02 Sep Here’s Three Key Workflows Successful Businesses Implement During Their Start-up Phase
Studies show that it takes time (e.g., at least 2 months) to form a habit and takes longer to break a habit. An entrepreneur is exposed to many new concepts within his/her/they journey within the free enterprise system. Most entrepreneurs are familiar with the requirements to secure a business license, acquire customers and pay/file taxes. The world of business is a dynamic network of people, environments and agendas. You may ask, “what routines will help me perform within the world of trade and business today?” This question’s scope is large, but many businesses have found the below workflows helpful:
Compile information. Most profitable businesses have an accounting system. Financial statements such as Profit and Loss and Balance Sheet are products of this process. In addition, consider acquiring nonquantitative information such as customer insights. You can rely on the advice that knowing your customer’s preferences and behaviors is a best practice.
Analyze operations and finances. Projections, budgets and other management reports are useful tools within business activity and the decision-making process therein. Decide if reviewing your company’s financial statements and management reports daily, weekly, monthly or quarterly will help you implement proactive versus reactive business solutions.
Discuss economy, industry and competitors. Chief Financial Officers, Controllers and Business Consultants are professionals who help businesses with their goals. Certified Public Accountants fill many of these roles. Most definitely, vet your business partners but also consider allowing them to communicate with each other to achieve better solutions.
The above business habits are a high-level summary of key business workflows. Businesses need useful, relevant information to analyze and make decisions. Being in the “know” about your business and its environment often is more beneficial than not. Pierce, CPA & Advisors has several business services packages that will assist you with your accounting and business goals. Your success is our purpose. Contact Pierce, CPA & Advisors today and best wishes!