Transforming Your New Business into a Well-oiled Machine So you’re living the dream. Your business— your baby—is exceeding expectations. Not only are people wanting your services and products, but they’re demanding it to such a degree that you can hardly keep up. You’re starting to think that this is really going to work. Not only is it going to work, but you’re going to make a living doing it. You can see the business taking off, expanding and becoming truly profitable long-term.
Managing your company Profitability alone does not mean your baby will survive. Although it is true that survival is greatly determined by its profitability, if your company isn’t well managed, it can fall apart in front of your eyes. If processes and workers are running around like chickens with their heads cut off, then the business isn’t going to last long at all. You need order and structure to keep from overextending your reach or overproduction through this exciting time. You need structure in everything you do. Priorities and procedures need to be expressly established as soon as possible. First and foremost, before you do anything with the profit you’re beginning to bring in, remember your overhead. Bills need to be paid. This includes equipment needed, debts to be paid, supplies to be purchased, bills to be paid and paychecks to be given. Remember your overhead first and foremost and make sure those items are taken care of. With what you have left, pay for marketing your product. Now that word of mouth has gotten out about you, let people see what you do to help convince them to come.
Advertising Advertisements add legitimacy to your presence. Many people want to be comfortable with seeing you in the market place before they’ll take a chance on you.
Advertise on a budget that you can afford. If you have anything left, put it into a savings fund to be used later. Monetarily, your company needs to be stable for it to reach its full potential. At times, this will mean that you need to rethink your processes. When you outsource services, be sure you get them from the most affordable places. Donâ€™t skimp on quality; just make sure theyâ€™re good quality. This is how many businesses have gotten into China. They export their work to a foreign country where wages and materials are cheaper. It makes good business sense. Doing so hurts the economy as you are taking that work and wages away from Americans.
Making good decisions The decisions you make as you grow will greatly affect your business and the lifestyles of others. Make good decisions that will help it survive. Packsize is a company out to make packing processes more efficient and cheaper for all businesses. They create packaging machines to maximize effective use of shipping materials. With one of their packaging machines, you can make shipping boxes in-house that fit perfectly to the packages you send out. The smaller boxes help you save money on larger boxes, air-bags and packing peanuts. As you begin shipping out more of your product to people, a Packsize machine can help you save money. Long-term, those savings could make a difference in the survival of your company. Photo credit: JMS2, Ezra.Wolfe