Business Systems: Do you have them?
What do I mean by business systems? These are policies and procedures and any tech that helps you to manage and operate your business.
Have you ever done business with someone who did not have business systems in place? I have and it was horrible. You can tell that the business owner was making things up as they go. They didn't have a sense of customer satisfaction. They couldn't remember things because they had no way of tracking orders.
Here's a few business systems idea you need to help you get started and run your business successfully:
1. Customer Management System.
For me, this comes in the form of practice management software where all of my clients are provided their own dashboard to their legal file, can communicate with me, provide documents, pay invoices, and access important documents that I have for them.
If you are a product based business, your system may track the customers that purchase, but only provide an account for them to log into once they sign up to receive information.
Whatever you use, it's always a great idea to have this system in place so you can easily find the customer's information, the product or service they purchased, and ease to sorting out any issues they may have.
2. Invoicing System.
Nowadays, most invoicing systems may be (or have the capabilities of) integrating into your customer management system. This is important because the quicker you can send the invoice for a product or service, the faster you can get paid and avoid losing a sale.
Were you ever ready to make a purchase, asked for the invoice and it never came? That's because the business owner didn't have any systems in place and totally forgot about you which resulted in a loss to their business.
3. Accounting system.
Regardless of the size of your business, you'll want an accounting system. The larger the business becomes, this is a system that you may delegate. Having an accounting system allows you to set budgets, review your spending and income, and categorize expenses for tax purposes.
Of course, there are more systems that you'll need as you continue to operate and develop your business. And depending on the profession you're in, there may be additional systems that you need to implement to cover your basis.
The bottom line is to make sure you have systems so you can operate efficiently, avoid the loss of a sale, and avoid sullying your business reputation.
This article is a service of SL DeBarros Law Firm, LLC. We offer a wide array of business legal services and can help you make the wisest business choices throughout life and in the event of your death. We also offer a Business Protection Start-Up Session or a Business Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.