Sunday, October 13, 2013

Business "Housework"

It's the week-end and for me, like most employed adults, that means housework - cooking, cleaning, washing.  It's an automatic function in our personal lives.  But what about our business?

Huh?  What does housework have to do with your business?  Well, have you clean out the Chart of Accounts lately?  Have you reviewed your Accounts Receivable to determine if some of it should just be written off to bad debt?  Is your inventory in order?  Have you done a physical count of your inventory this year to make sure it matches your accounting records?  Do you know what your clients/customers are buying from you?  Is it the same as they were buying a year ago?

There is all kinds of housework to do when you are a business owner, but frequently owners get too busy to do any of it.  Make it a habit to set aside time on a regular basis to perform your "housework" chores - quarterly will probably work for most business owners.  Doing so just may save you money or help you to identify a new revenue source.

No comments:

Post a Comment