How to Avoid a $59 Billion Spreadsheet Error

Jun 15, 2012   //   by admin   //   Blog  //  No Comments

3 Tips to lead your way to Profit

There are many small but significant actions available to business leaders or managers to generate profit. This post outlines three easy profit boosters for the small business leader.

1.

Act like
an employee

Think of how your work ethic and actions are perceived by your employees. If work begins at 9am for them, and you stroll in at 10:23am, they may perceive you as a slacker. Of course, they won’t realise that you probably worked until 2am doing the VAT (tax) returns… Similarly, if you operate a cash till, don’t just help yourself to a little cash when you’re short. Your employees won’t realise that you will balance the till and sort out the paperwork later, (because you will, won’t you?) Don’t allow yourself special treatment, because your example will give your employees the perfect excuse to follow suit. An employee with a sense of entitlement is a liability and a threat your profits.
Lead by example.

2.

Mind your money

If your business has cash, count it. Balance it. Businesses that don’t mind the cash, lose it. Cash can be lost by mistakes, as well as through theft. For example one business owner only realised that a family member was very careless with money when they installed a cash management system and cameras over the tills. The cameras showed that family member accidentally but consistently give the wrong change. It happens. Also for online payments, make sure that each payment is doubly authorised. Everybody makes mistakes, and you should have a minimum of two people to authorise all payments, either online or offline.
Count that cash.

3.

Build a team

Sometimes business managers are so busy with the nuts and bolts of operating the business, that they forget to look at new strategic ways to improve their operations. The people most likely to have the best busines suggestions are your front-line staff. There is a story, perhaps an urban legend, about the board of a toothpaste manufacture and their tea lady. Sales of toothpaste had plateaued, and the board were discussing ways to generate new sales. The tea lady reputedly said, “Make a bigger hole”, (in the tube), which lead to a massive increase in consumer usage of their toothpaste. More usage led to more sales led to more profits. Simple.
“Consult ” your staff.

What is your best tip for leading your business to profit? Please let us know in the comments below!

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