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3 ways to spring clean your business
Spring is the time to kick out the dust, clear the air and re-organize more than just your home — it’s a time to revamp your business, too. Instead of breaking out the mops, it may be time to re-evaluate what’s working and what’s not in your business. From employees to processes, this is what you need to do to make your company shiny and brand new this spring.
Re-evaluate your finances — and that means your CFO, too
When executives go to their accounting department looking for information, they are often left confused. Accounts can give you figures, but you don’t always know what those figures mean on their own. You need more than just numbers. What you need is data that you can understand.
Every business must have a Chief Financial Officer (CFO). Here’s why: they turn numbers into intelligence. If your CFO is a glorified accountant, they are not adding the value that they could be. Numbers on their own are just that: numbers. They need to be interpreted and turned into information that you can use to make decisions in your business.
How are your company’s finances? Do you have a CFO that is interpreting your numbers? If not, there is a void in your business — and spring is the perfect time improve the financial intelligence of your company. Use that data to make better decisions so you can take your company to the next level.
Nurture the right staff
The success or failure of your company is dependent on the personal goals of your employees. If the vision for your employees lives is not aligned with your company’s overall vision, they will not be a long-term fit, or they will leave shortly after being hired. Many people will take any job as long as it pays, but if it’s not what they want to do long-term, then both parties are wasting their time.
Often, when a company is lacking in some way, the first inclination is to hire someone. But it’s not the person you fail to hire that destroys a company; it’s the person you fail to fire. The wrong person in your company can singlehandedly take it down, even if you have a great product or service. But, if you have the right person, they can take a product or service that is not so great to new heights.
Another thing to consider is what level each employee is performing at. Are they gold-, silver- or bronze-level employees? If they are performing at the highest level (gold), they are in line with the company’s mission, are focused on the outcome of everything they do, and they produce great work. Silver-level employees also have a great skill set and attitude. Their work just isn’t at the highest level, and they have room to grow. Lastly, bronze-level employees have a good attitude and do a good job most of the time, but they pick and choose what’s important to them instead of putting their best foot forward on everything that they do.
Optimize your processes
Spring cleaning your business doesn’t have to involve changing everything or starting from scratch with new and exciting initiatives. It’s the small changes that will ultimately make the biggest difference in your bottom line this coming year. Here’s a great starting point: what could you be doing better? Start by getting your team together to identify processes that you can optimize which will save time in productivity and decrease costs for the coming year.