Save Time & Brain Power – Get A System!
Today I want to talk about systems. Now, before your eyes glaze over, stay with me here.
One of the most beneficial things you can do as a business owner is have good systems in place. And the most important one is your finance system.
A system is simply a name for the way you do things. But the key is to write it down.
Writing down a step by step process of how you do a particular task means that you’re not reinventing the wheel every time you do it.
And what I mean by writing it down is to write your own system or process down, so that you can follow it from now on.
Do your thinking up front
This means you do your thinking up front and do not have to create the system again, which means you can devote brain power to something else.
You can’t miss a step because once it’s written down you can delegate it.
Break it down
Your finance system should be broken into your different time frames – daily, weekly, monthly, quarterly and yearly tasks.
You might reconcile your bank account every day and send out your invoices and pay your staff once a week. Once a month you’ll pay your bills and check your Debtors – who hasn’t paid you.
Review your figures at least once a month, to keep you on task and track your progress, see how far you have come.
Every quarter you’ll tally up your cash expenses and prepare your BAS. Rather than spending hours and hours, catching up, getting frustrated and wasting time, you will have this covered because you have your systems.
This makes the visit to your accountant a pleasant one.
Write it down
So that’s your homework for today.
Spend half an hour and write down your finance system. Think about when you want to do each task.
What day is bill payment day? The first Friday of the month?
Staff payday is a good day to set aside a little extra time to make sure your bank reconciliation and invoices are up to date.
Get a System and you will save time and brain power, freeing you up to do the important stuff.
Listen to your numbers, read their story, and watch your business Bloom.