- Ask yourself how this business can run without you?
Do not start a business for you to work, start a business that works for you and can run without you.
- Systemise your business
Get the software or invest in the apps that streamline your business efforts. Systems and applications are designed to monitor processes and possibly automate them. Think of, for example, your accounting needs and how you can automate it.
- Define your business structure
Take note of every detail or activity and role that it takes to run your business and document it. Although this could prove to be a time-consuming task, the pay-off is well worth the effort and hours spent.
- Learn to love administration
You cannot escape the administration requirements in order to sculpt a profitable business. If you cannot pay attention to the administration needs of your business, ensure you partner with an outsourced firm to do this for you or hire the right person for the job.
- Allocate roles and activities to your employees
It is impossible to fulfil the role of 6 different people in 1 person. You will drop the ball if you try to handle all the processes, roles and activities by yourself. If you cannot hire the human capital to do so, outsource it.
- Write and document your business processes
Once you have defined your business’ activities, design processes for them. Define sequential steps to be taken for each activity and document them. Ideally, there should be between 12 and 20 steps for each activity.
- Find the time to work on your business
Maximise the value of your business, whether you decide to sell it or not.
- Financial Reporting Services
- Financial and Cloud Accounting
- Trust Services
- Secretarial Services
Reach out to us for assistance in creating order within your business. Our professional services can alleviate the need to micro-manage your business and streamline your activities and processes. To see our full list of services, go to: https://www.mmsgroup.co.za/financial-reporting-services/
In a recently proposed amendment to Regulation 28, pension funds could now be permitted to invest up to 45% of their assets into South African infrastructure projects. Whereas some...
Occupying a role in a finance function can be stressful due to reporting and month-end deadlines, but with the recent ever unfolding effects of Covid-19, employees are demonstrating...
As a business owner, your operational concerns include security and the protection of personal information. The Protection of Personal Information Act or POPIA, came into effect 1 July...