Quickbooks and Excel are NOT an End to End Business Operating System If I had to do it all over again, the one tool I would implement without question or delay would be an integrated operating systems solution. One built for my Industry would be preferable.  It is so important to know your metrics and to have information flow that ...

Employee Profit Sharing I want to discuss two related yet very different Company initiatives intended to create shared incentives and grow loyalty.   One, I struggled with over the years and simply could not find the right system(s) to support.  Perhaps it was a poor approach or lack of ‘gut’ but we never managed to develop a viable employee profit ...

The Cost of Turnover I’ve heard horror stories about the cost of turnover in firms, especially smaller firms.   It may be one of the least understood and costly aspects of running a small labor dependent business.   Estimates have ranged from a month’s salary to a year’s salary.   I’m not referring to payouts, I’m referring to the internal ...

In my last smartPRENEUR Blog we spoke to the importance of creating systems to capture detail and ensure effective information flow.   There is no question that task management systems are critical.  Automating is a big help, especially once clear processes which have been documented and tried, are in place.  Some key benefits of task management software:  Single place for ...

How to Boost Productivity A 2017 study by NFIB (National Federation of Independent Businesses) revealed that 56% of small business owners consider communication is key to boosting productivity. Further, it stated that the most powerful way to boost productivity is to optimize task management systems, so that the details don’t become protracted, and processes are easily captured and repeated.   No surprise ...

Is the process or activity effective? Efficiencies are typically at the heart of planning and tracking business.  Ways to ensure efficiency may include:  tools, training, tracking systems, supervision, etc.  We have lots of ways to highlight and ensure efficiencies.  The question that is rarely asked: is the process or activity effective?  There is an important distinction. A highway may be ...

Gaining Insight It used to drive me crazy when I took a look at the codes we’d accumulated for tracking labor.   Yet, what I knew, was the more detail we had, the more insights into what was necessary, billable and ultimately effective, the greater influence and insights we had over what to change, whether to add, improve or discontinue.   ...

In my last smartPRENEUR Blog, I spoke to the low contribution to profit of trade labor in construction.   Additional Billable Time Now let’s take another tack.  Let’s look at what happens if opportunity can be found to add additional billable time.  If we find 5%, a mere 1.25 minutes per hour, it equates to 42 additional billed hours per year!  ...

The Importance of Numbers Years ago, when I was running my CE (Custom Electronics) business, I had a meeting with a builder in my community.   We started to talk about the importance of numbers in our respective firms.   The builder was a leader in his Industry having operated successful and meaningful construction businesses.    We discussed my somewhat ...