Financials

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These are the people that know how to budget, create proper books, create powerful decision support tools, work with government agencies, get your people paid, avoid fines, and generally make your life happier. Remember, every small business must have bulletproof books for at least three years in order to have any chance of getting a business loan, outside investment, or to finally exit from the business.

1. They will have expert knowledge of the newest applications to reduce costs.
2. They will get you reports that allow you to make those critical decisions with confidence.
3. They will reduce your end-of-year tax preparation expense.
4. Companies like ours will create a system but give you real control over your company.

TAKEAWAY: Not having expert help risks missed financial goals, higher risk of negligence lawsuits and even catastrophic failures that lead to shutting the business down.

Admin

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These are the people that will take care of your business on a daily basis and are providing the critical staff and client support. They have best practices to create marketing campaigns, create correct client billings, hire the best people, resolve HR issues, how to bring new employees into the company, how to manage your calendar, how to resolve internal issues, and so much more.

1. They should be trustworthy, coachable, and competent.
2. Get people specifically trained in for HR and marketing.
3. Get very organized people for clerical work (ask if they enjoy organizing their closet!).

TAKEAWAY: Untrained business leaders trying to do it all will spend far time more learning and making mistakes than it would ever cost to have a professional complete the work. Their cost of incompetence will appear in fines and bad decision-support reporting.

Operations

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This critical work includes scheduling jobs, precise timing of new material orders, creating high-performing project management schedules, managing those projects once they are underway, scheduling deliveries, organizing stock, and all the other day-to-day activities.

1. Competence for many of these specialized jobs take years of training, so don't assume free software will create an in-house expert.
2. Make sure there is integration with all of your operational controls and software, where possible.
3. Having detail-oriented people in these positions is critical.

TAKEAWAY: The more complex your operation, the more it is to have skilled and sophisticated operations staff. Awareness of so many theories, including queueing, scheduling, and defect tolerance will save untold headaches and financial losses.

Management

Management is one of those skills that seems effortless, and frankly, a waste of company resources until an incompetent person is placed in charge. Once a company becomes large enough, a wise leader will bring in bright, thoughtful people who can accelerate existing growth and bring new insight into the company vision.

1. Have a diverse management team, both with skills and professional backgrounds.
2. Have someone who can competently manage outside legal counsel.

TAKEAWAY: Everyone thinks they can be a manager. It's only once somebody has been a manager that they fully appreciate the massive complexity of pulling an organization together and making sure it is moving in the right direction. Get people that are smart, able to understand what's going on inside the company as well as outside the company, have the strongest integrity, and believe strongly in the company mission.

If you need assistance with anything we’ve discussed here, let’s talk so you can reach your financial goals, growth, and revenue. Spend your time doing what you do best and make more money by having us solve your most pressing financial issues.