Both your mindset and your business practices could use a periodic refresher course for maximum productivity. Check out this list of good habits to get into at the end of every quarter and year.
- Accounting Catch-Up
- Bring bookkeeping records up to date
- Reconcile bank statements
- Send and pay invoices
- Performance Assessment
- Compare sales — quarterly actual-to-projected and actual year-over-year
- Review P&L statements and balance sheets
- Review employee satisfaction, productivity and turnover
- Identify causes of any failures to meet goals
- Strategy Adjustment
- Address any red flag numbers revealed in your records check, such as cash flow, profit margin, assets to liabilities ratio, debt to equity ratio and asset turnover ratio
- Analyze current market conditions and adjust projections accordingly
- Adjust employee wages, benefits or perks as necessary to attract and retain good talent
- Maintain cash flow if necessary by reducing expenses, increasing prices or both
- Update the budget incorporating cost of sales increases, new debt or other changes
- Plan for the Future
- Analyze market gaps for new product or expansion potential
- Find money for capital expenditures, e.g. from a loan or investors
- Develop a marketing strategy and budget for new venture
- Plan for additions to the team: hiring, training, integrating with existing team
- Scale up IT services and capabilities to meet increased demand
- Plan for Extra Support
- Minimize risks by setting aside funds or identifying liquid assets to survive an economic downturn or other event affecting sales
- Do a cost-benefit analysis on outsourcing some administrative functions, such as payroll or recruiting, as your business grows and you have less time to do everything yourself
Your One-Stop Shop for Outsourced Staffing Services
Whether as a complete Recruitment Outsourcing Provider (RPO) or as a supplier of selected steps in the recruitment process, Integrity’s mission is to ensure that the right people get placed in the right roles. To learn more about our staffing solutions, visit our website, email us or call 1.888.446.1300.
