Fail to prepare, prepare to fail.
That’s just one of the downsides that a lack of organizational clarity within a business can cause, and the true extent of a below-par administrative function go far beyond that.
From a failure to fulfil contracts to a run-in with the taxman, it is imperative that your business’s administration is up to the mark – or face the consequences.
Of course, if you are a hands-on company owner, it can be very difficult for you to maintain effective administration while performing your other roles, and so having those you can trust to deliver efficient organization on board is vital.
The good news is that organizational skills can be taught and learned much like many other key workplace functions, with courses considered by many leaders to be a smart, cost-effective investment. By becoming a Master in Business Administration, you can arm yourself with all of the tools you will need to run a lean company – and then pass that knowledge base on to your staff.
Should you require any further convincing, here’s just a handful of reasons why your business could benefit from elite-level administration.
Time is money, money is profit
For many businesses, the need to plan effectively is paramount – the old ‘time is money’ conundrum.
Those who can organize their time effectively, who can prioritize workloads and plan each step of the product/service delivery accurately, will maximize the efficiency of the company’s time – essential to wringing out every drop of profitability in a day, week, month and year.
Linked to this notion is that of multi-tasking, which ensures a business runs smoothly no matter the trials and tribulations it faces. Multi-taskers should be a key part of your company – always try to retain staff that showcase this attribute.
You will likely have experienced such an individual before – a tremendously talented worker who does not make the most of their time.
Some people are casual/laidback/lazy – delete as appropriate, while others lack the organizational skills to be able to plan their day to maximize their productivity.
As mentioned, these workers can be taught to improve their administrative skills, and at worst you can surround them with colleagues who can plan their workload to get the most output from them. Procrastination, while natural for some, can be kept to a minimum thanks to effective business administration.
Taxed to the max
With efficient administrative systems, you can ensure that a) you pay the right amount of tax each year, and b) you pay your tax on time and with the minimum of fuss.
Many business owners find their tax reporting to be a daunting and time-consuming process, and as such, mistakes can be made – but with effective planning and document storage, it really needn’t be.
Ensure you have clear systems in place for filing away receipts, invoices and other cash flow related items, and make sure that you or your accounting team have all sales and expense reports readily available.
With all necessary documentation in hand, tax season can be a stress-free time.
Planning for a better future
Don’t build your house on sandy land, as the old song goes.
Instead, put in place firm foundations – i.e., sound administrative principles – and you will be better equipped to plan for the future. From tiny acorns, giant oaks will grow.
By recording today’s events correctly, you can plan for tomorrow more efficiently, with forecasting and cash flow analysis essential to the success of any company long term.