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Author of "The Entrepreneur's Desk Reference"
By Jane Applegate
Now that you have packed away the beach chairs and flip-flops, it’s time to review and improve productivity to end 2004 on a positive note. Here are some key areas to examine with an eye toward making some changes in the fourth quarter:
Staffing:
Rather than waiting until December, schedule employee performance reviews in September or early October. Early reviews give employees extra time to improve their attitude or performance long before the end of the year.
Don’t spend hours writing detailed reviews. Instead, set aside some time when you won’t be interrupted. Think about each person on your team, making notes on their strengths and weaknesses. Make specific comments and suggestions rather than broad statements like “you aren’t working hard enough.”
Consider re-assigning tasks, reorganizing priorities or swapping jobs. No one wants to be stuck in a professional rut, so figure out ways to challenge every person on your team. Cross-train as many employees as possible to cover for each other during vacations or sick days. Cross-training expands everyone’s skills and gives people a chance to learn more about the big picture as well as what individual colleagues do.
Before meeting with employees for their review, ask them to write a brief job description. You might be very surprised at the big gap between their official job description and what they are actually doing every day.
If you can afford it, instantly boost morale by announcing plans to close the office between Christmas and New Year’s Day. Employees may be willing to take the days off without pay in exchange for a longer break. Your employees will appreciate having extra time off and should return to work refreshed and energized in 2005.
Marketing:
September is the time to review all your marketing and advertising efforts. Make a list of everything you’ve done to raise awareness of your company. Have you attended or exhibited at a trade show or industry conference? Sent out a company newsletter via print or email? Updated your product catalog or website?
Don’t be complacent about seeking new business, even if you have lots of loyal customers or clients. Successful entrepreneurs devote several hours a week to marketing, no matter how busy they are. Everyone on your staff should be calling a few customers every week to make sure your company is meeting and exceeding their expectations. If customers respond positively, ask them for one or two referrals to expand your business.
September is also the best month to order holiday gifts and cards. Consider sending out Happy Thanksgiving cards to beat the Christmastime rush. Take advantage of “early bird” discounts offered by holiday card and gift makers.
If you haven’t had a party this year, plan a pre-holiday open house for customers and clients. You don’t have to order 50 pounds of shrimp or set up a Champagne fountain. You can serve great party food from a discount store like Costco or ask employees to contribute to a potluck.
Make a list of your top clients or customers and send them something clever, rather than something expensive. For example, one of my clients is a photographer, so we’re sending limited edition autographed posters as holiday gifts to his best clients.
Physical Space:
Before Halloween, schedule a Friday afternoon clean up party. Ask everyone to clean up their desks and toss the junk piling up in their offices. Pass out trash bags, cleaning supplies and things like colored file folders, stacking trays or bulletin boards to encourage organization. Play upbeat music and bring in snacks and beverages to keep the energy high during this group clean-up effort.
By Jane Applegate
Want to earn a big hug from your accountant or tax advisor? Start organizing your financial records in September and October, rather than waiting until the last minute like everyone else.
Reviewing your finances now has several benefits, no matter what shape your business is in.
1. Review your accounts receivable. Most small business owners are unsure about how much money customers owe them. Figure out who is behind on their payments and determine exactly how much they owe.
2. Don’t use email reminders. Send cordial, but firm letters requesting payment immediately. Offer a small discount (five or ten percent) off the balance if they pay up in full within five business days. Send self-addressed, stamped envelopes or pre-paid overnight delivery slips along with the demand letters to encourage a rapid response.
3. If you don’t have a merchant credit card account, consider setting one up. Many customers prefer to pay by credit card to accrue mileage or other perks, plus extend their payments. You’ll benefit from being paid immediately and increased cash flow definitely offsets the cost of the card processing fees.
4. Establish new credit-granting policies for next year. Unless you are a bank, you should not be financing your customers. Consider charging deposits before you process an order or start a new project. This way, you’ll have some cash in hand to help you sleep better at night.
5. Be prepared to fire bad customers. Customers who don’t pay their bills are not worth keeping around. It seems harsh, but don’t fill new orders from people who owe you money. If they take their business elsewhere, it will be a blessing in the long run. Let them owe money to your competitors, rather than hurting your profits.
6. Review expenses carefully. Look for ways to cut costs by locking the office supply cabinet, subletting unused space (if you can), turning off lights and equipment at night, etc.
7. Meet with your banker, accountant and financial advisor to update them on your financial condition. If you need a bigger commercial credit line, apply for one before it becomes urgent. Remember, bankers hate surprises, so if you have lost your biggest client or are being sued, speak up. Honesty is always the best policy when it comes to financial matters.
8. Create some realistic projections for 2005. Hope for the best, but prepare for the worst. Make sure you have money set aside for lean times and adjust your staffing accordingly.
By Jane Applegate
Fall is the best time to recruit some extra help for your business. I’m sure you have several projects that never got finished. So, make a list of tasks you need help with and find some talented person to do the job.
High school students can tackle simple filing or organizational projects, but you probably need a graduate student to update your data base, jazz up your website or conduct a marketing survey.
Contact the career placement or counseling office at local schools and colleges to find out how to advertise for help. Most career placement offices will post job opportunities and get the word out. If you need a new brochure, call the local design school. We’ve had good luck hiring students at private business and technology schools which tend to attract more mature, motivated students.
Try to pay something, especially if you have a long-term project and want a student to take it seriously. Some schools will give students credit for real world experience; others won’t.
While hiring a few interns sounds great, don’t forget that someone has to manage, train and supervise them. Don’t let them drift around the company o they may distract other workers or end up making personal phone calls.
Consider hiring experienced or newly retired workers with specific skills. Many people are out there looking for steady, but part-time work. Be very specific in outlining the skills and experience you need. If you need someone to boost productivity on your assembly line or conduct statistical research, you might find just the right person by advertising in the local paper.
Don’t forget to contact your state employment department for help. The state keeps track of everyone collecting unemployment benefits and will bend over backwards to help employers find the right person to fill a job.
Finally, if you have a specific, short-term project, consider hiring a freelancer or consultant. Outline the project in detail, set a firm deadline, agree on a budget and send the person home to do the work on their own schedule, using their own tools or equipment. You don’t want to violate Internal Revenue Service regulations by treating freelancers like employees.
Jane Applegate is a small business consultant, speaker, producer and author of "The Entrepreneur's Desk Reference," published by Bloomberg Press.
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