How to grow your business and keep costs predictable in the current business environment
By: Connie Laughlin
Business methodologies (process management) are important to master and effective tools to use whether you’re a small business or a large corporation. If you’re looking for growth and profitability, examine your options in search of the one that best suits your organizations needs. They are numerous in count – six sigma, lean six sigma, lean production, best practices and blue ocean strategy, to name some of the most popular.
In review of the various business models, look for the one that brings efficiency in operating procedures, with the most financial gain. The speed of reaching ones goals is relevant.
A company is known for the people it keeps. It takes time and talent to ensure the right person is in the right seat on the bus.
A business risk management analysis should review all potential risks and liabilities. First, assess your risks, such as:
► Employee-related liabilities and safety procedures
► Product and services liabilities
► Tools and equipment condition and liabilities
► Building and content insurances
► Insurance policies
► Emergency preparedness
Maintaining a profitable business involves keeping all your risks minimized. As Ronald Reagan once said, “when you’re up to your armpits in alligators, it’s hard to remember to drain the swamp.”
Business owners always put off honing time management skills. Get a grip on your time. Key strategy: Know the process management solution that will work best for your business, study the model and implement it. Get organized and prepare your management strategies well in advance. Leave no stone uncovered and no assets bare for someone to take a big chomp.
One of the most effective solutions is to look at a professional employer organization (PEO) service offering. You will streamline your operation with best practices and procedures in place, minimize risks and contain your employee cost. The service offering includes:
► Payroll administration
► Human resources
► Workers’ compensation insurance and claims administration
► Safety programs
► Benefits (optional)
Like Goldstein S. Truism said, “Success means only doing what you do well – letting someone else do the rest.”
There’s more to it than just meeting payroll. Many mom-and-pop shops are disappearing because they’re getting gobbled up by industry moguls that offer the full spectrum of services and capitalize on contracted opportunities.
The ones left need to pony up and do their homework, as they’re running at a disadvantage, lacking appropriate human capital management, employee cost projections and asset protection. They don’t know how to effectively manage certain HR administrative duties, and they lack the basic business acumen (training, regulatory compliance, professional handbooks and manuals) to effectively grow their business and keep costs predictable.
You won’t understand what you don’t know until you invest time in your own development – do you personally have the time for this, or should you outsource it to professionals?
Connie Laughlin is a business consultant for UniqueHR (a highly accredited Texas PEO). For more information, you may contact her at 361-852-6392 or email@example.com.