No fortune-telling, just facts. We have compiled a checklist that will tell you whether your business will be successful.
1. Your employees do their job honestly
Much of this depends on how much money a business makes. When most of the day, subordinates drink tea and hang on social networks, and allocate time for the performance of immediate duties according to the residual principle, do not expect profit.
You pay subordinates not for beautiful eyes, but for their work – conscientious, and not “get rid of”. Introduce transparent and understandable criteria for evaluating labor efficiency. They will clearly understand what kind of results are expected from them, and you will quickly find out who objectively does not cope with the tasks.
2. You are always aware of how business is going.
Or you can find out quickly. Sales statistics and funds that are received at the cash desk or at the expense of the customer, everything is not limited. It is important to know how much money you have left in circulation after deducting mandatory payments.
Make a habit of regularly reporting what is happening with your company. For example, a small store needs to keep daily revenue and an average check under control. Track these indicators over time to understand how discounts or assortment changes affect customer behavior.
3. You do not waste time on routine
Set up your workflow to simplify tasks that take up most of your time. The reason for the low profit may be that you or your employees have to ponder over the papers for half a day, and for inventory, stop working altogether and lose revenue for the day.
Automation is useful not only for large companies, but also for a small store. For example, using the accounting system, you can quickly create reports, process returns of balances to suppliers and add a new position to the online cash register database by scanning a bar code.
4. You know which products or services bring you the most money
Analyze sales at least once a month. Find out how much time the product spends on the shelf from the moment of delivery, whether it is often bought and whether the discount affects demand: it is possible that the customers are frightened by an overpriced price.
Based on these data, you can optimize the assortment and reduce the cost of storing goods that are in the warehouse with dead goods. If everything is in order with the demand, try increasing the price of the product, and after a month check how the behavior of buyers has changed.
5. You watch for changes in laws
If you ignore the new requirements of the state to do business, then you risk at least to face fines from the tax. Penalties will follow for trading without a cash desk, and for working with outdated equipment.
Paying a fine and continuing to break the law will fail. When the tax authorities re-catch on trade without a cash register, and the amount of settlements may come in millions, the work of an individual entrepreneur or legal entity maybe suspend for days.