Big brother is watching...17th October 2018
Over the past few weeks, I’ve talked a lot about how you need to constantly improve the financial systems in your business, if you want to grow faster and become more profitable.
It sounds like the kind of thing business “gurus” talk about a lot, but no one actually does, right?
The subject of endless pieces on LinkedIn which everyone “likes” and then ignores in real-life…..
But that is not the case. Corporates take professional financial systems for granted – it is one of the reasons they grew in the first place, and they wouldn’t be able to function smoothly without them.
And smaller companies have to do the same, if they want to grow.
Here’s a real-life example… From my very own office.
At Insight Associates, we have two daily challenges with our workflow.
The first is to make sure that every task that needs to get done is actually completed.
Because we’re dealing with financial transactions, there are lots of steps to every task, and often lots of people involved. We can’t afford to drop the ball – every task has to be allocated to the right people and followed through.
The second is to record the time we spend on each task. We literally can’t afford to take forever!
We need to make sure our team is productive, and also to make sure that the fee we charge clients is appropriate, compared to the effort we put in.
For many years, we’ve had software which helps us organise and track our workflow internally. I won’t bore you with the details, but we were never happy with it.
So recently, we replaced the system with a new one.
It has better features…. It’s easier for our staff to use…. It helps us invoice faster…. And it’s much easier for us to see where there are inefficiencies.
It’s a bit Big Brother, but that’s a good thing :)
With this new software, we’ve already identified a few bottlenecks in the way we work, and been able to improve the way we allocate some tasks.
And we’ve also been able to see that in a few cases, we were spending more time on a client than we were charging for, forcing us to become more efficient.
So not only has improving our system helped us service our clients better, it’s helped us increase our profitability.
Are you doing these same things?
When did you last analyse your business processes, to see how efficiently your staff are working?
When did you last look closely at the cost of delivering your product or service, to make sure you were as profitable as possible?
And how often do you look at the systems in your business, to make sure they’re helping you run smoothly and grow faster?
If the answer to those questions is, “Err……. A while back….. I’m sure we did at some point…..,” we can help.
Improving your financial systems is what we’re all about.
We don’t just do it for ourselves – it’s the core of what we do for clients.
Having good financial systems in place is crucial if you want to grow from £1 million or £2 million to £5, £10 million – and beyond.
We can analyse your current financial systems and identify the changes you need to make to manage your finances more smoothly.
Later, we can take the work off your hands and implement them for you.
You do not have to be a big corporate to have this level of financial control. You can have it right now.
Managing Director, Insight Associates