5 Important Business Profitability Tips

As a business owner, you have to wear a variety of hats to keep your processes running smoothly. These tips can help your bottom line.

1) Document everything and know how to find the document.

  • Contracts mitigate risk and build trust in partnerships, so make sure to document all of your agreements. If you make verbal business decisions or agreements, always follow up with an email to confirm.
  • Policies and Procedures: Put in writing a description of who does what, when, and how. Define your objectives and make sure policies adhere to the business culture and mission and share that with employees, sub-contractors, and customers.
  • Understand your local, state, and federal document requirements and document your compliance efforts.

2) If changing to paperless is a goal, plan for it.

Digital copies of receipts, statements and paperwork can make it much easier to search through your documentation and quickly find what you need. A good paperless system will provide clear guidance as to how to label and organize electronic folders. Most folks are not capable of creating their own efficient system, so seek outside help from folks to ensure your system is efficient and secure. A little investment into outside help to organize business procedures often pays for itself quickly.

3) Keep your employees, vendors, franchisors/franchisee, and subcontractors informed

Regular communication with all those involved in your business helps ensure everyone understands your company’s objectives and responsibilities. Consider organizing a lunch-and-learn or internal meeting to educate everyone about the company’s objectives, obligations, and any changes. Documenting policies and procedures and reviewing these quarterly with your staff can help communicate how policies and procedures are affecting operations and allow for discussion if changes are necessary.

4) Review your internal process and procedures

New legal requirements may require reviewing and retooling your internal and external policies and procedures. Could your business benefit from regular reports, training sessions, or compliance handbooks to help weave the changes into your company’s regular routine?

If a new regulation seems outside of your scope of knowledge, or you need clarification on a legal matter, you should contact a lawyer who understands your needs and objectives. At A. Ferraris Law, we have experience helping businesses grow, navigating legal obligations, and finding a path to improve their circumstances. Contact our law office to get started. 

5) Stay connected

One of the easiest things you can do is stay informed about laws and opportunities relevant to your business. As part of our responsibility to the community, we are committed to sharing free information about seminars, webinars, or other information to help your business grow and profit responsibly. Subscribe to our electronic newsletter to receive monthly helpful tips that could improve your bottom line. 

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