CHECKLIST: Components of a ROCK Solid Business Foundation

A  few weeks ago we introduced the 5 Keys to Building a Rock Solid Business Foundation.  This week we have added a checklist of some of the components of these building blocks.

In addition to pouring your slab, which we call the Culture and Core Values of our business, we believe there are at least four other key building blocks to creating a strong business foundation.  They are money systems, people systems, operational systems and Sales/Mkt systems.  Here are some potential foundational pieces, or a checklist, that fall under these building blocks:

Money systems:

1. Separate checking account for your business
2. An accounting system like QuickBooks or Microsoft Accounting to track your revenues, expenses, assets, and liabilities
3. Merchant accounts to accept credit cards
4. Return policies
5. A business loan, line of credit, company credit cards
6. Policies on appropriate business spending for employees
7. An Accountant to estimate quarterly taxes and prepare your annual tax returns

People systems:

1. Consistent hiring policies and procedures with the proper forms to fill out
2. Consistent benefits for each employee with stated holidays, sick days and vacation policies.
3. Procedures in place for paying quarterly payroll taxes.
4. Procedures for bonus pay, car allowances, cell phone use, etc.

Operational systems: This really is determined by what type of business is being operated.

1. Could include a Point of Sale System, Fulfillment System, Customer Contact System
2. Should include a time management system with calendar and task management
3. Each step of your operation should be document for easy review and training of new employees.  This ensures consistency in service or fulfillment.

Sales and Marketing Systems:

1. A written marketing plan – the majority of small businesses implement what I call “roller coaster marketing”.  Roller coaster marketing is when we hustle and employ all of our marketing efforts in a flurry until we get a big sale or a couple of new clients.  Then we don’t do any marketing until we finish the sale or need clients.  A written marketing plan consistently implemented will provide a pipeline of new sales or customers.
2. Written procedures on how to execute a marketing or sales tactic.  An example, if you mail out product information to a prospect, however, do not follow-up with a phone call or visit in a timely manner, the response to your materials will be low.  If you follow-up timely with predetermined follow-up steps you should have a better response or at least know that it wasn’t your execution causing the program to fail.

Again, if you need help assessing your business foundation, we have an comprehensive assessment that is tailored specifically for you business.  Check out our Streamlining Your Business programs, or call us at (225) 341-4147.

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