Earlier this week, Oklahoma Governor Stitt announced that today, Friday, May 15th, Oklahoma would move forward into Phase 2 of its economic re-opening. As more businesses reopen, and Oklahoma starts to rebuild its economy, its important for small business owners to think about the future. In last week's Freedom Friday blog, I shared four areas in which you need to futureproof your small business. In today's Freedom Friday blog, I want to share five future success strategies for your small business:
1. Systems Development
The first strategy for future success in your small business is systems development. This is the time to consider what systems you can put in place to save time and resources in the future. Now is a good time to go through all your processes in your small business and look for efficiencies. These efficiencies could be in your sales, your marketing, your finances, or any other area.
2. Policies & Procedures
The second strategy for future success in your small business is your policies and procedures. If you do not have a policies and procedures manual for your small business, or an employee handbook for your employees, this is the right time to create one for the future. Even if you do have a policies and procedures manual, or an employee handbook, you should review it to see if there are any changes which need to be made. It might even be worth your time to consult with an attorney to either create your policies and procedure manual, or to review it for changes.
3. Update Financial Planning
The third strategy for future success in your small business is to update financial planning. Hopefully at the beginning of the year you set out financial goals for your small business, such as revenue goals, number of conversions, etc. June is right around the corner, which is halfway through the year. With the coronavirus pandemic, now is the time to look at all your financials and key performance indicators, and see what progress has been made, but also make adjustments in your financial planning for the next six (6) months and the rest of the year.
4. Manage Your Small Business's Debt
The fourth strategy for future success in your small business is to manage your small business's debt. If you have taken out an EIDL loan from the Small Business Administration or received a PPP loan to help pay your employees and deal with other expenses, you need to manage the debt of your small business. In addition to small business loans, your small business may have other loans or credit cards which need to be taken care of by you as the small business owner. Now is the time to identify all your business debts that are owed by your small business and make it a priority to pay those debts and avoid collection activity or litigation filed against your small business. If you are having trouble paying any debts or obligations, then you should consider hiring an attorney who can help you establish a repayment plan with your creditors.
5. Pay Attention to Your Small Business's Receivables
Lastly, the fifth strategy for future success in your small business is to pay attention to your small business's receivables. Receivables are monies owed to your small business by either your customers or other individuals who owe your small business money. This is the time to make sure your clients or other third parties are current on making their payments, and to make sure that receivables on open accounts are not turning into collection issues. If you do have issues with receivables or collection issues, then you should consider finding an attorney who can discuss with you what solutions might be available to resolve those issues and make sure your small business is getting paid in a timely manner.
During the month of May, Liberty Legal Solutions, LLC is offering a special strategy session for small business owners in Oklahoma. This strategy session will be 40-45 minutes and will be held either via telephone or Zoom. The cost of the strategy session is $129. If you are interested in scheduling a strategy session during the month of May, please e-mail me at [email protected] to book your appointment.
For more information regarding Liberty Legal Solutions, please check out our website at http://www.libertylegalok.com