09 23 2015

Make Your Business More Preditcable

09 23 2015

4 Ways To Make Your Business More Predictable

From having to deal with constantly shifting working capital needs to ensuring a multitude of employees are on the same page, running a small business can sometimes seem like blindly throwing darts at the wall and hoping to hit a bulls-eye. While having a crystal ball to help you predict the future would no doubt be a big help for running a business, unfortunately it’s about as realistic as getting Elvis to play for the company holiday party. However, there are steps you can take to make your business substantially more predictable. Why does this matter? A predictable business helps you more accurately estimate future expenses, orders and inventory counts, meaning you’ll end up wasting less time and resources. Predictably breeds stability and stability leads to a well-honed business model. The easier it is for an owner to predict day-to-day business operations, the more prepared he or she will be when it comes time to deal with unexpected hiccups that arise in the supply chain or workflow.

Here are four ways to make your business more predictable:

  1. Set lofty, yet reachable goals
    The first step for seeing predictions come to fruition is to set goals that you can then look back at and say they’ve been met. Remember though, it’s easy to set a goal of making $10 million for the fiscal year, but it matters little if this isn’t a realistic target for your small business. However, by setting goals that are attainable yet lead to growth, owners and CEOs can encourage employees to strive to reach these goals. After setting corporate goals for the company, leadership can introduce supporting goals for each employee level all the way down the organizational ladder until everyone has a clear set of objectives that will funnel results upward toward meeting the corporate goal. According to Entrepreneur, this cascading structure aligns all employees so everyone is focusing on the same target.
  1. Focus on a single target
    Setting a spectrum of goals might sound like a good idea at first – after all, the more the company can accomplish the more revenue you can collect, right? However, juggling too many balls at once leaves the door open for important tasks to fall through the cracks. Instead, zero in on one particular goal that you can reach.They say you shouldn’t put all your eggs in one basket, but let’s be honest: Do you really want to carry twelve different baskets for each egg? No, you need one basket with all of your attention laser focused on it.
  1. Get periodic employee feedback on these goals
    It’s important to track the company’s and employee’s goals with a predetermined metric to measure the success of these objectives. Once the goals have been set, they need to be regularly updated to gauge expectations on whether the employees will meet these objectives. For instance, if the IT department believes they can have a new intra-office network installed and operational by the end of the quarter on schedule with an initial goal, but they don’t think the quality would be the greatest, this information needs to be shared with leadership immediately. Entrepreneur called this the “canary in the coal mine” effect, since it provides ample advance warning that disaster could be lurking in the near future.
  1. Listen to your customers
    Customers usually have a lot to say about the goods and services they purchase. If they’re all saying the same thing, that means something needs to change. Managing customers’ expectations is a great way to make what they’re saying more predictable. According to Inc.com, one of the best ways to do this is to establish feedback loops with customers.

Depending on your type of business, there are several different ways to accomplish this. For consulting companies, it’s wise to set recurring reminders to reach out and get in touch with clients on a monthly or quarterly basis. Try and solve whatever problems the client might be facing, and if you can’t see if someone in your network can help. If you’re in a product-based business, set up phone calls and automated emails to help onboard customers and ensure they understand the product. Once the customer has been properly introduced to the product, establish email or phone support so the users can contact the company’s customer service to better manage their expectations. For service-industry businesses, setting up automated help desk software can provide valuable feedback as well.

Featured


Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

 

Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

  
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.