, pay yourself, and save cash for quarterly and year-end tax liabilities. Don’t forget, only two things in life are certain, death and...well you know the other.
3. Processes and Scale
If growth is on your mind, you must scale. In order to scale, you need to have firm processes documented so that your people can execute on your vision. Once processes are developed, challenge them, find ways to make them more efficient. Allow team members to participate in this process. “Companies should find a way to increase their capacity by 20% every 90 days.” Intentionally strive for that.
If this series is helpful to you, we highly recommend checking out our recent blog: Choose Joy! Kan Mari Your Life as a Business Owner.