Behind the eight ball

As a business owner, you may not realize the importance of organized management in keeping your head above water. If you already feel like you're 'behind the eight ball,' then your troubled position may put you at a distinct disadvantage. It's never to late to turn your situation around.

As you have many issues to contend with, you may ask yourself, where should you begin? The complexity may initially seem overwhelming. What does make sense is not to try to tackle everything yourself. No matter what your business focus, the size of your staff, current debts, or your annual turnover, you'll benefit from these tips:

1) Break down responsibilities.  Be aware of local, national and federal levels of responsibility.  This touches on government and business associations to whom you can be held accountable for your decisions and actions. It pays to be informed about existing and acceptable practices so you can share the workload and empower staff and other people to help you remain 'on-the-ball' or, get informed where you have uncovered serious short-comings.

2) Bureaucracy. Taxes, pension contributions and occupational health and safety are but some areas where the government adds layers of bureaucracy to track and your day-to-day business. Book-keepers and accountants are some of the professionals who can help you get on top of this. Delegating responsibilities can be wise so you don't spread yourself too thin or get in over your head. Regular reviews of budgets, spending forecasts and bank transactions are indispensible not only to show due diligence, but also to ensure things are 'above board.' If problems are found, creditors will generally be glad to work with you to arrange new payment arrangements.

3) Costs & compliance. Whatever your products or services, you have basic costs to cover in product materials, travel expenses, insurance, possible loan repayments, as well as regulations and standards in your umbrella discipline or industry. How well-read are you about your obligations to creditors? Have you conferred with legal specialists? Are you aware of repercussions if you are found to be in non- compliance? Knowing bottom line costs and what you're willing to spend in view of prospective profit margins, is one thing. Knowing the licenses, memberships or membership you're in position to lose for non-compliance or other unacceptable behavior, is quite another.

4) Employee matters. Minimum wage and company obligations to recognize and compensate for inflation are just the tip of the iceberg. Have you taken the time to outline specific written roles and responsibilities and to interview individual staff about realities and expectations? Are existing written document already guiding and protecting your staff that you haven't taken time to read? Employee law includes a variety of subjects worthy of consideration including; discrimination, workplace relations, wages and hours of work, health benefits, health and safety, and obligations and protection of foreign workers.

5) Competition. Staying on top of your industry market trends is important in recognizing what you need to to to stay at least neck-and-neck with your competition. Do you know who they are and what they're doing? How do your products and services compare? Are there ways you can help each other to promote win-win situations? Devote at least as much time on your own innovation.