Young Upstarts

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4 Things Many Businesses Let Slide And Shouldn’t

When you are in business it is all too easy to get so busy that you let some things slide. It is almost inevitable. Sometimes things are slow, other times you are rushed off your feet. When that happens you have to prioritize.

The problem is that it is all too easy to forget to pick things up again and catch up when you are less busy. It is only when things go wrong that you find out that you have let something important slide.

1. Keeping your business signs up to date.

One example is auditing and keeping your signs up to date. If you take a look at mydoorsign.com we would be very surprised if you don’t suddenly realize that you need to order at least one or two. Signage is one of those jobs people do when they open up new premises, but rarely keep up to date. Most companies have signs up that are no longer needed as well as vital ones missing. They only realize this when someone has an accident and the fact that the proper safety signs were not in place is highlighted as a mitigating factor.  A simple error like that can result in serious injury or death and a lot of damage being done to your company’s reputation. 

2. Keeping control of petty cash and expenses.

Most business owners are very good at keeping track of their incoming and outgoing cash. They know that not doing so is a recipe for disaster. If you do not do this you can soon run into problems. For example, you may not spot a cash flow issue in time to bridge the gap by holding a sale to bring in extra business or take out a loan. That is a mistake that could cost you a lot if you end up being unable to pay your workforce or suppliers. So, most business owners keep fairly up to date accounts.

But, an awful lot of them do not worry so much about petty cash and expenses. The problem is that both of these can, over time, mount up. Having your sales rep suddenly catch up with their expenses and asking to have $1,000 reimbursed soon makes a hole in your finances. So, make sure people understand that if they do not hand in their expenses every month they will not be paid.

3. Updating their website.

Most firms create a website in the early days. But, an awful lot of them fail to keep them up to date. Over time this has a very negative impact on your brand and image. People increasingly see an outdated website as a sign that you no longer care that much about your business. So, if you have not updated your website in a while, now is the time to get it done.

4. Reviewing and updating their business plan.

Not having a plan is a recipe for disaster. But, following one that has not been updated for years is also not a good idea. Things change and they change fast. So, you really should update your business plan on a regular basis. At least once a year and you should be reviewing your progress every 2 to 3 months. You can read about keeping your business plan current, here.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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