Most business owners think that they’re already squeezing every cent they can from their business…
However, shrewd and successful entrepreneurs know that there are always more ways to streamline your operations.
Think of it this way.
There is more than one way to milk a cow.
One of those ways is sure to give you more milk than the rest.
Every business is a “cash cow.” If you don’t milk it properly, then you are not reaping its full benefits.
One way to know if you are milking it correctly is by checking your operations and seeing if there are certain areas that you can still improve.
- Are there holes in your system that causes spoilage?
- Are you making sure that you are picking the cheapest, but most quality supplier for your raw materials?
- Are your employees allowed to get away with falsifying vacation or sick leave records?
- Is your inventory count being manipulated that you don’t know the real picture?
When the business is young, it is easy to turn the other cheek for the sake of progress. As the business matures and there are no new markets to conquer, your growth starts relying on making sure the costs are low and the overall process is more efficient.
How is your cow? Are you milking it correctly?
SEMINARS THAT CAN HELP
Operations Auditing
Whether you are a practicing internal auditor or an entrepreneur who wants to optimize the checks and balances of his business systems
Financial statements are like your report card. If you don’t know how to read your report card, how will you know that you are failing?
Author: Donna Pacheco
Posted by:Entrepreneurs Accounting Academy
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